Sri Lanka inflation hits 15.1-pct in Feb 2022 after money printing

Sri Lanka’s inflation in the capital Colombo accelerated to 15.1 percent in February 2022 from 14.2 percent in December, a 13-year high, after two years of money printing compounded by a commodity bubble fired by the US Federal Reserve.

In the month of February 2022, Sri Lanka Colombo Consumer Price Index, the most widely watched index rose 1.1 percent to 160.1 points after rising 2.4 percent a month earlier.

Sri Lanka has been printing money to keep interest rates down and expanding both reserve money and broad money since February 2020, after expanding the budget deficit by cutting taxes.

Sri Lanka printed 1.2 trillion rupees in 2021, a part of which was to repay debt buy reserves from the central bank as interest rates were too low to collect inflows from the current account.

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PUCSL approves over 7-hour power cut for Wednesday

Janaka Ratnayake, Chairman of the Public Utilities Commission of Sri Lanka (PUCSL) said the Ceylon Electricity Board has been given approval to impose a seven-and-a-half hour power cut tomorrow.

The Public Utilities Commission states that there will be a 5-hour power cut during the day and two and a half hours at night tomorrow (02).

”PUCSL is reluctantly compelled to approve CEB request (due to nonavailability of fuel ) for 7 and half hours long power cut island-wide for tomorrow (2/3/22),” said the PUCSL Chairman.

“Power shedding for all areas will be 5 hours between 8 am to 6 pm. And further 2 and half hours between 6 pm to 11 pm,” he added.

Download power interruption Schedule

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SJB flies to Geneva seeking UNHRC release for Ranjan

The Samagi Jana Balawegaya (SJB) will raise matters concerning former Parliamentarian Ranjan Ramanayake, who is presently incarcerated upon conviction for contempt of court, before the United Nations Human Rights Council (UNHRC) in Geneva with a view to securing his release ultimately.

Prior to leaving for Geneva yesterday (1) the SJB’s MP delegation said that there is no definite punishment for contempt of court even though a lengthy sentence of 48 months has been imposed, and that there is no other court in Sri Lanka to appeal against this and that a presidential pardon, the only opportunity to obtain relief, has also not been granted.

The 49th session of the UNHRC is currently being held in Geneva.

UNHRC session begins; report on SL on Thursday

The 49th regular session of the United Nations Human Rights Council (UNHRC) began yesterday (28 February) with a report on Sri Lanka due on 3 March (Thursday).

Foreign Minister Prof. G.L. Peiris is due to meet United Nations High Commissioner for Human Rights (UNHCHR) Michelle Bachelet during his visit to Geneva, Switzerland at tomorrow’s (2 March) session. He is due to make his first speech at the session today (1 March) and his final remarks on Friday (4 March).

In her written report about Sri Lanka, Bachelet has made several recommendations, including that a moratorium be imposed on the use of the Prevention of Terrorism (Temporary Provisions) Act No. 48 of 1979 until it is replaced by legislation that fully complies with international human rights norms.

She has highlighted the need for broad and inclusive consultations for the drafting of a new Constitution and the need to publish the findings of the Presidential Commission of Inquiry (PCOI) into the 2019 Easter Sunday bombings in order to “ensure transparency for victims and to pursue further independent investigations into the involvement of any other State or non State actors”. Colombo Archbishop His Eminence Malcolm Cardinal Ranjith is presently at the Vatican, where he hopes to raise the issue of justice for the victims of the Easter Sunday terror attacks.

Furthermore, Bachelet has called on the Government of Sri Lanka (GoSL) to avoid relying on the military for the purpose of civilian affairs, and to ensure the independence of the Attorney General’s (AG) Department.

With regard to accountability measures concerning the three decades long civil war, Bachelet has urged the GoSL to take a comprehensive approach to determine the fate and whereabouts of all the disappeared, including immediately opening military archives relevant to cases of enforced disappearance, independently investigating all those suspected of criminal responsibility for enforced disappearances, and providing comprehensive reparation to the families of the disappeared.

She has called upon the UNHRC and its Member States to “co-operate with victims and their representatives to investigate and prosecute international crimes committed by all parties in Sri Lanka through judicial proceedings in domestic jurisdictions, including under accepted principles of extraterritorial or universal jurisdictions and to continue to explore possible targeted sanctions against credibly alleged perpetrators of grave human rights violations and abuses”.

In March 2021, the UNHRC passed resolution 46/1, which recognises the importance of preserving evidence relating to violations of human rights in Sri Lanka in order to advance accountability, and as such, a call has been made to implement an “evidence preserving” mechanism in the country. It was adopted on 23 March at the UNHRC with 22 votes in favour of it and 11 votes in opposition while 14 Member States abstained from voting.

In her oral update this month, Bachelet has called upon the UNHRC and its Member States to co-operate with the UNHCHR office in its discharge of accountability-related work under resolution 46/1 and to provide it with the adequate human and financial resources to enable it to effectively deliver the full mandate given under the resolution.

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Cardinal alerts Pope on Easter justice struggle

The Catholic church said yesterday (28 February) that Colombo Archbishop His Eminence Malcolm Cardinal Ranjith has met Catholic Church Head His Holiness Pope Francis yesterday, where the discussions were due to have been focused on the Sri Lankan Catholic people’s struggle for justice, following the Easter Sunday terror attacks.

“We have exhausted all options within Sri Lanka to find justice. Now, we are discussing all avenues through which we can find justice internationally. Our last remaining solution was to seek assistance from the international community. This is not because we do not love our country. The Archbishop is meeting the Pope after two years and he is especially focusing on informing him that we need help from the international community to seek justice for the victims of the Easter Sunday terror attacks,” National Catholic Social Communication Centre Director Rev. Cyril Gamini Fernando said at a press conference held yesterday.

Responding to media queries on whether the Archbishop is due to travel to the US, following his meeting with the Pope, Rev. Fernando said that the Archbishop’s plans after the visit to the Vatican cannot be officially announced yet.

“In our path to seeking justice from the international community, Sri Lanka may face sanctions. The Government and the relevant authorities should have thought about that in the past three years. If they had done what was required, which is to implement the recommendations of the Presidential Commission of Inquiry into the Easter Sunday terror attacks, nobody would have needed to get help internationally. The fact that justice has not yet been served is a Sri Lankan problem. People from all religions and communities and foreigners died in the attacks,” he added.

Archbishop Ranjith said last month that they were currently exploring the possibility of reaching out to the international community, including the UN, to seek justice for the said terror attacks. In an online meeting held recently, the Archbishop pointed out that they, as the Catholic church, have links all over the world, and that they would also try to influence some pertinent and powerful countries that are in contact with the church. In addition, he said that in case they would be reaching out to the international community, such efforts would also be supported by his fellow cardinals around the world.

On 21 April 2019, Easter Sunday, three churches (St. Sebastian’s Church in Katuwapitiya, St. Anthony’s Church in Kochchikade, and Zion Church in Batticaloa) and three luxury hotels in Colombo (Cinnamon Grand Colombo, The Kingsbury Colombo, and Shangri-La Colombo) were targeted in a series of co-ordinated suicide bombings. Later that day, another two bomb explosions took place at a house in Dematagoda and the Tropical Inn Lodge in Dehiwala. A total of 269 people excluding the bombers were killed in the bombings, including about 45 foreign nationals, while at least 500 were injured.

Protest in Vatican for Justice on Easter Attacks

A group of families of the victims of the Easter attack staged a protest in the Vatican on Sunday.

The protest took place while Holy Mass was presided over by His Holiness Pope Francis at St. Peter’s Cathedral in the Vatican.

The protestors are demanding justice for the victims of the terror attacks.

The protest was organized by the Global Forum for Justice on the Easter Sunday Terrorist Attack.

His Holiness Pope Francis and Archbishop, Malcolm Cardinal Ranjith are scheduled to meet on Monday.

Today is Maha Shivarathri Shiva: Understanding that which is not

The word Shiva means that which is not. That which is, is existence and creation. That which is not is Shiva.

There are many gods in Hinduism. It is generally said to be 330 crores-that’s 3.3 billion. The crux of the issue is to see God in everything. The God or Bramman is one and seen as many life forms-countless forms, which is in a way saying the all-pervading almighty is formless. However, for simple minds keeping things and ideas simple is easier to comprehend. Hence, there are selected few that are seen in temples.

In every month there is a Shivarathri or the night of Shiva – on the day before the new moon. But once a year -in February/March-this night is called “Maha” Shivarathri – the Great Night of Shiva.

Light always comes from a source that is burning itself out. It has a beginning and an end. It is always from a limited source. Darkness has no source. It is a source unto itself. It is all-pervading, everywhere, omnipresent.

The Maha Shivarathri is mentioned in several Puranas, particularly the Skanda Purana, Linga Purana and Padma Purana. Different legends describe the significance of Maha Shivarathri. According to one legend in the Shaivism tradition, this is the night when Shiva performs the heavenly dance of creation, preservation and destruction. According to another legend, this is the night when Shiva and Parvati got married. According to the marriage of Shiva and Shakthi Shivrathri is the amalgamation of two strong forces in the universe -Shiva and Goddess Shakti. Shiva is known as the God of death and Goddess Shakti as a power who vanquishes evil and also as the Mother Goddess- the creative force.

In Sri Lanka the belief that is generally followed is found in the Shiva Purana: “Once upon a time Brahma and Vishnu were fighting among themselves that who is superior among the two. Other Gods were terrified and so they went to Lord Shiva to intervene in the war. To make them realise the futility of their fight, Shiva took the form of a massive cosmic pillar that spread across the length of the entire cosmos.

“By seeing the magnitude, both the Gods (Vishnu and Brahma) decided to find one end each to establish supremacy over the other. So, for this Brahma assumed the form of a swan and went one way on the other hand Vishnu assumed as Varaha and went in the opposite direction. But the cosmic pillar of light has no end and they searched and searched but couldn’t find the ends. Ignore the Gods involved in the dispute-it is about the unfathomable nature of the God Supreme or the Brahman. The concept could easily transcend religious boundaries- the day is set aside to realise the concept of almighty and all-pervasive God.

The metaphoric story above is also interpreted as the victory of real knowledge over ignorance. That the Brahman or the “Force” transcends the entire universe and all dimensions- from Space/time dimension to 11 or even more dimensions that humanity has known so far.

Importance of Maha Shivarathri

Stories apart, why this day and night are held with such importance in the yogic tradition is because of the possibilities it presents to a spiritual seeker.

Modern science has gone through many phases and arrived at a point today where they are out to prove to you that everything that you know as life, everything that you know as matter and existence, everything that you know as the cosmos and galaxies, is just one energy which manifests itself in millions of ways. Which is what Hinduism is all about.

“That which is not” means, if you open your eyes and look around, if your vision is for small things, you will see lots of creation. If your vision is really looking for big things, you will see the biggest presence in the existence is a vast emptiness

Spiritual leader Sadhguru Vasudev also provides a different perspective:

“Shivarathri is the darkest day of the month. Celebrating Shivarathri every month, and the particular day, Maha Shivarathri, almost seems like a celebration of darkness. Any logical mind would resist darkness and naturally opt for light. But the word “Shiva” literally means “that which is not.” “That which is,” is existence and creation. “That which is not” is Shiva.

“That which is not” means, if you open your eyes and look around, if your vision is for small things, you will see lots of creation. If your vision is really looking for big things, you will see the biggest presence in the existence is a vast emptiness. A few spots which we call galaxies are generally much noticed, but the vast emptiness that holds them does not come into everybody’s notice. This vastness, this unbounded emptiness, is what is referred to as Shiva.
“Generally, when people are seeking well-being, we talk of the divine as light. Light is a brief happening in your mind. Light is not eternal, it is always a limited possibility because it happens and it ends. But darkness is all-enveloping, everywhere. The immature minds in the world have always described darkness as the devil. But when you describe the divine as all-pervading, you are obviously referring to the divine as darkness, because only darkness is all-pervading. It is everywhere. It does not need any support from anything,” he says.
“Light always comes from a source that is burning itself out. It has a beginning and an end. It is always from a limited source. Darkness has no source. It is a source unto itself. It is all-pervading, everywhere, omnipresent. So when we say Shiva, it is this vast emptiness of existence. It is in the lap of this vast emptiness that all creation has happened. It is that lap of emptiness that we refer to as the Shiva,” he says

Maha Shivarathri is an opportunity and a possibility to bring yourself to that experience of the vast emptiness within every human being, which is the source of all creation.

Theological interpretations apart in the day-to-day life these religious observances gives hope to mankind and help the seeker as a stepping stone towards the greater realization.

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Chinese monks participate in Pirith ceremony to commemorate 65 th. anniversary of Sino-Lankan diplomatic relations

Chinese monks participated on-line in the Pirith ceremonies to commemorate the 65 th anniversary of Sino-Lankan diplomatic relations held in various places in Sri Lanka on February 26.

The Sri Lanka-China Buddhist Friendship Association in collaboration with the Buddhist Association of China conducted a Blessing/Pirith Ceremony at the Abhayagiriya Temple in Anuradhapura, and the Sri Lanka Vidyalaya, Maradana. The Buddhist Association of China had made arrangements for the Venerable Theros from the Lingguang Temple in Beijing and Putuao Temple in Guangdong to join the ceremony online.

The chanting ceremony by the Chinese Buddhist monks was led by the Most Ven. Chang Zhang Thero and Most Ven. Ming Sheng Thero.

After the formal ceremony, the Ambassador and the Embassy Officials were given the rare opportunity to worship the sacred tooth relic of Lord Buddha.

The Lingguang temple was originally built in the Tang Dynasty (618–907 AD). The temple had been designated a National Key Buddhist Temple of the Han Chinese by the State Council of China in 1983.
Ven. Fa’Xian Thero had spent two years at Abhayagiri Temple early in fifth century AD collecting and translating Sinhala language Buddhist texts. He later produced many records of his visits.

Despite the COVID-19 related restrictions in China, the Sri Lankan Ambassador in China, Dr. Palitha Kohona and four officers from the Embassy also attended the event at the Lingguang Temple, a historic shrine, where one of the two Tooth Relics of the Buddha is kept. The other is in Kandy.

After the formal ceremony, the Ambassador and the Embassy Officials were given the rare opportunity to worship the sacred tooth relic of Lord Buddha.

The Lingguang temple was originally built in the Tang Dynasty (618–907 AD). The temple had been designated a National Key Buddhist Temple of the Han Chinese by the State Council of China in 1983.

INS Nireekshak arrives at port of Trincomalee Sri Lanka Navy diver training

The Indian Naval Ship (INS) Nireekshak which serves as a highly advanced Diving Support Vessel (DSV) in the Indian Navy arrived at the port of Trincomalee Monday (28th February 2022), Sri Lanka Navy said.

The visiting ship was welcomed by Sri Lanka Navy in compliance with naval traditions.

The 70.5 m long Diving Support Vessel is commanded by Commander Mohammed Ikram and manned by a crew of 107.

Meanwhile, the Commanding Officer of INS Nireekshak called on Commander Eastern Naval Area, Rear Admiral Sanjeewa Dias at the Eastern Naval Headquarters today. Defense Adviser at the Indian High Commission in Sri Lanka, Captain Vikas Sood was also present on this occasion.

During its stay in the island, INS Nireekshak is expected to engage in diving training exercises with Sri Lanka Navy and her crew will take part in several programs organized by the Sri Lanka Navy, with a view to enhancing mutual cooperation between the two navies.

On completion of the diving training exercise the ship is scheduled to leave the island on 08th March 2022 and all proceedings related to the visit of the ship will be carried out adhering to COVID-19 protocols.

Ukraine Crisis Risks Pushing Sri Lanka Closer Toward Default -Bloomberg

With Covid shutting off tourism from much of the West, Russia and Ukraine had become an increasingly important source of foreign currency for Sri Lanka. The conflict threatens to turn off that tap as key bond repayments come due.

Almost a quarter of all tourist arrivals into Sri Lanka this year were from Russia and Ukraine — rising to 30% if you include Poland and Belarus, official data show. Russia, which was the third-biggest buyer of Sri Lankan tea over the past two years, rose to second place in January.

While detailed breakups on spending aren’t yet available, tourism and tea earned Sri Lanka more than $260 million in foreign currency this year. Every dollar is important because the nation’s overall FX reserves fell 25% to $2.36 billion in January. Sri Lanka looks set to face a funding requirement of $5.7 billion in 2022, including the money needed to plug the current account deficit, according to estimates from Bloomberg Economics.

Much of the reserves stockpile comprises bilateral aid such as swap lines from China and India, and Sri Lanka was looking to boost non-debt flows. The island nation is already running Asia’s fastest inflation, and foreign investors are concerned that if Sri Lanka doesn’t restructure its overseas debt or devalue the rupee that is currently pegged to the dollar, it could miss repayments such as on a bond maturing in July.

“Balance of payments is the main issue, reserves are dwindling, the currency isn’t being allowed to adjust and if they avoid raising fuel prices then losses at the state-owned enterprises will mount,” said Kenneth Akintewe, head of Asian sovereign debt at abrdn. “Securing some source of foreign funding is even more urgently required now, but given the risk of fairly imminent default, that is easier said than done.”

The 5.875% bond maturing in July fell one cent to 74 cents on the dollar Monday, the lowest in more than a month. The 7.55% 2030 note dropped three cents over the past week to a record low of 46 cents on the dollar.

Sri Lanka’s policy makers have reiterated that they are seeking to refinance rather than restructure the notes. “We hope the conflict won’t escalate,” Central Bank of Sri Lanka Governor Ajith Nivard Cabraal said by phone Monday, adding that the authority was assessing the situation. He didn’t elaborate.

What Bloomberg Economics Says…

“Russia’s invasion of Ukraine has increased the probability that Sri Lanka could default on its dollar-denominated debt. This raises the urgency for Sri Lanka to seek assistance from the International Monetary Fund”

The Ukraine tensions have already “badly affected the Sri Lankan economy” and local oil prices may need to go up in time, Cabinet spokesman Ramesh Pathirana said last week.

Buyers from Russia have warned of “affordability issues” because of the steep depreciation of the ruble, said Dinesh Fernando, chief operating officer of Ceylon Tea Brokers Plc in Colombo. A few Ukrainian buyers have also told exporters to hold shipments until further notice, he said.

The impact on prices would be seen at the auctions later this week, Fernando added.

The ruble was indicated 29% lower versus the dollar in offshore trading on Monday after President Vladimir Putin put the nation’s nuclear forces on higher alert as the U.S. and European allies announced plans to sanction Moscow’s central bank and cut off some Russian banks from the SWIFT financial messaging system.

“After the pandemic, Central Europe has been a major source of arrivals, especially from Ukraine and Russia,” said M. Shanthikumar, president of the Hotel Association of Sri Lanka. “Obviously that will now not happen because of the conflict,” he said, adding that there had been cancellations from these destinations.

The government will report February inflation data later Monday, with analysts expecting an up tick in prices to 14.6%, stoked by crop failures on top of import restrictions to conserve dollars and high global prices of key commodities.