Sri Lanka: Latest News

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World Bank’s IFC to provide Sri Lanka with $400 mn financing - newsfirst.lk - Sri Lanka
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World Bank’s IFC to provide Sri Lanka with $400 mn financing
(Reuters) – The International Finance Corporation (IFC), the World Bank's investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports.Three private banks, which together deal with over 30% of Sri Lanka's remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday (27).The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars.The island nation's economy is estimated to have contracted by 9.2% in 2022 and is expected to shrink a further 4.2% in 2023, according to World Bank data."We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy," said Joon Young Park, IFC's Portfolio Manager, Financial Institutions Group for South Asia.IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.
Ranil Wickremesinghe - Nimal Punchihewa - Final decision on Local Government Election today (24) - newsfirst.lk - Sri Lanka
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Final decision on Local Government Election today (24)
COLOMBO (News 1st); Sri Lanka's Election Commission will meet on Friday (23) to reach a final decision on the 2023 Local Government Election due to the lack of financing and support from state agencies.Earlier, the Election Commission decided to conduct the Local Government Election on the 9th of March 2023.However, the Government Printer had refused to deliver the ballot papers owing to a payment issues, and this led to the National Election Commission to postpone the postal voting process that was scheduled for this wekk.The Chairman of the National Election Attorney Nimal Punchihewa said the Local Government Election was called for legally as per the country's constitutions and the election law.He told News 1st on Thursday (23) that all members of the National Election Commission consented to the Local Government Election Process.He said that given that funds were not being provided to continue with the election process, the National Election Commission will meet on Friday (24) to reach a final decision on the Local Government Election 2023. The statement came from the Elections Chief after Sri Lankan President Ranil Wickremesinghe told Parliament on Thursday (23) that the country's National Election Commission has not legally called for an election, and there are no funds to conduct an election.Commenting on the debate requested by the opposition on postponing the election, the President said there is no election for one to be postponed.The President said the proposed Parliament Select Committee must be appointed to inquire into the Election Commission and the Local Government Election.In the meantime, the petition filed by Retired Sri Lanka Army Colonel W. M.
Trinco Port commences night operations with state-of-the-art technology - newsfirst.lk - Japan - Sri Lanka
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Trinco Port commences night operations with state-of-the-art technology
COLOMBO (News 1st); The Trinco Night Navigation Operations Project at the Trincomalee Harbour was launched recently, and is now in operation.Trincomalee Harbour, a natural deep-water harbor, is considered the fifth largest natural harbor in the world. Despite its world-class recognition among industrial and tourist ports, the development and operations of the Port of Trincomalee were hampered due to the rapid development of the Port of Colombo and the lack of potential to perform night operations. Vessels calling at the port at night had to enter the port during the daytime of the following day, after anchoring at the out-harbor waters during the previous night, which caused interruptions to port operations and their efficiency.As a result of fruitful discussions between the Government of Sri Lanka and the Government of Japan in 2017, the two governments entered into an agreement to implement a grant aid under the Japanese Non-Project Grant Aid Program 2017, also known as the Economic & Social Development Program. Accordingly, this grant aid of 01 billion Japanese Yen was provided for the Night Navigation Operations Project at the Port of Trincomalee, which included a state-of-the-art Vessel Traffic Management System, Radar Equipment, Lighthouse Equipment, 16 Navigation Buoys, 02 Mooring Buoys, 02 400KV Generators, 14 Fire Pumps with machinery, and a Pilot Vessel provided by the Japan International Cooperation System (JICS) with the assistance of the Government and the People of Japan.The Trinco Night Navigation Operations Project, which includes all of this equipment and facilities, was handed over for operations on February 17, 2023, at a function held at the Port of Trincomalee.
Dinesh Gunawardena - JICA to resume projects after IMF deal is finalized - newsfirst.lk - Japan - Usa - Sri Lanka
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JICA to resume projects after IMF deal is finalized
COLOMBO (News 1st); JICA is set to resume its ongoing projects in Sri Lanka no sooner the IMF package on debt restructuring finalized, said the Prime Minister's Media Division.Prime Minister Dinesh Gunawardena urged the Japan International Cooperation Agency (JICA) to recommence all the ongoing projects that are temporarily halted due to fiscal issues.He made this request when Director General of the South Asia Department of the Japan International Cooperation Agency (JICA), Teruyuki Ito met him on Monday (20).Teruyuki Ito assured the Prime Minister that JICA projects would be resumed no sooner the debt restructuring programme is finalized by the International Monetary Fund.12 JAICA projects worth US$ 2.5 billion have been temporarily halted due to the fiscal crisis. The JICA delegation had expressed satisfaction over the progress in debt restructuring plans, in which Japan also played a major role.The Prime Minister thanked JICA Director General for the continuous assistance provided to Sri Lanka for several decades for water treatment, sewerage, sanitation and solid waste treatment projects in several cities and towns. He also requested JICA to provide assistance in new areas such as renewable energy and electrification of public transport and railways.Prime Minister Gunawardena also briefed the JICA delegation about the steps taken to improve transparency and accountability in project implementation by enacting required legislations as recommended by the Committee appointed by the President. He added that a Budget Act would be passed to ensure continuation of nationally important projects and policies despite change of governments in power.
Independent MPs write to foreign missions on present state of affairs - newsfirst.lk - Sri Lanka
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Independent MPs write to foreign missions on present state of affairs
COLOMBO (News 1st); The Freedom People's Congress in a letter to foreign missions in the country over the delay in holding the Local Government Election, have expressed their deep concern over the present situation surrounding the franchise of the people.The letter notes that the timeframes for the conduct of elections at all levels are defined by the Constitution of Sri Lanka and other applicable statutory regimes. It notes that compliance with these requirements is mandatory, there being no flexibility or scope for  exercise of discretion.The Freedom People's Congress says that for the first time in Sri Lanka's history, the government of the day has adopted the startling position that an election cannot be held because the financial resources required are not available, adding that the implications of this will be apparent upon a moment’s reflection.It warned that at its sole discretion, the government of the day will be entitled to postpone any election on the ground of unavailability or inadequacy of resources – a power which it will no doubt be tempted to exercise in any circumstances where imminent defeat is probable.It requested the Diplomatic Missions to bring this distressing state of affairs to the notice of their respective capitals, with a view to prevailing on the government of Sri Lanka to desist from a course of action gravely detrimental to the nation.
Ranil Wickremesinghe - President wants Minipe Left Bank Project completed before Maha Season - newsfirst.lk - China - Sri Lanka
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President wants Minipe Left Bank Project completed before Maha Season
President Ranil Wickremesinghe instructed the officials to speed up the Minipe Left Bank Canal Rehabilitation Project (MLBCRP), which has been delayed for over three years owing to various reasons, and to provide its benefits to the farmers before the next Maha Season.The President provided these instructions on Sunday (19) while joining an observation tour of the Minipe Anicut construction site.President Wickremesinghe, after inspecting the plan of the project, also inquired from the engineers about the operation of the project.The President also pointed out the possibility of obtaining the support of the students of engineering faculties in Sri Lanka for the future work of the project.The existing anicut is not sufficient to release water to the left and right bank canals when water is released twice a day from the Rantambe Hydro Power Plant during peak demand for electricity. Due to this, in order to provide more reliable and continuous water supply to Minipe agricultural lands, the Minipe Dam was raised by 3.5 meters and the renovation of the 74 kilometers-long main canal on the left bank of Minipe, was commenced.After the reconstruction of the Minipe Anicut, constant water supply to farmers will be ensured and the cultivation land on both sides of the left bank of Minipe could be cultivated without obstruction in the Yala-Maha Seasons while providing benefits to 15,000 farmer families.The cost of the project is Rs. 3,000 million and the construction work is carried out by China Gexhouba Group Company Limited (CGGC).Minipe Anicut, which was built in 1948, was last renovated in 1980.
Opposition protests in Parliament demanding Local Government Election; Sessions adjourned to Wednesday (22) - newsfirst.lk - Sri Lanka
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Opposition protests in Parliament demanding Local Government Election; Sessions adjourned to Wednesday (22)
COLOMBO (News 1st); Opposition MPs launched a protest in Parliament demanding that steps be taken to conduct the Local Government Election.Due to the protest, Parliament sessions were adjourned to 9:30 AM on Wednesday (22).On Monday (20), the Samagi Jana Balavegaya led a protest march in Colombo demanding for the Local Government Election be held.Police fired tear gas, and water cannons to disperse the protest at Technical Junction, Maradana.Also on Monday (20), Sri Lanka Police fired tear gas and water cannons to disperse a protest organized by the Jathika Jana Balavegaya against the attempt to delay the Local Government Election in Kurunegala.On Tuesday (21), The Government Printer said that sufficient police protection has not been provided for the process of printing ballot papers.Head of the Department of Government Printing Ganga Liyanage told News 1st that as a result, the printing of ballot papers for the Local Government Election will be further delayed.The Government Printer said that only two police officers have been stationed at the main gate as of Monday (20) evening.She said that 65-person strong police force is required for the security detail to provide protection to the process of printing ballot papers.She said that requests were forwarded in this regard to all relevant agencies.On Monday (20),  Sri Lanka's National Election Commission has informed the Supreme Court that obstacles have arisen with regard to conducting the Local Government Election on the 9th of March 2023 as planned. Furthermore, the Government Printer has informed the Elections Commission that she is unable to release the ballot papers for the elections until a sum of Rs.
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