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National Contributory Pension Fund for public sector - newsfirst.lk - Sri Lanka
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National Contributory Pension Fund for public sector
COLOMBO (News 1st); Sri Lanka's Cabinet of Minister granted approval for the establishment of National Contributory Pension Fund.According to a document released by the Department of Government Information, the Cabinet has recognized that is appropriate to establish a fund named National Contributory Pension Fund to ensure an appropriate environment is created for public sector employees to spend their retired life without being a burden to the country as well as to provide a pension with a certain profit for the retired life of the state sector pensioners. Accordingly, 8% from the basic salary of the employee and 12% from the employer should be credited to the proposed fund when a state employee is recruited in the state service, it added.An independent entity governed by a board of management to manage the proposed contributory pension fund will be established and a fund manager with special skills will be appointed for management of the funds. The proposed national contributory pension scheme will be applicable to the individuals newly recruited  to the government service, said Cabinet Spokesperson Minister Bandula Gunwardena on Tuesday (28).Those recruited to government service after the month of January  2016 can contribute to the proposed national contributory pension scheme as per their consent, said the statement from the Departmnet of Government Information."Since 2000, all public sector appointment letters carry the clause that they would be moved to the National Contributory Pension Scheme in the future. Therefore, this National Contributory Pension Scheme applies to all those who were recruited since 2016.
Ali Sabry - Sri Lanka hopes for stronger relations with Saudi Arabia - newsfirst.lk - Sri Lanka - Saudi Arabia - city Colombo
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Sri Lanka hopes for stronger relations with Saudi Arabia
Sri Lanka was expecting its long-standing ties with Saudi Arabia to grow stronger, Foreign Minister Ali Sabry said on Monday, after meeting with a delegation from the Saudi Fund for Development.Sabry hosted the Saudi delegation led by Mohammed Almasoud, the SFD’s director of central and west Asia operations, in the capital Colombo and said Sri Lanka was grateful for the fund’s “continuous assistance despite challenges” as well its support on an extension of an International Monetary Fund loan.“The longstanding Sri Lanka-Saudi bilateral relationship will grow from strength to strength,” Sabry said in a tweet.The minister visited the Kingdom last month, discussing with his Saudi counterpart Prince Faisal bin Farhan ways to boost economic and energy cooperation between the two countries.Sabry had then presented Sri Lanka as a gateway to not only south Asia but the rest of the continent – an “ideal place” to do business. His trip followed a series of high-level engagements by Sri Lankan officials with the Kingdom last year.During Monday’s meeting, the Saudi government pledged to continue providing financial assistance for projects in Sri Lanka, Sri Lankan lawmaker Mohamed Shariff Thowfeek said after taking part in the talks.“This was a great gesture from the Saudi government at a time when some countries have stopped their aid in the midst of the economic crisis,” Thowfeek told Arab News.The SFD has given at least 15 development loans worth $425 million to Sri Lanka, which have financed various projects in water, energy, health, roads, and education.
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.
28 people hospitalised during Jathika Jana Balawegaya protest in Colombo - newsfirst.lk - county Park
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28 people hospitalised during Jathika Jana Balawegaya protest in Colombo
Colombo (News1st) – 28 people have been hospitalised following the protest march organised by the Jathika Jana Balavegaya in Colombo on Sunday (26).Police fired tear gas and water cannons to disperse the protest march which commenced at the Vihara Maha Devi Park in Colombo.The injured have been admitted to the National Hospital for treatment.The protest was held citing several concerns including delays in conducting the Local Government Election.Earlier in the day, the Fort Magistrate Court issued an order preventing a group of 26 including Leader of the Jathika Jana Balavegaya Anura Kumara Dissanayaka from entering areas around the President's Office, President House and Galle Face from 01 pm – 08 pm on Sunday (26).This was in reponse to a request made by the Fort, Kompannavidiya and Colpetty Police.The Police had made the request taking into consideration the inconvenience to the public owing to the JJB protest to be held in Colombo on Sunday (26) afternoon.Similarly, the Maligakanda Magistrate Court issued an order preventing a group including Leader of the Jathika Jana Balavegaya Anura Kumara Dissanayaka from protesting or marching around the Colombo Hospital Square.This was in response to a request made by the Maradana Police OIC.The Maradana Police had made the request considering the possible inconvenience to patients and people visiting the hospitals including the National Hospital and Eye Hospital.According to the court order, the protesters were prevented from marching from the Lipton Roundabout to Deans Road, as well as blocking the road and pavement leading upto the Seamans Road Junction.The court order applies to 26 including JJB Leader Anura Kumara Dissanayaka, Tilvin Silva, Vijitha Herath, Nalinda
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.
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