by Garvin Karunaratne
To my mind, the Central Bank of any country is an integral part of the sovereign country and it is a ridiculous statement to talk of a Central Bank being independent of its country. It is actually the Central Bank of a country that has to perform the most important function of monetary policy- what monetary policy can bring about the maximum development of the country etc. Thus I fail to comprehend why anyone should ever even think of a Central Bank being independent of its country. It is ridiculous in the extreme. However today there is a Bill in... -Full Story- (LankaWeb - 21/03/23)
Sasanka De Silva Pannipitiya.
Equinox and Solstice are both important astronomical events that mark the changing of seasons, but they differ in their specific characteristics and meaning. Here are the main differences: An equinox occurs when the Sun is directly above the Earth's equator, and day and night are of approximately equal length all over the world. The word "equinox" comes from Latin and means "equal night." A solstice occurs when the Sun is at its highest or lowest point in the sky relative to the Earth's equator. The word "solstice" comes from... -Full Story- (LankaWeb - 21/03/23)
by Garvin Karunaratne
Norochicolai breaks down again. Is there no other way to produce our power. I enclose one of my Papers that tell us that we can have all our power we need within one year at less than the cost of one years supply of oil we use for power now. I am prepared to bell that cat, if there is no one else younger than me. I designed and implemented the youth self employment programme in Bangladesh in nineteen months and trained the officers of the elite Bangladesh Civil Service to... -Full Story- (LankaWeb - 21/03/23)
Light of Buddhadharma Foundation International
Buddhavaccana (The Words of the Buddha) Connect This Lifetime🌈 (mailchi.mp) Over the past seventeen years, thousands have been gathering to chant the Tipitaka under the Bodhi Tree from December 2nd-13th. Since then annual chanting ceremonies have spread to all the ancient pilgrimage places of the Buddhadharma. Once again, the sound of the Buddha's words can be heard all over the land of the Ayradesh.Today, we are delighted to share with you that we have completed the recitation of the entire Suttapittaka this past December. These texts, shown here on ancient palm leaves, are now being... -Full Story- (LankaWeb - 21/03/23)
By Shivanthi ranasinghe Courtesy Ceylon Today
We have pledged to make India's national security our topmost priority. This was first articulated in 2020 by the then Foreign Secretary Admiral (Rtd) Jayanath Colombage. During incumbent Foreign Minister Ali Sabry's recent visit to India, this pledge was again reiterated. He explicitly stated that Sri Lanka would go to the extent of disallowing any other from undermining “under the guise of anything” India's legitimate security or other interests. This brings forth the most pertinent question as to whether prioritizing India's security would secure our security. ‘India's Security First' –... -Full Story- (LankaWeb - 21/03/23)
By Shamindra Ferdinando Courtesy The Island
Ali Sabry responds to accusations Opposition MP Gevindu Cumaratunga yesterday (19) alleged that the Wickremesinghe-Rajapaksa government was going ahead with a project launched by former Justice Minister Ali Sabry with the backing of President Gotabaya Rajapaksa to conduct Law College examinations only in the English medium, much to the disadvantage of Sinhala and Tamil students. Addressing the media at Sri Sambuddhathwa Jayanthi Mandiraya at Thunmulla, the leader of civil society group Yuthukama urged all political parties, regardless of whatever differences, to vote against extraordinary gazette notification of 2020 Dec 30 No 22018/13... -Full Story- (LankaWeb - 21/03/23)
Courtesy The Daily Mirror
Considering the specialty and importance of the English language, the Education Ministry has decided to teach ‘Spoken English’ in all national schools, starting from grade one from March 30. Addressing an event at the Colombo University yesterday, Minister Susil Premajayantha said necessary updates will be made to bring all school syllabuses from Grades 6–9 and 10–13 to an international level. A pilot project in this regard will be started next month. He also said that the ministry is planning to teach the subject of artificial intelligence along with information technology.... -Full Story- (LankaWeb - 21/03/23)
Courtesy The Daily Mirror
Finland has been voted the happiest place in the world for the sixth consecutive year while Sri Lanka was ranked 112th, according to the World Happiness Report 2023 released on Monday. Sri Lanka's position has improved from the 2022 index where it was ranked 127th. In order to uncover the happiest spots around the globe, researchers analysed six key factors: social support, income, health, freedom, generosity, and absence of corruption. Despite several overlapping crises, the study found that global life satisfaction is just as high as those in pre-pandemic years.... -Full Story- (LankaWeb - 21/03/23)
Courtesy The Daily Mirror
Following the Executive Board discussion on Sri Lanka, IMF Managing Director Kristalina Georgieva said that Sri Lanka should stay committed to the multi-pronged disinflation strategy to safeguard the credibility of its inflation targeting regime. “Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, an unsustainable public debt, and heightened financial sector vulnerabilities. Institutions and governance frameworks require deep reforms. For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical."... -Full Story- (LankaWeb - 21/03/23)
Courtesy Adaderana
The Executive Board of the International Monetary Fund (IMF) has approved the Extended Fund Facility to Sri Lanka at its board meeting held today, according to State Minister of Finance Shehan Semasinghe. He further said that President Ranil Wickremesinghe will make a special statement on this tomorrow (21). https://youtu.be/LzOfyN-jnXQ The International Monetary Fund (IMF) has announced that the IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF), the President’s Media Division also confirmed. The program will allow Sri Lanka to access financing... -Full Story- (LankaWeb - 21/03/23)
Courtesy Adaderana
The Cabinet of Ministers has authorized the Finance Ministry Secretary or the Treasury’s Deputy Secretary to sign the Promissory Notes and other required documents as soon as Sri Lanka receives the IMF-supported Extended Fund Facility (EFF) approval from the IMF Executive Board. The decision was taken during the Cabinet meeting held this evening (20), according to Cabinet Spokesman and Minister Bandula Gunawardene. https://youtu.be/BqppgZDmf7w Sri Lanka is expected to receive final approval for about $2.9 billion bailout from the International Monetary Fund (IMF) on Monday, a key step for... -Full Story- (LankaWeb - 21/03/23)
Courtesy Adaderana
Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe’s office said on March 20, 2023 on the eve of a desperately needed $2.9 billion IMF bailout. Mr. Wickremesinghe’s office quoted him as saying the widely expected International Monetary Fund (IMF) rescue “will only give us a breathing space where they will say we are no longer bankrupt”. “All the money we have to repay this year, I hope we will be given at least 10 more years to repay it,” Mr. Wickremesinghe told a meeting of students... -Full Story- (LankaWeb - 21/03/23)
Courtesy Adaderana
The Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies. Accordingly, the Secretary to the Treasury has informed the Board of Directors of SLT and Lanka Hospitals that the Cabinet of Ministers has granted its approval in principle for the divestment of the stake held by the Treasury Secretary in the respective companies. The companies have... -Full Story- (LankaWeb - 21/03/23)
Courtesy Adaderana
The Central Bank of Sri Lanka (CBSL) has requested the Attorney General to consider instituting criminal proceedings against three pyramid-type prohibited schemes operating in the country. Accordingly, the CBSL has carried out investigations to ascertain whether the entities Fast 3Cycle International (Pvt) Ltd (F3C), Sport Chain App, Sports Chain ZS Society Sri Lanka and the OnmaxDT have violated the provisions of 83C of the Banking Act. In relation to the examination conducted, the CBSL has determined that the three relevant entities and Directors, Founders and Promoters of those entities have conducted prohibited... -Full Story- (LankaWeb - 21/03/23)
Sarath Wijesinghe (President’s Counsel, LLM International Law London UCL, Solicitor in England and Wales former Ambassador to UAE and Israel and former Secretary Bar Association of Sri Lanka, President Ambassador’s Forum)
Justice Delayed is Justice denied Justice delays is justice denied is the famous quotation by ‘’Lord William Gladstone’’ said on legal system - indicating that this old and worldwide issue that needs attention still in the main agenda in the modern society still prevails, timely and current. Laws delays retards development, affects law and order, encourages crime while discouraging foreign investments and good will that... -Full Story- (LankaWeb - 20/03/23)
By Dr Tilak S. Fernando
Historians will not consider Kurunegala as a particular era during the Sinhala Kingdoms because four to five kings reigned during this era. It is not recognisable to identify as a historical period. According to ‘Dalada Pujawaliya’ during the Kurunegala era, approximately one hundred per cent of the government’s income from ships was directed to the sacred temple where Buddha’s tooth relic is housed. The income from the ships aided Sinhala kings in maintaining the country as a leading source of income along with trade. The Aryans who came to... -Full Story- (LankaWeb - 20/03/23)
Sufian Siddique Independent researcher and freelance columnist, Dhaka
Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina inaugurated a 131.5-kilometre-long India-Bangladesh Friendship Pipeline (IBFPL) from Siliguri in North Bengal to Parbatipur in Banglaesh’s Dinajpur province Saturday (18 March). The pipeline, built with Rs 377 crore drawn from a line of credit offered by India to Bangladesh, will carry one million tonnes of high-speed diesel from Numaligarh refinery in Assam to Bangladesh Petroleum Corporation’s Parbatipur depot. The ground-breaking ceremony for the pipeline, which starts from Numaligarh refinery’s marketing terminal in Siliguri and enters Bangladesh... -Full Story- (LankaWeb - 20/03/23)
Pathik Hasan
Prime Minister Sheikh Hasina on Saturday said the inauguration of "India-Bangladesh Friendship Pipeline" is a milestone achievement in mutual cooperation for the development of the two friendly neighbours. Sheikh Hasina hoped that Bangladesh and India would jointly celebrate many such successes in the days to come. The pipeline will play a significant role in protecting the energy security of both country. Indian Prime Minister Narendra Modi said India-Bangladesh Friendship Pipeline will enhance cooperation in energy security between the two countries. This pipeline would further speed up the development of Bangladesh and be an excellent... -Full Story- (LankaWeb - 20/03/23)
ශාන්ත ජයරත්න ශ්රී ලංකා සංවර්ධන පරිපාලන ආයතනයේ හිටපු ජ්යෙෂ්ඨ උපදේශක courtesy Lanka Lead News
“තිත්ත බෙහෙතක්” සහ “වස පානය” කිරීම අතර පැහැදිලි වෙනසක් තිබෙනවා. ශ්රී ලංකාව පවතින ආර්ථික අර්බුදයෙන් මිදීමට තිත්ත බෙහෙතක් යැයි සිතා වස පානය නොකළ යුතුයි.” යානිස් වරුෆකිස් (Yanis Varoufakis). යානිස් වරුෆකිස් ග්රීසියේ හිටපු මුදල් ඇමැති වරයා. ඔහු IMF සංවිධානය ග්රීසියේ කල මානුෂවාදී ඛේදවාචකය හොඳ හැටි අත් විඳි පුද්ගලයෙක්. වරුෆකිස් ප්රකාශ කරන අන්දමට ග්රීසිය 2010, 2015, 2016 සහ 2018 වර්ෂ වල IMF වෙත ගියත් සිදුවූ යහපතක් නොමැත. අවසානයේ ජාත්යන්තර මූල්ය අරමුදල ඔවුන් විසින් බලපෑම් කොට සිදුකල ආර්ථික ප්රතිසංස්කරණ හරහා ග්රිසිය කබලෙන් ලිපට වැටුණු බව... -Full Story- (LankaWeb - 20/03/23)
Courtesy Adaderana
President Ranil Wickremesinghe emphasized that the Royal College cricket team’s effective captaincy ultimately led to the team’s victory at a time when all of the matches were being lost and that his effort to lift the defeated country to the path of victory is similar to that of the captain of Royal College cricket team. https://youtu.be/hpUd1o5oPBM The President recalled that when he assumed office last July, the country was experiencing a multitude of crises such as shortage of fuel, food, and fertilizer. He compared this to the Royal College team,... -Full Story- (LankaWeb - 20/03/23)
Courtesy Adaderana
More than a million Sri Lankan paddy farmers in all 25 districts will get vital assistance through a shipment of over 36,000 metric tons of fertilizer handed over today by the United States to the Ministry of Agriculture, says the United States Embassy in Sri Lanka. The shipment of Triple Super Phosphate (TSP), which was funded by the United States Agency for International Development (USAID) has been procured by the Food and Agriculture Organization of the United Nations (FAO) for distribution free-of-charge to farmers. This second shipment of USAID-supported fertilizer is delivered... -Full Story- (LankaWeb - 20/03/23)
Courtesy Adaderana
Sri Lankan central bank governor Nandalal Weerasinghe told media on Sunday that the country’s “dollar crisis” is over, as the International Monetary Fund (IMF) is set to approve a 2.9 billion U.S. dollar bailout package for the country on Monday. He said Sri Lanka will hence has adequate foreign reserves for imports for essential sectors, adding that the IMF package will boost investor sentiment and enhance the country’s access to more foreign funds and investments. The IMF package will include budgetary support to Sri Lanka’s government, which is a new element in... -Full Story- (LankaWeb - 20/03/23)
Shenali D Waduge
When Sri Lanka’s top corporates have stashed away some $53billion in overseas accounts, it is because they are cheating the country, they don’t want to invest in Sri Lanka or they are as corrupt as the politicians. Whatever, the reason, their collective silence in not coming forward to bail out Sri Lanka & fully aware that the ordinary people & middle class will suffer, shows moral decline of Sri Lanka’s corporate community. These handful of Sri Lankan corporates could have easily come up with a plan to present to the public on... -Full Story- (LankaWeb - 19/03/23)
By Raj Gonsalkorale
Former Prime Minister of Australia Paul Keating has labelled the AUKUS military alliance and more specifically the recently concluded submarine deal as the worst mistake Australia has done in its history. His national press club address has been widely publicised and does not need repetition here. It is however interesting to discuss a few basic issues he mentioned as reasons for his criticism. Firstly, his assertion that the AUKUS alliance is all about maintaining US hegemony over the South China sea and containing, to the extent possible, China’s ability to move freely within... -Full Story- (LankaWeb - 19/03/23)
Dilrook Kannangara
Even a schoolkid who has studied Year 11 Commerce would tell you that the Central Bank must be independent of the government. And that’s how it is around the world. However, Sri Lanka does not follow the rest of the world. Well established norms are questioned, challenged and changed in Sri Lanka to suit politicians and their supporters. What is even more convincing is Independent Ceylon (1948 to 1972) and Sri Lanka (1972 to 1978) had an independent Central Bank. Historical Independence of CBSL and Economic Stability Sri Lanka had a... -Full Story- (LankaWeb - 19/03/23)
Dr. Shakuntala Bhabani
The subregion has immense potential for economic growth and significant untapped economic potential for intra-regional trade. Bangladesh, Bhutan, India and Nepal (BBIN) subregional initiative, which was endorsed way back in 1997 to strengthen the region’s pursuit of trade and economic integration, still has a long way to go. A projection based on the actual growth rate in GDP achieved by the BBIN countries over 10-year periods forecasts the combined GDP value of BBIN region would more than double in 2035 and reach a level of US$6.2 (trillion) tn in 2030... -Full Story- (LankaWeb - 19/03/23)
Fumiko Yamada
China was the mediator of the talks held in Beijing. After four days of talks, two regional rivals in the Middle East, Iran and Saudi Arabia, have agreed to restore diplomatic ties.This significant diplomatic shift is undoubtedly an important event for all countries, especially for the Middle East. Because in the current world situation, the political importance of the Middle East and the role of the two countries in regional security are immense.It should be noted that the relationship between Iran and Saudi Arabia began to deteriorate from 2016. The deterioration of diplomatic relations between the... -Full Story- (LankaWeb - 19/03/23)
Fumiko Yamada
February 24 marked one year of the Ukraine-Russia war. A year ago, Putin's 200,000 troops invaded Ukraine with arrogance and arrogance. The roar of the Russian tank fleet, some 35 miles long, died down within a few days. We have seen the devastation of tank fleets and the pursuit of Russian troops in various media, including social media. By miscalculating the military, Putin thought he would arrive in Kiev with his troops and vassals while eating pies. But the West, led by the US, has fueled the armed forces and people of Ukraine with arms,... -Full Story- (LankaWeb - 19/03/23)
By Abhinav Singh Courtesy The Week
Tammy Ben-Haim is the Consul General of Israel to South India, based in Bengaluru. Haim is a highly experienced diplomat with 18 years of experience in the Ministry of Foreign Affairs and 25 years in the civil service. Most recently Haim was the Minister for Public Diplomacy in the Embassy of Israel in Washington DC. Between 2016 and 2018, Haim served on the South Asia Desk at the Ministry in Jerusalem, where she oversaw and coordinated Prime Minister Narendra Modi’s historic, first-ever visit of an Indian leader to Israel, and the reciprocal... -Full Story- (LankaWeb - 19/03/23)
By Felicity Bradstock courtesy OilPrice
Sri Lanka is in the midst of a financial and energy crisis, with high inflation and fuel shortages caused by poor economic management and the Covid-19 pandemic.To manage these issues, the government has introduced a National Fuel Pass to ration fuel, increased taxes and cut energy subsidies, and raised their benchmark interest rate to fight inflation.Sri Lanka is hoping for an IMF bailout which could unlock required funds and attract new investments that may help the country get back on track. Discussions around Sri Lanka’s energy crisis may have died down since... -Full Story- (LankaWeb - 19/03/23)
BY EDWARD THEOPHILUS
The value of Sri Lanka rupee (Domestic and Foreign Values) is based on the success of policy action relating demand and supply of the rupee for various purposes. People need to understand that demand and supply values of Sri Lanka rupee would be based on several factors and the policy makers should clearly understand these factors and develop effective policies for the country and implementation of such policy actions would be the way improvement of the value of the Sri Lanka rupee. What are the policy actions. Development of foreign reserves of Sri... -Full Story- (LankaWeb - 18/03/23)
Courtesy Daily Mirror
Disputing the grim forecast of Sri Lanka’s exchange rate by Fitch Solutions by the year-end, Central Bank Governor Dr. Nandalal Weerasinghe raised concerns on the basis of the forecast while stressing that such long-term predictions on exchange rate are not prudent. Fitch Solution recently maintained its forecast for the rupee to weaken to a record low of 390 per dollar by the year-end despite the positive prospects of the country securing the US$ 2.9 billion International Monetary Fund (IMF) bailout package. Dr. Weerasinghe noted that annual debt service obligation to the... -Full Story- (LankaWeb - 18/03/23)
Insight By Sunil Kumar
March16.2023 " Political, social and economic issues have suddenly sprung up alarmingly" says a popular and credible Watchdog reporting to the Media which despite their negative sounding nature needs to be heeded in this expected" Era of Progress " since the woeful troubles of the past due mainly to a wayward, corrupt and deplorably failed administration still not apprehended for their crimes of attrition and continue their existences perhaps covertly in some measure.! Indisputably the Watchdog says "The constitution is appreciably violated, state thuggery and aggression are set in place... -Full Story- (LankaWeb - 18/03/23)
Courtesy The Telegraph Online
The governor made the statement while talking about a proposed bill aimed to provide autonomy to the Central Bank without any undue influence from the fiscal authorities or the government Nandalal Weerasinghe. Nandalal Weerasinghe has cited the lack of independence of the apex bank in determining the monetary policy as a reason for the country's unprecedented economic crisis. The Sri Lankan government in May last year declared a debt default on over USD 51 billion in foreign loans -- a first in the country's history.... -Full Story- (LankaWeb - 18/03/23)
Courtesy The Daily Mirror
Sri Lanka's first-ever free-of-charge, luxury, high-tech-equipped, conference hall and a grand banquet hall are to be declared open at the Devram Vehera temple in Pannipitiya on Monday (20). Temple’s founder Ven. Kolonnawe Siri Sumangala Thera said the conference hall and wedding hall were built for the people to conduct their social activities, such as seminars and lectures, free of charge.The conference hall has a seating capacity of 500 participants. Meanwhile, Ven. Sumangala Thera said that the wedding hall was also designed with the latest luxury facilities, where up to 200... -Full Story- (LankaWeb - 18/03/23)
Courtesy The Daily Mirror
The Indian Railway Catering and Tourism Corporation (IRCTC) has organised a Buddhist tourist train covering 9 places across India and Nepal that impacted Buddha, helping tourists experience his self-disciplined and legendary life, Indian media reported. https://www.irctcbuddhisttrain.com/index To facilitate people to embark on the path of enlightenment, the Indian Railway Catering and Tourism Corporation's (IRCTC) Buddhist Circuit Tourist train on the Bharat Gaurav Trains concept has commenced its spiritual journey. In the Mahaparinirvana sutra, the Buddha tells his followers that they can attain merit and a... -Full Story- (LankaWeb - 18/03/23)
Courtesy Adaderana
The President’s Secretary has reportedly agreed to provide a conclusive solution to the issues concerning the recent revision of the Pay-As-You-Earn (PAYE) tax. This was stated by the Professionals’ Trade Union Alliance (PTUA), who claimed that the President’s Secretary had agreed to provide a certain extent of relief to those disadvantaged by the increase in taxes. https://youtu.be/IeJMUYaZASo Accordingly, a conclusive solution in this regard is due to be reached at the meeting the PTUA is scheduled to have with the President. The PTUA stated that this... -Full Story- (LankaWeb - 18/03/23)
Courtesy Hiru News
Western Province Senior DIG Deshabandu Thennakoon is likely to be appointed as the Inspector General of Police following the retirement of the current IGP C.D Wickramaratne, the Daily Mirror learns. It was reported that the President had recommended to the Constitutional Council the appointment of Senior DIG Tennakoon as the 36th IGP of the Sri Lanka Police. IGP Wickramaratne is scheduled to retire on March 25. Tennakoon, studied at Nalanda College in Colombo, joined the Police Service as an apprentice Assistant Superintendent of Police in 1998. He was promoted... -Full Story- (LankaWeb - 18/03/23)
Shenali D Waduge
In a report covering covid-19 period from March 2020 to March 2021 OXFAM’s research bring home some hard facts that are camouflaged by words & terms. IMF Fiscal consolidation is nothing but austerity upon low-income & middle class populations while IMF reforms means cutting social welfare & subsidies. OXFAM says that these measures which cover taxing, wage bill cuts or freezes, pension cuts, subsidy elimination, cuts to public spending have over period of time brought countries to great difficulty as they have to continue taking loans & paying back taken loans with... -Full Story- (LankaWeb - 17/03/23)
RON UNZ Courtesy The Unz Review
Russia, China, Iran... and Saudi Arabia?, by Ron Unz - The Unz ReviewOn Friday geopolitical plates of tectonic scale may have visibly shifted as Iran and Saudi Arabia, two of the most important countries in the Middle East and erstwhile bitter adversaries, announced that they had reestablished diplomatic relations after a lengthy round of negotiations held with top Chinese officials in Beijing. Back in 1945, President Franklin Roosevelt famously met on an American cruiser with Ibn Saud, and our important alliance with oil-rich Saudi Arabia came into being. ... -Full Story- (LankaWeb - 17/03/23)
