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Monday April 15th, 2024

Amphan 900km away from Sri Lanka, now Super Cyclonic Storm

EYE OF THE STORM: A NASA picture of Super Tropical Storm Amphan taken from its Aqua satellite which passed over the Northern Indian Ocean on May 18.

ECONOMYNEXT – The centre of the tropical cyclone Amphan is now 900 kilometres away from Sri Lanka’s Trincolmalee coast on May 19, but it has been upgraded to a Super Cyclonic Storm, the meteorological department said.

“Due to the influence of the system, the prevailing showery condition over the island particularly in the south-western part is likely to continue further,” the met department said in a forecast issued at 0530h.

“Heavy showers above 100 mm are likely at some places. Wind speed can increase up to (50-60) kmph at times over the island. Cloudy skies can be expected over the island.

“Showers or thundershowers will occur at times in Southern, Western, Sabaragamuwa, Central and North-western provinces with isolated heavy showers above 100 mm in Nuwara-Eliya, Kandy, Matale, Ratnapura, Kegalle, Galle and Matara districts.”

A day earlier the storm was 600 kilometres away from Trincomlee.

America NASA has released pictures of vapor data from the storm taken by its Aqua satellite when it passed over the Northern Indian Ocean on May 18. At the time Amphan was equivalent of a Category 5 hurricane on the Saffir-Simpson Hurricane Wind Scale, NASA said.

Sri Lanka has issued landslide warnings for several districts and there and strong winds had also partially destroyed 192 houses by May 18, with 145 in Polonnaruwa, the disaster management centre said.

The fishing community has been asked to be vigilant.

WARNING FOR FISHING COMMUNITY

The Super Cyclonic Storm ”AMPHAN” (pronounced as UM-PUN) over west-central Bay of Bengal and neighborhood, lay centered near latitude 14.9°N and longitude 86.5°E, about 900 km North-east of Trincomalee at 11.30 p.m. yesterday (18th May). It is very likely to move north-northeastwards towards west Bengal coast during the afternoon of 20th May.

Fishing and naval community are requested to be attentive regarding future forecasts issued in this regard.

Condition of Rain:

Showers or thundershowers will occur at times in the sea areas around the island.

Heavy showers can be expected at some places in the sea areas extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota.

Winds:

Winds will be South-westerly in the sea area around the island. Wind speed will be (50-55) kmph. Wind speed can increase up to (70-80) kmph at times in the sea area extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota.
State of Sea:

The sea areas around the island can be rough and the sea area extending from Puttalam to Trincomalee via Colombo, Galle, Hambantota and Potuvil will be very rough at times.

Temporarily strong gusty winds (up to 70-80 kmph) and very rough seas can be expected during thundershowers.

WARNING FOR SHIPPING IN THE INDIAN OCEAN AROUND SRI LANKA

Valid period: 2020.05.18/1500UTC to 2020.05.19/0900UTC

The Extremely Severe Cyclonic storm” AMPHAN” (pronounced as UM-PUN) lay centered over Central part of South Bay of Bengal and neighborhood, at 11.30 a.m. of today (18th) near latitude 13.4°N and longitude 86.2°E, about 780 km North-east of Trincomalee and intensified into a Super Cyclonic Storm. It is very likely to move North-northeastwards wards during next 24 hours and then re-curve north-northeastwards towards west Bengal coast during 20th May.

Synoptic situation: –

Synoptic situation: –

Winds: –

Very strong SW’ly to W’ly winds over SW Bay of Bengal.

Strong occasionally very strong W’ly to SW’ly winds over Basses.

Strong W’ly to SW’ly winds over SL West.

Strong NW’ly to SW’ly winds over Comorin.

Fresh occasionally strong NW’ly winds over Maldives and Lakshadweep.

Weather: –

OCNL Showers/ T’Showers over Northern part of SW Bay of Bengal, Maldives and Lakshadweep.

SCT Showers/ T’Showers elsewhere.

Seas: –

Very rough over SW Bay of Bengal

Rough, very rough at times over Basses.

Rough over SL West.

Fairly rough, rough at times over Maldives and Comorin.

Fairly rough over Lakshadweep.

*Temporarily strong gusty winds and rough seas can be expected during thundershowers.

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Sri Lanka to discuss two contentious points with bondholders: report

ECONOMYNEXT – Sri Lanka and sovereign bondholders are to discuss two matters in the near future which the two sides failed to reach agreement at March talks in London, a media report quoting a top aide to President Wickremesinghe as saying.

Sri Lanka and bondholders had discussed four matters on restructuring international sovereign bonds in late March and agreement had been reached on two, President’s Chief of Staff Sagala Ratnayake was quoted as saying on state-run ITN television.

A restructuring proposal by bondholders was not in line with IMF requirements, and Sri Lanka had sent a counter proposal, he said.

The matters will be discussed at round of talks in the near future.

Sri Lanka was optimistic of reaching an agreement with the bondholders before June, officials have said.

According to matters already in the public domain, sovereign bond holders are keen to get a bond tied to dollar gross domestic product, as they feel IMF growth projections are too low.

In past re-structuring so-called value recovery instruments, a type of warrant, gave their owners extra payments if a country did better than expected and were tied to items like oil prices.

Bondholders had initially proposed bond which would have a lower hair cut initially, and it will have additional hair cuts if growth is low (about 3.1 percent) as projected in an IMF debt sustainability analysis. (Colombo/Apr15/2024)

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BIMSTEC Secretary General visits Sri Lanka, discusses regional cooperation

ECONOMYNEXT – The Secretary General of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), discussed measures to enhance regional cooperation, during his visit to the island last week.

Ambassador Indra Mani Pandey, Secretary General of BIMSTEC visited Sri Lanka from 07 – 12 April 2024, following his assumption of office as Secretary General of BIMSTEC in January this year.

The Secretary General “met with senior officials of relevant Ministries/Agencies to discuss measures to enhance regional cooperation under various BIMSTEC initiatives,” the Foreign Ministry said in a statement.

Several BIMSTEC countries have bilateral trade agreements, such as Sri Lanka and India, Thailand and Myanmar, Sri Lanka and Thailand, but no collective regional agreement to enable intra-regional leverage.

During the visit, Secretary General Pandey held discussions with Ministry of Foreign Affairs officials and paid courtesy calls on the President and the Minister of Foreign Affairs.

Secretary General Pandey participated at an event on “Regional Cooperation through BIMSTEC” organized by the Lakshman Kadirgamar Institute (LKI) on 9 April. (Colombo/April15/2024)

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Sri Lanka rupee closes weaker at 299.00/10 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 299.00/10 to the US dollar in the spot forex market on Monday, from 298.50/55 on Wednesday, dealers said, while bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed stable at 11.90/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent up from 12.10/15 percent.

A bond maturing on 15.09.2029 closed stable at 12.20/40 percent. (Colombo/Apr15/2024)

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