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Sunday October 1st, 2023

Crisis-hit Sri Lanka president to visit Japan, Manila from Sept 25-30 amid debt restructuring talks

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe has chosen to travel Japan as his first foreign visit since becoming the president before visiting Manila to take part in the South Asia Finance Ministers’ Retreat hosted by the Asian Development Bank focusing the island nation’s debt restructuring and economic crisis, sources told EconomyNext.

Wickremesinghe during the visit will formally ask Japan to invite Sri Lanka’s main bilateral creditors, including China and India, to discuss on external debt restructuring as it seeks to ease its worst economic crisis, the sources said.

“Debt restructuring will be the top in his agenda and he is expected to meet Japanese Prime Minister in Tokyo. At the ADB event, the president will present the latest update on the ongoing crisis and the planned reforms to come out of the crisis,” one source at the Presidential Secretariat told EconomyNext.

“He will leave on September 25 and return on September 30.”

He is expected to participate on the ADB event later on September 28 during the multilateral financial institution’s 55th annual meeting.

Unlike his predecessors, President Wickremesinghe has chosen to visit Japan in his first foreign traveling since he became the president on July 20 through a parliament vote. His predecessors, both Gotabaya Rajapaksa (2019-2022) and Maithripala Sirisena (2016-2022), visited India in their first foreign visit.

The president’s visit also comes days after financial advisory group Lazard started talks with India, China and Japan on restructuring Sri Lanka’s debt.

Sri Lanka has sought an International Monetary Fund (IMF) bailout and the global lender has agreed for a $2.9 billion, 48-month package, pending the IMF executive board approval depending on Sri Lanka’s reforms and agreement with all of its external creditors.

Political analysts and sources close to him have said Wickremesinghe has been navigating the foreign policy carefully to ensure not to be caught in India-China geopolitics.
“He sees Japan as a long term development partner for Sri Lanka,” a government official who is closely working with Wickremesinghe on the reforms and debt restructuring said asking not to be named.
“We are on our knees after the economic crisis and we may be compelled to give away some demands by China and India, if they want to use our crisis for their own benefit. Japan could be a better choice to facilitate the debt restructuring talks.” (Colombo/Sept15/2022)

Comments (2)

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  1. Msds says:

    They will ask for more finance, which they cannot repay.

  2. sacre blieu says:

    Continuing to be hit by the travel bug. Imagine the expenses at a time the country is in dire circumstances with a debt as heavy as a huge boulder resting on the shoulders of the hapless citizen at the bottom of the ladder.

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  1. Msds says:

    They will ask for more finance, which they cannot repay.

  2. sacre blieu says:

    Continuing to be hit by the travel bug. Imagine the expenses at a time the country is in dire circumstances with a debt as heavy as a huge boulder resting on the shoulders of the hapless citizen at the bottom of the ladder.

Sri Lanka National Christian Council opposes Online Safety Bill

ECONOMYNEXT – The National Christian Council of Sri Lanka (NCCSL) in a statement on the Online Safety Bill, said that the existing legal regime is adequate to deal with instances of harmful speech, making it unjustifiable to enact such “stringent laws”.

The Council called upon the government to withdraw the bill immediately.

The body expressed “deep concern” over the proposed bill, detailing its potential to curtail freedom of speech and how, according to the Council, the piece of legislature is inconsistent with the principles of democracy.

“The bill proposes the establishment of an entity named the Online Safety Commission without provisions to guarantee its independence and impartiality,” the statement said.

Chapter 3 imposes restrictions on online communication of certain statements, many of which are vague and overbroad, leaving room for executive control and the curtailing of legitimate criticism and dissent that are basic features of democracy, the statement said.

“The laws granting wide discretion to the executive and its investigative agencies with expansive reach have been misused in the past.”

The Council said that the bill was not drafted with the process of public consultation and discussion, which might have ensured the bill would be less draconian in nature.

“The National Christian Council of Sri Lanka calls upon the government to withdraw this anti-human rights and anti-democratic bill immediately.” (Colombo/Sep30/2023)

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Sri Lanka to implement new vehicle revenue licence issuing system

ECONOMYNEXT – A new system of issuing vehicle licences called eRL 2.0 is to be implemented in 5 provinces, excluding the Western Province, from 3 October onwards.

The new system is to be implemented beginning in the North West, South, North Central, Central and Sabaragamuwa provinces, respectively. The existing vehicle licence issuing system eRL 1.0 will continue to be used in the Western Province.

The issuing of revenue licences islandwide at Department of Motor Traffic head offices and regional branches will be temporarily halted on October 2.

The facility of obtaining vehicle permits online will also be temporarily halted on 6 October till midnight.

The Sri Lanka Information and Communication Technology Agency (ICTA) and the Provincial Motor Traffic Departments are working to modernize the current vehicle revenue license issuance system.

The implementation of the new eRL 2.0 system is expected to be an important step in the digitalisation of Sri Lanka. (Colombo/Sep30/2023)

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Sri Lankan Airlines flights cancelled as aircraft grounded

ECONOMYNEXT – State-run SriLankan Airlines has apologized to passengers who were stranded as multiple aircraft were grounded at the same time.

The airline said it has strict procedures which requires aircraft to be grounded when technical issues are discovered.

“Unfortunately, in this case we suffered a number of groundings at the same time,” the airline said.

“We apologize for the disruption and inconvenience caused and assure all our loyal customers that we are working diligently to minimize such occurrences moving forward.”

The airline said it was booking passengers on other airlines while some have been accommodated at hotels. (Colombo/Sept30/2023)

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