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Monday December 5th, 2022

Sri Lanka Coronavirus battle stepped up with partial airport shutdown

CORONA CONTROLS: A worker sprays disinfectant to sanitize a public bus as a preventive measure against the COVID-19 coronavirus at a bus station in Colombo on March 16, 2020. Lakruwan WANNIARACHCHI / AFP

ECONOMYNEXT – Sri Lanka stepped up its battle against Coronavirus (COVID19) with a partial shut-down of its airport for two weeks and most businesses and state agencies closed to prevent people moving.

Arriving passenger will not be accepted from March 18 midnight until further notice, Director Operations Airport and Aviation Services, Director Shehan Sumanasekara said.

“Cargo flight will be accommodated as usual,” he said.

Transit and departures will be operated.

Related

Sri Lanka airport to suspend arrivals for two weeks

The government has declared a three-day holiday asking all non-essential businesses not to operate on March 17, 18 and 19 while asking some key government services and private businesses in banking, food transport, and distribution to operate.

“Do not consider these Public Holidays (government agencies),’ Director of Government Information Nalaka Kaluwewa said in a statement.

“Except for health, food supply, transport, essential services, banks, District Secretary and other divisional secretary offices, the holiday would apply to all ministries, departments, corporations and state agencies.

“The government is asking the holiday to be given to the private sector as well. Monitoring the transmission of the COVID19 virus the government may or may not extend this holiday.”

On Monday Sri Lanka’s confirmed coronavirus patients jumped by 06 to 35 patients including the first Chinese tourists. There were 203 persons under investigations at 18 hospitals as of Monday.

Related

Sri Lanka Coronavirus count climbs to 35 on March 17

Health Minister Pavithra Wanniarachchi said a soldier working with quarantined passengers had also become ill after an altercation with Italian returnees at the airport who refused to be quarantined.

Sri Lanka’s stock market would be closed on Tuesday, a spokesman for the stock market regulator said.

Sri Lanka had closed schools, universities, museums, zoos in a bid to keep people at home and stop the spread of the virus. Court hearings and exams have been postponed. Church services have been closed until the end of the month.

“The idea is to prevent the gathering of people in one place,” Information Minister Bandula Gunewardene told reporters Monday.

“Many religious leaders are also asking people to engage in religious activities at home. The senior theros of Sripada (a popular seasonal pilgrimage location) is also asking the same.”

On Monday Sri Lanka added Qatar, Bahrain, and Canada to the list of countries from which travelers would not be allowed.

Qatari, Canadian or Bahraini nationalities or any passenger who has a travel history in the last 14 days will not be permitted to land in Sri Lanka from midnight March 17 for two weeks, Civil Aviation Authority Chairman Upali Dharmadasa said in a statement.

Carriers were also asked not to board anyone with a travel history in Iran, South Korea, United Kingdom, France, Belgium, Norway, Sweden, Switzerland, Spain, Germany, Austria, Netherlands, and Denmark would for the last 14 days.

Infections confirmed so far have been among mostly from Sri Lankans returning from infected countries, who were either working or on holiday.

Sri Lanka also asked anyone who had arrived from Europe, Italy or Iran to register with police or risk punishment under the provisions of a Quarantine Ordinance as confirmed cases went up.

Related

Sri Lanka asks returnees from Europe, Korea to register or risk punishment

Sri Lanka bars travelers from Qatar, Bahrain and Canada to control Coronavirus

The head of Sri Lanka’s health service Anil Jasinghe asked anyone experiencing symptoms of Coronavirus to go to one of the designated state hospitals and not to stay at home, or go to private hospitals.

People who go around without getting admitted would be prosecuted he said.

Related

Sri Lanka wants to prosecute patient who delayed testing for COVID19

Sri Lanka foreign ministry suspends consular services in Colombo.

Sri Lanka’s foreign ministry said it was suspending regular consular services in Colombo.

Infections are spreading in new countries. Overnight a returnee from India’s Kerala region was confirmed with Coronavirus.

Sri Lanka has asked the public not to travel abroad or use the holiday to travel domestically and avoid all public gatherings.

Many countries are urging all returnees from abroad to go into 14-day self-quarantine.

Coronavirus hits older persons and those with a history of diabetes or chronic conditions, who develop a form of pneumonia, health officials have said while younger people get a fever and a cough for about a week. Children are hardly affected.

Sri Lanka’s Government Medical Officers Association (GMOA) asked the government to close borders, as the health service did not have ventilators in (to support intubated patients in intensive care units) to treat patients with pneumonia or severe complications.

British officials are advising older people to go into self-quarantine until the epidemic runs its course and the population develops immunity.

Several European countries have also asked all businesses to close except for those in food distribution and essential services.

Sri Lanka’s central bank said it was cutting rates and a reserve ratio releasing liquidity in the banking system from March 17, despite not having a free-floating exchange rate. On Friday the central bank injected 50 billion rupees.

Sri Lanka oppositions have called for upcoming elections in April to be halted.

Related

Sajith demands the postponement of polls to save lives from COVID19

JVP led NPP decides to temporarily halt election campaign

Another party said it was halting campaigning. (Colombo/Mar17/2020-sb)

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Sri Lanka’s shares gain in mid market trade

ECONOMYNEXT – Sri Lanka’s shares edged up in mid day trade on Monday (05), continuing the positive run for seven straight sessions on news over a possible debt restructuring from Paris Club, analysts said.

All Share Price Index gained by 0.69% or 60.10 points to 8,829, while the most liquid shares gained by 0.96% or 26.59 points to 2,801.

“The market was pushed up over the news of a potential 10 year debt moratorium,” analysts said.

The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis. 

Related – Paris Club proposes 10-year moratorium in 15-year Sri Lanka debt re-structure: report

The market generated a revenue of 2.1 billion rupees.

Top gainers during 1130 hours were Expolanka, Browns Investment and LOLC.  (Colombo/Dec05/2022)

 

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Sri Lanka bond yields slightly down

ECONOMYNEXT – Sri Lanka’s bond yields were slightly down at open on Monday while t- bills were inactive, dealers said.

The Central Bank’s guidance peg for interbank transactions was at 363.18 rupees against the US dollar, appreciated from 363.19 rupees on Friday.

“Only one bond is being quoted today, and the rest remaining unquoted” a dealer said.

A bond maturing on 15.05.2026 quoted at 29.30/30.00 percent down from 29.50/75 percent at Friday’s close.(Colombo/ Dec 03/2022)

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Sri Lanka should prioritize RCEP , not small FTAs: economist

ECONOMYNEXT – Sri Lanka should make joining the Regional Comprehensive Economic Partnership (RCEP) a priority instead of trying to negotiate multiple smaller deals, an economist has said.

“We do not have the bandwidth in government and the technical resources to do multiple trade agreements,” Anushka Wijesinghe an economist who has been involved in trade told a business forum in Colombo.

“I think RCEP should be number one priority, rather than three or four tiny bilateral goods agreements.”

Sri Lanka is trying negotiate a free trade deal with China and expand an existing one with India.

Data show that Sri Lanka has been able to boost exports with FTAs.

Sri Lanka has high tariff protection which ultimately backfire.

Sri Lanka has protectionist business interests their profits from overpriced goods have had priority over ordinary consumers and overall economic efficiency that comes from free trade.

Sri Lanka also has monetary instability, which has worsened under flexible inflation targeting, with a series of currency crises coming in rapid successions.

Forex shortages from mis-targeted interest rates under flexible or discretionary monetary policies have discredited free trade and liberalization in general and strengthened the hands of economic nationalists, analysts say.

The country also has monetary instability, which makes life difficult not only for investors but all economic agents.

Over the past two decades Sri Lanka’s exports have not grown as much as competitors. (Colombo/Dec05/2022)

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