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Tuesday December 5th, 2023

Sri Lanka maintains near 4 hour power cut; furnace oil, diesel storage down

ECONOMYNEXT – Sri Lanka’s utility provider Ceylon Electricity Board (CEB) has imposed up to 3 hour and 45 minutes’ power cut on Friday (10) in multiple areas of the country while one hour power cuts has been imposed to the remaining areas with severe forex shortage dented fuel supply to run thermal power plants in the country.

Accordingly, 2.5 hour power cuts will be imposed in A, B, C, D, E, F, G, H, I, J, K and L areas between 0800 am and 0600 pm and 1 hour and 15 minutes power cuts will be imposed between 0600 pm and 1100pm.

In V, W, R, S, P, Q, T and U areas, one hour power cuts will be imposed between 0500pm and 0900pm on Friday (11).

CEB said there will be extended power cuts throughout the day to limit further hydro drawdown without prior notice in case of any thermal plant unavailability.

According to the limited fuel available to generate electricity, CEB said, load shedding requirement for the day peak will be 285 MW, evening peak will be 348 MW and night peak will be 318 MW.

Power situation_on Friday, March 11

CEB has estimated the the fuel requirement for Friday as 2,598 metric tons of furnace oil, 950 metric tons of Naptha and 2,840 metric tons of diesel. However, only 686 metric tons of furnace oil and 669 metric tons of diesel is available in CEB storage, uit said.

According to the data issued by the utility provider, only Sapugaskanda A, Uthuru Janani and Sojitz have enough diesel to run for another 1.4, 1.3 and 2.4 days respectively while Sapugaskanda B and Kelenitissa Power plant have enough fuel to run for another 0.7 and 0.1 days.

The power regulator, Public Utilities Commission of Sri Lanka (PUCSL), however, has not issued a schedule by the time of writing. (Colombo/ March 10/2022)

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Sri Lanka finding ways to clear 1.1mn pending cases: Justice Minister

ECONOMYNEXT – Sri Lanka is taking a series of steps to speed up 1.1 million pending court cases and encourage alternative dispute solving mechanisms, Justice Minister Wijedasa Rajapakshe said.

“The delay in court cases is a serious problem,” Minister Rajapakshe told a briefing at the President’s Media Centre.

“We have already taken several steps to expedite cases.”

There were 5,680 cases in Supreme Court, 4,054 in the Court of Appeal, 6,168 in the High Court of Civil Appeal, 8,363 in the Commercial High Court, 28,000 in the High Court, 254,000 in District Courts and 791,000 in Magistrates Courts.

In 2015, only 49 percent of complaints to mediation boards were resolved. Following reforms, the ratio has been increased to 70 percent.

The value of disputes going to mediation board has been raised to one million rupees from 500,000 rupees.

To solve land problems in the post-war period, special mediation boards on property was set up in the North and the East.

Mediation boards on property will be set up in another 16 districts.

Commercial High Courts were increased to four from three.

Another Commercial High Court will be set up in the future. The consideration of cases that can go to a High Court was raised from 4 million rupees to 10 million rupees.

A commercial dispute resolution law will be introduced next January.

A small claims court has been established.

Case involving disputes below 2 million rupees can be directed to small claims court.

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Sri Lanka stocks close up as some investor interest returns

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

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Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)

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