International Relations

Sri Lanka president to attend several key UN events in New York

Thursday September 14, 2023 1:34 pm

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe is set to address the United Nations general assembly, attend a heads-of-states dialogue at the 2023 SDG Summit and also deliver a keynote address at a high-level meeting on financing for development in New York, among other events.

The president’s media division (PMD) said Wickremesinghe will lead the Sri Lanka delegation at the 78th session of the UN General Assembly in New York, which he will address on September 21. His speech will revolve around the theme ‘Rebuilding trust and reigniting global solidarity: accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all.’

Wickremesinghe will also attend a Heads of State/Government Leaders Dialogue during the 2023 SDG Summit, scheduled to take place on September 18-19, which according to the UN, will mark the beginning of a “new phase of accelerated progress towards the Sustainable Development Goals (SDGs) with high-level political guidance on transformative and accelerated actions leading up to 2030.”

The PMD said world leaders will come together at this meeting to provide crucial guidance on transformative and accelerated actions leading up to 2030. Wickremesinghe will then speak at the Climate Ambition Summit convened by the UN Secretary-General, where a “collective global will to hasten the transition to a more equitable renewable energy-based, climate-resilient global economy will be the central focus”.

Wickremesinghe is set to deliver a keynote address at the High-Level Meeting on Financing for Development, where he expects to highlight the imperative of fostering debt sustainability and strengthening the global financial safety net.

A meeting with UN general secretary António Guterres is also being sought as well as discussions with leaders of member countries.

Other stops will be a Roundtable Discussion on Economic Opportunities in Sri Lanka, joined by over 40 private companies from the United States, followed by Ocean Nations: The Third Annual Indo-Pacific Islands Dialogue, organised by Carnegie Endowment for International Peace and Sasakawa Foundation in New York.

President Wickremesinghe will be accompanied by Foreign Minister Ali Sabry, Secretary to the President E M S B Ekanayake, Foreign Secretary Aruni Wijewardane and other officials from the Ministry of Foreign Affairs. (Colombo/Sep14/2023)

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Logistics

Sri Lanka India industrial zone around Trinco, maritime links mooted

Sunday September 24, 2023 4:23 pm

ECONOMYNEXT – Sri Lanka’s Ports Minister Nimal Siripala de Silva had highlighted the desire of both the Governments to work closely to develop the industrial zone at Trincomalee, after accepting an invitation to participate in a maritime summit.

The Global Maritime India Summit (GMIS) will be held in India from October 17-19, 2023 at Mumbai where Sri Lanka has been invited at a partner country.

At a curtain raiser event on September 22, India’s High Commissioner in Colombo, Gopal Baglay had said both countries were working on enhancing sea connectivity according to a vision document launched during a recent visit of the President of Sri Lanka to India.

Minister de Silva will lead a delegation from Sri Lanka to the summit.

Secretary to the Ministry of Ports, Shipping and Waterways, Government of India, T K Ramachandran said the Global Maritime India Summit aims strengthen the Indian maritime economy by promoting global and regional partnerships and facilitating investments.

The event will give an opportunity to the Government of Sri Lanka to attracting greater investment from India in development of its maritime infrastructure, Ramachandran said.

It will also facilitate greater business to business interactions. (Colombo/Sept24/2023)

Economy

Sri Lanka brings back import para tariff on milk

Sunday September 24, 2023 8:49 am

ECONOMYNEXT – Sri Lanka has brought back an import para tariff called the Ports and Airports Levy, to several grades of milk powder.

Milk powder has been removed from a list of PAL exemptions, making them liable for a 10 percent tax.

The PAL para tariffs are also a contentious issue in terms of export competitiveness, and the government has previously given undertakings that they will be eliminated.

Trade freedoms of the poor figure in an IMF/World bank reform program with the governments.

Milk is a protein rich food, in a country where children of poor families are facing stunting and malnutrition.

Economic nationalism is seen at high levels in food, with several businessmen are pushing for trade protection, amid an overall autarkist (self-sufficiency) ideology, going directly against policies followed in East Asia, which the same as hold up as examples.

Sri Lanka keeps dairy product prices up ostensibly to bring profits to a domestic dairy company and farmers.

Sri Lanka also keeps maize prices up, ostensibly to give profits to farmers and collectors. (Colombo/Sept22/2023)

Economy

Sri Lanka govt warns liquor manufacturers: pay defaulted tax or lose licence

Sunday September 24, 2023 8:33 am

ECONOMYNEXT – Sri Lanka government which is struggling to raise the state revenue despite higher taxes, has warned liquor manufacturers to pay defaulted taxes or lose their licence.

The government is now getting tough with past tax defaulters amid concerns over falling short of this year’s revenue target agreed with the International Monetary Fun (IMF).

“Liquor manufacturing firms owe us 660 crore rupees (6.6 billion rupees),” Siyambalapitiya told reporters on Thursday (21).

“Most of this or around a third is the only excise tax amount to be paid. The rest is penalty. If a liquor manufacturer does not pay on time, we impose a penalty of 3 percent per month This means 36 percent (penalty) per annum,” he said.

“We have given them deadline to repay the basic excise taxes. If they don’t pay, we will cancel their licence.”

President Ranil Wickremesinghe’s government committed an ambitious revenue target among many other reforms to the International Monetary Fund (IMF) in return to a $3 billion loan package.

However, the revenue could face a short fall of 100 billion rupees, State Finance Minister Ranjith Siyambalapitiya has said.

A new Central Bank Act also has legally prevented the government of printing money at its discretion as in the past. (Colombo/September 24/2023)