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Thursday July 18th, 2024

Sri Lanka water board eying price hike

ECONOMYNEXT- Sri Lanka’s state-run National Water Supply and Drainage Board (NWSDB) has sought a price increase increase to cover its operating costs with unpaid arrears of 8 billion rupees also hitting cashflows, an official said.

The prices of all government services are expected to rise after nearly a 70 percent fall in the rupee since March 7 and the talks with the International Monetary Fund (IMF), which has already said Sri Lanka’s debt is unsustainable.

“If we go on to provide relief to consumers, we will no longer be able to run the entity and the country,” a top official at the NWSDB told Economy Next.

“We have arrears of 8 billion rupees out of which 50% is from domestic customers.”

There are 2.8 million connections of water supply and 92 percent of this connections belongs to domestic customers.

Around  75 percent of domestic consumers use less than 25,000 liters of water and the average bill is 900 rupees, the official said.

The NWSDB has been submitting proposals since 2012 to increase the charge of water. Except for 2016, the proposals have been been considered do far mainly because it could be an unpopulour decision for any ruing party.

A second senior official at the NWSDB said the prevailing rates are far cheaper than the costs involved.

“The minimum tariff for 1,000 liters of water is 12 rupees, and for 10 years there has been no change. A unit of water costs 50 rupees. For Samurdhi and households aided by the government, rates are offered at 5 rupees for 1,000 liters,” he said.

He said the NWSDB thinks it is fair to increase water service prices given the prices of all goods and services have jumped across the board.

“We keep on making proposals. However, they always got rejected.”  (Colombo/April27/2022)

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  1. Kalaranji Maheswaran says:

    GOSL
    Dear Sir, The questions in the water study are about the treatments, pricing in water and the uses at the given points in time corresponding to the receipts at rainfall in the locations. The requirements for water are listed as follows;
    Water for irrigation
    Water for community water use
    Water as drinking water
    I will keep in touch
    Wish you all the best in your endeavours for the future
    Kalaranji Maheswaran

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Your email address will not be published. Required fields are marked *

  1. Kalaranji Maheswaran says:

    GOSL
    Dear Sir, The questions in the water study are about the treatments, pricing in water and the uses at the given points in time corresponding to the receipts at rainfall in the locations. The requirements for water are listed as follows;
    Water for irrigation
    Water for community water use
    Water as drinking water
    I will keep in touch
    Wish you all the best in your endeavours for the future
    Kalaranji Maheswaran

Sri Lanka to conduct threat assessments for presidential candidates

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has submitted a cabinet paper proposing security measures for presidential candidates and former presidents, following the recent attack on former US President Donald Trump during a campaign rally in the USA.

“This proposal suggests the appointment of a committee to conduct threat assessments and provide necessary security for Presidential candidates as well as former Presidents,” a statement from his media division said.

The committee will include the Secretary of the Ministry of Public Security as Chair, the Chief of Defence Staff, the Inspector General of Police, the Chief of National Intelligence, and the Senior Deputy Inspector General of Police/Elections.

A Deputy Inspector General of Police will be appointed to oversee all security arrangements.

The committee and the designated officer will work closely with the Election Commission to ensure seamless coordination of security arrangements, the PMD said.

After today, July 17, Sri Lanka’s Election Committee is empowered to announce a date for the presidential polls due to be held this year.

Minister of Foreign Affairs M U M Ali Sabry has said the election will be held on October 5 or 12.

Members of the Samagi Jana Balawegaya (SJB) have said that the government should be accountable for the security of Opposition Leader Sajith Premadasa, the SJB’s presidential candidate. (Colombo/Jul17/2024)

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Sri Lanka rupee closes flat at 303.80/304.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed almost flat at 303.80/304.00 to the US dollar on Wednesday, from 303.70/304.00 to the US dollar on Tuesday, dealers said, while bond yields were down.

A bond maturing on 15.12.2026 closed at 10.60/75 percent, down from 10.82/92 percent.

A bond maturing on 15.12.2027 closed at 11.60/38 percent, down from 11.65/75 percent.

A bond maturing on 01.05.2028 closed at 11.72/78 percent, down from 11.80/90 percent.

A bond maturing on 15.09.2029 closed at 12.05/10 percent, down from 12.05/20 percent. (Colombo/Jul17/2024)

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Sri Lanka stocks close down, John Keells, Hemas, Hayleys push turnover

ECONOMYNEXT – The Colombo Stock Exchange closed down on Wednesday, data on its site showed.

The broader All Share Index closed down 0.41 percent, or 48.44 points, at 11,830; while the more liquid S&P SL20 Index closed down 0.52 percent, or 17.91 points, at 3,456.

Turnover was 1.2 million. A big part of this (Rs597mn) came from John Keells Holdings Plc (down at 194.25).

“There was foreign buying interest on John Keells and Hemas,” Softlogic Stockbrokers said.

“We saw foreign interest in selective counters persist.”

Hemas Holdings Plc contributed Rs143mn to the turnover, and the share closed down at 81.10.

Hayleys Plc contributed Rs156mn to the turnover, and the share closed up at 101.50.

The three crossings made up 67 percent of the turnover.

The capital goods counters, with all the bluechips, was the leading sector contributing to the day’s turnover.

With the exception of Hayleys and a couple of other companies, the counter saw most stocks close down or flat.

Sentiment around the banking counters also remained negative.

“The volatility in investor sentiments persisted. There are a lot of spectators in the market over the last few weeks, despite some positive news coming in.”

Treasury bill and bond rates have also dropped.

The top contributors to the ASPI were Melstacorp Plc (up at 86.00), SMB Finance Plc (up at 0.70), and TeeJay Lanka Plc (up at 40.00).

There was a net foreign inflow of 392 million. (Colombo/Jul17/2024)

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