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Domestic

“Lies Agreed Upon”: Sri Lanka counters Channel 4

Categories
Domestic

Sri Lanka: Account for Wartime Disappearances

The Sri Lankan government should account for everyone who was taken into custody at the end of Sri Lanka’s 26-year-long armed conflict in May 2009 and are feared to have been “disappeared,” Human Rights Watch said today. Despite numerous requests from families for information about their relatives, the authorities do not appear to have conducted any serious investigations, Human Rights Watch said.

Human Rights Watch said unresolved enforced disappearances should be part of the mandate of a proposed United Nations investigation into laws-of-war violations by both government forces and the Liberation Tigers of Tamil Eelam (LTTE). A Panel of Experts appointed by United Nations Secretary-General Ban Ki-moon to advise him on steps for ensuring accountability for laws-of-war violations in Sri Lanka is expected to hand over its report later in April 2011.

Categories
Military

MR orders full inquiry

While denying reports that the Sri Lankan Navy had fired on Indian fishermen, President Mahinda Rajapaksa said that he instructed the Navy to carry out a detailed investigation into the incident, the Hindu reported today.

Talking over breakfast to foreign correspondents at his Temple Trees residence in Colombo this morning, he said that the Sri Lankan Navy was not involved in the incident.

Asked if Prime Minister Manmohan Singh had spoken to him about the incident, he said that the Prime Minister had not. Asked if the Sri Lankan government would take action in the event of the firing being committed by its security forces, he said that despite the preliminary investigation – which established that the Navy was not involved — he had asked the Navy Commander to conduct a detailed investigation.

The Sri Lankan Navy’s chief of operations, said that the incident occurred well within the Indian waters. “The sea is very shallow in these areas and the position of all our ships’ locations are monitored by land-based and other equipment. This is in the open and anyone can check,” he told The Hindu, denying that the Sri Lankan Navy had anything to do with the incident.

Categories
Foreign Affairs

Extreme World: Is Sweden as Clean as it Seems

Ceybank Asset Management (CAM), Sri Lanka’s largest unit trust fund manager, has launched an open ended gilt-edged fund aiming to attract small investors especially in rural areas, officials said.

The ‘Ceybank Surakum’ fund will invest in government Treasury bills and bonds and other government-backed securities but not in equities and aim to give a return higher than interest rates on bank deposits which have been falling.
Chitra Sathkumara, chief executive of CAM, said their initial target is to raise at least two billion rupees

“This will give small investors a better choice,” he told a news conference.

“In Sri Lanka most people invest a part of their money in savings accounts and fixed deposits but interest rates on savings accounts are falling while the cost of living is increasing, and people get poorer.”

This had prompted some investors to search for high interest yielding but risky products and lose money in financial scams, he said.

“Many investors lost their life saving trying to get super returns. The Surakum fund aims to earn returns above savings accounts while ensuring safety. We aim to bridge the gap between savers and investors through this fund.”

The minimum investment in the fund is 10,000 rupees and each unit 10 rupees.

The Ceybank Surakum fund will pay two dividends a year in January and July, with the first dividend being paid in July 2011.

Dividends from investments are tax free, the investments can be encashed at the prevailing market price and investors can switching their money among other funds managed by CAM.

The fund will be marketed with the help of the branch network of the state-owned Bank of Ceylon, which has a 43.4 percent stake in CAM.

Other shareholders are state-owned Sri Lanka Insurance, Carson Cumberbatch & Co. and Unit Trust of India, said K Hewage, chairman of Ceybank Asset Management.

Proposals in the government’s 2011 budget announced last week exempting unit trusts from certain taxes and relaxing foreign exchange controls to allow foreigners to invest in the funds will help promote the industry, he said.
The budget also made income earned by unit trusts from listed stocks and bonds free from income tax.

Categories
Economics

Domestic Bank Loans to Private Sector up 17.4%

Total credit to the private sector increased by 15.5 percent to Rs. 1.36 trillion year-on-year in September with domestic banks increasing their lending by 17.4 percent to Rs.1.21 trillion and foreign banking units increasing their lending 1.8 percent to Rs.150.1 billion.
A year ago, total credit to the private sector had declined 5.3 percent amounting to Rs. 1.17 trillion, with domestic banking sector loans decreasing by 4.4 percent to Rs. 1.03 trillion.

Net credit to the government increased by 6.8 percent to Rs.693.1 billion. Credit from monetary authorities increased 43.1 percent to Rs. 100 billion, increased by 9.4 percent to Rs.495.4 billion from the domestic banking sector and increased 9.4 percent to Rs. 97.7 percent from foreign banking units.

Total credit to public corporations increased by 48.6 percent to Rs.104.6 billion with the credit from the domestic banking sector increasing by 14.4 percent to Rs. 80.5 billion.

The average weighted prime lending rate, applicable to high net-worth individuals and corporations, was 9.43 percent as at November 26, 194 basis points lower than 11.37 percent a year ago.

The average weighted deposit rate of the banking sector was 6.43 percent, 333 basis points lower than 9.76 percent a year ago.

The average weighted fixed deposit rate was 8.48 percent, 457 basis points lower than 13.05 percent a year ago.

The total number of active credit cards amounted to 816,521 as at end September down 2.85 percent from 840,509 a year ago. Outstanding balances amounted to Rs. 29.12 billion down 7.16 percent from Rs. 31.3 billion a year ago.

Excess liquidity in the banking system averaged Rs.126.33 billion each day during the week ended November 26.

Categories
Foreign Affairs

Sri Lanka extend support to legal affairs in Fiji island

(SLBC) Sri Lanka is to provide support to enhance legal section in Fiji Island. Visiting Fijian Chief Justice Anthony Harold met President Mahinda Rajapaksa at the Temple Trees this morning. At the discussion he pointed out that many Sri Lankan legal experts are engaged in state and private legal activities in the Fiji Island. President Mahinda Rajapaksa stressed that service of the Sri Lankan legal experts should be obtained in more efficient manner and pledged necessary support and advice to streamline legal activities in the Fiji island.

Categories
Domestic

Onion Pickle

Sri Lanka onion prices to rise after Indian export ban
Dec 21, 2010 (LBO) – Prices of onions and leeks in Sri Lanka could rise after India’s decision to suspend exports of onions, a trade official said.

Pettah Wholesale Traders’ Association vice chairman Nihal Seneviratne said 90 percent of Sri Lanka’s onion requirement is imported from India and imports from other origins would be more costly.
India on Monday suspended exports of onions, a key food staple, after prices of the vegetable soared, adding to the government’s inflation woes.

Sri Lanka might be forced to import from sources like Pakistan, China, Egypt and the Netherlands, Seneviratne told Vimasuma.com, our sister news website. “Pakistani onions are not as good as Indian onions and they spoil quickly,” he said.

“To ship onions from China takes about a month and requires use of a refrigerated container. Therefore, onion imports from these countries will invariably be more expensive than from India.”

Even if the government reduces a 10-rupee a kilo import tax on onions retail prices cannot be reduced under present conditions, Seneviratne said.

Stocks of onions in the Pettah wholesale market were running low and Indian exporters had even taken back cargoes of onion already loaded on ships, he said.

Prices of onions grown in Sri Lanka’s northern Jaffna peninsula as well as leeks are likely to rise.

Sri Lanka imports 4,000-5,000 tonnes of onions a week from India which supplies about 60 percent of the world requirements of onion

Categories
Domestic

World Bank MD Calls on President

Surpassing the USD 2000 per capita income, Sri Lanka is no longer an underdeveloped country and as a result not qualified for International Development Association (IDA) loans that provide interest free financial assistance to underdeveloped countries, Dr. Ngozi Okonjo-Iweala, Managing Director of the World Bank Group stated.

She made this statement when she called on President Mahinda Rajapaksa at Temple Trees today (17).

Instead, the World Bank will consider providing a commercial loan of USD 265 million from International Bank for Reconstruction and Development, she said.

International Bank for Reconstruction and Development (IBRD), an arm of the World Bank aims to reduce poverty in middle-income and creditworthy countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services.

`The World Bank has been an active partner in supporting Sri Lanka in its transition from a low income country in conflict to a middle income country in peace`, said Dr. Okonjo-Iweala.

The post-conflict environment provides an opportunity to build on our relationship to support the government`s vision to firmly establish the country`s place in the ranks of fast growing middle income countries, she said.

In addition to funding, she said the World Bank is willing to share knowledge and expertise with Sri Lanka regarding urban development.

Foreign Direct Investment is vital for any middle income country to achieve its economic targets, she added.

She also emphasized the importance of seeking alternative energy sources as the world is on the brink of an energy crisis.
Deputy Minister of External Affairs Geethanjana Gunawardena, Secretary to the President Lalith Weeratunga and Governor of the Central Bank Ajith Novard Cabrall were also present at the dicussion.

Categories
Domestic

Healthcare delivery: Lanka on top

Sri Lanka has once again emerged as the most successful country in South Asia in healthcare delivery, recording low indicators in Maternal Mortality and a high rate of Life Expectancy , ‘The State of World Population 2010’ (Report) issued by the United Nations Population Fund (UNFPA) said today.

According to the Report all other countries in South Asia, India, Pakistan, Bangladesh, Nepal, Bhutan and Maldives lag much behind Sri Lanka in respect of these important health and social indicators.

The Infant Mortality Rate per thousand births in India in 2010 was 52, Pakistan 61, Bhutan 41, Nepal 38 and Maldives 20 while Sri Lanka had only15 deaths which was highly satisfactory.

The Maternal Mortality rate per 100,000 births stood at a high 830 in Nepal while in India it was 450, Bangladesh 570, Pakistan 320, Maldives 120 with Sri Lanka only 58 mother deaths.

The life expectancy in India respectively for male and female was 62 / 66 years, Bangladesh 68 years for both, Pakistan 66 / 67, Nepal 66 / 68, Maldives 70 / 74 and Sri Lanka was 71 and 74 years.

The country with most dismal indicators in the world, Afghanistan records 152 infant deaths per 1,000 births and 1,800 maternal deaths per 100,000. The life expectancy in Afghanistan is only 44 for both sexes.

Some of the best countries to live in, Sweden, Australia and Switzerland, the Infant Mortality rate, Maternal Morality rate and Life Expectancy stood respective at 3, 3 and 79 / 83, 4, 4 and 79 / 84 and 4, 5, and 79 / 84.

Mrs. Lene K. Christiansen, UNFPA country director Sri Lanka, addressing the gathering at the ceremony held to mark the release of the Report said the Report makes the case for replacing the vicious cycle of crisis and underdevelopment with virtuous cycle of peace and stability.

“It is time to tear down the false barriers between crisis, recovery and development. Investing in the development soften the impact of crisis and natural disaster and whatever is invested during humanitarian response can become a solid foundation for development and rebuilding a society,” Mrs. Cristiansen stressed. Mr. Reza Hassaini and Mrs. Sunila Abesekara also addressed the ceremony.

Categories
Domestic

Battle Against LTTE Elements Abroad

Defeated terrorist elements have encamped in several foreign nations and their latest weapon is to defame our country and throw allegations at our war heroes accusing them of war crimes, stated President Mahinda Rajapaksa.

‘We have already commenced the battle against them in the international sphere and are committed to continue it’. President Rajapaksa said so at the ceremonial passing out parade of Cadet officers at the Sri Lanka Military Academy (SLMA) in Diyatalawa (21 Dec).

We are now at a significant phase in the humanitarian operation. Our endeavor is to win hearts and minds after freeing the people and lands from terrorism. The humanitarian operation includes de-mining, resettlement and providing basic requirements among other tasks. All development programs carried out in the North and East are part of the humanitarian operation, the President stated.

He stressed that this humanitarian operation will not stop until the painful memories of terrorism and all thoughts of separatism are
removed from people’s hearts.

‘You pass out today to contribute to this noble humanitarian operation’, the President told the Cadet officers.

A person does not excel through talent and knowledge alone. Instead, the most important element is the love for one’s country, he pointed out.

‘The government not only lined up the security forces for the humanitarian operation but also organized the people against terrorism.’