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Steep depreciation of rupee shoots up foreign loan interest cost of SLPA last year by 200 percent

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The cost of foreign loan interest that the Sri Lanka Ports Authority (SLPA) had to pay in 2022 increased by 200 percent compared to the previous year due to the depreciation of the Sri Lanka rupee, the SLPA’s 2022 Annual Report states.

However, the SLPA reported a net after tax profit of 42.3 billion rupees last year, compared to 20.7 billion rupees recorded in 2021, primarily due to the depreciating Sri Lankan rupee against the U.S. Dollar.

The SLPA Annual Report said the institution recorded an operating profit of 47.2 billion rupees in 2022, as against 24.9 billion rupees in the previous year. The gross revenue in 2022 was 99.1 billion rupees, compared to 60.6 billion rupees in 2021, which was an increase of 38.5 billion rupees. Total expenditure before tax, foreign loan interest and foreign exchange gain / loss was 43.7 billion rupees compared to 32.9 billion rupees in 2021, an increase of 33 percent. The SLPA terminals recorded 1,925,895 twenty-foot equivalent units (TEUs)) annual throughput in 2022 and maintained volumes without a significant drop despite industry drawbacks, the report said.

Average productivity of SLPA terminals recorded marginal improvement, while the productivity of mainline vessels reported 23.3 moves per hour (MPH) in 2022, which was a 2.6 percent improvement over the previous year. Feeder line vessels reported 20.99 MPH in 2022, an improvement of 4.9 percent over the previous year, it said.

With regard to the controversial East Container Terminal (ECT), which was initially to be given to Adani, The SLPA has already constructed a 600-meter quay wall and plans to build the balance of the 720-meter quay wall foundation to have 20-meter deep berths. The development of the ECT will be done in phases, with the goal of making it a fully-owned container terminal of SLPA by 2025. The ECT will have a 1320-meter-long quay that could accommodate three ultra-large container carriers, a yard area of 72 hectares, and an annual capacity of three million TEUs when completed. Plans are underway to semi-automate the ECT, complete with extra height and reach ship-to-shore (STS) automated Cranes, straddle carriers, and Automated Rail Mounted Gantries (ARMGs), the report said.

The tonnage-wise cargo handled at the Port of Colombo in 2022 decreased to 96 million tonnes, which is a decline of 7.4% compared to the 103 million tonnes handled in 2021. In terms of the performance of other ports, 323 ships arrived at the Port of Hambantota, with a decrease of 5.9 percent in cargo handling tonnage compared to 2021. However, vehicle handling at the Port of Hambantota increased by 13.1 percent. Meanwhile, the number of ships that arrived at the Port of Trincomalee decreased by 18.8 percent, with cargo handling tonnage declining by 34.3 percent compared to 2021, according to the report.



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Navy intercepts craft with packages suspected to be narcotics

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A special naval operation at sea led to the interception of a craft with packages suspected to be narcotics.

More details regarding the incident will be released as they become available.

(Navy Media)

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Establish a clean local governance system that utilizes budget allocations transparently for rural development – Prime Minister

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Prime Minister Dr. Harini Amarasuriya emphasized the need to create a clean and transparent local governance system that effectively utilizes budget allocations for the development of the rural sector.

The Prime Minister made these remarks on Friday (11), while addressing a public gathering held in Karainagar, Jaffna.

Elaborating further, Prime Minister Dr. Harini Amarasuriya stated:

“This country is rich in cultures and traditions and inherits a proud and prosperous history.

I was deeply moved by the information I received about Karainagar. In 1977, around 80,000 people lived in Karainagar. Unfortunately, today it has dropped to 10,500. What happened to the rest of the people? I also learned that Karainagar is home to some of the most educated and affluent people in the Northern Province. That is remarkable, but the issue is that in order to become educated and affluent, they were forced to leave Karainagar.

Who speaks up for those who could not leave? They are citizens of this country. They are entitled to have equal rights like everyone else does. As the Minister of Education, I looked into the education system in Karainagar. I discovered that there are only two schools offering GCE Advanced Level education, with only two teachers in total. Further, all students who have passed the Grade 5 scholarship exam leave Karainagar to Jaffna for further education.

Throughout the years, there were changes in governments, presidents, national administrations, members of parliament representing this area, local governments, and provincial councils but what have they done to uplift the education of Karainagar?

Education increases the value and prosperity of people. Education is vital as such. However, for decades, the right to quality education has been denied in this region. In addition, there is a severe water issue in Karainagar. Access to clean drinking water which is a basic necessity, comes at a cost to the people in this area. Various projects launched to provide drinking water have never been completed due to corruption.

Further, roads, transport, and many other services have deteriorated due to corruption at the local level. It has been 16 years since the war ended yet what has changed since then? Why have these issues not yet been resolved? That is why the upcoming local government elections are crucial. Problems at the local level must be addressed by local government institutions.

About a month ago, the first budget of the government has been passed.

A significant allocation has been made from all local government accounts for education, health, public welfare, infrastructure, and public transportation but these funds must be spent wisely.

For that, local governments should be governed by clean and corruption-free environment. Therefore, in this election, we must elect people who are free from corruption and dedicated to the purpose of serving the public. In 2024, the people of this country made a decision to change the political culture. On May 6, they will once again have the opportunity to make a thoughtful decision for the betterment of their villages.”

During the event, Minister of Fisheries . Ramalingam Chandrasekar also shared his views:

“Today, the political morality we expected for has taken root in this country. Unlike the governance of previous governments, the representatives of the current government are not exercising the power to enrich themselves and some even do not hesitate to return their salaries for serving the general public.

Today, the public service receives higher salaries, and the government is taking possible decision for the benefit of the people.”

The event was attended by Members of Parliament Shri Bhavan and Ilayankumar, along with other public representatives and candidates contesting in the local government elections.

[Prime Minister’s Media Division]

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Warm Weather Advisory issued for Eastern and Uva provinces and Polonnaruwa and Mullaitivu districts.

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology for 12th  April 2025.

The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Eastern and Uva provinces and Polonnaruwa and Mullaitivu districts

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the table below and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated. Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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