Business

Jaishankar to visit Sri Lanka, may discuss debt crisis

Published

4 years ago

2023/01/16

The Hindu:Indian External Affairs Minister S. Jaishankar will travel to Sri Lanka next week, sources told The Hindu. This will be his first trip to the country since President Ranil Wickremesinghe was sworn-in last July after street protests forced out the previous Rajapaksa regime.

Officials said that while a full review of bilateral ties is on the agenda, the visit comes amidst efforts by the Sri Lankan government to get “written financial assurances” from their closest and biggest creditors — India and China — on restructuring their debt. This is needed to make progress on their bailout plan being discussed with the International Monetary Fund (IMF).

Jaishankar’s two-day visit to Colombo, scheduled for January 19-20, will follow a visit by a ministerial delegation of the Communist Party of China (CPC). The visits, coming back-to-back, are crucial for Colombo to avail itself of the $2.9 billion IMF package under its Extended Fund Facility. The Sri Lankan government has said that it hopes to borrow more money once the IMF programme kicks in, to set its economy on a path to recovery following last year’s crushing meltdown. China, Japan, and India are Sri Lanka’s three largest bilateral creditors, and Colombo is counting on their cooperation for economic revival.

On Friday, the Chinese Embassy in Colombo announced that a “high-level delegation of the CPC led by the International Department Vice Minister Chen Zhou will visit Sri Lanka 14-18 January, the first official visit of the CPC to the island in the new year of 2023 and after its 20th National Congress.”

India has been involved closely in assisting Sri Lanka’s economic recovery programme after a near-debt default last year, and has been coordinating with other partners like the US and Japan, both on a bilateral level and at the Quad’s meetings, in order to find ways to help Sri Lanka overcome its financial crisis. However, strategic ties hit a block over the Sri Lankan government’s decision to allow a Chinese satellite tracking vessel into Hambantota port last August, a development that both India and the US formally protested against.

The External Affairs Minister was last in Colombo in March 2022, as India announced an unprecedented $4 billion assistance package to help Sri Lanka at the height of its crisis. He earlier met with the Sri Lankan Foreign Minister Ali Sabry on the sidelines of the ASEAN conference in Cambodia in August, assuring him of India’s commitment to be a “dependable friend and reliable partner” to Sri Lanka.

Jaishankar will also discuss trade and transit ties with Sri Lanka. New Delhi and Colombo are in talks to enhance ferry connectivity, following the restart of Chennai-Jaffna flights last month, for the first time after the COVID-19 pandemic. The Wickremesinghe government has committed to resuming negotiations on the stalled Economic and Technological Cooperation Agreement as well.

His visit comes even as Wickremesinghe is holding talks with Sri Lanka’s Tamil political leadership on a durable political solution. The Tamil parties have expressed concerns over the absence of any tangible action on their demands pertaining to land grabs in the North and East, the release of political prisoners and answers to families of disappeared persons. These are issues that the External Affairs Minister had raised last year, in talks with the then-Rajapaksa administration.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.