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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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We are working to stabilize and restructure an economy that was in disarray -President

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The National New Paddy Harvesting Festival (Aluth Sahal Mangalya), a traditional annual ceremony of offering the first portion of the freshly harvested Maha season paddy to the sacred Sri Maha Bodhi, was held this morning (04) under the patronage of President Anura Kumara Disanayake at the historic Sri Maha Bodhi premises in Anuradhapura.

The ceremony was organized by the Ministry of Agriculture and the Department of Agrarian Services under the theme “In unison, let us cultivate the land, to build a self-sufficient nation” (අහරින් ස්වයංපෝෂිත දැයක් තනන්නට එක මිටට ගොවි බිමට), following the guidance of the Atamasthanadhipathi, the most Venerable Pallegama Hemarathana Nayaka Thera.

This ritual, which dates back to the era of ancient monarchs, saw the participation of farmers from across the country. In accordance with tradition, they prayed for timely rains and fertile fields and invoked blessings for a self-sufficient and prosperous economy through agriculture.

President Anura Kumara Disanayake first paid homage and received blessings from the sacred Jaya Sri Maha Bodhi before joining the ceremonial proceedings.

The sacred procession, which carried the newly harvested paddy from near the historic Sinha Kanuwa in Anuradhapura, arrived at the sandy courtyard (වැලි මලුව) of the Sri Maha Bodhi, marking the ceremonial commencement of the New Paddy Harvest Festival.

The Most Venerable Pallegama Hemarathana Nayaka Thera commenced the ritual by filling the golden bowl with the new paddy, after which representatives from all provinces added paddy from their respective regions, symbolically filling the golden bowl.
President Anura Kumara Disanayake also participated in this ritualistic moment, amidst the chanting of Pirith by the Maha Sangha.

A vessel of pure bee honey, traditionally offered to the Sri Maha Bodhi, was ceremonially presented to the President by Deputy Leader of the Vedda Community U.W.  Bandiyala Eththo.

The vessel of ghee, brought from the historic Saman Devalaya in Sabaragamuwa, was also presented to President Anura Kumara Disanayake, to be used in the customary ghee offering at the Sri Maha Bodhi.

The President also received the commemorative plaque of the National New Paddy Harvest Festival and presented tokens of appreciation to farmer leaders who have made significant contributions to the development of the country’s agriculture sector.

As part of the initiative to secure a pest-free harvest, the President participated in the distribution of pest-resistant seed paddy to farming communities across the provinces.

Addressing the subsequent official ceremony, President Anura Kumara Disanayake stated that the current government is working to transform an economy that was in disarray. He noted that the Paddy Marketing Board is burdened with a debt of Rs. 28 billion, while harvested paddy is being left to spoil in storage.

The President emphasized that the current administration has accepted the responsibility of restoring and restructuring this disorderly system. He added that the government expects the support not only of the state machinery related to agriculture but also of all farming communities. He affirmed the intention to integrate Sri Lanka’s cultural and traditional systems to reclaim the legacy of the agricultural economy and thereby strengthen the national economy.

President Disanayake further stated that the country’s ancient kings achieved greatness through their contributions to agriculture and irrigation and that self-sufficiency in food was a critical factor in that success.

He highlighted that sustainable development has become a global discourse today and that Sri Lanka’s “Tank Cascade System” or “Vapi System,” stands as a remarkable example of sustainable development. The country’s irrigation system, which dates back nearly 2,000 years, continues to contribute to the advancement of agriculture even today.

As such, the government has allocated Rs. 2 billion in the current budget to rehabilitate the irrigation system and renovation work on the North Central Maha Ela Project has already commenced to revitalize the country’s agricultural industry. He added that the government also plans to develop seed farms to produce self-sufficient seeds, while protecting genetic ownership.

He further emphasized the need for fair prices for agricultural produce, both for farmers and consumers. Due to long-standing market distortions, the government will intervene over the next two to three harvesting seasons to ensure both parties receive fair prices.

The President also stated that the necessary provisions for such state interventions have been made in the current budget. Steps have been taken to create storage capacity to hold 300,000 metric tons of paddy, which is expected to mitigate market distortions going forward.

Among those present at the occasion were the Chief Incumbent of the Ruwanweliseya and Chancellor of the Rajarata University, Most Venerable Ithalawetunuwewe Gnanatillake Thera, the Chief Incumbent of the Lankaramaya, Most Venerable Ralapanawa Dhammajothi Thera and members of the clergy; Minister of Agriculture, Livestock, Lands and Irrigation K.D. Lalkantha; Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe; Governor of the North Central Province Wasantha Kumara Wimalasiri; and Deputy Minister of Agriculture and Livestock Namal Karunaratne, along with a large number of farmer leaders and other dignitaries.

  1. (PMD)
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Indian PM Modi arrives in Sri Lanka on a three day state visit

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(File pic)

Prime Minister of India Narendra Modi arrived in the island a short while ago on a  three-day state visit.

The Indian Prime Minister was received at the Katunayake International Airport by Sri Lanka’s Minister of Foreign Affairs Vijitha Herath.

PM Modi is accompanied by Minister of External Affairs S. Jaishankar, Indian National Security Advisor Ajit Doval, Indian Foreign Secretary and several senior officials of the Government of India.

 

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Special Train Services during Sinhala and Tamil New Year

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The General Manager of Railways has announced that the following special train services will operate during the Sinhala and Tamil New Year period.

1. From Colombo Fort to Badulla – departing Colombo Fort at 1930 hrs on 11th, 12th, 19th and 20th April

2. From Badulla to Colombo Fort – departing Badulla at 1750 hrs on 11th, 12th, 19th and 20th April

3. From Galle to Anuradhapura – departing Galle at 0400 hrs on 12th and 13th April

4. From Anuradhapura to Galle – departing Anuradhapura at 1500  hrs on 12th and 13th April

5. From Colombo Fort to Galle – departing Colombo Fort at 120 hrs on 10th, 11th, 15th and 20th April

6. From Galle to Colombo Fort – departing Galle at 0610 hrs on 11th, 12th, 16th and 21st April

7. From Colombo Fort to Galle – departing Colombo Fort at 1330 hrs on 12th and 13th April

8. From Colombo Fort to Kankasanthurai [Intercity Express] – departing Colombo Fort at 0530 hrs on 11th and 18th April

9. From Kankasanthurai to Colombo Fort [Intercity Express] – departing Kankasanthurai at 1350 hrs on 11th and 18th April

10. From Beliatta to Colombo Fort – departing Beliatta at 0825 hrs on 12th, 13th, 18th, 19th and 20th April

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