Connect with us

News

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

Published

on

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.



News

Patali alleges NPP conspiring to put off elections indefinitely

Published

on

* Govt. lacks plan to meet IMF targets


By Shamindra Ferdinando

United Republican Front (URF) leader Patali Champika Ranawaka has alleged that the 22nd Amendment is aimed at enabling the National People’s Power (NPP) to perpetuate its rule without conducting elections.

The former Minister was addressing the media at the Flower Road Office of UNP leader Ranil Wickremesinghe on Tuesday (25). Alleging that the Pelawatte-based ‘red junta’ spearheaded the operation to enact the controversial 22nd Amendment, the ex-parliamentarian pointed out that neither President Anura Kumara Dissanayake nor Health and Media Minister Dr. Nalinda Jayathissa, who is also the Cabinet spokesman, never denied declarations made by various members of the NPP parliamentary group that elections wouldn’t be conducted for 10, 20 years.

The President and the Cabinet spokesman never clarified that such declarations were not the position of the government, Ranawaka said. The URF leader pointed out that some NPP/JVP members told those receiving appointments that they would also retire under the same administration.

Addressing the media after former External Affairs Minister Prof. G. L. Peiris, convenor of the Joint Opposition, said that the government recognised them as the real opposition. Referring to Dr. Jayathissa’s recent claim that they conspired at the residence of Prof. Peiris and challenged them to come on to the streets, ex-lawmaker Ranawaka thanked the Minister for the recognition at the expense of the Samagi Jana Balawegaya (SJB). The government accepted the challenge posed by them in spite of the main Opposition party, in Parliament, having 40 MPs, the URF Chief said, urging the government to reveal the identities of those who clandestinely led the ruling party.

The former MP said that the country was now aware of their conspiracies during the past six decades. Blaming the government for its inordinate delay in conducting the Provincial Council polls, and the failure to take tangible measures to do away with the executive presidency, as repeatedly promised in the run-up to the national elections in 2024, Ranawaka alleged that the government was busy conspiring to roll back the electoral map. He also alleged that President Dissanayake was leading the operation.

According to Ranawaka the government was keen to postpone elections indefinitely as its members feared to face the law under a different government.

Commenting on the economic situation, Ranawaka explained how under President Wickremesinghe tough measures were taken during the 2022 to 2024 period to stabilise the country with the backing of the International Monetary Fund (IMF). “However, the country cannot go on beyond 2027 under the current setup. In terms of the agreement with the IMF, the debt repayment was stopped. However, the country will have to start repayment in 2028,” the ex-MP said, pointing out the country’s reserves were down to USD 6.4 bn.

The ex-MP said the IMF expected Sri Lanka to maintain foreign reserves at USD 6.8 bn and to increase the reserves to USD 12 bn next year. In terms of the IMF’s recommendations, the foreign reserves have to be increased to USD 15 bn by 2028, Ranawaka said, recollecting how former President Ranil Wickremesinghe, at a recent book launch, explained the daunting challenges faced by the country on the economic front.

Ranawaka was referring to Wickremesinghe’s speech at the launch of former Minister Ranjith Siyambalapitiya’s book launch at the BMICH, where the former President warned of dire consequences if the government failed to adhere to the IMF formula.

The former Minister disputed the government’s much touted claim that corruption was dealt with. The person who caused an unprecedented gas crisis, in 2021, by promising to supply gas at a much lower price than what was paid by the then government at that time and ended up causing countrywide panic due to “accidental” blasts of domestic gas cylinders, received protection from this government.

The government conveniently refrained from initiating action against that person, Ranawaka said. Referring to the developments leading to President Gotabaya Rajapaksa’s government declaration of bankruptcy in April 2022, the ex-Minister claimed that the IMF, in a letter dated 7 March, 2022, alerted the Secretary to the President, the Finance Ministry and the Central Bank, of the impending economic collapse. The NPP government failed to take action against those responsible for creating the 2022 crisis, Ranawaka said.

Continue Reading

News

August 15 Super Dvora tragedy: Search continues for missing officer’s body

Published

on

Super Dvora Mark III Fast Attack Craft

Navy headquarters yesterday said it was continuing the search for Lt. Thilina Udayapriya, second-in-command of the Super Dvora Mark III Fast Attack Craft (FAC), which sank in the seas off Angulana, on 15 August, 2026. Of the 12-member crew, 11 were rescued but so far SLN efforts to locate the missing officer’s body had failed, sources said.

They said that the salvage operation of the sunken craft, taken delivery from Israel after the end of the war, is continuing amidst gruelling weather and rough sea conditions, and the sunken vessel is now off Bambalapitiya.

Sources said that the vessel collided with a sunken ship MV Thermopylae Sierra that sank in August 2012, during a monsoon storm. The ill-fated Super Dvora Mk III has gone over the ship wreck in spite of it being clearly demarcated in the nautical chart, aka hydrographic chart available to the ill-fated vessel’s crew. But authorities had failed to mark the site with a buoy to warn maritime traffic, in spite of public appeals. (SF)

Continue Reading

News

Tripartite MoU to expand free cardiothoracic surgeries at KDU Hospital

Published

on

The Ministry of Defence, Ministry of Health and Mass Media, and the General Sir John Kotelawala Defence University (KDU), have signed a tripartite Memorandum of Understanding (MoU) to facilitate the expansion of free cardiothoracic surgery services by utilising the facilities of the General Sir John Kotelawala Defence University (KDU) Teaching Hospital.

The Defence Secretary Air Vice Marshal Sampath Thuyacontha (Retd), Secretary to the Ministry of Health and Mass Media Dr Anil Jasinghe, and Vice Chancellor of General Sir John Kotelawala Defence University Rear Admiral H. G. U. Dhammika Kumara, signed the agreement on behalf of their respective institutions.

The Defence MInistry said that the initiative, implemented in accordance with a Cabinet proposal submitted by the Minister of Health and Mass Media Dr Nalinda Jayatissa would reduce congestion and address the lengthy waiting list for cardiothoracic surgeries at the National Hospital of Sri Lanka (NHSL).

The Ministry stated: “Under the arrangement, specialist doctors and clinical staff of the Cardiothoracic Unit of the National Hospital will conduct free heart and thoracic surgeries and provide specialised treatment for patients at the KDU Teaching Hospital. KDU will provide the necessary infrastructure, medical facilities and specialised equipment, while the Ministry of Health and Mass Media will provide the required medicines, medical supplies and specialised medical care.”

Continue Reading

Trending