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‘Towards Sri Lanka’s Recovery: Green Resilient and Inclusive Development’

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Maldives, Nepal and Sri Lanka World Bank Country Director Mr. Faris H. Hadad-Zervos congratulated the government on securing the International Monetary Fund Extended Fund Facility, the parliamentary approval of the Domestic Debt Restructuring, and securing international financial support from the World Bank and the Asian Development Bank.

He made these observations while addressing the topic: ‘Towards Sri Lanka’s Recovery: Green Resilient and Inclusive Development’ at the Press Club Event hosted by the Sri Lanka Press Institute (SLPI) held at ‘The Blue’ of the Hilton Colombo on Tuesday, July 18, 2023.

The event commenced with the welcome address delivered by Senior Board Member of the SLPI Mr. Manik De Silva. The event was moderated by Business Editor of The Sunday Times, Mr. Feizal Samath.

During his speech Hadad- Zervos stated that the government has committed to an ambitious reform agenda and implemented some difficult and necessary reforms, including tax reforms, cost-reflective utility pricing, a stronger social safety net, and debt restructuring to stabilize the economy.

He stated that there have been some signs of stability in the past few months compared to 2022. Inflation is trending downwards from 69.8% in September 2022 to 12% in June 2023. Market interest rates are also declining as the uncertainty over domestic debt restructuring wanes and the foreign exchange liquidity picture has also improved.

Hadad- Zervos said, “We estimate that poverty doubled from 13.1 to 25 percent between 2021 and 2022—an addition of 2.5 million poor people—and we expect this to increase by another 2.4 percent in 2023. Many more people are just one shock away from poverty. We estimate that 5.7 percent of the population lives less than 10 percent above the poverty line, and a further 5.6 percent between 10 and 20 percent above the poverty line. This dramatic increase in poverty and vulnerability has wiped-out decades-long human capital gains. For example, there is now a serious learning crisis in the country. Only 14% of Grade 3 students have acquired minimum competency in literacy and only 15% in numeracy”

He stated that the World Bank Group’s new Country Partnership Framework and US$700 million financing support through the RESET DPO and the Social Protection project is our commitment to the Sri Lankan people at this difficult time. In response to both COVID-19 and the economic crisis, the World Bank repurposed significant undisbursed funds from its existing portfolio to sustain institutions so they could continue to provide essential goods and services, protect the vulnerable, support livelihoods, and address food insecurity.

The PRESS CLUB is envisaged to be a place where media-related events concerning visiting dignitaries and local personalities on current topics of national and international interest take place. The Press Club functions under the SLPI whose constituent partners are the Newspaper Society of Sri Lanka (NSSL), The Editors’ Guild of Sri Lanka (TEGOSL), the Free Media Movement (FMM), the Sri Lanka Working Journalists Association (SLWJA) with its affiliated partners Federation of Media Employees Trade Union (FMETU), Sri Lanka Muslim Media Forum (MMF), Tamil Media Alliance (TMA), and South Asia Free Media Association (SAFMA).

The event was attended by journalists, diplomats and experts.



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Urgent Warning Against Fraudulent Crypto-Scam Advertisements.

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The Prime Minister’s Office strongly condemns the fraudulent cryptocurrency scam advertisements currently being promoted on Facebook and Instagram, falsely featuring Prime Minister Dr. Harini Amarasuriya and other prominent Sri Lankan figures. These deceptive ads, operated by foreign entities, aim to mislead the public and exploit the trust associated with well-known personalities.

It has come to our attention that these scam campaigns, originating from fraudulent accounts based in Lithuania, are actively targeting Facebook users in Sri Lanka.

Similar ads have recently featured Foreign Minister Vijitha Herath, Minister of Science and Technology MP Chrishantha Abeysena, and well-known journalists Amantha Perera and Sunanda Deshapriya, as well as other Sri Lankan public figures in previous instances.

Public Advisory

We urge citizens to exercise extreme caution when encountering online advertisements promoting cryptocurrency investments, particularly those falsely claiming endorsements from government officials and public figures. No government official or ministry has endorsed any cryptocurrency investment scheme.

Additionally, despite reports and removal requests, variations of these scams continue to appear on social media platforms, highlighting serious concerns about the inability of Facebook to curb fraudulent advertising effectively. We call upon Meta (Facebook’s parent company) to take immediate and stronger action to prevent the spread of these deceptive campaigns and safeguard Sri Lankan users from financial fraud.

How to Protect Yourself:

• Do not engage with or click on suspicious ads claiming endorsements from public figures.

• Report fraudulent advertisements directly on Facebook and Instagram.

• Verify all financial opportunities through legitimate sources before investing.

The Prime Minister’s Office remains committed to protecting the public from online fraud and will continue working with relevant authorities to address this growing issue. We urge media organizations and digital platforms to act responsibly in curbing the spread of misinformation and scams.

For official government updates, please refer to the Prime Minister’s Office’s official website and social media channels.

[Prime Minister’s Media Division]

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JICA and JFTC support Sri Lanka’s drive for economic growth through a fair and competitive market

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The Japan International Cooperation Agency (JICA) and the Japan Fair Trade Commission (JFTC) have expressed their support for policy reforms and institutional enhancements aimed at ensuring the supply of high-quality goods and services in Sri Lanka while safeguarding both consumers and producers.

This was discussed at a meeting held on Wednesday (12) at the Presidential Secretariat between representatives of these organisations and the Secretary to the President, Dr. Nandika Sanath Kumanayake.

During the discussion, the representatives emphasized that establishing fairness in trade would protect both consumers and producers while fostering a competitive market in the country. They also emphasized how Japan’s competitive trade policies contributed to its economic progress, explaining that such policies not only help to protect consumer rights but also stimulate innovation.

The secretary to the president noted that this year’s budget has placed special emphasis on the required policy adjustments to promote fair trade while elevating Sri Lanka’s market to a higher level. He also briefed the representatives on these planned reforms.

The meeting was attended by Senior Additional Secretary to the President, Russell Aponsu, JICA representatives Tetsuya Yamada, Arisa Inada, Yuri Horrita, and Namal Ralapanawa; and JFTC representatives Y. Sakuma, Y. Asahina, Y. Fukushima, and M. Takeuchi.

[PMD]

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Students from several schools visit the Presidential Secretariat and President’s House

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Students of St Marys National College Hambanthota posed for a group picture when they visited the Presidential secretariat on Wednesday [12]

A group of students from Hambantota St. Mary’s National School, Nakulugamuwa Moraketiara Junior College and Nalanda College, Colombo 10, visited the Presidential Secretariat and the President’s House on Wednesday (12) as part of an educational tour.

This initiative provided schoolchildren the opportunity to explore the Presidential Secretariat (formerly the Old Parliament Building) and the President’s House as part of their academic field trip.

Coinciding with the tour, students were also educated about the “Clean Sri Lanka” program, a key government initiative.  K.M.N. Kumarasinghe, Senior Additional Secretary to the President, briefed the students on the objectives and implementation of the program, emphasizing its role in enhancing their knowledge, skills and attitudes.

Meanwhile, Media Adviser to the President . Chandana Sooriyabandara highlighted the legacy of  the late C.W.W. Kannangara, stating that his vision serves as a guiding light for the future generation of students. He further noted that many developed nations achieved progress through collective citizen efforts, stressing that every individual must fulfill their responsibilities diligently to contribute to national development.

As a symbolic gesture, a valuable plant was gifted to each participating school to be planted within their premises. The presentation was carried out by the President’s Media Director General  Prasanna Perera and  Anuruddha Lokuhapuarachchi, Director of International Media and Strategic Communications at the President’s Media Division (PMD).

The event was attended by the principals, academic staff, parents and other distinguished guests.

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