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World Bank launches new 5-year partnership framework with Lanka

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The World Bank Group and the Sri Lankan government on Thursday launched a new five-year country partnership framework to support the island nation’s recovery, medium-term growth and job creation, according to a World Bank Group statement.

The framework aims to help Sri Lanka achieve its 7 percent medium-term economic growth target, with private sector-led job creation at the center of the partnership, the statement said.

The World Bank Group said it will mobilize more than 1 billion U.S. dollars in direct and mobilized investment over five years through the International Finance Corporation, while the World Bank will provide up to 1 billion dollars in low-interest financing over the next three years.

The partnership will focus on four main areas: improving Sri Lanka’s business climate, expanding infrastructure, creating jobs in tourism and agriculture, and strengthening resilience to future shocks. It aims to simplify regulations, modernize trade procedures and digitize public services to attract investment and support the country’s goal of doubling annual export earnings to 36 billion dollars by 2030.

The partnership will also back the expansion of the Port of Colombo, support renewable energy development, promote jobs in tourism and farming, and fund stronger early warning systems and resilient infrastructure.The World Bank has already approved the first project under the framework, a 100-million-dollar regional empowerment through vibrant, inclusive and viable economies program for the northern and eastern provinces.



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PM participated in ’Swarnabhivandana 2026,’ Sacred Relic Veneration Ceremony

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In line with the 2026 Vesak Poya Day, the ‘Swarnabhivandana 2026’ Sacred Relic Veneration ceremony, organized by the Sri Sudarshanarama Temple, Kiribathgoda under the guidance of the Chief incumbent of the temple, and the Head of the Department of Pali and Buddhist Studies at the University of Ruhuna and a Senior Lecturer Ven. Makola Mangala Nayaka was held on 3rd of May with the participation of Prime Minister Dr. Harini Amarasuriya.

The Prime Minister stated  that it was a rare privilege to take part in such a noble religious event. She noted that devotees have been presented with a rare opportunity to venerate sacred relics, including those of the Supreme Buddha and Maha Arahants of Seewali, Angulimala, Anuruddha, and Mihindu Theros.

She further emphasized that such religious programmes contribute to the spiritual development of society and help invoke blessings upon the country.

The Prime Minister also expressed her sincere gratitude to the Chief Incumbent Thero for his guidance in successfully organizing this meritorious event, as well as to the Dayaka Sabha of the temple and all those who contributed with dedication.

[Prime Minister’s Media Division]

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Heat Index at Caution Level in the Northern, North-central, Eastern, Sabaragamuwa and North-western provinces and in Colombo, Gampaha, Hambantota and Monaragala districts during the day time

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 03 May 2026, valid for 04 May 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, Eastern, Sabaragamuwa and North-western provinces and in Colombo, Gampaha, Hambantota and Monaragala districts during the day time.

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 the human body is mentioned in the above table 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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USD 3.7 bn H’tota refinery: China won’t launch project without bigger local market share

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China has declared that China Petroleum and Chemical Corporation (SINOPEC) will not proceed with the USD 3.7 bn Hambantota oil refinery project unless a consensus could be reached on the percentage of the output that could be sold in the local market.

China has informed the NPP government that SINOPECwill not be able to sustain the project in terms of the original agreement that stipulated that 80% of the output be exported and 20 % sold in the Sri Lankan market, according to sources familiar with the issue.

Once fully operational, the strategic facility will be able to process 200,000 barrels of crude oil a day. The proposed facility, together with the Hambantota International port, which was taken over by China in 2017 on a 99-year lease, emphasise significant Chinese presence in the country.

SINOPEC with about 12% market share is among the foreign companies engaged in fuel distribution in Sri Lanka at the moment. Other foreign players are Lanka India Oil Company (LIOC) and joint venture by Shell Brands International AG (Shell) and RM Parks (Private) Limited, the latter being the latest entrant.

LIOC entered the market way back in 2003 during Ranil Wickremesinghe’s tenure as the Prime Minister. LIOC holds the second biggest market share with 211 fuel stations with SINOPEC being third and joint Shell Brands International AG (Shell) and RM Parks (Private) Limited in fourth place. CPC remains the market leader with some 800 odd fuel stations countrywide.

Sources said that whatever the Chinese and Sri Lankan government representatives said in public the launch of the project primarily would depend on a new formula. The Island learns that the Chinese expect to sell 30% of the output here. “The Chinese are of the view that 20% share is not sufficient to sustain the project,” sources said.

Sri Lanka and China in January 2025 announced plans for the SINOPEC project dubbed the largest single Chinese direct investment here following President Anura Kumara Dissanayake’s three-day state visit to Beijing. Dissanayake’s delegation included Minister of Foreign Affairs, Employment and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, and Sri Lankan Ambassador to China, Majintha Jayesinghe. Outspoken Chinese Ambassador to Sri Lanka Qi Zhenhong was also present at all key meetings with representatives of China Petrochemical Corporation (SINOPEC Group), China Communications Construction Company Ltd (CCCC), China Merchants Group (CMG), Huawei, and BYD Auto, a leading company in the automobile manufacturing sector.

Pointing out that Sri Lanka and China hadn’t been able to resolve the knotty problem for about 15 months, sources said that Sri Lanka was also under pressure from India to expedite the Trincomalee oil tank farm development project. Sri Lanka finalized an agreement with India and United Arab Emirates (UAE) in early April 2025 to develop Trincomalee as an energy hub.

Sources said that in line with the overall plans involving China as well as India-UAE, Sri Lanka was required to enhance the fuel storage facilities as soon as possible. The ongoing West Asia conflict underscored the responsibility on the part of the incumbent dispensation to take tangible measures to enhance storage facilities.

The Trincomalee and Hambantota projects could be on a collision course, sources said. The likelihood of Indo-Lanka agreements in respect of WW two era oil tank farms in Trincomalee, particularly the one negotiated during Gotabaya Rajapaksa’s presidency having animpact on the Hambantota oil refinery couldn’t be ruled out, sources said.

President Dissanayake during his May Day address disclosed the crisis faced by his government in ensuring uninterrupted oil supplies. Dissanayake said that the government had no option but to increase fuel quotas given to various categories in view of the arrival of fuel ships in Colombo as Sri Lanka lacked storage facilities.

Sources said that energy insecurity was at stake due to the continuing instability in the global markets caused by US actions in Hormuz Strait.

Newly-appointed Energy Minister Anura Karunathilake is believed to be engaged in consultations with relevant parties. Earlier Punyakumara Dissanayake who resigned recently over the coal scam handled the Hambantota refinery matter.

by Shamindra Ferdinando

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