News
Pakistan Navy Chief departs after successful visit

Chief of Naval Staff of Pakistan Navy Admiral Muhammad Amjad Khan Niazi has departed from Sri Lanka after a successful four-day visit. Niazi was here at the invitation of his counterpart Commander of the Sri Lanka Navy, Vice Admiral Priyantha Perera.
The following is the text of a Pakistan HC press release: “Admiral Muhammad Amjad Khan Niazi was accorded a traditional red carpet Sri Lankan welcome at the Bandaranaike International Airport (BIA) upon arrival.
He visited Sri Lanka Navy Headquarters and held a meeting with Commander of the Sri Lanka Navy, Vice Admiral Priyantha Perera. Both discussed various avenues to further enhance the already exemplary Navy to Navy relations. Both were satisfied on the progress made in various areas, reminiscing the long-standing relationship between Pakistan and Sri Lanka.
Admiral Muhammad Amjad Khan Niazi also paid a courtesy call on the President, Prime Minister, Secretary of Defence, Chief of Defence Staff and met with Commanders of the Army and Air Force. During the meeting, the President underscored the importance of the Indian Ocean and the need for the two navies to develop mutual cooperation to meet future challenges.
During his meetings with Secretary Defence and Sri Lanka Armed Forces leadership, Admiral Muhammad Amjad Khan Niazi thanked for participation in multinational naval exercise AMAN 23 by SL Navy ship which speaks volume of the defence relationship between the two armed forces. He pledged to stand by SL and continue to support each other through thick and thin. Both sides discussed the existing training cooperation and measures to improve it in future.
Apart from his engagements in Colombo the Admiral also visited Trincnomalee and Eastern Naval Area. He called on COMEAST and visited the Naval and Maritime Academy.
Pakistan and Sri Lanka have a long history of brotherly relations and military to military bondage is nurtured by mutual trust, respect and comradeship which has flourished over the years. The Chief of Naval Staff visit comes days after the CJCSC General Sahir Shamshad Mirza who was in Sri Lanka recently. These high profile visits are specifically in connection with the 75th Year of SL Independence which it celebrated on 4th Feb 2023 marking the diamond jubilee of bilateral ties as well. “
Business
Sri Lanka’s foreign reserves up by USD 2billion over the past year – Acting Finance Minister

Acting Finance Minister Ranjith Siyambalapitiya during a press conference held today (21) at the Presidential Media Center, focusing on the theme of ‘Collective Path to a Stable Country’ said that over the past year, the government successfully increased the country’s foreign reserves from 1.8 billion dollars to 3.8 billion dollars.
He added that in August 2022, the exchange rate stood at Rs. 361 per dollar, but by August 2023, one dollar could be acquired for Rs. 321. This shift is not the result of artificial control but rather a reflection of the rupee’s value adjusting in response to supply and demand for the dollar, which holds significant economic importance.
The interest rate for deposits, previously at 14% in 2022, has been lowered to 11%, while the loan interest rate, previously at 15.5%, has been reduced to 12% this year. Notably, last year, the primary account deficit was Rs. -247 billion, but this year it has turned into a surplus of Rs. 27 billion. This marks the first surplus in the primary account balance in over 40 years.
Tourist arrivals, which numbered 496,430 in 2022, have surged to 904,318 during the first two quarters of this year. Equally impressive is the growth in tourism earnings, which rose from 832.6 million US dollars in 2022 to 1,304.5 million US dollars in the first two quarters of this year, reflecting a remarkable 56.7% increase compared to the previous year.
In the past year, the amount of money remitted by Sri Lankans living abroad to Sri Lanka has surged from 2,214.8 million US dollars to 3,862.7 million US dollars this year, marking a remarkable 74.4% increase according to data from the Ministry of Finance.
On August 1, 2022, the QR code system was introduced as a measure to manage petroleum demand due to foreign exchange shortages. This led to a significant disparity between normal demand and supply, resulting in a notable increase in diesel consumption by 28% and petrol consumption by 83% in June 2023, when the QR system was partially relaxed. However, as of September 1, the QR code system, which directly impacts economic growth, has been completely lifted.
Upon assuming office, President Ranil Wickremesinghe faced a daunting challenge of addressing a 14-hour power outage, which had a direct impact on the economy. Presently, the government ensures a continuous and stable electricity supply to the population.
As of August 23, 2023, there were 1467 imported goods banned due to foreign exchange shortages. Currently, the ban applies to only 279 items. Furthermore, the import of vehicles, which had been halted in 2020, now includes buses and trucks for public transport.
In April 2022, the country faced difficulties in meeting its debt obligations. However, the government has since secured the first installment under the International Monetary Fund’s Extended Credit Scheme, contributing to stabilizing the country’s economy compared to the previous year.
(PMC)
News
President Wickremesinghe meets US President Joe Biden in New York

President Joe Biden of the United States and President Ranil Wickremesinghe engaged in a cordial meeting in New York on Thursday (20).
The high-profile meeting took place amidst a lavish dinner hosted by President Biden, for all the heads of state who had participated in the 78th session of the United Nations General Assembly.
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