News
Pakistan-Sri Lanka underline strong defence ties

Sri Lankan Defence leadership has stressed the importance of maintaining existing strong military-to-military cooperation and expressed gratitude for Pakistan’s unstinted support in the past.
The following is the text of statement issued by Pakistan High Commission in Colombo after the five-day visit undertaken by General Sahir Shamshad Mirza, NI (M), the Chairman of the Joint Chiefs of Staff Committee (CJCSC) Pakistan.
It was his maiden overseas visit after his appointment as CJCSC. He arrived in Sri Lanka on 9th Feb on special invitation of his counterpart General Shavendra Silva, and was accorded a red carpet reception and a traditional welcome upon his arrival at BIA.
During his stay, General Sahir called on the President of Sri Lanka, Secretary Defence, Chief of Defence Staff and Commanders of Sri Lankan Army, Navy and Air Force.
On arrival at the Office of Chief of Defence Staff, the Chairman was presented a Guard of Honor by a smartly turned-out contingent of Sri Lankan Armed Forces. During the meeting with CDS, both counterparts had a detailed discussion on enhancing defence cooperation between the two friendly armed forces.
On 10th Feb, he called on President and Defense hierarchy of Sri Lanka, and discussed the importance of continued close relations between the two friendly nations and pledged his fullest support to the Sri Lankan armed forces in various fields of defence cooperation.
Sri Lankan Defence leadership stressed the importance of maintaining existing strong military-to-military cooperation and expressed gratitude for Pakistan’s unstinted support in the past. Moreover, they also extended their gratitude for the extensive training avenues and facilities provided by Pakistan for the Sri Lankan military officers as well as support extended to the defence sector of Sri Lanka in terms of modern military equipment.
During his stay, he also visited Temple of the Tooth Relic, Nuwara Eliya, Galle and Mirissa.
This visit of Chairman Joint Chief of Staff Committee, General Sahir Shamshad Mirza, NI (M) is seen as a very important step towards furthering the bonds between the defence forces of both sides which the two countries already enjoy. Pakistan and Sri Lanka have continued to maintain strong, robust and reliable relations, through increased interaction at the highest levels and in the people-to-people domain. The Pakistani delegation was all praise for the hospitality and comfortable stay accorded to them during their visit by their host the CDS, Sri Lanka.
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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