Business
Restore law and order ASAP: CBSL Governor tells President and parliament
Says will not hesitate to resign otherwise
By Sanath Nanayakkare
Central Bank Govenor Dr. Nandalal Weerasinghe told reporters in Colombo yesterday that the Executive President and the 225 MPs must work together to form a stable government that would pave the way for restoring law and order and peace in the country, so that the Central Bank can properly carry out the activities it has started in collaboration with the Treasury and the Ministry of Finance.
He warned that he would resign as Governor of the Central Bank if elected representatives of the people who should bear more responsibility for the wellbeing of the people than the Central Bank excruciatingly dilly dally in bringing political stability to the country.
He went on to say that he didn’t see anything productive coming out of the august assembly of parliament in the last two weeks other than debates irrelevant to the current political and economic crises.
“If political stability is not achieved as soon as possible, the economic revival would not be achieved only with Central Bank policy actions. To tackle issues on the fiscal side and advance our talks with IMF beyond technical level negotiations, the country needs to show to the world a functioning Executive, a robust Cabinet and a progressive parliament where necessary reforms can be formulated and democratically active institutions through which correct policies can be implemented,” he said.
The Central Bank chief condemned the attacks on peaceful protestors and the events that followed, including setting houses on fire, shootings, and looting.
“When a country is facing such a situation, economic revival is impossible,” he said noting that the situation would not help Sri Lanka rise economically. When I assumed office a month ago, there were signs of instability, but I expected them to dissipate with the right approach by the authorities and the people for solving them. As a result of the policy actions taken by the Central Bank and the Ministry of Finance the situation was starting to get better as people still had access to essential commodities, fuel and LP gas albeit with some inconvenience. However, if this situation of inactivity continues, there will be 10-12 hour power cuts and deeper shortages of essential items and also our talks with the IMF would be at risk, and therefore, I urge the President and the 225 MPs to arrive at an amicable settlement soon and create the right environment where we can address the issues at hand without any delay, ” he emphasized.
The Governor explained a number of measures the CBSL has taken to boost foreign liquidity in the banks that would help in financing critical imports to the country. He described how exporters can collaborate with commercial banks to prevent foreign exchange volatility and how their support will in turn help them to run their businesses smoothly without any shortages of raw materials and electricity.
“We are all in it together and we must all come out of it together without seeking personal advantages. The CBSL will soon introduce guidelines to the interbank daily operations to prevent the manipulation of the exchange rate by the informal money market,” he said.
Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.
“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.
The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.
(PMD)
Business
Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)
The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.
Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.
The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.
Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.
Free ETA under this scheme can be applied up to 31-03-2024.
The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.
The Minister of Economy and Planning for the Kingdom of Saudi Arabia. Faisal F. Alibrahim, met with President Ranil Wickremesinghe on Monday (27) at the Presidential Secretariat.
During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including apparels and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.
President Ranil Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.
(PMD)
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