News

China not against debt restructuring: President

Published

1 year ago

December 6, 2022

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The Chinese Government expects Sri Lanka to commence negotiations with China’s Exim Bank on debt restructuring, President Ranil Wickremesinghe said.

The President said this while addressing the 2022 Economic Summit organised by the Ceylon Chamber of Commerce at Shangri-La Hotel in Colombo yesterday (05).

The President said that the talks with China were delayed due to the Chinese Communist Party’s Conference and added that the talks will be expedited as the Conference has ended.

He also said that China has not objected to Sri Lanka’s debt restructuring.

Meanwhile, the President said Sri Lanka should pay more attention to green hydrogen for a sustainable future.

He said the private sector should focus more on this sector, which has greater potential than the solar energy industry.

The President pointed out that land laws should also be reconsidered and changes should be made to make them more accessible to investors, adding that what Sri Lanka urgently needs is a new economy and not reforms.

The President said that Sri Lanka can easily be transformed into a major supply center and that visionary steps are being taken to achieve this goal.

President Wickremesinghe said that Colombo Port is planned to be extended up to Ja-Ela and more than 30 acres of Colombo has been allocated for the development of the port.

The President said the Eastern Container Terminal (ECT) should be given for development, and that Japan was the first to get involved in this.

He emphasized that maintaining a small port will not do much service to the economy, and that the port should be promoted aggressively and Sri Lanka should be made a major supply centre.

The President said that the Trincomalee Port is being developed and the Hambantota Port has had a great positive impact on the local maritime sector.

The President also said that the agricultural sector should be developed by using new technology.

Apart from this, he said that education can make a large contribution to Sri Lanka’s economy.

Parameswaran Iyer, Chief Executive Officer of NITI Aayog (National Institute for the Transformation of India), who delivered the keynote speech at the Economic Summit, said that India will invest in Sri Lanka and support Sri Lanka in the energy sector, telecom, solar and wind power and port sectors.

He said that India’s Adani company is investing more than 650 million USDs mainly in the port sector.

News

China Pledges Full Support for Sri Lanka’s Debt Restructuring

Published

18 mins ago

May 4, 2024

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State Minister of Finance Shehan Semasinghe has met with the Chinese Vice Minister of Finance Liao Min.

This meeting was held on the sidelines of the ADB annual meeting in Georgia.

Minister Semasinghe said on X ”at this discussion China assured its fullest support and cooperation to conclude the debt restructuring process in Sri Lanka.”

Furthermore, he said that China reaffirmed steadfast support to Sri Lanka on all fronts.(news first.lk)

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Sri Lanka slips down Press Freedom Index

Published

20 hours ago

May 3, 2024

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Reporters Without Borders released the 2024 World Press Freedom Index on Friday (03).

According to RFS, Sri Lanka has slipped to the 150th position in the index, from 135th position last year.

Click here to read the RSF Sri Lanka Fact File

News

Companies should be ashamed of not giving workers a raise – Vadivel Suresh

Published

20 hours ago

May 3, 2024

editor

Mr. Vadivel Suresh, General Secretary of the Lanka Jathika Estate Workers’ Union, emphasized that both the Government and the Plantation Employers’ Association bear the responsibility of providing wage increases to plantation workers. These workers, who play a pivotal role in sustaining the esteemed reputation of ‘Ceylon Tea’, contribute significantly to the national economy of Sri Lanka.

MP Vadivel Suresh, made this statement during his participation in today’s (03) news conference at the Presidential Media Centre (PMC), under the theme ‘Collective path to a Stable Country’.

The Member of Parliament noted that plantation companies, benefiting significantly from the fluctuating dollar value, ought to feel ashamed for not providing their workers with a salary raise. He emphasized that the salary increase outlined in the gazette notice issued by the Labour Commissioner General for plantation workers should be implemented.

MP Vadivel Suresh further commented:

“We express gratitude to the President and the government for raising the salary of plantation workers to LKR. 1700. However, the Plantation Employers’ Association is contesting this decision.

The estate companies that profited greatly from the dollar’s value should be ashamed of themselves for not giving their workers a raise. Expressing opposition to the decision to increase wages for their workers, who contribute significantly to strengthening the national economy by upholding the reputation of Ceylon Tea, is regrettable. The decision to raise estate workers’ wages was not made hastily; rather, it followed extensive negotiations over the course of a year involving the Department of Labour, trade unions, and relevant stakeholders.

Employers’ unions persistently refrained from engaging in wage-fixing negotiations. Similarly, they remained silent when a salary increase of LKR 1000 was requested. However, the Labour Commissioner General, utilizing his authority, lawfully issued a gazette notice for a salary hike of LKR 1700. It is unjust for estate companies to procrastinate without providing relief to the workforce amidst fluctuations in the dollar’s value.

Both the government and the plantation Employers’ Association bear responsibility in this matter. Consequently, companies cannot contravene government decisions. Estate companies claim they are in dialogue with the high-level committee for the ultimate verdict. However, all 22 estate companies are owned by five individuals. These owners are involved not only in tea plantations but also in sectors such as tourism, small-scale manufacturing, agriculture, and gems. Additionally, plantation workers and trade unions must unite in support of this wage increase.

(President’s Media Division)

Gazette issued to up estate workers’ daily wage

Unable to increase daily wage – Plantation owners