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US training on Accounting Standards & IT

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The first group of Sri Lankan public sector accounting and auditing professionals participated in Sri Lanka Public Sector Accounting Standards 11-20 through a training by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and its public sector wing, the Association of Public Finance Accountants of Sri Lanka (APFASL).

The U.S. Government, through its development arm – the U.S. Agency for International Development (USAID) – supported the training under its Partnership for Accelerating Results in Trade, National Expenditure, and Revenue (PARTNER) activity.

The first 50 of a total 600 public sector accountants and auditors learned about the standards, which provide a framework for preparing and presenting financial statements under the accrual accounting system in line with international best practices. The partnership of USAID, CA Sri Lanka, and the APFASL will also train 1,200 public sector workers on the effective application of IT systems for data management, analysis, and strategic decision-making.

“As one of the country’s longstanding development partners, we are committed to help strengthen and streamline Sri Lanka’s public financial management practices and thereby its path to recovery,” USAID Sri Lanka and Maldives Mission Director Gabriel Grau said at the inaugural training. “Further strengthening skills and competencies of key accounting and auditing professionals can help contribute to this long-term goal through improved financial analysis, planning, and management”.

In his opening remarks, Mr. V. Kanagasabapathy, President of APFASL, said: “Strong public financial management is imperative to achieve the long-term goals of any country, therefore, in our standing as the public sector wing of CA Sri Lanka, APFASL has taken immense pride in being a catalyst in helping strengthen the public financial management practices in Sri Lanka. We are delighted that the U.S. Government has recognized our important work and is supporting our efforts to help public sector accounting and auditing professionals perform better.”

Mr. Heshana Kuruppu, CA Sri Lanka Vice President said, “The public sector in Sri Lanka is considered to be large in comparison to the size of our economy, employing approximately 1.5 million people. This sector also holds the key to helping change the lives of 22 million people. Excellent public financial management will play a critical role in achieving this important objective and improve productivity of the sector. As the national body of accountants, CA Sri Lanka together with APFASL are committed to helping the public sector contribute effectively to the economy. The launch of this landmark program with USAID is part of our continuing efforts to achieve this crucial goal.”

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Nadeesha wins Silver at Asian Games

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Nadeesha Dilhani Lekamge has won the silver medal in the women’s javelin throw event at the 2023 Asian Games currently being held in Hangzhou, China.

She won the silver with an impressive throw of 61.57m which is also her personal best.

India’s Annu Rani won the gold medal in the event while China’s Lyu Huihui won the bronze medal.

This is the first athletics medal for Sri Lanka at the Asian Games in 17 years and only the second medal for the island nation so far this year.

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Fish processing unit at Oluwil to be leased

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The cabinet has previously given approval to reactivate the unused fish processing plant in the Oluwil fishing port premises and provide facilities to the TES (Private) Company Limited to run fish processing activities.  

Accordingly, the Cabinet of Ministers approved the proposal presented by the Minister of Fisheries to lease the fish processing unit located in the Oluwil Ports Complex to TES (Private)  Company Limited for a period of 10 years subject to the relevant rent being charged monthly, as recommended by the Cabinet Appointed Negotiation Committee.

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Cabinet approval to sign pact for 1,996 housing units under Chinese donor programme

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The Government of China has given its concurrence to finance a grant of Yuan 552 million to the Government of Sri Lanka in order to construct 1,996 housing units.

The grant is provided as assistance for the urban restoration project implemented as per the decision to house the residents of low – facility housing schemes within the Western province in houses in the urban housing schemes with facilities. 

The Government of Sri Lanka would be responsible for land development and supply of infrastructure facilities up to the site limit. 

Accordingly, the Cabinet of Ministers approved the proposal submitted by the Minister of Urban Development and Housing to sign the agreement to the relevant project implementation with the Government of China.

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