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Ranil – Modi meet in New Delhi(Pics)

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Sri Lankan President Ranil Wickremesinghe, who is currently on an official visit to India, had met with Indian Prime Minister Narendra Modi at Hyderabad House in Delhi a short while ago.

Sri Lankan President Ranil Wickremesinghe, who is currently on an official visit to India, had met with Indian Prime Minister Narendra Modi at Hyderabad House in Delhi a short while ago.

President Ranil Wickremesinghe praised the impressive economic, infrastructure, & technological advancements made under PM Narendra Modi’s leadership and emphasized that India’s growth would have positive impacts on both the neighbouring countries and the Indian Ocean region.

President Wickremesinghe expressed his sincere gratitude to Indian PM Narendra Modi and the government and people of India for their unwavering support and solidarity during Sri Lanka’s most difficult times in recent history.

The Sri Lankan President has reaffirmed his dedication to achieving economic revival, sustainable development & justice for all in Sri Lanka and engaged in discussions about a comprehensive plan for reconciliation and power-sharing, extending an invitation to all party leaders to reach a consensus. PM Modi expressed his support and goodwill for these initiatives.

After the delegation-level talks with Indian Prime Minister, President Wickremesinghe asserted that Sri Lanka is steadfastly pursuing economic reforms, which are already showing positive results in stabilizing the country. The measures taken have led to a resurgence of confidence both within the nation and from external observers in the progress of Sri Lanka, the PMD notes.

While highlighting the mutual agreement between India and Sri Lanka on a joint vision for their economic partnership, focusing on improved connectivity, President Wickremesinghe also  acknowledged the deep historical and cultural connections between the two nations, emphasizing that this presents an ideal opportunity for further enhancing connectivity in the future.

The PMD further notes :

President Wickremesinghe also emphasized the significance of modern-day connectivity in achieving the economic partnership’s vision & highlighted the recent resumption of Chennai-Jaffna air services as a vital step towards improving Indo-Lanka air connectivity. Both countries reached an agreement to enhance aviation & ferry services, aiming to foster economic growth & enhanced connectivity to bolster cooperation in tourism and cultural relations.

President Wickremesinghe & PM Modi discussed developing Trincomalee into an energy hub with India’s support, aligning with Sri Lanka’s goal to make it a centre for industry and economic activities. Constructing a multi-product petroleum pipeline from southern India to Sri Lanka to ensure an affordable & reliable supply of energy resources for Sri Lanka was also discussed showcasing the commitment to bolstering energy cooperation & regional development.

President Wickremesinghe’s visit to India aims to strengthen trust & lay the foundation for the future of Indo-Lanka relations with potential in collaborating with India on green & renewable energy projects. The MoU for Cooperation in Renewable Energy is particularly significant as it will create a high-capacity power grid interconnection between Sri Lanka and India, facilitating seamless two-way electricity trade & promoting energy collaboration to enhance economic cooperation & foster sustainable development in the region.

President Wickremesinghe expressed that his visit to India offers a valuable chance to assess & enhance the bilateral relations between India and Sri Lanka. He emphasized the significance of leveraging the strong geographical and civilizational ties between the two nations to build trust and confidence, aiming for mutual prosperity in the contemporary world.

President Wickremesinghe highlighted the crucial role of cooperation in the education sector in the bilateral relationship between India and Sri Lanka & emphasized the significance of establishing new higher education institutes with India’s assistance to enhance the knowledge and skills of the youth, enabling their active participation in the nation’s development endeavours.

President Ranil Wickremesinghe said that ferry services between Talaimannar-Rameswaram & Nagapattinam-Kankesanthurai will add more impetus to sea travel between India & SL. Examining other forms of connectivity between SL & India could become a further catalyst to boost economic growth.

Earlier this morning, India’s National Security Advisor, Ajit Doval had called on President Wickremesinghe in New Delhi.

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Energy Ministry denies CEB Chairman’s resignation, Says he is on leave 

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The Media Division of the Ministry of Energy has dismissed media reports claiming the resignation of Ceylon Electricity Board (CEB) Chairman Dr. Tilak Siyambalapitiya, clarifying that he has only taken leave for personal overseas travel.  

A senior ministry official stated that Dr. Siyambalapitiya had formally informed President Anura Kumara Dissanayake about his temporary leave and denied any resignation.  

“There is no truth in the media reports suggesting the resignation of the CEB Chairman,” the official emphasized.  

Dr. Siyambalapitiya was appointed as CEB Chairman on September 26, 2023, following the formation of the NPP-led government. The clarification comes amid ongoing discussions on electricity tariff revisions and financial reforms in the power sector.  

The CEB has recently been under scrutiny over proposed tariff hikes and compliance with IMF-mandated cost-reflective pricing, with speculation rising over leadership changes. 

The ministry’s statement seeks to quell rumors and ensure stability in the institution’s administration.

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Semini released on bail  

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Popular actress Semini Iddamalgoda, arrested for failing to appear in court over unpaid Employees’ Provident Fund (EPF) contributions linked to her private security company, was granted bail by Colombo Additional Magistrate Bandara Ilangasinghe.  

The Welikada Police had taken her into custody after multiple arrest warrants were issued against her. Court records revealed four warrants from the Colombo Magistrate’s Court, two from Matara, and one from Tangalle over alleged non-payment of EPF and other employee dues.  

Her defense counsel argued that Iddamalgoda, a well-known public figure, had no intention of evading court proceedings. They also stated that some of the pending payments had since been settled, leading the Labour Department to withdraw certain cases.  

Magistrate Ilangasinghe granted bail on a surety of Rs. 100,000 and ordered the recall of all outstanding warrants. The court directed the submission of relevant documents by May 28 and requested a progress report on the Colombo cases by May 19.  

The case highlights ongoing legal scrutiny over employers’ compliance with mandatory EPF contributions, even involving high-profile individuals. Further hearings will determine the resolution of the remaining charges.

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CEB proposes 25-35% electricity tariff hike amid IMF pressure 

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The Ceylon Electricity Board (CEB) is considering a 25 to 35 percent electricity tariff increase, with the International Monetary Fund (IMF) urging Sri Lanka to implement revised rates.  

CEB sources confirmed that the proposed hikes align with a pricing formula agreed upon by the CEB and the Public Utilities Commission of Sri Lanka (PUCSL). 

The new rates will require PUCSL approval before implementation.  

Amid ongoing discussions, CEB Chairman Tilak Siyambalapitiya has resigned, reportedly due to political and regulatory interference in setting cost-reflective tariffs. Earlier this year, the PUCSL approved a 20 percent tariff reduction against the CEB’s advice, leading to renewed financial losses.  

A senior CEB official revealed that after January’s reduction, losses began rising again. 

In 2023 and 2024, tariff hikes had helped the CEB post profits of Rs. 61 billion and Rs. 141 billion, respectively, reducing accumulated losses from Rs. 473 billion to Rs. 271 billion. However, losses have climbed since February.  

The IMF had set two key conditions: cost-reflective pricing and an automatic 10 percent hike if monthly cash flow falls below Rs. 15 billion. 

The official noted that without January’s reduction, a 5 percent increase would have been needed in Q2.  

The IMF has warned Sri Lanka twice in recent weeks for breaching cost-recovery benchmarks, raising fiscal risks. 

A scheduled April tariff revision was skipped, with authorities offering unclear explanations.  

The proposed hike aims to stabilize CEB’s finances while meeting IMF demands for sustainable energy pricing.

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