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26.10.2022 / 04:19

Loans on top of loans, and White Elephant projects – Sri Lanka’s fall

COLOMBO (News 1st) – Sri Lanka's Central Bank Governor Dr. Nandalal Weerasinghe, and the Finance Secretary have both echoed that the process to stabilize the economy is going to be a painful process.However, the Minister of Mass Media, Dr.

Bandula Gunawardena Nandalal Weerasinghe Sri Lanka Government crisis reports

Chicken prices down by Rs. 250

COLOMBO (News 1st) – The All Ceylon Poultry Businessmen's Association says that steps have been taken to reduce the price of one kilogram of chicken by Rs. 250/-.Its Chairman Ajith Gunasekara said that the new price of a kilogram of chicken is Rs.

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Sri Lanka Says Inflation Nears Peak, Easing Pressure on Economy

(Bloomberg) – Sri Lanka’s 70% inflation is hitting its peak as crippling shortages ease and bailout funds look within reach, yet it’s far from putting the central bank governor at ease.“We think we are seeing the peak of inflation,” central bank governor Nandalal Weerasinghe said in an interview in Colombo on Thursday. “There’s still some way to go,” he said on fixing the island nation’s economy and its finances.The governor, a career central banker who six months ago raised the policy rate by a staggering 700 basis points as among his first acts to stabilize a nation rocked by a debt crisis, said the monetary authority’s rate decisions will remain data driven and forward looking.

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Funeral of late Ven. Pallegama Siriniwasa thero on Saturday

COLOMBO (News 1st) – Chief Incumbent of Ruwanweli Maha Seya Venerable Pallegama Hemarathana Thero announced that the final rites of the late Most Venerable Dr.

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Modern slavery: Sri Lankan Domestic Workers held captive in the Middle East

COLOMBO (News 1st) – International slavery continues to be a modern day curse that plagues our world.News 1st has for many years battled against international slavery, with a particular focus on Sri Lankan Domestic Workers who are all too often held captive in the Middle East.In the recent past, News 1st has warned that Sri Lanka's current economic crisis would result in increasing numbers of Sri Lankan women being trapped into slavery as thousands more venture overseas to escape poverty. Now our worst fears have been realised.News 1st brings to you the shocking revelation that more than 50 women have been sent into slavery in Dubai by two job agencies in the central cities of Anuradhapura and Kurunegala, in a report filed by News 1st's Nisal Sooriyarachchi, and Naveksha Gunasekera.A foreign employment agency in Anuradhapura has trafficked more than 50 women to work as virtual slave labour in the state of Dubai where most of them are currently been held against their will in atrocious conditions. Several women who who fell victim to this scam have revealed that the agency headed by 3 women living in Dubai. Thushara Nilmini, a resident of Anuradhapura, who finally made her way back to Sri Lanka after falling victim to the scam, said that between 50 and 60 women who went abroad for domestic work are being held captive in various areas of Dubai. Chandrika, who asked that her full name not be revealed, has gone to work as a domestic worker in Dubai and is currently in a destitute state there. News 1st managed to obtain a telephone interview while she is in Dubai.She said that they stayed at the agency for about a month, and barely got anything to eat. "Then they stationed us at this safe house.

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President is the right person to get country out of crisis – Secretary Lu

COLOMBO (News 1st) – Assistant Secretary of State for South and Central Asian Affairs Donald Lu has assured to support Sri Lanka during this difficult period. He is currently on an official visit to Sri Lanka, and met with President Ranil Wickremesinghe on Wednesday (19). While appreciating the President’s efforts in rebuilding Sri Lanka’s economy he said that President Ranil Wickremesinghe is the right person to get the country out of the present crisis and assured him that he has a force backing him.He also stated that the U.S.

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Debt restructuring is required for sustainability – WB

COLOMBO (News 1st) – The World Bank, in its Sri Lanka Development Update (SLDU), emphasizes that the first step the country should is to determine the current needs of the population in a transparent and unbiased manner. The document, which reports on key developments over the past 12 months in Sri Lanka’s economy, underlines that Sri Lanka is currently facing an unprecedented macroeconomic crisis, as years of fiscal indiscipline and risky commercial borrowing have led to unsustainable levels of public debt. The World Bank emphasizes that in order to determine the current needs of the population in a transparent and an unbiased manner, the government will have to collect data on households receiving or needing assistance, sufficient to ensure they are properly identified and that assistance to the poorest is prioritized. Accoridngly, the data will be collected by government officials on mobile devices, using a secure process and with a transparent grievance and appeals mechanism. A wide outreach campaign needs to be conducted to ensure all who are in need can apply to be registered and assessed for assistance, the World Bank states. Therefore, a process will be put in place to update these data on a regular basis (at least once every two years).

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IMF deeply concerned about impact of the crisis on Sri Lankan people

COLOMBO (News 1st) – The International Monetary Fund says it is deeply concerned, but committed to support Sri Lanka.Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka in an exclusive comment to News 1st said that the International Monetary Fund is deeply concerned about the impact of the crisis on the people of Sri Lanka.They said deep concern is particularly on the poor and vulnerable grous.Both the Senior Mission Chief of Sri Lanka and the Mission Chief noted that the IMF is committed to support Sri Lanka at this difficult time in line with the IMF’s policies.

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Rated corporates will be most affected if the economic crisis deepens, warns Fitch

Colombo (News 1st) – Rated Sri Lankan corporates in consumer-goods retail, power generation and homebuilding will be among the most affected if the economic crisis deepens or is sustained for a prolonged period, says Fitch Ratings. Significant cost inflation affecting demand and profitability, import restrictions disrupting operations, and high interest rates are key risks faced by domestic corporates in the next 12-18 months.Based on Fitch’s base case forecast assumptions, we project that most other corporates will be able to weather the current economic downturn, supported by their presence in defensive industries, weakened competition, strong balance sheets, and adequate liquidity.Most rated corporates posted strong revenue growth and expanding margins in their June 2022 quarterly results due to inflation-led price hikes and sale of lower-cost inventory purchased prior to the sharp devaluation in the local currency in March 2022.

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Cast aside party politics and commit to addressing the country’s food crisis- President advises officials in Ampara

COLOMBO (News 1st) – President Ranil Wickremesinghe emphasized that all should join together to solve the people’s food issues, casting traditional party politics aside.The President made this observation addressing the public officers at an awareness program on the multi-sector mechanism to empower rural economic revitalization centers to ensure food security and nutrition at Hardy Advanced Technological Institute Auditorium in Ampara this morning (15).The President further noted that no one would be allowed to starve despite the fact that the country is going through a very difficult time and pointed out the importance of successfully implementing the national food production program to prepare for a possible global food crisis in 2023.The president also said that the agriculture modernization program would be implemented from next year concurrent to the food security program.The implementation of the multi-sector mechanism to empower rural economic revitalization centers to ensure food security and nutrition in transforming the Ampara District also into a prosperous one with a blooming community was also discussed at length.The Ampara district contributes 22 percent to the national paddy harvest and discussions were also focused on making the paddy cultivation in the Yala and Maha seasons a success.It was also special feature that the President paid special attention to the issues faced by the government officials during the field work. The president was made aware of issues related to the agriculture and fisheries industry in the Ampara district and he directed the officials to address those issues.

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Charitha hits back: First culprit of Economic Crisis was Cabinet including Minister Sabry

COLOMBO (News 1st) – The former Chairman of the COPE Prof. Charitha Herath today hit back at the former Minister of Justice and the current Foreign Affairs Minister Ali Sabry against his remarks that the Cabinet of Ministers was clueless with regard to the economic crisis. Taking to twitter, the former COPE Chair released a document which included a Notice to the Cabinet by the former Finance Minister Basil Rajapaksa with regard to the country's foreign currency outflows and the distribution of responsibility on foreign currency inflow. The annexure attached to the document, which included the expected outflows and inflows during 2022, underlined the debt servicing payments, maturing sovereign bonds and expenses with regard to goods imports. Minister Ali Sabry on Friday (14) said that the Cabinet of Ministers "thought everything was ok" and failed to recognise the depth of the economic crisis, and were more invested in their own subjects and portfolios. The former COPE Chairman shared the documents and pointed out that such is evidence that the financial issue was discussed at the Cabinet though no solution was found. "True, first culprit of this disaster is the Cabinet of which Ali Sabry was a part." he tweeted. The incident also sparked more discourse, with several notable figures commenting on the matter, with some pointing out that a his resignation is the alternative to this issue.

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Patient ‘tries to set Scots GP surgery on fire’ as health centre staff left terrified

A GP surgery was locked down after a man allegedly poured liquid on the floor and threatened to ignite it.

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Cabinet was not aware of the economic crisis – Ali Sabry

COLOMBO (News 1st) – Foreign Minister Ali Sabry made a startling revelation on Friday (14) that the previous Cabinet was not fully aware of the dire situation that the economy was falling into.Speaking at the launch of the book ' Poverty to prosperity: A review of the Korean development model ', the Minister spoke about a number of topics including government responsibility for the prevailing economic crisis and Sri Lanka's foreign policy. Speaking at the event, the Minister said that the Government learned the hard way that the economy is the heart of the country, and if it fails, all else fails. Pointing out that unfortunately, the Ministers of theprevious Cabinet were focusing on their specific areas, such as himself holding the portfolio of the Minister of Justice, Minister Sabry said that he was looking forward to new plans with regard to law reform, digitization, improved infrastructure and more recruitments in the sector, however, confessed that he was unaware of the country's deep economic troubles. Pointing out that if the country's Cabinet's economic literacy is a minimum, then the normal people should be worse in their case, the Minister said that without taxation, there is no future for the country."In 1981, 21% of our GDP was taxes. Today it has come down to 8.3%. So we can point fingers.

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Special Audit on Economic Crisis begins

COLOMBO (News 1st) – The National Audit Office had launched a Special Audit as per the order given by the court when granting leave to proceed concerning two FR applications that were filed claiming that the Fundamental Rights of the people were violated due to wrong economic management decisions taken by the Gotabaya Rajapaksa government.Auditor General, W.P.C Wickramaratne stated that this investigation is being conducted based on an order by the Supreme Court, and a team led by a Deputy Auditor General was assigned to the investigation.The court ordered the following matters to be investigated;a. The decision made by the Monetary Board to set the value of the Sri Lankan rupee at Rs.

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These housing markets are seeing the largest drop in prices since the pandemic peak

A conceptual illustration depicting housing in the United States. via Getty Images Rapidly rising mortgage rates have more than doubled this year.

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Low catch & a low demand: Sri Lanka fishermen in dire straits

COLOMBO (News 1st) – As many Sri Lankans have cut down on their meals, the demand for staples has also seen a drop.Usually, more than 200 to 300 Sri Lankan fishing boats set out to sea, however after the economic crisis hit, coupled with an acute shortage of fuel most of the Sri Lankan fishermen have been forced to tie up their boats to the piers, hoping for better days."The demand for fish had slumped. The main reason for this is the high cost of fuel and the rising cost of living. A liter of fuel that cost only Rs.

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Economic Crisis: Fate of Colombo’s Second Hand Book stores in limbo?

COLOMBO (News 1st) – After the economic crisis hit, the prices of books spiked by over 50% due to import costs, forcing Sri Lankans to look for the alternative.Almost every Sri Lankan knows about the Lotus Tower standing tall in Colombo built at a massive cost of USD 113 Million. But, this is not about a structure that added a colossal weight on to Sri Lanka's debt.Tucked away not far from the Lotus Tower, is a line of book shops.Now, these are not your ordinary books shops with publications fresh out of the press.These are Colombo's second hand book shops that have been catering to book worms over the years.One of the main reasons why these establishments are popular among readers, is that the second books here are cheap and are in good condition.However, when Sri Lanka's economic crisis hit, these book stores were also in dire straits."Business is not that great because of the low number of customers. There is a demand for second hand books.

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Sri Lanka & 53 poor nations urgently need debt relief: UN

COLOMBO (News 1st) – Cascading global crises have left 54 countries including Sri Lanka – home to more than half of the world's poorest people — in dire need of debt relief, the UN said Tuesday (11).In a new report, the United Nations Development Programme warned that dozens of developing nations were facing a rapidly deepening debt crisis and that "the risks of inaction are dire".UNDP said without immediate relief, at least 54 countries would see rising poverty levels, and "desperately needed investments in climate adaptation and mitigation will not happen".That was worrisome since the affected countries were "among the most climate-vulnerable in the world".The agency's report, published ahead of meetings of the International Monetary Fund, the World Bank, and also of G20 finance ministers in Washington, highlighted the need for swift action.But despite repeated warnings, "little has happened so far, and the risks have been growing," UNDP chief Achim Steiner told reporters in Geneva."That crisis is intensifying and threatening to spill over into an entrenched development crisis across dozens of countries across the world."The poor, indebted countries are facing converging economic pressures and many find it impossible to pay back their debt or access new financing.'Volatility'"Market conditions are shifting rapidly as a synchronised fiscal and monetary contraction and low growth are fuelling volatility around the globe," UNDP said.The UN agency said debt troubles had been brewing in many of the affected countries long before the Covid-19 pandemic hit."The rapid build-up in debt over the past decade has been consistently underestimated," it said.The freeze on debt repayment during the Covid crisis to lighten their burden

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Green light to downgrade Sri Lanka to a low-income country

COLOMBO (News 1st) – Sri Lanka's Cabinet has granted approval to downgrade Sri Lanka to a low-income country from a lower-middle income country, announced Dr. Bandula Gunawardena, the Cabinet Spokesperson on Tuesday (11)."Sri Lanka was a middle-income country as per the global classification.

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Gammadda Door to Door moves to three new districts in search of the peoples issues

COLOMBO (News 1st) – It is no secret that the prevailing economic crisis has led to the disruption of the day-to-day lives of the general public. How many families have been impacted by this unprecedented economic crisis? Has sufficient attention been given to those who are severely affected? The Gammadda Door to Door initiative continues to identify a range of issues faced by average Sri Lankans. On Monday (10), which was Day Six of the Sixth edition of the Gammadda Door to Door program, the team that completed it's tour in the Jaffna district reached the Killinochchi district.They visited the Malayalapuram area in the Karachchi Divisional Secretariat, where most of the residents are day-wage earners.Unfortunately, the economic crisis left them with no work, ruining their chances of providing for their families. Gammadda teams in the Ratnapura district visited Handagirigoda, Handagiriya, Kolonna andSuriyakanda villages in the Welligepola Divisional Secretariat and met with the poverty-stricken estate workers living in Suriyakanda. People in this area do not have the luxury of enjoying cell phone services as the area lacks the basic facilities. Unlike most areas in Sri Lanka children in the area do not have access to online education.Gammadda teams in the Polonnaruwa district toured many areas in the Hingurakgoda Divisional Secretariat. On top of the economic crisis, people in this area face wild elephant threats.

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Sri Lanka needs meaningful outcomes of debt restructuring

COLOMBO (News 1st) – The World Bank in its October 2022 update says that it will be imperative to protect the poor and vulnerable by providing immediate additional assistance to the poorest in need, while comprehensively reforming the social protection system.The World Bank warns that poverty has increased sharply since 2021, and it is likely to increase further in the absence of effective mitigation measures and made several recommendations.– In the short run, increasing financing for social assistance should be a priority. – The government will need to invest in the establishment and operationalization of the Welfare Benefits Board and a Social Registry. – The generosity of cash transfers needs to be revisited, particularly for some vulnerable groups– Sri Lanka also needs to adopt more modern payment systems for cash transfer programs.– Given its increasing vulnerability to shocks, Sri Lanka would also benefit from developing a social protection system that can scale up and phase out where needed.– In the medium to long term, Sri Lanka needs to transition to a more fiscally sustainable and inclusive social insurance and aged care system.– Sri Lanka also needs to strengthen its productive inclusion programs.– Finally, a social protection strategy is needed to guide the overall social protection reformThe World Bank said that Rising debt vulnerabilities and weak competitiveness, resulting from years of risky borrowing and poor fiscal and monetary policy choices, along with weak governance, led to an unsustainable debt and a severe balance of payments crisis. It warned that a delayed response allowed the crisis to spread to all key sectors of the economy.The World Bank said that a significant economic contraction is

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Gammadda Door to Door moves to three new districts

COLOMBO (News 1st) – Today is Day six of the 6th Edition of the Gammadda Door to Door Program, and the Gammadda teams were deployed across three districts today (10) as well.The Gammadda teams engaged in the Door to Door program are currently based in the Ratnapura, Polonnaruwa, and Kilinochchi Districts.The Gammadda Door to Door program is joined by the University of Peradeniya as well. Gammadda is well known among all Sri Lankans, young and old, as the people's force that brings about a new beginning for the villages and towns of Sri Lanka.Gammadda implements these projects by identifying the real needs of the local population.The needs of the people were identified following an extensive and streamlined study of the findings in the Gammadda Door to Door program that was implemented five times before along with the University of Peradeniya.The COVID-19 Pandemic and the Economic Crisis have forced the people of Sri Lanka to undergo various hardships.

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Putin calls Crimea bridge attack 'a terrorist act' carried out by Ukraine

Russian President Vladimir Putin on Sunday called the attack that damaged the huge bridge connecting Russia to its annexed territory of Crimea "a terrorist act" masterminded by Ukrainian special services.The Kerch Bridge, which holds important strategic and symbolic value to Russia in its faltering war in Ukraine, was hit a day earlier by what Moscow has said was a truck bomb. Road and rail traffic on the bridge were temporarily halted, damaging a vital supply route for the Kremlin’s forces."There’s no doubt it was a terrorist act directed at the destruction of critically important civilian infrastructure of the Russian Federation," Putin said during a meeting with the chairman of Russia’s Investigative Committee, Alexander Bastrykin.

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Cabinet Spokesperson Bandula Gunawardena says he doesn’t have a solution to the crisis

COLOMBO (News 1st) – Transport Minister Dr. Bandula Gunawardena has requested for anyone who knows the method for freeing the country from its current crisis to come forward. The Minister said that as the Government has announced that it has defaulted on its debt, if anyone can indeed teach the Government on how to get out of its situation, that would bring them glory in this world and a blessing in the hereafter.He also stated that the Government of USA has filed a lawsuit alleging that Sri Lanka has not paid part of the debt it has taken by issuing sovereign bonds, and said that Sri Lanka does not have the expertise to face such a case. Therefore, the Government has assigned the responsibility of providing legal advice to a company called Clifford and Sons, and had chosen a company called Lazard to prepare a system to get us out of the crisis. "There is no political solution for this.

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Gladiator star Russell Crowe donates £5k to save UK bookshop hit by Covid and cost of living crisis

GLADIATOR star Russell Crowe has donated £5,000 to help save an independent book shop. The Oscar-winning actor contributed to a crowdfunding campaign launched this week.

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President has no mandate; He was elected to protect 134 MPs – AKD

COLOMBO (News 1st) – Although the President attempted to push the idea that he accepted the challenge of leading the country forward through an economic crisis as there was no one else qualified to take up the challenge, the question remains whether he accepted it because he did not have a choice, or whether he was chosen to oversee the return of the Rajapaksas. Speaking at the Parliament, JVP Leader Anura Kumara Dissanayake said that the Rajapaksa camp was pushed against the wall, and they chose Wickremesinghe as the President to see them through the current crisis. "Therefore, he is not the one who accepted this challenge, but he is the chosen one," Dissanayake said.He emphasized that he too remains ready to accept this very same position and challenged the President to hold an election to appoint a leader and government.Citing the statement by President alleging that some political parties are ready to take power over dead bodies, Dissanayake challenged the President to name such parties."We have to accept that a Government and an individual cannot come out of this crisis. Society should be united for this.

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UNHRC resolution will affect IMF & GSP+

COLOMBO (News 1st) – Minister of Justice Dr.Wijayadasa Rajapaksa says the latest resolution adopted on Sri Lanka at the UN Human Rights Council would have an effect on the proposed IMF bailout as well as the GSP+ concession. The Minister of Justice and Constitutional Reforms attributes the change of stances Sri Lanka as a nation adopted from time to time and the breakdown of the general public's trust in its leaders to the UNHRC resolution being passed.The Minister warned that this development has pushed Sri Lanka into a perilous situation. The resolution presented at the 51st Session of the UNHRC by the core group on Sri Lanka was passed yesterday.9 out of the 19 facts presented in the resolution concerned the economic crisis in the country and recent violations of human rights.20 countries voted in favour of the resolution while 7 opposed it. 20 countries including India, Japan and Nepal abstained from voting. The Minister of Justice pointed out that he will continue to hand in hand with the Ministry of Foreign Affairs to expedite steps to introduce democratic reforms while working with the international community through a mutual understanding.

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Protecting the vulnerable is critical in overcoming crisis – World Bank

COLOMBO (News 1st) – The World Bank on Thursday (6) announced that debt restructuring and the implementation of a deep reform program are critical for Sri Lanka’s economic stabilization.Sri Lanka’s real GDP is expected to fall by 9.2 percent this year and a further 4.2 percent in 2023, said the World Bank in its twice-a-year update, underscoring the need for Sri Lanka to build resilience.Beset with Sri Lanka’s economic crisis, Pakistan’s catastrophic floods, a global slowdown, and impacts of the war in Ukraine, South Asia faces an unprecedented combination of shocks on top of the lingering scars of the COVID-19 pandemic, said the World Bank in a statement titled "Unprecedented Shocks Rattle South Asia, Exacerbating Challenges and Dampening Growth."“Protecting the vulnerable is critical as Sri Lanka fast tracks deep reforms to navigate the deepening economic crisis.The crisis calls for immediate action to protect the poorest and most in need while also focusing on strengthening the social protection system,” said Faris H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “In the face of the economic crisis, poverty estimates doubled to 25.6 percent between 2021 and 2022, increasing the number of people living in poverty by 2.7 million.

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Philadelphia schools institute new community patrol program designed to protect students

PHILADELPHIA - As city and community leaders try to find ways to protect kids from the gun violence crisis, a new program at several Philadelphia schools aims to keep students safe after the final bell rings.The folks in the blue vests outside West Philadelphia High School are community members paid to monitor dismissal, as part of the "Safe Path" program just instituted this year at eight Philly schools. The goal is to help reduce violence and make sure kids get home safely.

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Risk of nuclear 'Armageddon' highest since 1962 Cuban Missile Crisis, Biden says

WASHINGTON - President Joe Biden said Thursday that the risk of nuclear "Armageddon" is at the highest level since the 1962 Cuban Missile Crisis, as Russian officials speak of the possibility of using tactical nuclear weapons after suffering massive setbacks in the eight-month invasion of Ukraine.Speaking at a fundraiser for the Democratic Senatorial Campaign Committee, Biden said Russian President Vladimir Putin was "a guy I know fairly well" and the Russian leader was "not joking when he talks about the use of tactical nuclear weapons or biological or chemical weapons."Biden added, "We have not faced the prospect of Armageddon since Kennedy and the Cuban Missile Crisis." He suggested the threat from Putin is real "because his military is — you might say — significantly underperforming."Marine One carrying US President Joe Biden lands at the Wall Street landing zone in New York on Oct. 6, 2022.

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Smartphone prices have increased by 70% since January

COLOMBO (News 1st) – The prices of smartphones in Sri Lanka have increased by 70% to 100% over the past few months.In January this year, an android smartphone was priced from Rs. 20,000/- updates, however, the prices have now increased."The lowest original phone is around Rs.

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UNHRC : Core Group produces 19-point resolution on Sri Lanka

COLOMBO (News 1st) – The Core Group at the United Nations Human Rights Council has produced a 19-point resolution on Sri Lanka.This is a draft resolution and it has received the support of thirty other countries Albania,* Australia,* Austria,* Belgium,* Bosnia and Herzegovina,* Bulgaria,* Canada,* Croatia,* Cyprus,* Czechia,* Denmark,* Estonia,* Finland, Germany, Greece,* Iceland,* Ireland,* Italy,* Latvia,* Liechtenstein,* Lithuania, Luxembourg, Malawi, Malta,* Montenegro,* Netherlands, New Zealand,* North Macedonia,* Norway,* Portugal,* Romania,* Slovakia,* Slovenia,* Sweden,* Switzerland,* United Kingdom of Great Britain and Northern Ireland and United States of America.The draft resolution noting with appreciation the work of the Office of the United Nations High Commissioner for Human Rights towards the promotion and protection of human rights and truth, justice, reconciliation and accountability in Sri Lanka, has made the following 19-points.1.Welcomes the oral update presented by the United Nations High Commissioner for Human Rights to the Human Rights Council at its forty-ninth session and the report of Office of the United Nations High Commissioner for Human Rights presented to the Council at its current session;2.Also welcomes the engagement of the Government of Sri Lanka with the Office of the High Commissioner and the special procedures of the Human Rights Council, encourages the continuation of such engagement and dialogue, and calls upon Sri Lanka to implement the recommendations made by the Office and to give due consideration to the recommendations made by the special procedures;3.Expresses concern at the human rights impact of the economic crisis, including as a result of increased food insecurity,

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Sri Lanka central bank to hold rates as inflation worries persist

(Reuters) – Sri Lanka's central bank is likely to maintain interest rates on Thursday in an effort to get a grip on inflation which has remained stubbornly high despite a sharp contraction in the crisis-hit economy.Nine out of 14 economists and analysts polled by Reuters said they expect rates to remain unchanged as the Central Bank of Sri Lanka (CBSL) waits for the effects of its earlier hikes to filter through to the economy and for inflation to stabilise as the economy cools."The pace of inflation appears to be slowing but it is also largely cost push inflation caused by depreciation and global commodity prices, which a rate hike would have limited impact on," said Dimantha Mathew, head of research for Colombo-based investment firm First Capital.The CBSL has raised rates by a record 950 basis points this year to battle high inflation which is adding to the country's economic woes.However, inflation has remained high, hitting a record peak of 68.9% in September with food inflation climbing to 93.7%.Sri Lanka's economy shrank 8.4% in the quarter through June from a year ago in one of the steepest declines seen in a three-month period, amid fertilizer and fuel shortages.

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6th Edition of Gammadda Door to Door underway in three districts

COLOMBO (News 1st) – The 6th Phase of the Gammadda Door-to-Door program commenced on Wednesday (5) morning centering three district.The Gammadda Door to Door program is joined by the University of Peradeniya as well. The 6th edition of the Gammadda Door to Door program is currently underway in the Jaffna, Matale, and Kalutara Districts.Gammadda is well known among all Sri Lankans, young and old, as the people's force that brings about a new beginning for the villages and towns of Sri Lanka.Gammadda implements these projects by identifying the real needs of the local population.The needs of the people were identified following an extensive and streamlined study of the findings in the Gammadda Door to Door program that was implemented five times before along with the University of Peradeniya.The COVID-19 Pandemic and the Economic Crisis have forced the people of Sri Lanka to undergo various hardships.Gammadda is ready once again to identify the socio-economic issues of the people of Sri Lanka.

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Food Crisis: Estate Sector worst affected, says WFP

COLOMBO (News 1st) – The World Food Program in its report for September 2022 reported that the highest level of acute food insecurity is in the Estate sector.The World Food Program has highlighted the tea production sector as having the highest level of acute food insecurity in the Estate sector.It is also recorded and among female-headed households, households with no education, and Samurdhi programme beneficiaries.A severe macroeconomic crisis caused acute shortages and spikes in the prices of essential products, including medicines, food, agricultural inputs and fuel, bringing the overall economic activities to a standstill, with major disruptions to agricultural production, said the WFP.It added that acute food insecurity has risen dramatically, as a result of import shortages, soaring prices, livelihood disruptions, reduced household purchasing power and exhaustion of less severe household coping strategies. The WFP said that Food and livelihood-related coping strategies are being widely adopted, including cutting the number of meals consumed in a day, reducing meal sizes, spending savings, and purchasing food on credit. As households exhaust these strategies, more of them are likely to engage in severe means of coping with negative knock-on consequences for food security over the medium term.The World Food Program warned that the situation is likely to deteriorate during the lean season from October 2022 to February 2023.It added that over 6.2 million people (28 percent of the population) are estimated to be moderately acute food insecure and 66 000 people to be severely acute food insecure. Immediate food assistance and livelihood programmes are essential for moderately and severely acute food insecure

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Female-headed homes hard hit by acute food insecurity in Sri Lanka

COLOMBO (News 1st) – Asia’s highest inflation rates and ongoing fuel scarcity continue to threaten food security in Sri Lanka. Sri Lanka continues to experience an unprecedented economic crisis with high inflation, rising commodity prices, power shortages and scarcity of fuel.The World Food Program said that Asia’s highest inflation rates and ongoing fuel scarcity continue to threaten food security in Sri Lanka. According to the World Food Programme (WFP), an estimated 6.2 million people in Sri Lanka are facing moderate to severe acute food insecurity, with one in every four households applying negative coping strategies such as reducing the number of meals per day, reducing expenses on other essential things such as healthcare or withdrawing children from school. Female-headed households are seen to be particularly hard it, as are the urban poor and people working in the estate-sector.The United Nations Office for the Coordination of Humanitarian Affairs said that given the deteriorating food security and nutrition situation in Sri Lanka and the strong likelihood that the upcoming Maha season will not produce sufficient yields, several countries have pledged further assistance, especially towards improving food security and the critical inputs for the agriculture sector. The United States Agency for International Development (USAID) announced an additional US$20 million in humanitarian assistance, bringing USAID’s total assistance to nearly US$92 million since June of this year. The United Kingdom pledged £3 million in lifesaving support going mostly toward food security and supporting farmers, while the EU released €1.5 million in humanitarian aid which will mainly be utilized for multipurpose cash assistance.The final

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Sri Lanka among 48 countries designated as Hunger Hotspots

COLOMBO (News 1st) – Sri Lanka has been categorized as a FAO – WFP Hunger Hotsport or a major food crisis by the UN GRFC.This was revealed in a recent statement by the International Monetary Fund.Sri Lanka is among the 48 countries designated as Hunger Hotspots that are considered as countries highly exposed to fed insecurity. The other countries include a series of nations in the African Continent. Food insecurity has been rising since 2018. Even before Russia’s invasion of Ukraine, the increasing frequency and severity of climate shocks, regional conflicts and the pandemic were all taking their toll, disrupting food production and distribution, and driving up the cost of feeding people and families.The situation took an even more dramatic turn with the war in Ukraine.

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European Commission says Freedom of Expression is essential in Sri Lanka , & GSP+ to be assessed soon

COLOMBO (News 1st) – Ursula von der Leyen, President of the European Commission congratulating President Ranil Wickremesinghe on his election as the President of the Democratic of Socialist Republic of Sri Lanka has assured its support to the government of Sri Lanka for the efforts to overcome the crisis successfully.Issuing a statement, Ursula von der Leyen noted that at a time of unprecedented challenges faced by the people of Sri Lanka, the European Union remains committed to support Sri Lanka’s efforts to overcome the crisis successfully, including the necessary reforms that will bring the country back to a path of inclusive prosperity and lasting national reconciliation.She further stated that in this process, freedom of expression and assembly, dialogue among all stakeholders, as well as respect for the rule of law and fundamental rights will remain essential.She has also made a reference to the assessment by the European Union on the progress made by Sri Lanka on GSP+ commitments.

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Law must apply equally to all economic criminals: Dr. Harsha de Silva

COLOMBO (News 1st) – SJB MP Dr. Harsha de Silva says that the law must apply to all those who are responsible for the economic crisis.Speaking at an SJB press conference held on Sunday (2), the MP cited the Minister of Foreign Affairs, who said in Parliament that all should be held responsible for the current economic crisis is now refuting his own statement and opposing the condemnation of economic crimes. Pointing out that the former President has now returned and is at Malalasekara Mawatha enjoying his comforts, the MP emphasized that it is Rajapaksa along with his accomplices who should be blamed for the economic crisis. MP de Silva also states that it is not the President who implemented the High Security Zones, but the Defence Secretary Kamal Gunaratne Kamal Gunaratne.He predicted that an inevitable catastrophe of Kamal Gunaratne's action would be a socio-political explosion. "That group including Kamal Gunaratne only operate according to a single model, which is the same model of the past.

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HRCSL to investigate causes of economic crisis

COLOMBO (News 1st) – The Human Rights Commission of Sri Lanka has planned to initiate an investigation into the causes of the economic crisis in the country.The HRCSL said that special attention will be given to the impact of ever-changing political reasons that resulted in policy changes within the economy.Moreover, the Commission expects to pay attention to the way in which authorities have acted in making policy decisions that caused the economic downturn, such as ignoring national interests while separating ministries from their scope.The commission also stated it expects to record statements from officials at the Central Bank of Sri Lanka, the Ministry of Finance, the ministries related to the implementation of national policies, which are directly related to the economy of the country, and those who are currently working at those institutions in addition to those who had worked at the relevant ministries in the past.Accordingly, the support of several economic experts will also be obtained for the relevant matter.The Human Rights Commission emphasized that the investigation is being conducted due to the violation of people's right to life through the economic crisis.Recently, the United Nations Human Rights Commissioner had also explained facts regarding the economic crimes in Sri Lanka in the report presented to the 51st Human Rights Council session held recently.In that report, she pointed out that in order to obtain a permanent solution to the economic crisis that has affected the human rights of all communities, attention must be paid to the corruption that is rooted in this country.The United Nations Human Rights Commissioner also emphasized the need to take action regarding past and recent human rights

Sri Lanka economy crisis reports

'They need help': Local animal shelter asks for donations for animals in need after Hurricane Ian

LANGHORNE, Pa. - Local animal shelters are doing everything they can to assist furry friends in Florida after Hurricane Ian and they are seeking help."I reached out to shelters in south Florida and somebody called me back instantly. Her voice was cracking. They need help, they’re running out of food!" owner of Town and Country Pet Care Center Liz Carpino said.Each day, a clearer picture of just how much devastation Hurricane Ian left behind in many parts of southwestern Florida and help, in the form of Red Cross workers and other aid is being rushed in to those in need.RELATED COVERAGE:Another crisis less known that is playing out simultaneously is the large number of dogs separated from their owners.Liz Carpino is the owner of Town and Country Pet Care Center in Langhorne.

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UNICEF welcomes Japanese aid to Sri Lanka

COLOMBO (News 1st) – UNICEF welcomes the contribution of US$ 500,000 from the Japanese Government to support the provision of nutrition services for children and families affected by the current crisis that Sri Lanka faces.In coordination with the Ministry of Health and partners, the funding will be used to procure micronutrients urgently needed to care for children, carry out screening and provide the necessary follow-up, including counseling for malnutrition.

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Only India helped Sri Lanka when it faced crisis, others looked for business: Bhagwat

(PTI) Indian RSS chief Mohan Bhagwat said that it was only India which helped Sri Lanka and Maldives when these countries were in distress while other countries were interested in finding business opportunities.Spirituality is the "soul of India", he said, addressing a program organized by Bharat Vikas Manch, an organization associated with the Rashtriya Swayamsevak Sangh (RSS). He said that countries like China, United States and Pakistan turned their attention to Sri Lanka when they saw business opportunities there.The RSS Chief added that now when Sri Lanka is in trouble, it is only India that is extending support.

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Benefits for MPs during an economic crisis?

COLOMBO (News 1st) – On a day when a father sacrificed his life to feed his children, and multiple robberies were reported across the country, a proposal was submitted to the Parliament regarding the privileges and benefits enjoyed by the parliamentarians and ministers. One of the proposals was presented to the Cabinet by the President and the Minister of Justice. The proposal states that the parliamentarians whose houses and offices were attacked during the period from the 31st of march to the 22nd of June have been unable to carry out their duty to the country since then. Therefore the proposal suggests compensating 50% of the estimated loss until the full compensation is paid. The proposal also requested the permission of the cabinet to release funds for this from the treasury. Meanwhile, instructions were issued recently to provide the necessary facilities for MPs who function as chairmen of District Coordinating Committees. A letter sent by the Secretary to the president to the secretary to the Ministry of Public Administration, Home Affairs, Provincial Councils, and Local Government states that chairmen of District Coordinating Committees should be allocated an official vehicle and be given a fuel allocation of 300 liters. The letter states that in addition to this, they must be provided with a staff allocation of 7 members and also an office within the District Secretariat. The staff of the Chairman of the District Coordination Committee includes 4 development officers already attached to the district secretariat, a personal assistant, an office assistant, and a driver. 16 MPs from the Sri Lanka Podujana Peramuna function as the Heads of the District Coordination Committees.

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Ian brings more damage to Florida's already unstable insurance market

TALLAHASSEE, Fla. - Florida's property insurance market was already in peril. Then came Hurricane Ian.The massive storm that barreled into southwest Florida delivering catastrophic winds, rain, and flooding is likely to further damage the insurance market in the state, which has strained under billion-dollar losses, insolvencies, and skyrocketing premiums.The scale of the storm's destruction will become more clear in the coming days, but there is concern it could exacerbate existing problems and burden a state insurance program that has already seen a sharp increase in policies as homeowners struggle to find coverage in the private market."Florida’s property insurance market was the most volatile in the U.S.

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President hopes all creditors will support Sri Lanka

COLOMBO (News 1st) – President Ranil Wickremesinghe said amidst major economic stress, Sri Lanka is undertaking an unprecedented fiscal effort as part of the government’s commitment to restoring the country’s debt sustainability. Therefore, he expressed hope and expectation that Sri Lanka’s creditors, and all stakeholders, will support Sri Lanka in these efforts to restore the country’s debt sustainability and help put the country back on the path of inclusive and sustainable economic growth.President Wickremesinghe presided over the annual meeting of the ADB Board of Governors on Thursday (29) which was held at the ADB headquarters in Manila, Philippines and attended by Governors and official government delegations.President Wickremesinghe noted that the government has already undertaken major macroeconomic policy reform measures and this program is aligned with the commitment of the government to implement an ambitious and comprehensive package of reforms that will help restore the sustainability of the country’s public finances, addressing external imbalances, and restarting the growth engine through structural reforms and improvements in governance.“Amidst major economic stress, Sri Lanka is undertaking an unprecedented fiscal effort as part of our commitment to restoring the country’s debt sustainability.

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Difficult to predict Sri Lanka’s bailout timeline – IMF

(Nikkei) Sri Lanka's government appears increasingly upbeat about its chances of receiving International Monetary Fund board approval for a $2.9 billion bailout by December, but the multilateral lender has cautioned that the time frame remains uncertain, and much depends on discussions with the heavily indebted country's creditors.Peter Breuer, senior mission chief for Sri Lanka, and Masahiro Nozaki, mission chief for Sri Lanka, in written comments to Nikkei Asia, said, "It is difficult to predict the timeline, as the process of debt relief discussions takes time. All parties who are involved in the process should move expeditiously, so that Sri Lanka can emerge from the crisis as quickly as possible."On Sept.

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EU provides €1.5 Mn humanitarian aid to Sri Lanka

COLOMBO (News 1st) – EU released €1.5 million in humanitarian aid to respond to the ongoing socio-economic crisis affecting millions of people in Sri Lanka.The new EU funding will mainly focus on multipurpose cash interventions to respond to the basic needs of the population, among which are food, health, education, and protection.Humanitarian assistance will target the most vulnerable households that require immediate support.Commissioner for Crisis Management, Janez Lenarčič, said, “The people of Sri Lanka are suffering the hardship of a protracted socio-economic crisis that is increasingly exhausting resources and threatening the food security of millions of people.

Sri Lanka Eu crisis Health Provident

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0