By: Staff Writer

February 05, Colombo (LNW): In a bid to maintain a reasonable price for farmers, a pledge loan scheme under a concessional interest rate for small and medium-scale (SME) paddy millers, paddy storage owners and paddy collectors has been implemented for purchasing paddy in Maha Season 2023/2024.

The move comes following a Cabinet decision taken on Monday and the concessionary loan scheme is implemented from 1 February to 30 April. The total value of the loans to be disbursed by the Banks is Rs. 9 billion.

Accordingly, the target group of this loan scheme includes SME paddy millers who are subject to a maximum daily paddy milling capacity of 25 tons, paddy storage owners and collectors are subject to having an adequate storage capacity or a valid lease agreement with a storage owner with a sufficient storage capacity or SME paddy miller.

Such borrowers should have a valid Business Registration obtained from a relevant Government institution.

They can get loans at the effective interest rate of 15% per annum under the maximum loan amount of Rs. 50 million per SME paddy miller and Rs. 25 million per paddy storage owner and paddy collector. Out of the effective interest rate, an 11% interest rate has to be borne by the respective borrowers and the interest subsidy is 4%. The respective loan should be repaid within 180 days.

It has been planned to provide pledge loans through the Bank of Ceylon, People’s Bank, Regional Development Bank, Commercial Bank of Ceylon PLC, DFCC Bank Ltd, National Development Bank PLC, Hatton National Bank PLC, Sampath Bank Ltd, Sansa Development Bank Ltd and Seylan Bank PLC under this loan scheme.

Further, it has been planned to purchase paddy at a Minimum Purchase Price of Paddy declared by the Department of Agriculture under this program. Minimum Purchase Price of paddy for Maha Season 2023/2024.

As of now the mill owners have been engaged in raising the price of paddy. Given the current drought and rainfall situation that prevail these individuals are not only attempting to raise the price of paddy, but are also trying to create the illusion of a paddy shortage.

The per capita paddy consumption in Sri Lanka is approximately 125 kg per year. However, due to last year’s economic crisis this figure decreased to 90 kg.

Nevertheless, the per capita paddy consumption has increased to 112 kg as of now. Additionally, Sri Lankans require two hundred thousand metric tons of paddy per month. Consequently, Gunaratne pointed out that 2.4 million metric tons of paddy is needed annually.

By: Staff Writer

February 05, Colombo (LNW): The government will kick start the “Urumaya” freehold deed program, facilitating the conversion of Land Development Ordinance licenses into freehold deeds for eligible farmers.

A sum of, Rs. 02 billion has been allocated for this program in accordance with the 2024 budget proposals.

In a major step towards resolving land ownership issues for over two million Sri Lankans, the “Urumaya” program will be officially launched on 5 February in Dambulla, Tourism, Lands and Sports and Youth Affairs Minister Harin Fernando announced.

Speaking to journalists at a briefing held at President Media Centre, he said the program aims to provide permanent land ownership solutions, noting that over 10,000 land licensees currently holding Ran Bhoomi, Jaya Bhoomi, and Swarna Bhoomi licenses will be among the first beneficiaries of this program.

“February 5 will mark the beginning of a new chapter for many Sri Lankans, offering them a brighter future rooted in secure land ownership. This is not just a distribution; it’s a dawn of hope for the entire rural landscape,” he added.

These licenses will be converted into freehold deeds, granting them full ownership of their land. This move is expected to significantly improve the lives and livelihoods of millions currently struggling with land ownership uncertainties.

“The ‘Urumaya’ initiative represents a commitment to addressing long-standing land issues and empowering citizens with the security and freedom that comes with land ownership,” he said, outlining the program’s significance as a key step towards building a stable and prosperous Sri Lanka.

“Urumaya washes away the tears of many generations, writing a new chapter in empowerment and prosperity,” the Minister said.

Fernando also said the Ministry takes pride in another ground-breaking initiative igniting the entrepreneurial spirit of our youth.

“This ambitious program aims to empower a million young minds, transforming them into the architects of their own destinies. With ‘Urumaya’ fostering rural revival and this youth-centric project fueling innovation,

Sri Lanka is poised for a golden age. Join us as we rewrite the narrative, one empowered generation and one life-changing deed at a time.”

He said two years ago the country’s condition was similar to a critically ill patient. “Just as a doctor might administer necessary, yet potentially uncomfortable, treatment to heal the patient, the country had undergone similar adjustments under President Ranil Wickremesinghe’s leadership.

While not always agreeable, these measures were deemed essential for the nation’s recovery,” he stressed. The Minister asserted that challenges are embraced not for personal glory, but for the sake of the country’s success.

By: Staff Writer

February 05, Colombo (LNW): Heritance Hotels and Resorts, the premier flagship brand of Aitken Spence Hotels, has unveiled the ‘Trails of Bawa’ tour during the Galle Literary Festival held recently.

This captivating journey was unveiled at the session titled ‘Preserving and re-narrating modern Sri Lankan cultural histories’, featuring the insights of Channa Daswatte, Sunela Jayewardene, and Johann Peiris, proudly sponsored by Heritance Hotels and Resorts.

The tour, Trails of Bawa, is an architectural odyssey through some of Sri Lanka’s iconic spaces designed by Deshamanya Geoffrey Bawa, capturing the essence of Modern Tropicalism.

It is a curated experience that immerses guests in the architectural brilliance of the Father of Modern Tropicalism in Sri Lanka.

Spanning over four nights and five days, this journey would allow guests to explore five iconic spaces: Heritance Kandalama, Heritance Ayurveda,

Heritance Ahungalla, Lunuganga Garden and No. 11, Colombo, the Geoffrey Bawa residence. Each stop during the trail is a testament to his genius, artfully showcasing elements of modern tropicalism and the innovative use of open spaces, natural light, and local materials, creating an ambiance that embodies the essence of Modern Tropicalism.

Aitken Spence Plc Jt. Deputy Chairperson and Jt. Managing Director Stasshani Jayawardena said: “Deshamanya Geoffrey Bawa’s influence on architecture is immeasurable and we are delighted to present the ‘Trails of Bawa’ as a tribute to his architectural brilliance.

The Trails of Bawa is more than just an ordinary tour, it’s a curated experience to witness the texture, breathe in the scents, and hear the whispers of nature that inspired one of the most celebrated architects of the 21st century to create his timeless masterpieces.

Heritance Hotels and Resorts proudly stands as the custodian of the largest portfolio of Bawa designed hotels in Sri Lanka, namely Heritance Kandalama, Heritance Ahungalla and Heritance Ayurveda and it is our duty to honour and perpetuate his legacy through such endeavours.”

The Trails of Bawa is a journey that promises to leave a lasting impression on all those who partake in its captivating experience, providing a transformative exploration of design, art, and nature.

By: Staff Writer

February 05, Colombo (LNW): The conceptual apparel framework of ‘Sourced Sri Lanka’, a roadshow has been planned in the UK this year bringing together buyers, brands, retailers and importers.

The Sri Lanka Apparel Sourcing Association (SLASA) will present the road show with the collaboration of JAAF, SLASA and the EDB, the roadshow showcasing Sri Lanka’s export capabilities with the objective of increasing visibility, generating leads and sales and building key industry relations.

‘Sri Lanka Apparel: Ambition 2030’, a roadmap is also on the cards that places Sri Lanka apparel as a premier engine of export growth for the country.

The presentation od the road map by Deputy Chairman JAAAF Aroon Hirdaramani underscored the imperative for the apparel sector to enhance its competitiveness aligned with regional counterparts, emphasizing the necessity to showcase Sri Lanka apparel’s innovation and technological capabilities and the significance of leveraging a highly skilled workforce.

Industry veteran Saifudeen Jafferjee was elected Chairman of the Joint Apparel Association Forum (JAAF), which is the apex body that guides Sri Lanka apparel towards its ultimate goal of being the world’s number one apparel sourcing destination. At the 20th Annual General Meeting held recently, the Executive Committee including Deputy Chairmen Felix Fernando and Aroon Hirdaramani were re-elected.

Delivering the inaugural Chairman’s address, Jafferjee highlighted six key policy areas that the industry is seeking government support to propel the apparel sector to meet its ultimate objective of becoming the world’s number one apparel sourcing destination.

“The economic crisis has been a clear and visible indicator that the export driven model is the panacea to add fillip to Sri Lanka’s economic growth agenda.

However, the macroeconomic programme of the IMF has affected the business model of our industry. Therefore, it is important for JAAF to engage with the current leadership on the vital need to return to an export-led business model.” Jafferjee urged the apparel industry to expand its exports, propelling not only the industry but the country’s economy as a whole.

The adherence to cost-reflective electricity prices, as prescribed by the IMF programme, has resulted in a 50% increase in Sri Lanka apparel’s operational costs, compared to competing countries. Jafferjee deemed this path unsustainable and urged the government to instigate change.

Mandatory conversions, initially introduced as a short-term measure, were questioned by Jafferjee, in light of the exchange rate appreciation and excess liquidity in the banking system. He urged the Central Bank to reconsider the policy of compulsory conversions.

The implications of VAT regulations, especially regarding food and transport services for employees, were highlighted by Jafferjee as “burdensome and illogical” calling for a prompt solution by the state. On the SVAT, he stated that empirical evidence suggests refund mechanisms do not work and advocated a more permanent arrangement.