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Sri Lanka to tackle plastic waste menace from pollution to solution

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Sri Lanka to tackle plastic waste menace from pollution to solution

By: Staff Writer

Colombo (LNW): Some 938 metric tons of plastic are generated in Sri Lanka every day, the Sectoral Oversight Committee on Environment, Natural Resources and Sustainable Development revealed recently

An estimated 1.59 million tonnes of plastic waste is mismanaged in Sri Lanka, the United Nations Development Programme (UNDP) in Sri Lanka said.

Sri Lanka imports over 500,000 MT of virgin plastic annually, straining the country’s waste management systems.

An estimated 1.59 million tonnes of plastic waste are mismanaged. About half of this amount ends up in canals, rivers, and eventually the ocean, endangering marine ecosystems.

With an average 0.4-1 kg daily per capita waste generation, Sri Lanka produces 10,786 tonnes of waste per day.

According to the Waste Management Division of the Central Environmental Authority, only about half of that gets collected as municipal waste.

Overall, 85% of waste generated is estimated to be disposed inappropriately, mainly through indiscriminate open dumping and burning, giving rise to health and environmental impacts.

The Sectoral Oversight Committee on Environment, Natural Resources and Sustainable Development revealed recently that only 32 percent of the generated amount is collected and only 4 percent of the collected plastic is mechanically recycled.

The officials pointed out that even if the rest is collected, it is being disposed of informally in the environment.

It was also revealed that industrialists have been allowed to import secondary plastic without any regulations and therefore, the Sectoral Oversight Committee instructed the Central Environment Authority to issue licenses only according to the needs of the industry in the future.

The officials revealed that Sri Lanka annually imports 4 lakh metric tons of plastic raw materials and 20,000 metric tons of waste plastic is also allowed to be imported.

Although 20,000 metric tons of waste plastic was approved to be imported last year, it was revealed that only 5,179 metric tons of waste plastic was imported for the Sri Lankan industries.

Therefore, the chairman of the committee advised the authorities to consider the need of the industry and give permission accordingly and to create a system for collecting the plastic brought in within a specific period of 5 years.

Officials told the committee that many people are not interested in collecting plastic for recycling due to the high cost.

However, the chairman mentioned that this amount can be increased by increasing the incentives for plastic collection. Moreover, he also emphasized the need to establish special centers in all parts of the island for plastic collection.

Excise Dept increased revenue by Rs. 1 bn after checking fake stickers on liquor bottles

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Excise Dept increased revenue by Rs. 1 bn after checking fake stickers on liquor bottles

By: Staff Writer

Colombo (LNW): 103 year old Sri Lanka Excise Department will be modernised to enhance revenue collection by installing digital information system while improving efficiency of employees curtailing irregularities and tax evasion by large scale liquor manufacturers,

The monthly income of the Excise Department has increased by Rs. 1 billion after checking fake stickers on liquor bottles, a Parliamentary committee revealed.

This was revealed by the officials of the Excise Department to the Sectoral Oversight Committee on National Economic and Physical Plans.

The Excise Department, Inland Revenue Department and Sri Lanka Customs were summoned before the committee to discuss the matters mentioned in the report given to the President by the Sectoral Oversight Committee on National Economic and Physical Plans.

The committee inquired about the amendment of the Excise Ordinance Act. The committee also pointed out the need to maintain the revenue that the Excise Department has increased so far and the continuation of random raids will further reduce the fixing of fake stickers on liquor bottles.

The officials present before the committee mentioned that the RAMIS system will be made functional by January 2024 by avoiding the existing deficiencies.

The Inland Revenue Department said that the number of tax files is currently around 7 lakhs and it is expected to increase up to 10 lakhs in the future.

Apart from this, the committee also advised the officials to focus on preparing a system for evaluating the parties who pay income tax correctly.

The department has functioned without a computer-based Information System and details of the productions in several liquor manufacturing plants cannot be traced due to manual back office record system, parliamentary sectoral committee committee report revealed recently.

This has led to the tax evasion of. up to Rs.6.2 billion by nine leading liquor manufacturing companies making impossible for the department to collect the 2023 revenue target of Rs 207 billion , official data shows.

The Excise Department has collected Rs. 99 billion during the first eight months of this year, less than 47 per cent of the estimated revenue of Rs. 217 billion.

Finance ministry will take necessary action to devise necessary amendments to the Excise Ordinance with provisions to cancel the licenses of the manufacturers who evade paying taxes.

Measures will be taken to cancel the liquor license of the liquor shops selling alcohol without the sticker.

The department has been directed to collect data and check the quantity of liquor supplied to the liquor factories and the quantity of bottles distributed from the factories preventing any irregularities and malpractices.

It has been observed several manufacturers including a leading liquor company DCSL which has 50 percent market share of the total liquor consumption has not adhered to the directive of pasting stickers on liquor bottles.

The department has already ordered the company to paste stickers on all liquor bottles manufactured by them.

SL bondholders takes about turn raising concerns over debt deal transparency

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By: Staff Writer

Colombo (LNW): A group of creditors holding Sri Lanka’s international bonds welcomed the country’s debt restructuring agreement with official creditors, though it said a lack of transparency on deals struck so far was regrettable.

The same Ad Hoc Group of Bondholders (the “Group”) Lanka (“Sri Lanka”) has committed to working with the Sri Lankan authorities as quickly as possible to find a sustainable solution to Sri Lanka’s debt challenges as they relate to its international bond debt in October13.

To that end, the Group, acting through its Steering Committee has proactively submitted its own restructuring proposal relating to Sri Lanka’s outstanding international bonds.

The proposal, which provides upfront debt relief, includes a menu of new securities that would be offered to the holders of the existing bonds, including a “Macro-Linked Bond” (“MLB”).

How ever the recent complaint underscores rising worries that a lack of visibility for private creditors around debt deals between indebted countries and their official creditors could derail or delay those nations’ efforts to finalise restructuring.

Sri Lanka and a group of its creditor nations, including Japan, France and India, on Wednesday reached an agreement in principle on a debt rework of $5.9 billion of outstanding public debt.

That followed a deal between the country and the Export-Import Bank of China in October on about $4.2 billion of loans.

But the bondholder group, which represents creditors holding some of the country’s $12 billion of outstanding bonds, said this week lack of transparency between public and private creditors.

The noted that it was making it more difficult for them to strike a deal with Sri Lanka that was compliant with IMF rules and that provided “fair and equitable” debt treatment.

The group finds it regrettable that there remains such a significant lack of transparency on the part of official sector creditors despite the group’s efforts so far to act as a constructive counterparty,” the Ad Hoc Group of Bondholders said in an emailed statement.

Last week, objections from official creditors derailed an agreement in principle between Zambia and its bondholders to restructure the African nation’s international debt.

The group of Zambia’s bilateral creditors, including France, China and India, said the terms of that proposed deal were not comparable to the relief official creditors offered.

Zambia, as a low-income nation, is reworking its debt under the G-20-designed Common Framework, which makes its process slightly more rigid than Sri Lanka’s. But investors and experts said the issues around lack of information sharing was making it tough for all private lenders to craft debt reworks that public creditors deem comparable to their own offerings.

“It’s possibly more problematic than it was designed to be in terms of actually being able to achieve these debt renegotiations,” Robert Simpson of Pictet Asset Management said.

LITRO’s position on LP gas price

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LITRO’s position on LP gas price

Colombo (LNW): A revision in the prices of LP gas will not take place this month, announced Muditha Peiris, Chairman of the state-run LITRO Gas company, in what he described as consideration of the December festive season.

Accordingly, the prices of domestic LP gas cylinders will not soar despite the price hike in the global market, Peiris told media.

The prices of gas cylinders will remain unchanged as follows;

12.5 kg cylinder – Rs. 3,565

5 kg cylinder – Rs. 1,431

2.3 kg cylinder Rs. 668.

SL’s first revolving restaurant and tallest banquet hall in South Asia opening in Dec 2023

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SL’s first revolving restaurant and tallest banquet hall in South Asia opening in Dec 2023

Colombo (LNW): Citrus Leisure PLC is set to elevate Colombo’s dining scene with the introduction of “Blue Orbit,” South Asia’s tallest restaurant and Sri Lanka’s first revolving restaurant, situated in the iconic Colombo Lotus Tower – the tallest self-supported structure in South Asia.

Scheduled for unveiling in early December, “Blue Orbit” promises a distinctive dining experience, redefining both ambiance and cuisine in the city.

As the exclusive operator of this revolving restaurant and the banquet hall at the Lotus Tower, Citrus Leisure aims to set a new standard in dining experiences.

“Blue Orbit” will accommodate 225 guests at any given time, offering an extraordinary culinary journey with an extensive international buffet for lunch and dinner, operating from 11 am to 11 pm.

For those marking special occasions, Citrus Leisure introduces the “Cosmic” banquet hall, the tallest of its kind in South Asia, with a seating capacity of 350 guests.

Citrus Leisure will curate special menus for weddings and corporate events at “Cosmic,” ensuring a unique and memorable experience. The unveiling of “Cosmic” is also scheduled for early December.

Major General Prasad Samarasinghe (Retd), CEO of the Colombo Lotus Tower Management Company Pvt Ltd, expressed enthusiasm about Citrus Leisure’s role in elevating hospitality services at the Lotus Tower.

He sees this collaboration not just as an advancement in dining but as a fusion of innovation and tradition, symbolising Sri Lanka’s progress.

CEO of Citrus Leisure Plc, Chandana Talwatte, emphasised that “Blue Orbit” and “Cosmic” underscore the company’s dedication to redefining dining and banqueting experiences in Sri Lanka.

The goal is to offer venues that create lasting memories through panoramic views, delectable cuisine, and impeccable service.

Discussing the design, Chartered Architect & Designer Kamilka Perera highlighted the thrilling challenge of crafting the interior of “Blue Orbit.” The design aims to capture sophistication, with celestial-inspired themes and a seamless blend of comfort and style, ensuring each visit is a sensory delight.

Sri Lanka Original Narrative Summary: 03/12

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Sri Lanka Original Narrative Summary: 03/12

  1. Inland Revenue Dept says income tax files have been opened for all MPs: warn MPs that failure to complete the Tax Returns for the year 2022/23 would result in the imposition of a fine of Rs.50,000.
  2. Leader of the House tables proposal in Parliament to suspend State Minister Diana Gamage, and SJB MPs Sujith Sanjaya & Rohana Bandara from attending Parliament for a period of 1 month: 57 MPs vote for & 1 against to pass the Proposal: however, all 3 MPs can vote on the budget, despite their parliamentary suspension.
  3. SL’s next IMF tranche set to be taken up by the IMF Executive Board on 12th Dec’23: item listed as – “First Review of the Extended Arrangement Under the EFF, Request for Waiver of Non-observance of Performance Criterion, Request for Modification of Performance Criteria, Financing Assurances Review, and Rephasing of Access”.
  4. Madurai Bench of Madras High Court says that although half a century has lapsed since India signed the Indo-SL agreements (Sirima-Shastri Pact of 1964 and Sirima-Gandhi Pact of 1974) to resolve the status of Indian Origin Tamils (IOT) in SL, the Indian Govt has still not fulfilled its treaty obligations: notes that India was obliged to repatriate and grant citizenship to not less than six lakh IOTs from SL, but as of date only 461,639 IOTs have been conferred with Indian citizenship.
  5. Tourism Development Authority defends the introduction of Minimum Room Rates: claims the decision is backed by sound evidence on the benefits to the economy: points out to the increased revenue by hoteliers after the MRR came into effect on 1st Oct’23.
  6. Sectoral Oversight Committee on Environment, Natural Resources & Sustainable Development reveals that 938 MT of plastic is generated in SL every day: also reveals that only 32% of the generated amount is collected and only 4% of the collected plastic is mechanically recycled.
  7. Irrigation Ministry Secretary U D C Jayalal confirms that the Ministry has received a proposal for a floating solar plant on Malwathu Oya and that it is currently under evaluation.
  8. Agriculture Minister Mahinda Amaraweera says the Cabinet has approved the import of 100,000 MT of keeri samba rice for the upcoming festive season: also says the Govt has decided to import 50,000 MT of rice under the first phase and sell it only under the intervention of the state.
  9. US Ambassador to SL Julie Chung raises concerns re. the continued use of the Prevention of Terrorism Act: highlights the importance of the need to protect certain fundamental freedoms.
  10. Sources based in Jaffna say Mahendraraja Gopalswamy alias “Mahattaya”, the one-time deputy leader of the LTTE, has been left out of its “Heroes list” as displayed in Nallur, Jaffna, during the recent “Mahaveer Naal” celebrations: Mahattaya was executed on 28th Dec’94 on orders of LTTE leader Velupillai Prabhakaran.

Deep depression over Southwest Bay of Bengal to develop into a cyclonic storm

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Deep depression over Southwest Bay of Bengal to develop into a cyclonic storm

By: Isuru Parakrama

Colombo (LNW): The Deep Depression over Southwest Bay of Bengal located near latitude 11.2°N and longitude 82.7°E, at 2330hrs of 02 December and about 330 km northeast of Jaffna will develop into a Cyclonic storm during next 12 hours, the Department of Meteorology warned in its daily weather forecast today (03).

The system is moving away from the island near the northern coast of Sri Lanka, towards North Tamil Nadu coast of India by December 04, 2023, the statement went on, adding that thereafter, it would move northwards as a Cyclonic Storm and cross South Andhra Pradesh coasts December 05, 2023. 

Cloudy skies can be expected over Northern, North-central and Eastern provinces, it added.

Showers or thundershowers will occur at times in Northern and North-central provinces and in Trincomalee and Batticaloa districts. Fairly heavy showers above 75 mm are likely at some places.

Several spells of showers will occur in Sabaragamuwa province and in Kandy and Nuwara eliya districts.

Showers or thundershowers will occur at several places in Uva province and in Ampara and Hambantota districts after 01.00 p.m.

Showers may occur in Western province and in Galle and Matara districts during the morning.

Strong winds about (40-50) kmph can be expected at times over the Northern, North-central, North-western and Southern provinces and in Trincomalee and Batticaloa districts.

The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

The Deep Depression over Southwest Bay of Bengal located near latitude 11.2°N and longitude 82.7°E, at 2330hrs of 02 December and about 330 km northeast of Jaffna. It will develop into a Cyclonic storm during next 12 hours. The system is moving away from the island near the northern coast of Sri Lanka, towards North Tamil Nadu coast of India by December 04, 2023. Thereafter, it would move northwards as a Cyclonic Storm and cross South Andhra Pradesh coasts December 05, 2023.  It is dangerous to engage in activities in the sea areas off the coast extending from Mannar to Pottuvil via Kankasanthurai, Trincomalee and Batticaloa. Therefore, Naval and fishing communities are advised not to venture into the above sea areas until further notice. Naval and fishing communities are engaged in activities in the sea areas off the coast extending from Galle to Pottuvil via Matara are request to be vigilant. Fishing and naval community are requested to be attentive to future forecasts issued by the Department of Meteorology in this regard.
Condition of Rain:
Showers or thundershowers will occur at times in the sea areas off the coast extending from Puttalam to Pottuvil via Mannar, Kankasanthurai and Trincomalee. Showers or thundershowers will occur at several places in the other sea areas around the island.
Winds:
Winds will be north-westerly or South- westerly and wind speed will be (30-40) kmph in the sea areas around the island. Wind speed may increase up to (60-70) kmph in the sea areas off the coast extending from Mannar to Pottuvil via Kankasanthurai, Trincomalee and Batticaloa and up to (50-60) kmph in the sea areas off the coast extending from Galle to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coast extending from Mannar to Pottuvil via Kankasanthurai, Trincomalee and Batticaloa will be very rough at times.  The sea areas off the coast extending from Galle to Pottuvil via Hambantota can be rough at times and the other sea areas around the Island can be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

Headline Inflation based on CCPI sees surge in Nov 2023

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Headline Inflation based on CCPI sees surge in Nov 2023

Colombo (LNW): In November 2023, headline inflation, measured by the year-on-year change in the Colombo Consumer Price Index (CCPI, 2021=100), rose to 3.4%, marking a notable increase from October’s 1.5%.

This uptick aligns closely with the Central Bank of Sri Lanka’s (CBSL) November 2023 projections.

The Food deflation (Y-o-Y) extended for the fifth consecutive month, registering 3.6% in November 2023 compared to 5.2% in October 2023. Concurrently, Non-Food inflation (Y-o-Y) saw an uptick to 6.8% in November 2023, up from 4.9% in October 2023.

The monthly change in CCPI for November 2023 stood at 1.06%, attributed to price increases in both Food (0.12%) and Non-Food (0.95%) categories.

However, core inflation (Y-o-Y), reflecting the underlying inflation in the economy, decreased to 0.8% in November 2023 from 1.2% in October 2023.

The outlook suggests that inflation is expected to stabilise around the targeted level of 5% over the medium term, supported by appropriate policy measures and well-anchored inflation expectations.

However, the short-term horizon may witness a transitory increase in inflation due to anticipated tax hikes, potential second-round impacts, and potential upward adjustments to administratively determined prices.

Colombo Stock Exchange ends week on a positive note

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Colombo Stock Exchange ends week on a positive note

Colombo (LNW): The Colombo Stock Exchange (CSE) experienced positive investor sentiment following the successful conclusion of external creditors’ bilateral agreement with the government on external debt restructuring, The Island reported.

This optimism led to a notable improvement in banking sector counters as market analysts anticipated a potential upgrade in Sri Lanka’s Rating Agencies status from Restricted Default to a positive rate category.

Both indices, the All Share Price Index and S&P SL20, witnessed upward movement, with gains of 146.07 points and 50.5 points, respectively. The day’s turnover amounted to Rs 962 million, featuring three notable crossings.

Expolanka Holdings, Sampath Bank, and Lion Brewery were involved in these crossings, contributing to the positive market trend.

In the retail market, the top seven companies driving turnover included Sampath Bank (Rs 131.9 million with 1.9 million shares traded), Capital Alliance (Rs 55 million with 834,000 shares traded), Expolanka Holdings (Rs 47.5 million with 361,000 shares traded), JKH (Rs 44.5 million with 231,000 shares traded), NDB (Rs 37.9 million with 553,000 shares traded), NTB (Rs 35.7 million with 337,000 shares traded), and HNB (Rs 33.5 million with 196,000 shares traded). The banking sector counters played a significant role in contributing to the day’s turnover.

In total, 38.7 million shares changed hands in 9,700 transactions. The rupee opened at Rs 327.70/328.00 to the US dollar, showing a marginal change from the previous day’s rate of Rs 328.00/15.

IMF Executive Board scheduled for SL’s initial review on Dec 12

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IMF Executive Board scheduled for SL’s initial review on Dec 12

Colombo (LNW): The Executive Board of the International Monetary Fund (IMF) is scheduled to review the first assessment of Sri Lanka’s 48-month Extended Fund Facility (EFF) Arrangement on December 12, as outlined in the global lender’s Executive Board calendar.

The agenda for the meeting includes the first review of Sri Lanka’s extended arrangement under the EFF, a request for a waiver of nonobservance of performance criteria, a request for the modification of performance criteria, a financing assurances review, and the rephasing of access.

Facing its most severe financial crisis in seven decades last year due to dwindling foreign exchange reserves, Sri Lanka secured a USD 2.9 billion IMF bailout in March. Since then, the South Asian nation has made strides in stabilising its economy, curbing inflation, and rebuilding currency reserves.

An IMF mission conducted the first review of the EFF-supported economic adjustment program during a visit to Sri Lanka from September 14-27. In October, Sri Lanka and the IMF reached a staff-level agreement on economic policies, a crucial step towards concluding the first review.

Approval of the review by the IMF Management and Executive Board is expected to unlock the second tranche of approximately USD 330 million in financing, bringing the total IMF financial support disbursed under the arrangement to around USD 660 million.

Sri Lanka has also reached in-principle agreements with the Export-Import (Exim) Bank of China, its largest bilateral creditor, and the Official Creditor Committee (OCC) to restructure its debts.

On November 29, the Sri Lankan government and the OCC announced an in-principle agreement on the financial terms of debt treatment, covering about USD 5.9 billion of outstanding public debt.

This deal includes a combination of long-term maturity extension and a reduction in interest rates.

Established in May 2023, the OCC, co-chaired by India, Japan, and France (as the chair of the Paris Club), played a pivotal role in coordinating the restructuring of Sri Lanka’s debt.

The committee, comprising 17 countries, engaged extensively with Sri Lankan authorities, the IMF, the World Bank, China, and Sri Lanka’s private creditors.

The agreement with the OCC followed a similar deal with China’s Exim Bank, which covered approximately USD 4.2 billion of outstanding debt.

The IMF has indicated that these agreements pave the way for considering the clearance of the first review of the bailout.

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