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ADB considers cheaper funds for Sri Lanka, supporting Green Bonds

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By: Staff Writer

Colombo (LNW):The Asian Development Bank is considering more concessionary funding for Sri Lanka and support for green bond issues as part of its assistance to help the South Asian nation recover from its worst economic crisis in decades.

The Green Bond program enables ADB to support its developing member countries including Sri Lanka seeking to mitigate greenhouse gas (GHG) emissions and adapt to the consequences of climate change.

It will be delivering environmentally sustainable growth to help reduce poverty and improve the quality of life of their people.

The Green Bond portfolio specifically targets projects that promote the transition to low carbon and climate resilient growth as set out in the ADB Green Bond Framework.

Asia and the Pacific depend on healthy and resilient oceans for disaster resilience, food security, and livelihoods. Healthy oceans also drive economies through fisheries and aquaculture.

However, climate change, overfishing, pollution and unsustainable development have pushed our oceans to the brink of collapse. In order to address the growing funding gap required to protect and restore ocean health, global markets need to systematically change.

Blue bonds encourage that shift by increasing the amount of capital that can be invested in oceans to finance solutions at scale.

The Manila-based lender’s immediate priority in 2023 is to continue work on overall economic stability and support the banking and energy sectors, ADB Sri Lanka country director Chen Chen said in an interview in Colombo.

“We are also actively working on mobilizing more concessional resources and grant resources to the country,” Chen said. “This will hopefully be part of our assistance in the coming years.”

ADB is trying to mobilize funds below the already concessional Ordinary Capital Resources facilities that Sri Lanka currently has access to, Chen said.

Sri Lanka’s Central Bank Governor Nandalal Weerasinghe said that the country is open to consider the option of a Debt-for-Nature Swap if a request is made.

He noted that the country would consider debt-for-nature swaps for all its overseas creditors, Weerasinghe said that “those are useful and relevant financial instruments,” though the country’s main goal is to complete the debt rework process “as soon as possible.”

Debt-for-climate swaps and debt-for-nature swaps seek to free up fiscal resources so that governments can improve resilience without triggering a fiscal crisis or sacrificing spending on other development priorities.

Creditors provide debt relief in return for a government commitment to, say, decarbonize the economy, invest in climate-resilient infrastructure, or protect biodiverse forests or reefs.

Debt-for-nature swaps are typically a voluntary transaction in which an amount of debt owed by a developing country government is cancelled or reduced by a creditor, in exchange for the debtor making financial commitments to conservation.

Through 2022, the ADB dispersed around $334 million by repurposing existing project loans. It has about $3.7 billion of previously approved loans in transport, energy, education, health, social protection, agriculture, and small and medium enterprises, among others, which will be disbursed as projects progress, Chen said.

University lecturers urged to assist AL paper marking

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By: Isuru Parakrama

Colombo (LNW): The Department of Examinations has urged the university lecturers to assist in paper marking for the G.C.E. Advanced Level Examination, in response to the university lecturers’ strike action which about a day ago was called off without agreeing to engage in the paper marking process.

This comes in in the backdrop where more than fifty days have passed since the conclusion of the G.C.E. Advanced Level Examination.

Issuing a statement, the Exam Dept stressed that the country’s education system is falling behind, as paper marking of the AL Examination is yet to commence, adding that this may seriously affect the students who sat for the examination.

The Dept added that the paper marking process can commence if the university lecturers agree to rejoin paper marking, along with other teachers who have applied for the affair.

China pressures Sri Lanka to sign FTA in return of debt restructure ;Experts

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By: Staff Writer

Colombo (LNW):China now seems to pressure Sri Lanka into entering into a Free Trade Agreement (FTA) under the guise of helping to restructure debt repayments following the delayed assurance for the restructuring of its debt with some conditions.

In early this year the Export-Import Bank of China offered Sri Lanka a two-year moratorium on its debt and said it would support the country’s efforts to restructure multilateral debt.

By end-2020, Sri Lanka owed China Exim Bank US $ $2.83 billion or 3.5% of the island’s external debt, according to IMF data.

In total, Sri Lanka was indebted to Chinese lenders $7.4 billion, or nearly a fifth of public external debt, by end-2022, calculations by the China Africa Research Initiative showed.

Sri Lanka expects China to support its effort to restructure debts and help it begin repaying its obligations, according to the nation’s central bank governor Nandalal Weerasinghe

However China is to make use of its strong bargaining power over Sri Lanka to demand the signing of the FTA without delay, informed official sources claimed.

According to experts, the disadvantage for Sri Lanka is that China’s FTAs restrict the use of para-tariffs, such as the import levy used by Sri Lanka.

The China – Sri Lanka FTA would open up new markets for Chinese businesses while providing Sri Lankan businesses with access to China’s vast consumer market.

However, critics argue that the deal would be heavily skewed in favour of China, leading to a flood of cheap Chinese goods into Sri Lanka and undermining the country’s domestic industries.

Moreover, some experts suggest that China’s efforts to push for the FTA may be part of a broader strategy to gain greater influence over Sri Lanka.

For a country like Sri Lanka, whose exports are confined to a few products, an agreement that reduces barriers to trade on thousands of other products but excludes these key exportable products from the world and from China will fail to facilitate Sri Lanka’s export growth.

One of the potential disadvantages of signing the FTA with China is the risk of job losses. Sri Lanka’s labour-intensive industries, such as textiles and apparel, could face increased competition from cheaper Chinese imports, leading to potential job losses in these sectors.

Sri Lanka has prepared a list of 451 export goods for tariff concessions under the proposed Sri Lanka-China Free Trade Agreement (SLCFTA), while China too has prepared a similar number of export goods to be demarcated as eligible for concessions.

Negotiations on the SLCFTA commenced in 2016, but came to a virtual standstill by 2018. This was due to Sri Lanka’s insistence on reviewing the agreement every 10 years, to which China was strongly opposed due to its desire to maintain long-term stability.

Easter Sunday Carnage: Apostolic Nuncio to SL HE Archbishop Brian Udaigwe says more needs to be done to serve justice

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By: Isuru Parakrama

Colombo (LNW): The Apostolic Nuncio to Sri Lanka HE Archbishop Brian Udaigwe urged more needs to be done to serve justice over the Easter Sunday Genocide that took away more than 270 lives in 2019.

The Apostolic Nuncio to Sri Lanka made this remark during his visit to Kandy to meet with the Chief Prelates of the Asgiri and Malwathu Chapters and to visit the Temple of the Scared Tooth Relic.

HE Archbishop Brian Udaigwe also raised their concerns on the government’s proposed “Anti-Terrorism Act” saying that it is something that needs be “well-studied” prior to being presented.

The Embassy of Sri Lanka in Abu Dhabi hosts Iftar

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The Embassy of Sri Lanka in Abu Dhabi, United Arab Emirates hosted an ‘Iftar’ for the community on 08 April 2023 at the Embassy premises marking the holy month of Ramadan. As the first time, the initiative was taken by the Embassy to host Iftar for the community every weekend at the Embassy premises and will continue the same practice in the future to enhance the cultural harmonization among all ethnic groups. 

The event commenced with the Muslim Religious observances conducted by Maulavi Sarfaraz Mahroof Deen, a young Sri Lankan scholar residing in Abu Dhabi, UAE. Following the religious observances, delivering a special Ramadan message, he explained the importance of conducting Iftar events in the holy month of Ramadan and quoting  passages from the Holy Book of Islam, “the Quran”, he also accentuated the need of performing benevolent acts of charity and good-will towards others during this holy period. On behalf of the Sri Lankan Muslim community in UAE, he extended appreciation to the Ambassador and staff of the Embassy for taking the initiative to host consecutive Iftar events every weekend throughout the holy month of Ramadan.

Delivering the welcome speech, Ambassador Udaya Indrarathna, extended best wishes to all Muslims living across the world, and reiterated the Mission’s commitment to enhance diversity and inclusivity among all Sri Lankans in the UAE. Further he emphasized the importance of cultivating love among humanity as well as enhancing the bond of friendship among all ethnic groups, which would help to derive the country’s prosperity.

The programme concluded with the breaking of fast and all participants were served dinner which included Sri Lankan and Arabic cuisine.

The event was attended by around two hundred community members including representatives from Buddhists, Hindu and Catholic faiths demonstrating the harmony among all ethnic groups in Sri Lanka.

Embassy of Sri Lanka

Abu Dhabi

11 April 2023

FUTA temporarily suspends the ongoing strike

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Colombo (LNW): The Federation of University Teachers’ Associations (FUTA) has decided in a special Board of Representatives meeting to temporarily suspend the continuous strike from April 17, 2023, and resume work. The decision was made after the Minister of Education promised to address FUTA’s concerns. FUTA also emphasises that the government’s progress will be continuously monitored and the strike will resume if the promises are not fulfilled within a reasonable time frame.

At the meeting, the BOR discussed recent correspondence with the chairman of the University Grants Commission and the Minister of Education and decided that according to these documents, sufficient action has not been taken to address FUTA’s primary concerns. It was determined that until a satisfactory conclusion is reached, the decision on the participation of university academics in the GCE Advanced Level evaluation will be deferred. FUTA recognizes the Minister of Education’s initial dedication but believes that the support of other government officials is needed to successfully implement the proposed changes. 

Without a concrete plan outlining when the government intends to fulfill its promises, FUTA is hesitant to place its faith in the words of the government. The failure of the government to meet the demands of FUTA has had far-reaching effects on the quality of education, and FUTA holds the government solely responsible. The government’s response to the demands of FUTA and PTUA, as well as the government’s treatment of unions, are both undemocratic. To find a better solution, FUTA wants the government to speak to both FUTA and PTUA. Workers should be allowed to organise into unions and bargain collectively, and the government should honour these rights. The government should address the concerns of FUTA and PTUA and find a solution that benefits society as a whole. 

As FUTA, we have informed the government that we will no longer tolerate the government’s failure to address the legitimate demands of the university’s academics, which has led to concerns including life threats for the  FUTA leaders. We, at FUTA, strongly disapprove of such conduct and pledge to take any and all measures necessary to stop it in the future. We condemn the threatening behaviour. We advocate for a space where all people can feel comfortable sharing their ideas without fear of retaliation. We call on every Sri Lankan to stand with us in defending these ideals and fostering an atmosphere of mutual regard and tolerance.

Expansion of Higher Education important to match the Labour Market: PSC on Higher Education

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Colombo (LNW): The Parliament Select Committee (PSC) to make suitable recommendations for the expansion of higher education opportunities in Sri Lanka chaired by Justice Minister Wijeyadasa Rajapakshe emphasised that it is important to expand higher education to match the labour market.

Many Members of Parliament expressed their views regarding the expansion of higher education opportunities in the country at the Committee meeting held. The chairman of the committee, Rajapakshe said that appropriate methods should be prepared to increase higher education opportunities for the students who drop out of education after the Advanced Level examination.

Many MPs pointed out that Sri Lanka lose a large amount of foreign exchange due to Sri Lankan students going abroad for higher education, and to prevent this, higher education opportunities should be expanded in Sri Lanka together with international universities. They further pointed out that this will attract foreign students and thus there is an opportunity to make Sri Lanka a center of higher education.

It was also discussed that there is a great demand for nursing professionals of Sri Lanka in foreign countries and the possibility of taking advantage of this opportunity to send more nurses from Sri Lanka to foreign countries.

The Members of Parliament also emphasised that the basic structure of providing proper education and training to nurses in accordance with international standards should be established. For this, they also pointed out the need to provide English language knowledge to the nursing professionals during their training.

Committee Members State Minister Dr. Seetha Arambepola, MPs Rauff Hakeem, Eran Wickramaratne and (Prof.) Charitha Herath and Minister Mahinda Amaraweera, State Minister Diana Gamage, MPs Dr. Rajitha Senarathne, Weerasumana Weerasinghe and Gamini Waleboda were present at the Committee meeting held.

Doctors warn public to be cautious of spread of influenza during festive season

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By: Isuru Parakrama

Colombo (LNW): Health officials have urged the public to be cautious against the spread of Influenza during the festive season.

In the contagious nature of Influenza, people display symptoms such as cough, fever and cold, and pregnant women, people suffering from chronic medical conditions and infants are advised to take necessary precautions as an infection could lead to the loss of life, officials instructed.

The public is urged to take adequate health measures if they are visiting crowded places during the festive seasons. The doctors also advised those sustaining the symptoms of Influenza to refrain from visiting crowded places during this period.

Fuel sales improved, arrangements made to increase fuel quantity distributed during festive season: Power and Energy Minister

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By: Isuru Parakrama

Colombo (LNW): There is a significant improvement of fuel sales and sales through the National Fuel Pass QR system, said Power and Energy Minister Kanchana Wijesekara.

In a tweet, the Minister noted that overall percentages which was below 60 per cent last week has improved to above 80 per cent with the temporary suspension of 66 fuel stations which failed to adhere to the NFP QR guidelines.

Arrangements have also been made to increase the quantity of fuel distributed during the festive season to 4,650 metric tonnes of Petrol 92 and 5,500 metric tonnes of Auto Diesel per day, he added.

ATA to be tabled in Parliament

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By: Isuru Parakrama

Colombo (LNW): The Anti-Terrorism Act will be tabled in Parliament on April 25, 2023, announced Justice Minister Wijedasa Rajapaksa, following weeks of speculation on the controversial bill on and off the media.

The tabling of the bill was delayed due to multiple requests amidst its controversial nature, whilst meeting a severe backlash both locally and internationally.

Rajapaksa added that a request was made that the tabling of the bill be included in the Parliament agenda for April 25, 2023.

The Anti-Corruption Bill will be tabled in Parliament during the first week of May, he noted.

The controversial Anti-Terrorism Act will be a direct blow in the head against the country’s democracy and will be vesting in an unimaginable power, according to many critics.