Emphasis on climate action and international collaboration

A progress review meeting on climate change initiatives was held at the Presidential Secretariat yesterday morning (23), underscoring Sri Lanka’s commitment to climate action and international collaboration. 

The meeting, presided over by President Ranil Wickremesinghe, brought together key advisors and experts to discuss strategies to strengthen the nation’s response to climate change.

Addressing the meeting, President Wickremesinghe stressed the importance of resilience on both local and global fronts. “We must be formidable in our actions, both domestically and internationally,” he declared, noting the critical role finance plays in supporting climate initiatives. He said that finance is the lifeblood of any endeavour, and the country needs to build substantial strength in this arena.

The President’s call for action was backed by his observation that while numerous climate change initiatives are proposed, limited attention is given to the vital matter of financing. He said Sri Lanka’s expertise in international economics, especially in climate financing linked to debt management, positions Sri Lanka uniquely.

President Wickremesinghe also proposed the establishment of a National Consultative Committee with the involvement of private and public sector agencies.

“There will be a national consultative committee that includes every agency involved in the public or private sector. This committee may consist of about 100 to 150 members. However, this committee should be the one consulted at least once every six months to discuss the progress being made. If you can establish a structure like this, it could be the desired outcome. I believe that all of you, especially foreign ministries, will need to collaborate with the environment ministry regarding international aspects. Additionally, I think we all need to contribute, including a focus on international finance. We could align this with our Institute of Economics and Trade, positioning Sri Lanka as a hub for global financial activities. Therefore, we will work on this to consolidate the concept.”

The President also highlighted alignment with international agendas, including those of the UN Secretary General and President Biden. He proposed the establishment of an International Climate Change University as a global research hub and a testament to Sri Lanka’s dedication.

Mr. Ruwan Wijewardane, Senior Advisor to the President on Climate Change, informed the President about discussions with prominent universities, including those in the US and Cambridge, regarding the establishment of the Climate Change University.

Key highlights for the upcoming COP28 were also revealed during the meeting, encompassing the Climate Justice Forum, International Climate Change University, Climate Prosperity Plan launch, and the Tropical Red initiative. The importance of showcasing Sri Lanka’s best practices through a pavilion and hosting discussions was also emphasized.

Advisor to the President on Environment, Climate, and Green Finance, Mr. Ananda Mallawatantri, presented a comprehensive proposal for collaborations with international universities, highlighting Georgetown’s agreement for collaboration and opportunities with Yale. He also detailed plans for collaborations with institutions in the EU, aiming to exchange expertise and promote sustainable practices.

In the realm of green finance, the President Appointed Green Financing Committee has been working on a roadmap for Sustainable Finance, with support from UN Economic and Social Commission for Asia and the Pacific (ESCAP), UNDP, and the Global Green Growth Institute (GGGI). The committee is actively engaging in initiatives like Debt for Nature Swaps and presenting a project on the Kelani River Basin.

The meeting’s outcomes echoed President Wickremesinghe’s vision of a sustainable future, marked by international collaboration, cutting-edge research, and strategic climate action. The commitment to environmental preservation alongside economic progress underpins Sri Lanka’s endeavours as it steps onto the global stage in addressing climate change.

The meeting was attended by Minister of Environment Naseer Ahamed, Mr. Ruwan Wijewardane, Senior Advisor to the President on Climate Change, President’s Senior Economic Adviser Dr. R.H.S. Samaratunga, Secretary to the Ministry of Finance Mr. K M Mahinda Siriwardana, Secretary to the Ministry of Environment Dr. Anil Jasinghe and other officials.  

By: Staff Writer

Colombo (LNW): Sri Lanka is targeting to get US $ 2 billion investments this year, an increase from only US $ 1 billion reported last year, said Chairman of the Board of Investment Dinesh Weerakkody.

“The BOI is looking at targeted initiatives to get from $ 1 billion in 2022 to $ 2 billion in 2023 by attracting 100 technology services companies with a new product, and a targeted programme to get 50 existing BOI companies to reinvest.

It will be setting up industry advisory councils for the four thrust sectors for leads, policy tweaking and promotion, digitalization of key investor services and aggressive promotion of the destination.

Key account management and modernization of existing zones to meet with international green standards were the other measures taken to increase foreign investment, he said. .

Also there is a large number of new sectors which are emerging, associated with digitalization and with the new economy.

Also the traditional sectors have new elements coming out as sub-sectors. However the sectors of the future will be the new sectors which are now emerging,” he said.

However the target set by the Board of Investments (BOI) for Foreign Direct Investments (FDI) for 2023 is 1.5 billion US dollars and BOI FDI realized in the First quarter of 2023 amounted to 211 million US dollars, State Minister of Investment Promotion Dilum Amunugama stated.

The BOI has approved investments of 682 million US dollars from January to July, he added.

Despite the ongoing economic crisis, the BOI has been able to attract Foreign Direct Investments of 1.75 billion US dollars exceeding the targeted amount of 1 billion US dollars for 2022, State Minister Dilum Amunugama mentioned.

State Minister of Investment Promotion Dilum Amunugama further commented; that it is necessary to update and modify Sri Lanka’s existing legislative framework in order to make the country an investment-friendly destination.

It is expected to introduce new investment laws by the end of 2023, without affecting other government entities’ current legal frameworks.

A seven-member committee consisting of Director Generals of government institutions has already been appointed to look into the existing laws that restrict investments.

The government intends to execute a program under concept of ‘One Village – One Product’ to empower entrepreneurs who produce export-level products in selected regional secretariats, involving them in the export process, and scale it up at the District and National levels.

A Central Export Center will be established for them and measures will be taken to strengthen the connection between the rural exporters and the Sri Lanka Export Development Board.

In line with the government’s proposal to cultivate cannabis for medicinal purposes, 200 project proposals have so far been submitted.

The Minister of Indigenous Medicine Promotion has undertaken the task of amending the relevant laws. The government intends to launch the Cannabis Pilot Project by the end of 2023 following the passage of these laws.

Today marks two years since the departure of Mangala Samaraweera, and his absence continues to resonate as a profound loss to Sri Lanka’s cultural foundation.

With his passing, Sri Lanka mourns the absence of a resolute voice in politics—one unafraid to confront the complexities of religion, advocate for minority rights, champion gender equality, and uphold diverse viewpoints.

In a landscape where many tread carefully to safeguard votes, Mangala stood apart, unwaveringly advocating for his convictions regardless of potential electoral consequences or public approval.

Mangala embodied freedom in his very presence—an unwavering embodiment of unrestricted authenticity.

It’s a lamentable reality that the political realm now lacks figures with such steadfast cultural integrity.

Amid a sea of seemingly lifeless politicians, Mangala Samaraweera remains a living force even in his absence—a testament to a legacy that transcends mortal confines.

Concerns were raised at the Sectoral Oversight Committee on Education stating that when those from the teacher service being absorbed into the In-Service Advisor service there is a disparity in the pay grade promised and the pay grade actually given. Thus, when being absorbed as an In-Service Advisor, the aggrieved parties stated that what they receive is below the Salary earned.

The said matters were taken into consideration at the Sectoral Oversight Committee on Education held recently (11) in Parliament Chaired by Hon. (Dr.) V. Radhakrishnan.

The Committee was of the view that appointments should be temporarily postponed until the matter is resolved because it is not just to be given a lesser amount than the Salary earned following years of service when being absorbed as an In-Service Advisor. Moreover, the The Hon. Sajith Premadasa, Leder of the Opposition who was present at the Committee meeting held inquired the officials what measures have been taken to fill the 1,982 vacancies existing in the In-Service Advisor positions. Moreover, the Leder of the Opposition inquired regarding the rising concern regarding the duties and scope of work of the positions of In-Service Advisor.

Accordingly, the Committee was of the view that while many issues are in existence, forcing teachers to accept being absorbed into the In-Service Advisor cannot be accepted and therefore need to be discussed further.

The Sectoral Oversight Committee on Education also took into discussion the suitable mechanism to monitor the Nursery Education and Nursery Schools in Sri Lanka. The official present stated that The National Policy for Pre-School Education was published on the website of the Ministry of Education for nearly a month for the purpose of obtaining public opinion. Accordingly, an Action Plan on the National Policy for Pre-School Education has so far been drafted with the participation of all relevant institutions and departments, the officials said.

The Committee was of the view that given that there are different policies operating provincially, bringing the Nursery Education and Nursery Schools under a national policy governed under one umbrella is required.

Moreover, in consideration of early childhood and nursery education, discussions were held regarding regulating private tuition classes during Sundays, public holidays etc. The Committee further highlighted that the contents of the syllabus need to be looked into as certain chapters even contain content which justify discrimination against women. The Committee thus recommended to consider these matters simultaneously along with the education reform programme.

The Committee also inquired about the progress of the Mid-day-Meal programme adopted at schools across the Country. The officials present stated that 1.8 million students are being given the lunch covering 7,926 schools.

Members of Parliament, the Hon. (Ms.) Rohini Kumari Wijerathna, the Hon. (Mrs.) Manjula Dissanayake and the Hon. (Prof.) Charitha Herath, were present, were present at the Committee while the Hon. Sajith Premadasa, Leder of the Opposition and the Hon. Chandima Weerakkody were present at the meeting by leave of the Chair of the Committee.

By: Staff Writer

Colombo (LNW): Land Values in Sri Lanka’s Colombo district went up 15 percent in the first half of 2023 from a year ago, according to an index compiled by the central bank.

Residential land values increased 17.2 percent, commercial land went up 15.1 percent and industrial 13.5 percent according to the Land Values Index (LVI).On a semi-annual basis the the index had gone up 4.9 percent.

“The highest contribution to this increase was from Residential LVI followed by Commercial and Industrial LVIs,” the CB statement said.

The Land Valuation Indicator (LVI) for the Colombo District has displayed robust growth in the first half of 2023 achieving a remarkable score of 215.3, according to its compiler, the Central Bank said.

The annual increase of 15.2% signifies a noteworthy expansion, reversing the declining trend observed in the LVI over the last two years.

The Central Bank said the rise in LVI has been attributed to consistent upticks across all sub-indicators; Residential, Commercial, and Industrial LVIs, each contributing significantly to the overall upward trend.

The respective annual increases in these sub-indicators were recorded at 17.2%, 15.1%, and 13.5%.

During the first half of 2023, LVI demonstrated an encouraging semi-annual growth rate of 4.9% in comparison to the second half of 2022.

The Central Bank said the highest contribution to this increase was from Residential LVI followed by Commercial and Industrial LVIs, each playing their part in shaping the overall positive trajectory.

However, while the LVI showcased commendable growth during the first half of the current year, there was a noticeable deceleration in the semi-annual growth rate.

This deceleration is indicative of a moderation in the pace of LVI’s expansion, signalling a potential stabilization in the market.

Analysts said the surge in LVI attests to the buoyancy of the real estate sector in the Colombo District, reflecting healthy demand across various property categories.

The substantial increase in all sub-indicators underscores the diverse nature of this growth, spanning from residential to commercial and industrial properties.

The Land Price Index (LPI) compiled from 1998 to 2008 on an annual basis and from 2009 to 2017 on a semi-annual basis, covering 5 DS divisions in the Colombo District.

Subsequently, from 2017 onwards, its geographical coverage was enhanced to represent all 13 DS divisions in the Colombo District and hence it was rebased considering 1st half of 2017 as the base period. From 2020 onwards LPI was renamed as Land Valuation Indicator (LVI) and continued to be released on a semi-annual basis.

August 24, 2023

A significant stride has been achieved in Sri Lanka’s power infrastructure as the newly constructed Polpitiya-Hambantota 220kV transmission line is now seamlessly integrated into the national grid following the completion of its preliminary work.

In parallel, the modern grid substation located in Hambantota was energized on Thursday, August 24, as announced by the Ceylon Electricity Board (CEB).

This transformative project, funded by the Asian Development Bank (ADB) with an investment of USD 55 million, is aimed at elevating the efficiency and capacity of Sri Lanka’s power transmission system. The project encompasses the development of the Polpitiya-Hambantota 220kV transmission line as well as the establishment of the new Hambantota grid substation.

Covering a distance of 150 kilometers, the transmission line traverses through 11 Divisional Secretariats from Ambagamuwa to Hambantota, boasting a robust line capacity of 580MVA. Complementing this transmission enhancement, the Hambantota new grid substation has been fully realized, equipped with two power transformers boasting a combined capacity of 500MVA.

The implementation of these infrastructure components is anticipated to fortify the power grid in the southern part of the country. The improvements are set to amplify the reliability of power supply and augment the power transfer capabilities both to and from the Southern region, a development warmly welcomed by the CEB.

The successful culmination of this project underscores Sri Lanka’s commitment to advancing its energy infrastructure, bolstering the nation’s capacity to meet growing energy demands while enhancing the overall stability and resilience of the power network.

The Sri Lankan Rupee has demonstrated stability against the US Dollar at commercial banks across Sri Lanka today (August 24), maintaining its position from the previous day.

At Peoples Bank, the buying and selling rates for the US Dollar have experienced a marginal decrease, shifting from Rs. 315.80 to Rs. 315.56 for buying and from Rs. 330.63 to Rs. 330.38 for selling.

Commercial Bank, on the other hand, reports that the buying and selling rates for the US Dollar have remained consistent at Rs. 315.70 and Rs. 328, respectively.

Similarly, Sampath Bank has reported unchanged rates for the US Dollar, with buying and selling prices holding steady at Rs. 317 and Rs. 328, respectively.

The stability of the Sri Lankan Rupee against the US Dollar in the local banking sector comes as a reassuring sign, contributing to an environment of economic predictability in the country.

In a coordinated move, trade unions representing five professions within the Supplementary Medical Service sector have initiated a 24-hour token strike commencing this morning (August 23).

The island-wide trade union action, scheduled from 8:00 a.m. today until 8:00 a.m. on Friday (August 25), encompasses the participation of radio technologists, medical laboratory scientists, pharmacists, physiotherapists, and occupational therapists. The strike has been launched as a collective effort to press the authorities into addressing their concerns.

This industrial action is anticipated to impact critical medical services, including X-rays, CT scans, MRI scans, and laboratory procedures at hospitals, as well as the distribution of medicines.

The president of the Joint Council for Professions of Supplementary Medicine, Ravi Kumudesh, elaborated on the situation, indicating that the strike is rooted in seven distinct demands. However, he also reassured the public that certain medical facilities such as children’s hospitals, maternity hospitals, cancer hospitals, nephrology hospitals, and the National Institute of Mental Health would remain unaffected by the token strike.

As the strike unfolds, stakeholders within the healthcare sector are closely watching the developments, hoping for a resolution that meets the demands of the trade unions while minimizing the impact on essential medical services.