Colombo (LNW): Making Sri Lanka’s long delayed ambitious forex raising endeavour a reality, the Colombo Stock Exchange (CSE) has introduced the initiative of listing and trading of Green Bonds for the first time in the Sri Lankan stock market, with effect from 25th April 2023.
Under the Green Bonds concept, proceeds are invested exclusively in green projects that generate climate or other environmental benefits.
Among these projects are renewable energy, energy efficiency, sustainable waste management, sustainable land use (forestry and agriculture), biodiversity, clean transportation, and clean water.
The Government was planning to issue green bonds in July 2022 in order to raise US $ 2 billion under forex raising initiative of former CB Governor Ajith Nivard Cabraal prior to the declaration of preemptive debt default by present Governor Nandalal Weerasinghe on 12 April 2022, official and media reports revealed.
This plan to issue $ 2 billion in green bonds around July 2022 had been in the pipeline, but was postponed following the sudden decalation of preemptive debt default but its still on the cards
Green bonds are fixed-income Government securities issued under the promise of using the capital raised to wholly or partly finance projects and activities promoting a broad range of environmental objective
During Mr Cabraal’s tenure as CB Governor Sri Lanka had been seeking to issue $ 1 billion worth of green bonds in July 2022 and another $ 1 billion in September 2022.
This was part of over $ 10 billion in inflows targeted during 2022, not inclusive of the inflows targeted under the previous six-month plan, which largely failed to materialize following debt default.
According to the CSE statement, the objective of enabling regulations for the issue of green bonds in the Sri Lankan stock market is to facilitate Sri Lankan corporates to raise capital.
It will be used for green projects and to foster greater transparency and accountability in the use of proceeds from the Green Bond, and to ensure reporting of the impact of the green projects for which the proceeds of the bond was used.
The Green Bonds will have the same features of a Corporate Debenture and will be listed on the Debt Market segment of the CSE.
The main difference between a Corporate Debenture and a Green Bond is the usage of the proceeds.
In a Green Bond, the proceeds have to be exclusively used for financing or refinancing in part or in full, new or existing eligible green projects which are aligned with at least one international Green Bond standard set out above.
The Green Bonds will be traded on the Automated Trading System (ATS), similar to Corporate Debentures. The trading parameters currently applicable to Corporate Debentures will also apply to Green Bonds as well, CSE officials said.
The potential issuers of Green Bonds are any public company incorporated under the Companies Act and any statutory body established/incorporated under a statute.
Colombo (LNW):The World Bank (WB) has pledged support to Sri Lanka under its Development Policy Financing Program while the Asian Development Bank (ADB) has agreed to provide a special loan and grant pouring millions of dollars into treasury coffers.
These two financial mobilizations amounting to US$501 million strengthen the country’s foreign reserves are to be received by the treasury as an immediate response of international financial agencies following the unlocking of $ 3 billion IMF Extended Fund Facility recently, two Finance Ministry top officials confirmed.
The World Bank will extend a $ 150 million grant to strengthen the financial sector of Sri Lanka.
The Government said in line with the International Monetary Fund’s (IMF) Extended Funding Facility (EFF) Program, the country has implemented a comprehensive economic stabilization and recovery program with necessary reforms to address macroeconomic challenges.
Discussions have been held with the World Bank in regard to obtaining loan facilities of the bank for Sri Lanka Deposit Insurance and Liquidity Support Scheme under Sri Lanka Financial Sector Security Network Project, finance ministry official said.
The proposed loan amount of $150 million is expected to be used to strengthen the financial and institutional capacity of the Financial Safety Network targeting the Deposit Insurance Scheme with the aim of increasing the strength and efficiency of the financial sector.
This can preserve stability and lead to the resumption of a good financial intermediary system,”he added.
The Cabinet of Ministers at its meeting on Monday approved the proposal tabled by President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policies, to proceed with further activities to obtain the World Bank grant
Sri Lanka will get support from the World Bank Development Policy Financing Program, to support the on-going economic stabilization and recovery process.
The Government said in line with the International Monetary Fund’s (IMF) Extended Funding Facility (EFF) Program, the country has implemented a comprehensive economic stabilization and recovery program with necessary reforms to address macroeconomic challenges.
“The World Bank has agreed to support the program through its Development Policy Financing Program and will provide its support based on the 3 key areas of economic governance transformation, growth and competitiveness improvement, and protection of the poor and vulnerable,” another senior official said.
The President has already directed the treasury officials to carry out the entire coordination process of the proposed World Bank program by the Presidential Secretariat and to authorize the Department of Foreign Resources to conduct negotiations with the World Bank in relation to obtaining the relevant funds.
In the meantime the ADB will provide a special loan facility of $ 350 million based on policies and another loan grant of $ 1.5 million as technical assistance in order to strengthen the stability and administration.
The Cabinet of Ministers on Monday at its meeting approved plans to obtain new financial and technical support from the Asian Development Bank (ADB) to aid the on-going recovery from the economic crisis.
The Government said parallel to the comprehensive funding facility approved by the International Monetary Fund (IMF), the Asian Development Bank has agreed to provide a special loan facility.
Accordingly, the Cabinet of Ministers approved the proposal furnished by President Ranil Wickremesinghe as the Minister of Finance, to entrust the responsibility to the Ministry Secretary for processing the further activities on obtaining the relevant loan.
The Ambassador of Sri Lanka to the United Arab Emirates Udaya Indrarathna joined HH Sheikh Nahayan bin Mabarak Al Nahyan, the esteemed Minister of Tolerance of the UAE on 22 March 2023 at HH’s palace in celebration as the holy month of Ramadan comes to an end.
In the spirit of unity that the holy month of Ramadan has brought, the people of the United Arab Emirates joyfully celebrated the auspicious Eid al-Fitr, a delightful occasion that marks the end of a month of fasting, prayer, and reflection. It is a time for families, friends, and communities to come together and celebrate the blessings of the past month.
The UAE has become a role model nation for many countries around the world, including Sri Lanka, where over 300,000 Sri Lankan citizens live in peace and harmony. His Highness’s leadership, along with the values and principles he represents, have created a profound impact on these communities. His Highness’s commitment to promoting tolerance, understanding, and coexistence among all the communities in the UAE is truly inspiring.
On behalf of the people of Sri Lanka in the UAE, the Embassy of Sri Lanka extended heartfelt wishes for a joyous and peaceful Eid al-Fitr to HH Sheikh Nahayan bin Mabarak Al Nahyan and his family, as well as the UAE leadership and friendly people of theUAE.
On 26 April, Sri Lanka’s President Ranil Wickremesinghe announced that the country will hold debt restructuring talks with the Paris Club, India, and China before any discussion with private creditors. Speaking in Parliament, the President stated that debt restructuring talks with India and the Paris Club will be conducted together while China will be addressed separately.
The announcement comes as Sri Lanka faces economic and political crises, which the President addressed in his speech. He highlighted the nation’s recovery from the unrest that occurred in July 2022, stating that Sri Lanka has made significant progress in the last eight months.
President Wickremesinghe urged all citizens to join in the efforts to revive the country’s economy and overcome the challenges faced by the nation.
The decision to prioritize discussions with these three key creditors is significant, given the scale of Sri Lanka’s debt. The Paris Club, a group of creditor countries, represents a significant portion of Sri Lanka’s foreign debt. China is also a significant creditor, with Sri Lanka owing the country billions of dollars in loans taken for infrastructure projects.
The President’s announcement is likely to be welcomed by investors, who have been closely monitoring Sri Lanka’s efforts to address its economic challenges. By prioritizing discussions with key creditors, Sri Lanka may be able to negotiate better terms for its debt restructuring, potentially easing the financial burden on the country’s economy.
The outcome of these discussions will be closely watched by the international community, as Sri Lanka’s debt situation has been a concern for many foreign investors. The country’s ability to address its debt and revive its economy will be crucial in restoring confidence in its financial stability and attracting investment.
The Colombo National Hospital in Sri Lanka received a new eight-story outpatient building on Tuesday (25), built with Chinese assistance at a cost of 80 million USD. The handover was officially completed during a ceremony attended by Health Minister Keheliya Rambukwella and Chinese Ambassador to Sri Lanka Qi Zhenhong.
The project, covering an area of approximately 50,000 square meters, is expected to help alleviate local medical resource constraints and increase the hospital’s daily handling capacity to 6,000 patients.
During the ceremony, Health Minister Keheliya Rambukwella expressed his appreciation for China’s long-term support and said the outpatient building was a much-needed addition to the country’s health sector. He also thanked China for providing medical supplies and vaccines during the COVID-19 pandemic.
Meanwhile, Chinese Ambassador Qi Zhenhong highlighted the importance of the health sector in the development of bilateral relations and said China had provided emergency medicine supply to Sri Lanka, hoping to bring tangible benefits to front-line medical workers and patients.
The handover documents and other documents related to the medicines and medical equipment to be provided by China during the course of this year were also signed during the ceremony.
The new outpatient building is expected to significantly improve the healthcare services offered by the Colombo National Hospital and will be a vital addition to the country’s healthcare infrastructure.
The Sri Lankan Department for Registration of Persons has introduced a new procedure for issuing National Identity Cards (NIC) to individuals who do not have a birth certificate. The Government Information Department announced the implementation of the new procedure, stating that a circular containing the necessary information has been issued by the Commissioner General of the department to all Divisional Secretaries and Grama Niladhari Officers.
The circular outlines two separate procedures that will be followed for issuing NICs to those above 40 years and those below 40 years of age. The new process will enable individuals without a birth certificate to obtain an NIC, which is an essential identification document in Sri Lanka.
The Commissioner General of the Department for Registration of Persons has emphasized the importance of the new procedure, stating that it will facilitate the issuance of NICs to those who have been facing difficulties due to the unavailability of a birth certificate. The new process will ensure that all individuals are able to obtain an NIC, regardless of their circumstances.
The Sri Lankan government has been taking steps to improve the process of obtaining identification documents, recognizing that it is crucial for individuals to have access to such documents. The introduction of the new procedure is expected to have a positive impact on the lives of many Sri Lankans who have been struggling to obtain an NIC without a birth certificate.
President Ranil Wickremesinghe says any attempt to disturb the education system will not be permitted: also says if required, new legislation will be introduced to address such conduct: stresses the pivotal role of education in shaping the future.
Met Dept’s Shiromani Jayawardena says SL’s high heat with windless conditions are expected to continue until the Southwest Monsoon begins: asks children, pregnant mothers and elderly to be vigilant about dehydration symptoms.
Sri Lanka records a malaria death, first after Oct’12: victim 35, from Beruwala had returned to Sri Lanka on 10Apr’23 from Tanzania: victim had remained at his home with fever for 4 days before being admitted to a hospital.
Minister Prasanna Ranatunga says the SLPP will present a “common candidate” in the upcoming Presidential Election: also says if the common candidate is President Ranil Wickremesinghe, he will express full support to the President.
Minister of Education Susil Premajayantha assures that the 2022 GCE O/L exam will commence on 29 May as scheduled, and continue for 10 days.
Power & Energy Ministry decides to continue with the increased weekly fuel quota that was provided for the New Year season: fuel shed owners say the average consumption is in any case significantly below the rationed quota at present, due to the very high price of fuel.
“Glorious Church” Board Member Gratien Gunawardena says the “Miracle Dome” where “Prophet” Jerome Fernando preaches, is still incomplete and more donations are needed: asserts Uebert Angel has not donated a single cent.
Thailand’s Foreign Ministry spokeswoman says the Thai Govt has asked Sri Lanka to return “Sak Surin”, the elephant gifted to Sri Lanka in 2001, for medical treatment: request follows concerns from animal rights groups about the alleged mistreatment of the animal.
Minister Tiran Alles, with the approval of the President, hands over the complete report of the Presidential Commission to inquire into the Easter Sunday Attacks, to the President of the Catholic Bishops’ Conference: SLFP says the Govt should have tabled the complete report in Parliament first.
Former Minister and MP Dullas Alahapperuma proposes that the GCE O/L Exam not be conducted this year but that the students be provided with a certificate stating that they are qualified to enrol in A/L classes.
Ambassador Dr. Palitha Kohona declared open a centre to promote cooperation between Chinese and Sri Lankan Traditional Medicine in Wudangshan at a conference of TCM practitioners. Wudangshan is a key centre of the Daoist tradition of China and many assert that the Dao philosophy is a central influence in China’s traditional medicine system. Daoism advocates a holistic approach to life and balanced lifestyle.
Many of the traditional medicine practitioners participating in the Traditional Chinese Medicine Conference in Wudangshan were Davoists. Wudangshan is visited by thousands of the faithful. In a touching display of religious fervour, the very old and the very young climb the steep steps to the sacred temple of Xuanwu at the top of Wudang Mountain. The current temple was built during the Ming Dynasty.
The Ambassador, addressing the Traditional Chinese Medicine Conference, elaborated on Sri Lanka’s traditional medicine and said that this tradition has a history of more than 3,000 years. Many Chinese people were unaware that traditional medicine, like in China, plays a huge role in the people’s daily lives and many Sri Lankans still rely on age old remedies which are effective.
As close friends, China and Sri Lanka already cooperate in many other areas of mutual interest and cooperation in traditional medicine further strengthens this.
Dr. Kohona hoped that more and more practitioners of Chinese Traditional Medicine will be part of the cooperation between traditional medicine of China and Sri Lanka, so as to provide a wider range of health care benefits to both Sri Lankans and Chinese and bring new opportunities in healthcare tourism in the two countries.
Dr. Kohona went on to say that tourism attractions of Sri Lanka are not limited to healthcare. Ceylon black tea and the tea covered mountains, its own tea culture, gems especially the blue sapphires, wedding and honeymoon tours, the two thousand year old Buddhist culture and monuments that are still visited by thousands, business investment opportunities are also worth visiting. The Ambassador also invited the Shiyan City commercial vehicle industry to consider opening a branch plant in Sri Lanka.
Steps will be taken to create an education system suitable for the twenty-first century and uplift Sri Lanka’s name internationally – President emphasizes at Rahula College, Matara President Ranil Wickremesinghe said that any attempt to disturb the education system of the country, whether directly or indirectly, will not be permitted, and if required, new legislation will be introduced to address such conduct.
The President stressed the pivotal role of education in shaping the future of the country, and announced his plans to establish a modern education system that aligns with the demands of the 21st century. He further pledged to enhance the international reputation of Sri Lanka through these efforts.
He said that during yesterday’s cabinet meeting a new cabinet committee on education was appointed, consisting of himself, the education minister, and several other cabinet ministers.
The President attended the Matara Rahula College centenary celebration ceremony yesterday (25), where a three-day Educational Exhibition and Art Festival ‘Vidyabhimani’ is being held at the College. A special commemorative stamp was also issued by the President to mark the occasion. Principal Major Sudath Samarawickrama presented a commemorative gift to the President at the event.
The portrait of the President painted by a 11th grade student of the College Yonal Mewidu, was also presented to President Wickremesinghe.
Addressing the gathering, President Wickremesinghe stressed the importance of education for the future of the country and stated that the government’s program to build a developed Sri Lanka by 2048 gives special attention to education. The government’s aspiration is to create a new education system in the country by 2035, and the government is ready to spend to modernize education in the future.
Addressing the gathering, President Ranil Wickremesinghe further said;
First of all, I would like to express my gratitude for being invited to the Centenary Celebration of Rahula College in Matara. As we talk about Rahula College, we must not forget to acknowledge its former contributors, such as Mr. Gordon Pius, Notary N.D.T. Rajapakse, and C.A. Odiris Silva, who deserves a special mention.
Like all the prominent families in Matara, my family also played a significant role in supporting the development of Rahula College. It’s important to remember not just Mr. C.A. Odiris Silva but also his son from the Kanda Udaarachchi family including Mr. Ariyathilaka, Mr. Dharmapala, Mr. Harischandra, and many others.
Speaking of Mr. Dharmapala, he assisted me immensely when I first entered politics. The first public speaking event I attended was a two-day meeting he organized. I have met him several times since then, and he always talked about Rahula College.
In 1977, after Mr. J.R. Jayawardena became the President, he extended his help to this school. In 1980, upon his request, Mr. Jayawardena visited Rahula College. Even during my tenure as the Minister of Education, he talked to me about the school. He is our most senior politician and former senior leader of the United National Party, and thus we must fulfil his demands. Many other families have also contributed to the school’s growth, including the Wanigasekara family and the Wijetunga family, who I remember fondly.
Today, Matara Rahula College is a major educational institution in Sri Lanka, and many individuals who have served our country have graduated from here. As the President, I firmly believe that education is the greatest gift we can give to our youth. In the 19th and 20th centuries, many schools were established to provide education beyond those times, and Mr. C.W.W. Kannangara’s free education policy made it possible for all to obtain a secondary education.
However, we are now in the 21st century, and we must provide our children with an education that meets the demands of the time. During my visit to the College, I asked a young boy his age, and he responded, “Ten.” If he lives until he is 80, he will see the year 2090. Therefore, it is our duty to create an educational system that is well-equipped to face the challenges of the future. Today, I am proud to say that my government is working towards 2048 and beyond. As part of our plan, we have committed to creating a good education system in the country by 2030.
In the next two or three years, we will be investing in a new economic program. After that, a large part of the funds we receive will be dedicated to education modernization programs. We believe it is crucial to create an education system that can face the future, as the youth of our country is our only national resource. They should be given a good education and build the future. I have looked at countries like Singapore, Israel, and Switzerland, which have managed to succeed through human resource development despite limited resources. I believe we can do the same.
If I were to ask the teaching staff today whether it is possible to continue until 2050 according to our current education system, the answer would be “impossible.” That’s why we need to go for education modernization as soon as possible.
I want to make it clear that no one will be allowed to disrupt or interfere with the education system of the country, and if necessary, we will bring laws to ensure no one interferes with the education system. Education determines the future of our country, and if we establish a formal education system, we can make our country a major hub in the Indian Ocean.
That’s why the Minister of Education and I recently discussed and appointed a Cabinet Committee on Education. The Prime Minister, Education Minister and I, together with several others, will be part of this committee.
Our focus is on creating a future-oriented education system, and we have received reports from the National Education Commission and several other departments, including parliamentary committees. We must use these reports to find out how to move towards our goal.
By 2070, a bigger change will take place in society, and it will affect education. We are only seeing part of the technology now, including artificial intelligence and new arrivals like ChatGPT. We need to decide whether we want a school-centred education system or a student-centred system to prepare for the future.
I strongly believe that the school education system in our country should be revised and improved. With 13 years of education, we need to strive towards a more successful education system like that of America, where regular and advanced level exams are not held, but rather, the SAT exam and school report are considered.
To achieve this, we must introduce new subjects, such as climate change and history, while also emphasizing the importance of science, art, literature, and geography. Every student must study a science subject and an art subject. Also, English must be taught in every school within the next 10 years. We are currently working to connect all A/L to the internet, and we plan to extend this to the O/L schools as well.
Furthermore, I commend the Vanigapatuna dance performance I witnessed today, and I encourage more programs like this to be developed. In addition, we aim to implement professional programs received from Finland.
We also plan to merge the Vocational Training Authority and the National Apprenticeship Board, turning the current vocational training centres into vocational schools to triple the number of students. Additionally, we hope to provide loans on concessional terms without interest in the first two or three years to those who want to enrol in government and non-government universities for higher education.
To increase the number of engineers and doctors in the country, we aim to establish new universities that will allow young people to engage in higher education while working. Currently, we only have 2,500 engineers passing out annually. Our target is to have 10,000 engineers and 5,000 doctors passing out annually in the first phase.
To achieve all these goals, we plan to create a new system with support from institutions such as the Asian Development Bank and the World Bank. This system will enable us to build a strong education system that can face the future and help us become a developed country by the century of independence in 2048. We will introduce these activities through the cabinet committee, discuss them in parliament, and implement them further.
Minister Kanchana Wijesekera, State Minister Shantha Bandara, President’s Senior Adviser on National Security and Chief of Presidential Staff Sagala Ratnayake, Southern Province Governor Willy Gamage, Postmaster General Ruwan Sarathkumara, Matara Rahula College Principal Major Sudath Samarawickrama, and other faculty members, former students, and many others participated in this event.
Colombo (LNW): Fuel quotas which were increased for the Sinhala and Tamil New Year season will remain unchanged until further notice, confirmed Power and Energy Minister Kanchana Wijesekara.
The Minister revealed that after the progress review meeting held with the Ceylon Petroleum Corporation (CPC) yesterday (24), the government has decided to continue with the increased weekly fuel quotas after analysing the fuel import, management, distribution and sales data.
The progress review meeting reviewed the fuel quotas, fuel cargo import plan, fuel distribution and national fuel pass qr system, he added.
Progress review meeting of CPC was held yesterday. Discussed and reviewed the Fuel Quotas, Fuel Cargo Import plan, Fuel Distribution & National Fuel Pass QR system. It was also decided to continue with the increased weekly fuel quotas after analyzing the fuel import, management,… pic.twitter.com/LZu6ngkdyl
