Sri Lanka will convene a donor conference with the participation of representatives of  China, India and Japan to mobilise more foreign assistance and present an interim budget in August prime minister Ranil Wickremasinghe divulged on Wednesday, amid ongoing negotiations with the International Monetary Fund (IMF).

He disclosed that a  staff-level agreement with the International Monetary Fund (IMF) and the programme for a bailout package would be finalized by the end of July.

The country needs the support of India, Japan and China who have been historic allies. We plan to convene a donor conference with the involvement of these countries to find solutions for Sri Lanka’s crisis,” Wickremesinghe told parliament.

“We will also seek help from the U.S.,” he said, adding that his administration will use US$70 million from the World Bank for buying cooking gas, which has been in short supply, setting off sporadic protests.

A high-level delegation from India will arrive on Thursday for talks on additional support from New Delhi, and a team from the U.S. Treasury will visit next week, Wickremesinghe revealed.

India has so far provided around $4 billion worth of assistance, the prime minister said, including a $400 million swap and credit lines totalling $1.5 billion.

China, which has traditionally jostled with New Delhi for influence over the Indian Ocean island, is considering an appeal from Sri Lanka to renegotiate the terms of a yuan-denominated swap worth $1.5 billion to fund essential imports.

An interim budget will be presented in August, seeking to put public finances on a more sustainable path and increase funds to the poor who have been hardest hit  he divulged.  

“The interim budget will set the path forward. This, together with an IMF programme and debt sustainability, will lay the foundation for Sri Lanka to return to economic stability,” he said.

Negotiations with an IMF team, which arrived in Colombo this week, have made progress, with a staff-level agreement with the lender likely by the end of the month, Wickremesinghe said.

“We have discussed multiple points including fiscal policy, debt restructuring and direct cash transfers,” he said.

“Parallel to this we have also started talks on a debt restructuring framework, which we hope will be completed in July.”

Sri Lanka, which suspended payment on $12 billion of foreign debt in April, is seeking around $3 billion from the IMF to put its public finances on track and access bridge financing.

PrIme Minister Wickremesinghe said that once an agreement with the IMF was reached, his government would focus on a plan to increase Sri Lanka’s exports and stabilise the economy.

“It is no easy task to revive a country with a completely collapsed economy,” he said, calling for opposition support for his economic recovery plan.

The Colombo Port City will feature prominently at the year’s Commonwealth Heads of Government Meeting taking place in Rwanda this week. 

This is the project’s first international forum since completion of land reclamation in January 2019, and the Port City Economic Commission Act that was passed in May last year. 54 member countries in the Commonwealth will participate at the forum, whilst the 36 other nations too will be present at the event in Kigali, Rwanda.

The Project Company is also a Strategic Partner to the Commonwealth Enterprise and Investment Committee, whereby it receives a dedicated slot as a knowledge partner for the Commonwealth Business Forum.

The Port City project has attracted investments for about 4.5 hectares of its entirety last year, which includes a $ 500 million investment that is billed to get underway before the end of the year.

CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare revealed the Project’s Managers are sticking to the timelines and plans it had originally drawn out, on the back of a roadshow done in the UK, Singapore and Dubai. 

In August this year, Port City Colombo will feature at the World City Summit in Singapore, which attracts city administrators, planners and investors from around the world.

Aluwihare noted it was crucial to build awareness, as Sri Lanka is widely reputed as a tourist destination and not known for business. This is why a very progressive Special Economic Zone law with competitive business-friendly regulation is needed, he said.

Aluwihare expressed hope that with the potential advent of global multinationals to Sri Lanka, who could well set up regional offices in the Port City, Sri Lankan talent would opt to work for these multinationals from here at home.

The SEZ law states that employees must be paid in dollars, so there is great opportunity and scope through this project to people and local industries, he explained. 

There could be great potential for local supply chains as Sri Lankan companies and individuals of all sizes and walks could provide goods and services, which in essence serve as an export and be paid in foreign currency. That impact will definitely flow outside Port City he pointed out.

Aluwihare expressed hope that with the potential advent of global multinationals to Sri Lanka, who could well set up regional offices in the Port City, Sri Lankan talent would opt to work for these multinationals from here at home.  The SEZ law states that employees must be paid in dollars, so there is great opportunity and scope through this project to people and local industries, he explained.

Armida Salsiah Alisjahbana

Older persons are highly visible across Asia and the Pacific: they work in agricultural fields producing our food supplies, peddle their wares as street vendors, drive tuk-tuks and buses, exercise in our parks, lead some of the region’s most successful companies and form an integral part of our families.

Indeed, population ageing is one of the megatrends greatly affecting sustainable development. People now live longer than ever and remain active because of improved health. We must broaden the narrow view of older persons as requiring our care to recognize that they are also agents of development. With many parts of the Asia-Pacific region rapidly ageing, we can take concrete steps to provide environments in which our elders live safely, securely and in dignity and contribute to societies.

To start with, we must invest in social protection and access to universal healthcare throughout the life-course. Currently, it is estimated that 14.3 per cent of the population in Asia and the Pacific are 60 years or older; that figure is projected to rise to 17.7 per cent by 2030 and to one-quarter in 2050. Moreover, 53.1 per cent of all older persons are women, a share tahat increases with age. Therefore, financial security is needed so older persons can stay active and healthy for longer periods. In many countries of the region, less than one-third of the working-age population is covered by mandatory pensions, and a large proportion still lacks access to affordable, good quality health care.

Such protection is crucial because older persons continue to bolster the labour force, especially in informal sectors. In Thailand, for example, a third of people aged 65 years or over participate in the labour force; 87 per cent of working women aged 65 or over work in the informal sector, compared to 81 per cent of working men in the same cohort. This general trend is seen in other countries of the region.

Older persons, especially older women, also make important contributions as caregivers to both children and other older persons. This unpaid care enables younger people in their families to take paid work, often in metropolitan areas of their own country or abroad. 

Older persons should also have lifelong learning opportunities. Enhanced digital literacy, for example, can close the grey digital divide. Older women and men need to stay abreast of technological developments to access services, maintain connections with family and friends and remain competitive in the labour market. Through inter-generational initiatives, younger people can train older people in the use of technology.

We must also invest in quality long-term care systems to ensure that older persons who need it can receive affordable quality care. With the increase in dementia and other mental health conditions, care needs are becoming more complex. Many countries in the region still rely on family members to provide such care, but there may be less unpaid care in the future, and care by family members is not always quality care. 

Finally, addressing age-based discrimination and barriers will be crucial to allow the full participation of older persons in economies and societies. Older women and men actively volunteer in older persons associations or other organizations. They help distribute food and medicine in emergency situations, including during the COVID-19 pandemic, monitor the health of neighbours and friends, or teach each other how to use digital devices. Older persons also play an active role in combatting climate change by sharing knowledge and techniques of mitigation and adaptation. Ageism intersects and exacerbates other disadvantages, including those related to sex, race, and disability, and combatting it will contribute to the health and well-being of all.

This week, countries in Asia and the Pacific will convene to review and appraise the Madrid International Plan of Action on Ageing (MIPAA) on the occasion of its 20^th anniversary. MIPAA provides policy directions for building societies for all ages with a focus on older persons and development; health and well-being in old age; and creating enabling environments. The meeting will provide an opportunity for member States to discuss progress on the action plan and identify remaining challenges, gaps and new priorities.

While several countries in the region already have some form of policy on ageing, the topic must be mainstreamed into all policies and action plans, and they must be translated into coherent, cross-sectoral national strategies that reach all older persons in our region, including those who inhabit remote islands, deserts or mountain ranges.

Older persons are valuable members of our societies, but too often they are overlooked. Let us ensure that they can fully contribute to our sustainable future.

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Armida Salsiah Alisjahbana is an Under-Secretary-General of the United Nations and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP)

Armida Salsiah Alisjahbana

As the Second Global Ocean Conference opens today in Lisbon, governments in Asia and the Pacific must seize the opportunity to enhance cooperation and solidarity to address a host of challenges that endanger what is a lifeline for millions of people in the region.

If done right ocean action will also be climate action but this will require working in concert on a few fronts.

First, we must invest in and support science and technology to produce key solutions. Strengthening science-policy interfaces to bridge practitioners and policymakers contributes to a sound understanding of ocean-climate synergies, thereby enabling better policy design, an important priority of the Indonesian Presidency of the G20 process. Additionally policy support tools can assist governments in identifying and prioritizing actions through policy and SDG tracking and scenarios development.

We must also make the invisible visible through ocean data: just three of ten targets for the goal on life below water are measurable in Asia and the Pacific. Better data is the foundation of better policies and collective action. The Global Ocean Accounts Partnership (GOAP) is an innovative multi-stakeholder collective established to enable countries and other stakeholders to go beyond GDP and to measure and manage progress towards ocean sustainable development.

Solutions for low-carbon maritime transport are also a key part of the transition to decarbonization by the middle of the century. Countries in Asia and the Pacific recognized this when adopting a new Regional Action Programme last December, putting more emphasis on such concrete steps as innovative shipping technologies, cooperation on green shipping corridors and more efficient use of existing port infrastructure and facilities to make this ambition a reality.

Finally, aligning finance with our ocean, climate and broader SDG aspirations provides a crucial foundation for all of our action. Blue bonds are an attractive instrument both for governments interested in raising funds for ocean conservation and for investors interested in contributing to sustainable development in addition to obtaining a return for their investment.

These actions and others are steps towards ensuring the viability of several of the region’s key ocean-based economic sectors, such as seaborne trade, tourism and fisheries. An estimated 50 to 80 per cent of all life on Earth is found under the ocean surface. Seven of every 10 fish caught around the globe comes from Pacific waters. And we know that the oceans and coasts are also vital allies in the fight against climate change, with coastal systems such as mangroves, salt marshes and seagrass meadows at the frontline of climate change, absorbing carbon at rates of up to 50 times those of the same area of tropical forest.

But the health of the oceans in Asia and the Pacific is in serious decline: rampant pollution, destructive and illegal fishing practices, inadequate marine governance and continued urbanization along coastlines have destroyed 40 per cent of the coral reefs and approximately 60 per cent of the coastal mangroves, while fish stocks continue to decline and consumption patterns remain unsustainable.

These and other pressures exacerbate climate-induced ocean acidification and warming and weaken the capacity of oceans to mitigate the impacts of climate change. Global climate change is also contributing to sea-level rise, which affects coastal and island communities severely, resulting in greater disaster risk , internal displacement and international migration.

To promote concerted action, ESCAP, in collaboration with partner UN agencies, provides a regional platform in support of SDG14, aligned within the framework of the UN Decade of Ocean Science for Sustainable Development (2021-2030). Through four editions so far of the Asia-Pacific Day for the Ocean, we also support countries in identifying and putting in place solutions and accelerated actions through regional dialogue and cooperation.

It is abundantly clear there can be no healthy planet without a healthy ocean. Our leaders meeting in Lisbon must step up efforts to protect the ocean and its precious resources and to build sustainable blue economies.

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Armida Salsiah Alisjahbana is an Under-Secretary-General of the United Nations and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP)

Finance and Corporate Affairs Minister of India  Nirmala Sitharaman assured the High Commissioner of Sri Lanka to India, Milinda Moragoda of her fullest support and cooperation in the process of economic recovery in Sri Lanka.

The Finance Minister of India gave this assurance when High Commissioner Moragoda called on her on 21 June at the Ministry of Finance in New Delhi.

This was the latest of a series of meetings High Commissioner Moragoda has had with Minister Sitharaman on Indian economic cooperation and assistance to Sri Lanka in the context of the present crisis. He had last met her on 27 May.

High Commissioner Moragoda once again thanked Minister Sitharaman for the continued assistance that India is extending to Sri Lanka, and particularly for expeditiously arranging a separate line of credit of 55 million USD, granted on 10 June to import 65,000 MT of urea required for the present cultivation season in Sri Lanka.

Minister Sitharaman expressed hope that Sri Lanka would recover very soon given the resilience of her people.

Earlier, High Commissioner Moragoda had also met with the External Affairs Minister of India Dr. S. Jaishankar to discuss the way forward with regard to Indian assistance in stabilizing and recovering the ailing Sri Lankan economy.

The defunct State-run Embilipitiya paper mill  is set  to revive via a fresh Public-Private-Partnership (PPP) with Korean Spa Packaging Ltd in a joint venture with an investment of US$ 16 million, BOI sources said.  

Although the Cabinet of Ministers had approved a previous proposal submitted In March 2022  to formally lease 111 acres, two roods and 33 perches of  this National Paper Company on a 30-year lease to Korean Spa Packaging Ltd., the decision could not be implemented as the said land was not regularised properly.

.The Embilipitiya Paper Mill was first set up in 1978, closed in 2003 and resumed in 2011. However, after brief operations, it was closed again in 2012 to date.

Korean SPA Packaging (Pvt.) Ltd. (KSPA), recently signed an agreement with the Board of Investment (BOI) with respect to the resumption of the operation at the defunct Embilipitiya Paper Mill

The project, which is a US$ 16 million-investment in its first phase, aims at manufacturing industrial grade papers for the direct and indirect export market by upgrading machinery and infrastructure.

Subsequently, the factory was up for sale and this is when the KSPA decided to resurrect this giant corporation through a Public Private Partnership (PPP) amid a spate of hurdles. Accordingly, the investment agreement was signed recently, with the BOI making it a backward integration, to manufacture paper for the corrugated industry.

Commenting on the project, BOI Chairman Raja Edirisuriya said “It seems that the KSPA is taking the paper industry to a next level with its new project and it is commendable that the industry is in safe hand,”

“It has to be said that the KSPA is setting an example for the entire business community where they manifest the actual role to be played by the private companies, at a juncture where the country is standing at a crossroads. Mr. Edirisuriya added.

Meanwhile, BOI Director General Renuka M. Weerakone, pointed out “This is a timely undertaking by the KSPA given the rising paper prices in the world market and current scarcity of paper due to the dollar crisis in the country,”

”KSPA should be felicitated for their initiative to take up a massive challenge to resume the operations of the abandoned Embilipitiya Paper Mill, which is slated to generate nearly 1,000 direct and indirect job opportunities and boost the livelihood of the people in Embilipitiya. 

The new venture will also save extensive outflow of dollars,” Ms Weerakone stated.

Expressing his sentiments, KSPA and Anunine Holdings Chairman, Mr. Anurath Abeyratne spelled out “that he has  decided to take up the challenge to resume the production at the defunct state paper mill at Embilipitiya to prevent dollars from flowing out of the country, generate job opportunities and giving a hand to uplift the economy at large,”

Mr. Abeyratne also disclosed his vision and commitment to bringing the paper mill to its full functionality by 2023. Elaborating further on his vision for this mega-project, 

Mr. Abeyratne hinted at a planned second phase with an addition of a pulp mill to recycle waste paper and produce wet pulp which will be exported to international markets to generate forex.

KSPA is 100% Sri Lankan owned, BOI accredited portfolio company of Anunine Holdings; a highly diversified, privately held, family-owned group of companies;

It is active in the fields of packaging, tire manufacturing, sugar manufacturing, renewable energy, trading, plastic and waste recycling, garment accessories manufacturing, agriculture, nanotechnology, and blockchain technology with a thirty year history in the export sector and over two thousand direct employees.

The Colombo District Court today extended the enjoining order preventing the removal of Minister Nimal Siripala de Silva from the posts of the Sri Lanka Freedom Party.

The petition filed by Nimal Siripala against the SLFP’s decision to remove him from office was called before Colombo District Judge Purnima Paranagama today. The judge adjourned the case till tomorrow and extended the enjoining order till tomorrow.

Attorney-at-Law Faizer Mustapha, appearing for SLFP chairman Maithripala Sirisena, who has been named as a defendant in the petition, said discussions were underway to resolve the issue.

The lawyer also asked the court to give him a date to file objections to the extension of the enjoining order.