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Govt. embarks on Rs. 31 b National Home Gardening Revolution today

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The cash strapped  Government will  embark on  the ‘Haritha Deyak’ – National Home Gardening Revolution today, with an investment of Rs. 31 billion to expand agri crop production.

It will be conducted by the Ministry of Agriculture to benefit 1.2 million urban and semi-urban families to ensure food security.

The agriculture department has tried to promote home gardening a number of times in the past, but with little success. The current concerns around household food security have caused a wave of their own, making it likely that this programme will succeed

The programme  aims to provide the basic requirements for gardening to households and public areas with a view to increase agricultural production, whilst increasing the nutritional quality of the produce through which the Government plans to increase self-sufficient food production. 

In addition, growth of pesticide-free nutritional food produce will be a key aspect of the project.

Irrigation Minister Chamal Rajapaksa explained on the project noting that each household would be provided with up to Rs. 2,000 in basic necessities including seeds and a proper set up for gardening with additional knowledge on the crops provided to ensure the success of the activity. 

A total of 155 families are slated for the initial stage of the project that will start today, at a selected home garden in each Grama Niladhari Division of each Divisional Secretariat. Public officials, beneficiaries of the program and representatives of community organisations are expected to participate at multiple Divisional Secretariats. 

Minister Rajapaksa also said that the national project is meant to create awareness on gardening through leaflets and other educational materials was a success.

He believes that every household in the country, irrespective of location would participate in the program. 

The Minister also appreciated the support received from other ministries, departments and other State agencies that contributed towards the success of the program. 

He said the initiative will be continual into the future with the goal of adding 2.2 million gardens to be able to ensure self-sufficiency in food by having an additional 275,000 acres of land for agricultural produce.

Agriculture Ministry Secretary D.M.L. Bandaranayake explained the inner workings of the project. Based on the area the plants provided will differ, for example two coconut plants will be provided for a household in an area where coconut plantations are prevalent. 

Vegetable plants prepared by Samurdhi Nurseries, 40 plants per household will be distributed to the beneficiaries in each Grama Niladhari Division as much as possible with other parties providing packeted seed and other crops, with 1,441 Grama Sevakas being involved in the project.

The ideal land area for gardening is households with around 20 perches of land. However, the opportunity to enter in to the program is open to all and there was an open invitation.

The program is not limited to private land, but also State-owned areas as well. 

Land Minister S.M. Chandrasena said that the Government institutions will be expected in the program including Divisional Secretariats, public schools and Buddhist places of worship and other notable public locations with the larger goal of including Government employees as an active part of the program increasing the overall scope of production.

A harsh response from Ranil to the Derana Announcer who tried to bring racism into the talks between the President and TNA (VIDEO)

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Former Prime Minister Ranil Wickremesinghe has slammed the announcer of Derana TV Channel Sankha Amarajith for trying to raise Sinhala racist views by criticizing issues raised during the talks between the TNA and President Gotabhaya Rajapaksa.

Sankha: Using this crisis, the TNA is talking about political solutions, calling for the lifting of the ban on banned organizations, are these true?

Ranil – “What are banned organizations?”

Sankha – It is said those have provided financial assistance to the LTTE.

Ranil: “Many of such organizations had not been banned. Those were implemented in our period as well. This was banned after the government came. It is said that the ban should be lifted. When there is this problem in this country we go back to racism. This is an old story ”

Sankha: No, I mean, there is a conversation about this now.

Ranil – “That conversation continues because there is no other to speak of. Looking back to take racism, take religionism. What is the use of it? Do we get petrol from this for people today from this? Now let’s talk the truth! They talked about locality, they said they need to save the nation, they talked about the Easter Sunday attack… Let’s leave them all aside; These are reasonable issues of our Tamil people, even our Buddhist monks want to solve those issues for them. I know a number of organizations that did business with us at that time were banned after the coming of this government. So Sumanthiran says it should be removed. I think that’s fair. There is no LTTE behind this, the LTTE is finished now. Bombings don’t happen. Terrorism will not appear again, I know it. Many of those organizations do not have the money even if they talk about collecting them.

Ranil Wickremesinghe said this while participating in a conversation held on Derana TV yesterday (28).

Cabinet approves to increase train fares

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Transport Minister Dilum Amunugama says that the Cabinet has approved an increase in train fares.

“We have received approval for a revision of train fares. This fee is not applicable on the 29th. It will be applicable from the 30th. The increment is done in very small quantities. The current fare for the first 10 km of the 3rd class of the train is Rs. 1.30. It increases to 2 rupees.”

Minister Dilum Amunugama stated this while expressing his views to the media after the Cabinet meeting held yesterday (28).

An allowance of Rs. 5,000 for the Sinhala-Tamil New Year

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The government has decided to provide an allowance of Rs. 5,000 to low income families for the upcoming Sinhala-Tamil New Year.

Accordingly, it has been decided to provide Rs. 5,000 per month for two months to 3.1 million low income families, said Minister of Energy Gamini Lokuge.

He further stated that the Cabinet meeting held yesterday (28) approved the payment of this allowance as a new year bonus.

Minister Gamini Lokuge stated this while expressing his views to the media after the Cabinet meeting held yesterday.

Sri Lanka Central Bank to crack down on illicit money changers 

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Sri Lanka’s central bank has banned money changers from selling US dollars above the commercial bank rates as the country grapples from a forex crisis triggered by money printed to keep rates down and a surrender requirement.

Sri Lanka has an exchange rate regime with anchor conflicts (flexible exchange rate) which is neither a true float with a domestic inflation anchor nor a credible peg (external anchor).

An attempt to shift to a clean float has so far not succeeded. The central bank has been urged by classical economist to hike rates and drop a surrender requirement to make the float work so that shortages in imported energy, medicines and food.

Sri Lanka has had external crises ever since a credible peg was abolished in 1950.

Stable single anchor monetary regimes (hard peg or clean float) have been relentlessly opposed by those who want to depreciate the currency and transfer wealth from the working class to business owners (competitive exchange rates).

Sri Lanka’s banks are offering to sell dollars at 285 to the US dollar. In the kerb market, the rupee hit 360 to the US dollar this week.

When money is printed to keep rates down and exchange controls are imposed, the kerb market and Undiyal rates go up with money trying to rush out of the country and pay for imports.

The outward flow of money at high prices in turn are financed by higher rates paid to inward worker remittances.

There now calls to set up a currency board to end 72 years of monetary instability and social upheavals from the dual anchor conflicting ‘flexible exchange rate’.

Permission to buy, sell and exchange foreign currency in Sri Lanka is granted ONLY to authorized dealers (i.e. licensed banks) and money changers appointed by the Central Bank of Sri Lanka (CBSL).

Therefore, foreign currency, shall be purchased, sold or exchanged only through an authorized dealer or an authorized money changer.

In terms of the provisions of the Foreign Exchange Act, No.12 of 2017, engaging in foreign currency transactions without permission of CBSL by any person, institution or any other entity is an unlawful activity.

Therefore, if it is noted that any person, institution or any other entity is engaged in unauthorized foreign exchange dealings, the public is hereby requested to inform the Foreign Exchange Department of CBSL via the following telephone numbers or the email address.

Telephone :

0112398827

0112477375, 0112398568

Central Bank Governor Nivard Cabraal seeks direct investment from UK

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Bank Governor Nivard Cabraal has sought foreign portfolio and direct investments from the UK, saying Sri Lanka is on a new reset path taking advantage of new horizons post-COVID.

He extended this invitation to fund managers and investors who attended the Sri Lanka Invest Forum in London organised by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC) in partnership with Sri Lanka High Commission in the UK on Monday 28 at the London Stock Exchange.

Acknowledging that Sri Lanka indeed faces many challenges due to factors influenced by the COVID pandemic he said the situation heralds the time to reset the economy and move ahead with new impetus.

Though scheduled to be in person in London to deliver the keynote, Cabraal addressed the Forum live virtually from Colombo due to some urgent development.

He said that some of the current volatilities such as the rupee, pressure on the balance of payments, and high inflation are temporary and recent measures such as tightening of the monetary policy, greater flexibility in the exchange rate, and allowing cost-reflective pricing as well as an arrangement with the International Monetary Fund (IMF) will ensure greater stability and make it more sustainable.

He said that the Central Bank views the high rates of the exchange rate as an “overshoot” and expects the rupee to stabilise shortly. Cabraal also said on-going measures will boost foreign inflows.

His invitation to foreign investors and confidence in a quicker stability and growth stems from the fact that “Fundamentals of Sri Lanka are strong” and initiatives such as “Port City, Hambantota Port, infrastructure development, pharmaceutical zone etc. offers awesome potential” for investment and growth opportunities.

Cabraal expressed confidence that Sri Lanka is primed for a new surge of investments.

Sri Lanka High Commissioner Saroja Sirisena highlighted the country’s resilience amidst the global and local shocks and appealed to investors existing and potential ones to have faith. She too invited investors to take advantage of the future of Sri Lanka which she described as “best located in Asia, the most peaceful region in the world”.

The Sri Lanka Invest Forum is the fourth in the UK with the last being in 2018 and the first in Europe post-COVID. Sirisena recalled that the 2018 event heralded the then largest FDI for Sri Lanka via the London Stock Exchange Group.In that context she expressed the hope that the latest forum will be a catalyst in further boosting Sri Lanka-UK ties.

UK Prime Minister’s Trade Envoy to Sri Lanka Lord Davies of Abersoch CBE was also a special guest at the event which saw around 40 London-based fund managers and investors in attendance.

SEC Chairman Viraj Dayaratne PC, CSE Chairman Dumith Fernando and LYNEAR Wealth Management Co-Founder and CIO Dr. Naveen Gunawardane also spoke highlighting Sri Lanka’s soundness and attractiveness for investments.

CBSL Director Economic Research Dr. Anil Perera made a presentation on ‘Macroeconomic Developments and Prospects of Sri Lanka’ via video conferencing whilst Deputy Governor N.W.G.R.D. Nanayakkara answered a host of questions from fund managers and investors.

The forum at London Stock Exchange yesterday was one of three engagements this week by Sri Lanka’s spirited capital market industry to woo more foreign portfolio and direct investments on the premise of better future prospects despite most challenging times at present for the country.

Rest of the week the Sri Lankan capital market delegation will also woo investments at separate engagements with the diaspora in the UK as well as Britain-based business organised by the Sri Lanka High Commission.

A large contingent from Sri Lanka’s capital markets as well listed companies is in London to attend the events as well whilst the latter will also take part in one-on-one meetings with fund managers and investors.

Among the stockbrokers in the delegation are SC Securities, Softlogic Stockbrokers Ltd., John Keells Stockbrokers Ltd., CT CLSA Securities, Bartleet Religare Securities, Lanka Securities, and Acuity Stockbrokers. The listed companies include Expolanka Holdings PLC, John Keells Holdings PLC, Softlogic Holdings PLC, Windforce PLC, National Development Bank PLC, and People’s Leasing and Finance PLC.

New Generation Technology Company iGreenDatain Melbourne recruits thirty-two Sri Lankan Software Engineers

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Thirty-two highly skilled Software Engineers from Sri Lanka whowere recently recruited on work permitsby the new generation technology company iGreenData to work in Australia,visited the Consulate General of Sri Lanka in Melbourne recently.iGreenData,  headquartered in Melbourne,commenced business in 2018 andis a company with a focus on Cloud, Data and Digital first solutionswith a specific focus in Banking & Financial services domain.

The batch of thirty-two software engineers recruited within a short period is the first set of recruitmentsfrom Sri Lanka by iGreenData which is diversifying its source market for skilled resources. This transpiredin the remarks at the gathering by Co-Founder and Joint Managing Director Frank Rajakulendran, who is of Sri Lankan descent living in Melbourne.RajakulendranappreciatedConsul General KapilaFonseka’s effortsto encourage Sri Lankan talent and provide useful insights that led torecruitment.

Co-Founder and CEO of iGreenDataMax Sundaramstated that with over two hundred staff, iGreenData was ranked in the Deloitte Technology Fast 50 Australia awards in 2020 and 2021 and the CRN Fast 50 Australia in 2021.While iGreenDatahas expandedits operations in India to better serve its customers, there is the intention to explore opportunities to commence operations in Sri Lanka in the near future.

Welcoming the Sri Lankan software engineers to the Consulate General, the Consul General thankediGreenData for sponsoring such a large number of Sri Lankansin a single batch. He stated thatit was a timely initiativeas Sri Lanka was looking to promote foreign employment for the skilled sector.

Consul Diana Perera, iGreenDataCo-Founder and Head of Customer Success Praveen Purushothaman and Head of Talent Acquisition Shiv Veluwere also present.

Consulate General of Sri Lanka

Melbourne

28 March, 2022

Sri Lanka seeks another $1bn from India: Reuters Report

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Sri Lanka is struggling to pay for essential imports of food and fuel, leading to huge shortages [File: Dinuka Liyanawatte/Reuters]

(REUTERS) Sri Lanka has sought an additional credit line of $1bn from India to import essentials amid its worst economic crisis in decades, Reuters has reported, citing two sources, as the Indian foreign minister began talks with the government of its neighbour.

The island nation is struggling to pay for essential imports of food and fuel after a 70 percent drop in foreign exchange reserves since January 2020 led to a currency devaluation and efforts to seek help from global lenders.

New Delhi has indicated it would meet the request for the new line, to be used for importing essential items such as rice, wheat flour, pulses, sugar and medicine, said one of the sources briefed on the matter.

“Sri Lanka has requested an additional $1 billion credit line from India for imports of essentials,” the second source said. “This will be on top of the $1-billion credit line already pledged by India.”

Both sources declined to be identified as the discussions were confidential.

The finance and foreign ministries of Sri Lanka, as well as India’s foreign ministry, did not immediately respond to requests for comment.

Sri Lankan finance minister Basil Rajapaksa signed the earlier credit line of $1bn this month in the Indian capital of New Delhi to help pay for critical imports.

Indian foreign minister Subrahmanyam Jaishankar met Rajapaksa on Monday after arriving in the Sri Lankan capital of Colombo late the previous day.

“Discussed the economic situation and India’s supportive response,” Jaishankar said on Twitter, with a photograph of the two officials together.

In addition to the credit lines, India extended a $400m currency swap and a $500m credit line for fuel purchases to Sri Lanka earlier this year.

Sri Lanka’s imports stalled, causing shortages of many essential items, after foreign currency reserves fell to $2.31bn by February.

The nation, just off India’s southern tip, has to repay debt of about $4bn in the rest of this year, including a $1bn international sovereign bond that matures in July.

Rajapaksa is set to fly to Washington, DC next month to start talks with the International Monetary Fund (IMF) for a rescue plan.

“India is also very supportive of Sri Lanka’s decision to seek an IMF programme and has given their fullest support,” one of the sources added.

A seven and a half hour power cut tomorrow

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A power cut of seven and a half hours maximum will occur tomorrow as approved by the Public Utilities Commission of Sri Lanka (PUCSL).

Accordingly;

A – L zones – A 05 hour power cut from 08 am to 06 pm and a 02 and a half hour power cut from 06 pm to 11 pm; a 07 and a half hour power cut total.

P – W zones – A 05 hour power cut from 08.30 am to 06.30 pm and a power cut of 02 hours and 15 minutes from 06.30 pm to 11 pm; a power cut of 07 hours and 15 minutes total

MIAP

No fuel shortage despite queues: CEYPETCO Chief

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There is no shortage of fuel in the country despite the queues evident near the fuel stations, said Chairman of the Ceylon Petroleum Corporation (CEYPETCO) Sumith Wijesinghe, alleging that the people’s tendency of stockpiling fuel is the reason behind these long queues.

There is a delay in the release of fuel at fuel stations due to overcrowding, but the queues should end in a few days, the CEYPETCO Chief noted, adding that these queues have also been triggered by the price hike declared by the Indian Oil Company (IOC).

In the backdrop, IOC customers are also queuing themselves at CEYPETCO fuel stations to collect fuel, he suggested, urging the people to refrain from stockpiling fuel unnecessarily to meet the needs of the country, including the generation of electricity.

MIAP