Agriculture

ADB gives US$453mn for Sri Lankaâ€™s Mahaweli water security investment

Friday May 18, 2018 8:55 pm

ECONOMYNEXT – The Asian Development Bank (ADB) is giving Sri Lanka a loan of US$453 million to fund the second phase of a project providing irrigation and drinking water from the island’s main Mahaweli river.

The funds will be used to build storage reservoirs, canals and tunnels to divert river water for thousands of farmer families and provide safe drinking water for people living in areas affected by Chronic Kidney Disease (CKD).

The Mahaweli Water Security Investment Program is one of the major ongoing investment program currently being implemented under the loan assistance of the ADB, the finance ministry’s Department of External Resources said in a statement.

The total investment cost of this program is $675 million of which $453 million will be provided by ADB under Multi – tranche Financing Facility (MFF).

The government of Sri Lanka has already signed two loan agreements with ADB to obtain $150 million to finance the first tranche of the programme.

Three major investment projects; Upper Elahera Canal Project, North Western Province Canal Project, Minipe Left Bank Canal Rehabilitation Project will be implemented under the investment program.

“The construction of new and improved water conveyance and storage infrastructure under this program will increase the productivity of agricultural lands in the North Western, North Central and Central Provinces,” the statement said.

The project involves constructions of 158 km canals and 38 km of tunnels and two new reservoirs with storage capacity of 36 MCM (Million Cubic Meters) as well as rehabilitation of the 74 km Minipe Left Bank Canal.

The statement said 25,000 farmer families under Upper Elahera Canal Project, 40,000 farmer families under North Western Province Canal Project and 15,000 farmer families under Minipe Left Bank Canal Rehabilitation Project will directly benefit from the program.

The proposed second tranche will fund partial construction of 28 km of tunnels on the 62 km conveyance canal linking the Moragahakanda and Hurluwewa reservoirs and partial construction of 8.8 km of tunnels and conveyance canal linking the Kalu Ganga and Moragahakanda reservoirs.

It will also fund continuing construction of the Mahakithula and Mahakirula Reservoirs, and Mahakithula Inlet Tunnel which had been initiated under Tranche 1 of this program.

The total investment cost of tranche 2 is $242 million with the government giving $32 million and ADB $210 million as two loans.
(COLOMBO, May 18, 2018)

FILED UNDER: Sri Lanka

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Markets

Sri Lanka stocks close up as some investor interest returns

Monday December 4, 2023 6:12 pm

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

Bonds & Forex

Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

Monday December 4, 2023 5:24 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)

Crime

Gov minister highlights abortion rights, sex-ed for children, and Sri Lanka men killing their women

Monday December 4, 2023 4:21 pm

ECONOMYNEXT – Sri Lanka’s legislators have politicized the topics of rape and violence without addressing the elephant in the room, Jeevan Thondaman, Minister of Water Supply and Estate Infrastructure Development said in parliament on Monday (4).

“All the members here are talking about rape. What happens after that? We must talk about abortion rights. That is not something anyone wants to touch on, and that is why we are in this place right now,” Thondaman said.

“Despite alarming statistics on rape and violence, women are often blamed and punished for it. The criminalisation of abortion is a major example of this.”

Sri Lanka has some of the most restrictive abortion laws in the world. According to a 2016 estimate by the Health Ministry, he said, approximately 658 abortions take place a day, and close to 250,000 a year.

“That’s 250,000 women whose lives you are endangering.”

He added that what was needed at this point in time was comprehensive sexual education (CSE) for children and young people.

“Only through CSE in schools will children and young people develop, accurate, age appropriate knowledge attitude and skills; positive values such as respect for human rights, gender equality, diversity and attitude and skills that contribute to a safe, healthy and positive relationship.”

Thondaman pointed out that CSE plays a pivotal role in preparing young people for a world where HIV, AIDS, sexually transmitted infections, unintended pregnancies, and sexual and gender based violence still pose a risk to their well-being.

“CSE basically empowers children take control and make informed decisions freely and responsibly.”

Thondaman also highlighted the findings of a 2021 study (Fatalities_20211109_UNFPA) by the UNFPA and the University of Kelaniya that showed that a majority of women killed in Sri Lanka were murdered by those close to them.

“62 percent of homicides of Sri Lankan women are committed by either an intimate partner, ex-partner or family member. 84 percent are killed in their own homes by someone they know.”

Police and the judiciary have failed Sri Lanka’s women, the minister pointed out.

“Only 5 percent of these cases, between 2013-2017, were ever concluded. Men claim they were provoked, or are of unsound mind or have mental illness: These have been successful defenses. And the Police often express sympathy to this narrative as opposed to the victim’s.”

“We have a history of protecting oppressors.”

It takes 7-10 years for a child rape case to conclude, he pointed out.

Establishment of child courts are needed, he said, as well as several legislative amendments. “The government is working on a new law to reform the domestic violence act, reform of marriage and divorce laws to ensure there is an easier path to divorce: no one should be forced to remain in a marriage that is either abusive or not healthy.” (Colombo/Dec4/2023)