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Sunday September 24th, 2023

Pres asks for compensation from Global North for brain drain, at G77

ECONOMYNEXT – Sri Lanka’s President told global leaders that brain drain from the South to the North and the resulting loss of educated manpower was a threat to the development of science, technology and innovation of the South.

Addressing Heads of State and Governments of the G77 and China summit in Havana, Cuba yesterday (15) President Ranil Wickremesinghe said the Global North should compensate for the mass exodus of professionals from the Global South, amidst the pandemic and livelihood crises.

“We must ask for compensation from the North for the loss of our manpower,” he said, according to a statement released by the President’s Media Division.

The President said that the pandemic, and food, energy, climate and fertiliser crises were causes for the exacerbation of the global debt crisis, and setbacks to achieving the Sustainable Development Goals (SDGs) in the Global South.

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President wants compensation from countries that recruit Sri Lankan doctors

Official data reveals that in 2022, 14,307 professionals left Sri Lanka, a significant increase from the 8,373 that left in 2021 and 2,957 in 2020.

Emphasising a “new technological divide” emerging in the 21st century, Wickremesinghe said that the adoption of digitalization and new technologies, such as big data, IoT, AI, blockchain, biotechnology and genome sequencing, as key to bridging the gap.

He also urged increased South-South cooperation and proposed a scheme akin to the Colombo Plan to enhance collaboration, exchange best practices and develop policies that harness the transformational potential of science, technology and innovation.

President Wickremesinghe reaffirmed Sri Lanka’s commitment to supporting the new Havana Declaration and called for the collective voice of G77 and China to be heard in international fora, and effective cooperation mechanisms within the G77 and China.

The G77 is a bloc of countries from the Global South representing 80% of the world’s population.(Colombo/Sept16/2023)

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Sri Lanka India industrial zone around Trinco, maritime links mooted

ECONOMYNEXT – Sri Lanka’s Ports Minister Nimal Siripala de Silva had highlighted the desire of both the Governments to work closely to develop the industrial zone at Trincomalee, after accepting an invitation to participate in a maritime summit.

The Global Maritime India Summit (GMIS) will be held in India from October 17-19, 2023 at Mumbai where Sri Lanka has been invited at a partner country.

At a curtain raiser event on September 22, India’s High Commissioner in Colombo, Gopal Baglay had said both countries were working on enhancing sea connectivity according to a vision document launched during a recent visit of the President of Sri Lanka to India.

Minister de Silva will lead a delegation from Sri Lanka to the summit.

Secretary to the Ministry of Ports, Shipping and Waterways, Government of India, T K Ramachandran said the Global Maritime India Summit aims strengthen the Indian maritime economy by promoting global and regional partnerships and facilitating investments.

The event will give an opportunity to the Government of Sri Lanka to attracting greater investment from India in development of its maritime infrastructure, Ramachandran said.

It will also facilitate greater business to business interactions. (Colombo/Sept24/2023)

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Sri Lanka brings back import para tariff on milk

ECONOMYNEXT – Sri Lanka has brought back an import para tariff called the Ports and Airports Levy, to several grades of milk powder.

Milk powder has been removed from a list of PAL exemptions, making them liable for a 10 percent tax.

The PAL para tariffs are also a contentious issue in terms of export competitiveness, and the government has previously given undertakings that they will be eliminated.

Trade freedoms of the poor figure in an IMF/World bank reform program with the governments.

Milk is a protein rich food, in a country where children of poor families are facing stunting and malnutrition.

Economic nationalism is seen at high levels in food, with several businessmen are pushing for trade protection, amid an overall autarkist (self-sufficiency) ideology, going directly against policies followed in East Asia, which the same as hold up as examples.

Sri Lanka keeps dairy product prices up ostensibly to bring profits to a domestic dairy company and farmers.

Sri Lanka also keeps maize prices up, ostensibly to give profits to farmers and collectors. (Colombo/Sept22/2023)

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Sri Lanka govt warns liquor manufacturers: pay defaulted tax or lose licence

ECONOMYNEXT – Sri Lanka government which is struggling to raise the state revenue despite   higher taxes, has warned liquor manufacturers to pay defaulted taxes or lose their licence.

The government is now getting tough with past tax defaulters amid concerns over falling short of this year’s revenue target agreed with the International Monetary Fun (IMF).

“Liquor manufacturing firms owe us 660 crore rupees (6.6 billion rupees),” Siyambalapitiya told  reporters on Thursday (21).

“Most of this or around a third is the only excise tax amount to be paid. The rest is penalty. If a liquor manufacturer does not pay on time, we impose a penalty of 3 percent per month This means 36 percent (penalty) per annum,” he said.

“We have given them deadline to repay the basic excise taxes. If they don’t pay, we will cancel their licence.”

President Ranil Wickremesinghe’s government committed an ambitious revenue target among many other reforms to the International Monetary Fund (IMF) in return to a $3 billion loan package.

However, the revenue could face a short fall of 100 billion rupees, State Finance Minister Ranjith Siyambalapitiya has said.

A new Central Bank Act also has legally prevented the government of printing money at its discretion as  in the past.  (Colombo/September 24/2023)

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