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Tuesday September 26th, 2023

Sri Lanka allows imports of specialist fertilizer, micro-nutrients

ECONOMYNEXT – Sri Lanka has allowed the import of fertilizer mixes and micro-nutrietns for specialist applications including for hydroponic cultivation and floriculture, the President’s office said.

In May the cabinet of ministers approved the import of chelated mineral fertilizer and micro-nutrients and small granules used for horticulture.

Sri Lanka this year banned the import of fertilizer saying they caused diseases and cost up to 400 million US dollars to import.

However other analysts have called for law to curb the expansionary domestic operations (printing money) of the central bank to end forex shortages and restore monetary stability.

Sri Lanka suddenly banned chemical fertilizers, without first releasing a white paper, green paper or doing a public consultation and is now firefighting regime uncertainty with the entire agricultural sector in turmoil.

The ban has been relaxed after introducing national sub HS codes to distinguish between classes of fertilizer. Official spokesmen have claimed that the specialist fertilizer are not ‘chemical’.

Related Sri Lanka to import organic fertilizer for 1.1mn hectares of farmland

The Cabinet has granted approval to the proposal made by the Minister of Agriculture on the 31st of May 2021, to import the plant nutrients which include natural chelated minerals and micro nutrients, the statement said.

“As the above natural chelated minerals and micro matter were already being imported under the HS Code, but currently prohibited by the Gazette Notification No. 2226/48, and in order to grant cabinet approval to the aforesaid Cabinet paper submitted by the Minister of Agriculture, the Gazette Notification No. 2226/48 was amended,” the President’s office said.

“The government states that it has not granted permission to import chemical fertilizers for local agricultural purposes and has not made any changes to the decision taken by the President to use only organic fertilizers for local agriculture and will not make any changes to this decision in the future as well.”

Licenses have been issued for a period of six months under the direct supervision to the institutions registered for protected agriculture in greenhouses and for hydroponics, aeroponics and floriculture to import nitrogen minerals or chemical fertilizers and chelated minerals and nutrients, the statement said.

“The above licenses also permit packets of compound fertilizers containing the three plant nutrients, namely mineral or chemical nitrogen, phosphorus and potassium, or capsules containing a mixture of two of them or packets weighing 10kg or less containing such products,” the statement said.

“All these fertilizers are allowed to be imported only by the relevant agencies as per the requirements or under special licenses issued only for limited quantities to suit those requirements.

“In addition, nitrogen extracts (organic) and mineral potassium can be imported, which are not classified as chemical fertilizers.” (Colombo/Aug04/2021)

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Sri Lanka cabinet okays appropriation bill for 2024 budget

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved a draft Appropriation Act for 2024, the state information office said.

The Finance Minister’s proposal to gazette the bill and table it in parliament was approved by the cabinet.

Presenting the appropriation bill is the first stage of presenting a budget for 2024,

The appropriation bills set outs the expenditure plans for each ministry.

The budget proposals, made in November is called the second reading of the Appropriation Act. (Colombo/Sept24/2023)

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Sri Lanka’s MEPA to get 28.5 mn rupees from Singaporean AEPW, for beach clean up

ECONOMYNEXT – Sri Lanka’s Marine Environment Protection Authority (MEPA) is to receive 5.7 million rupees a year, for five years, from Singapore-based marine waste solutions provider, Alliance to End Plastic Waste (AEPW), to maintain 8 beach cleaner machines.

The donation is meant to support MEPA clean coastal areas across Sri Lanka, using BeachTech Hydro Sweepy beach cleaner machines, previously donated by the organisation.

The oil industry-founded non-governmental organisation donated the 8 beach cleaners worth about US$180,000 to MEPA in the wake of the 2021 MV X-press Pearl ship disaster.

The machines manufactured by Kässbohrer Geländefahrzeug AG, a German company, are effective at cleaning up plastic nurdles and other types of potentially harmful non-biodegradable waste, minimising human contact with hazardous materials.

As a significant amount of money is spent for the deployment of these machines for beach cleaning activities, the Alliance to End Plastic Waste has agreed to provide the funds for the upkeep of the machines for a period of five years.

With this financial donation, the Maritime Environment Protection Authority will be able to continue using these machines without interruption to clean identified beaches in the future. (Colombo/Sep26/2023)

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Sri Lanka’s SEC makes four new appointments

ECONOMYNEXT – The Securities and Exchange Commission of Sri Lanka (SEC) made four new additions from diverse backgrounds to its leadership.

These appointments are expected to increase the effectiveness of the SEC secretariat in the respective operating areas, the SEC said.

Manuri Weerasinghe, with over 20 years of experience in accounting, financial management, financial reporting and auditing, was appointed Director, Corporate Affairs.

She is a Fellow Member of CA Sri Lanka, member of the Chartered Institute of Management Accountants and a member of the Certified Practicing Accountants of Australia.

Her academic credentials include a Master of Business Administration and a BSc (Hons) in Accountancy and Financial Management (Special).

Prior to joining the SEC, she served in several financial management positions in Bermuda and Sweden.

Madura P R Wanigasekara was appointed Chief Digital Officer. He has over 20 years delivering and managing IT solutions, and has held several senior management positions in the public and private sectors.

His academic qualifications include a Master of Science in Information Technology from the University of Colombo and a Bachelor of Information Technology from the Curtin University of Technology.

He is also a member of the Australian Computer Society (ACS).

Sharmila Panditaratne was appointed Assistant Director, Legal and Enforcement.

She is an Attorney-at-Law with over 21 years of experience as a securities market regulator.

She holds a Master of Laws degree from the University of Houston, Texas and has worked at two law firms in the USA prior to joining the SEC.

Riyaz Bary, Deputy Solicitor General at the Attorney General’s Department was appointed a Director on secondment basis. (Colombo/Sep26/2023)

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