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Monday September 25th, 2023

Sri Lanka gets US aid to improve dairy production, quality

ECONOMYNEXT – The United States has started a dairy modernisation project in Sri Lanka aiming to almost double production and improve standards with farmers getting a quality-based price premium for their milk. 

“Activities funded through this Food for Progress Program will help small scale farmers strengthen livestock management capacity and adherence to quality and hygiene best practices, while expanding access to veterinary services,” said US Ambassador Atul Keshap.

The 2.2 billion rupee program ($14.1 million) Market-Oriented Dairy project, funded by the U.S. Department of Agriculture (USDA), will focus on the commercial sustainability of the dairy sector and the quality and safety of dairy products, a statement said.

The USDA will fund project work in the Northern, Northwestern, North Central, Eastern, Central, and Uva Provinces to directly benefit more than 15,000 small-scale and medium-scale Sri Lankan farmers.

“The project will enhance the capabilities of dairy farmers and partners and is intended to lead to an average annual growth of 18 percent in milk production by 2022,” the US ebassy statement said.

“During the course of the four-year project, milk production is expected to grow by 94 percent overall.  Strengthening the dairy sector will also contribute significantly towards the national initiative of reaching self-sufficiency in dairy production.”

About 80 percent of the beneficiary farmers will receive a quality-based price premium for their milk. 

Participants will receive training to help them create sustainable and profitable businesses with the project also facilitating financing and investment opportunities and giving support to the newly created All Island Dairy Association under the aegis of the Ceylon Chamber of Commerce.

USDA is partnering with the International Executive Service Corps, the University of Florida, the Global Dairy Platform, and Sarvodaya on the project.
(COLOMBO, May 18, 2018)



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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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