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Tuesday September 26th, 2023

Sri Lanka poultry producers agree to reduce price after President’s import move

ECONOMYNEXT- Threatened by fall in chicken price, Sri Lanka’s poultry producers have agreed to reduce the price of chicken by 100 rupees, after President Ranil Wickremesinghe granted approval for importing chicken.

Wickremesinghe on Monday permitted the Ministry of Trade to import chicken for food industrial purposes after the price of chicken, which is not controlled by the government, touched 1,600 rupees per kilogram.

The price has increased from around 1,200 while most of the inputs for the chicken industry became cheaper due to price reduction of fuel and sharp appreciation of the rupee currency against the US dollar. However, poultry producers say the price hike is mainly due to feed cost as maize import is subjected to tax.

“We have told the government not to import chicken as this is a threat to the poultry industry,” Mathalie Jayasekara,  an Advisor to the All Island Poultry Association, told EconomyNext.

“At first the government stated that they will import only for large businesses such as McDonalds and KFC. The government should bring more parent animals as well as more raw materials such as corn, soya meat as well as medicines and vitamins in order to sustain the local industry. Otherwise, a large number of those in the industry will lose their jobs.”

The decision on prices also comes after Agriculture Minister Mahinda Amaraweera held a discussion with poultry producers.

A Trade Ministry spokesman said the importation move was considered “because chicken prices are expensive at the

Poultry producers have said they cannot provide chicken at lower prices because of a sharp depreciation of the rupee last year leading to expensive chicken feed import, tax on maize, an industry heavily controlled by some handful oligarchs along with lack of raw materials to manufacture chicken feed after the resigned president Gotabaya Rajapaksa banned chemical fertilizer. (Colombo/August 02/2023)

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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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