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Tuesday December 5th, 2023

Sri Lanka sacks top scientist over food crisis warnings

ECONOMYNEXT – Sri Lanka on Tuesday sacked the country’s top agricultural scientist for publicly warning that the government’s policy banning agro chemicals will lead to shortfalls in food output and worsen an economic crisis.

Professor Buddhi Marambe, 59, the top advisor on agriculture, was sacked from all his government positions after his criticism of the ban, the Agricultural ministry said in a statement.

“He has criticised government policy of moving towards total organic farming and has been instigating protests,” the statement said.

Marambe, who also a senior professor at the agricultural faculty of the University of Peradeniya, was not immediately available for comment.

However, he had been warning in recent newspaper articles that an overnight shift to organic fertiliser could lead to crop declines that in turn cause huge food shortages within months.

He cautioned that a crop failure would force the government to import food at a time when money printing has created a forex shortage.

“The import ban on chemical fertiliser would lead to food shortages and high food prices.

“Sri Lanka is likely to import a major portion of basic food needs, such as rice, adding a huge burden to the government treasury,” he warned in an article headlined: “A tragedy of relying on misinformation.”

President Gotabaya Rajapaksa imposed a total ban on agrochemicals in May, saying he wanted to make Sri Lanka the first in the world to have 100 percent organic farming to improve health and save around 200 million dollars spent on imports their import.

The president had argued that chemicals were making farmers and consumers sick with kidney disease and cancer.

The head of Sri Lanka’s Government Medical Association, an influential group in policy, has said that according to Pliny the Elder, a Roman author, ancient Sri Lankans lived for 140 years, when there were no agro-chemicals.

However, as farmers protests grew and scientists warned of a looming disaster, the government has relaxed a part of the fertilizer ban.

Plantations Minister Ramesh Pathirana said the change of course was to help growers of Ceylon tea, exports of which are worth $1.3 billion annually for the island nation. Industry officials have said the import cost of fertilizer was only 30 million dollars.

Pathirana announced Tuesday that the government had allowed the the import of chemical pesticides and herbicides.

Despite the government’s announcement of reversing the chemical ban, thousands of farmers have been protesting across the island on a daily basis as they were yet to receive imported fertiliser.
(COLOMBO, October 26, 2021)

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Sri Lanka finding ways to clear 1.1mn pending cases: Justice Minister

ECONOMYNEXT – Sri Lanka is taking a series of steps to speed up 1.1 million pending court cases and encourage alternative dispute solving mechanisms, Justice Minister Wijedasa Rajapakshe said.

“The delay in court cases is a serious problem,” Minister Rajapakshe told a briefing at the President’s Media Centre.

“We have already taken several steps to expedite cases.”

There were 5,680 cases in Supreme Court, 4,054 in the Court of Appeal, 6,168 in the High Court of Civil Appeal, 8,363 in the Commercial High Court, 28,000 in the High Court, 254,000 in District Courts and 791,000 in Magistrates Courts.

In 2015, only 49 percent of complaints to mediation boards were resolved. Following reforms, the ratio has been increased to 70 percent.

The value of disputes going to mediation board has been raised to one million rupees from 500,000 rupees.

To solve land problems in the post-war period, special mediation boards on property was set up in the North and the East.

Mediation boards on property will be set up in another 16 districts.

Commercial High Courts were increased to four from three.

Another Commercial High Court will be set up in the future. The consideration of cases that can go to a High Court was raised from 4 million rupees to 10 million rupees.

A commercial dispute resolution law will be introduced next January.

A small claims court has been established.

Case involving disputes below 2 million rupees can be directed to small claims court.

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Sri Lanka stocks close up as some investor interest returns

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).

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

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)

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