Environment

Sri Lanka, Singapore enter joint venture on carbon credits under Paris Accord

Tuesday August 22, 2023 9:19 pm

ECONOMYNEXT – Sri Lanka and Singapore have signed an agreement on a joint venture on carbon credits under a provision of the Paris Climate Accords following a meeting between President Ranil Wickremesinghe and Prime Minister Lee Hsien Loong.

Wickremesinghe met Loong Tuesday August 22 morning during an official visit to the city state. A statement from the President’s Media Division said the focal point of his talks with the Singapore prime minister was the reinforcement of collaborative efforts between the two nations. The two leaders have discussed the importance of sustained cooperation and exploring avenues for increased economic involvement.

A Memorandum of Understanding (MoU) was signed around a joint venture on carbon credits, falling under Article 6 of the Paris Agreement, a pivotal framework for global environmental stewardship, the PMD said.

The deal was signed by High Commissioner of Sri Lanka to Singapore Sashikala Premawardhane and Permanent Secretary (Development), Ministry of Trade and Industr Beh Swan Gin.

“This strategic partnership not only showcases the commitment of both nations to environmental responsibility but also sets the stage for further collaboration in various sectors, paving the way for a prosperous and sustainable future,” the PMD said.

Since coming into office, President Wickremesinghe has expressed a commitment to addressing climate change.

In October, he appointed Norwegian diplomat Erik Solheim, who once served as peace envoy mediating talks between the government and the separatist Tamil Tigers, as his International Climate Advisor.

That same month, Sri Lanka and Japan signed a memorandum of cooperation on Japan’s Joint Crediting Mechanism (JCM) for a low carbon growth partnership.

In February, Sri Lanka inked an agreement with Global Green Growth Institute (GGGI) headed by former UN chief Ban Ki-Moon. Sri Lanka had joined GGGI as a Member in 2019 and was Sri Lanka was elected as Vice President of the Assembly and Vice Chair of the Council of GGGI in October 2022.

More recently, Wickremesinghe called for a comprehensive review of the country’s national security strategy that is “poised to adopt a forward-looking perspective, intricately tied to emerging economic trends and the pressing issue of climate change”.

Sri Lanka ratified the Paris Agreement on Climate Change in September 2016 and has also submitted its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). (Colombo/Aug22/2023)

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Markets

Sri Lanka stocks close up as some investor interest returns

Monday December 4, 2023 6:12 pm

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).

Bonds & Forex

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

Monday December 4, 2023 5:24 pm

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)

Crime

Gov minister highlights abortion rights, sex-ed for children, and Sri Lanka men killing their women

Monday December 4, 2023 4:21 pm

ECONOMYNEXT – Sri Lanka’s legislators have politicized the topics of rape and violence without addressing the elephant in the room, Jeevan Thondaman, Minister of Water Supply and Estate Infrastructure Development said in parliament on Monday (4).

“All the members here are talking about rape. What happens after that? We must talk about abortion rights. That is not something anyone wants to touch on, and that is why we are in this place right now,” Thondaman said.

“Despite alarming statistics on rape and violence, women are often blamed and punished for it. The criminalisation of abortion is a major example of this.”

Sri Lanka has some of the most restrictive abortion laws in the world. According to a 2016 estimate by the Health Ministry, he said, approximately 658 abortions take place a day, and close to 250,000 a year.

“That’s 250,000 women whose lives you are endangering.”

He added that what was needed at this point in time was comprehensive sexual education (CSE) for children and young people.

“Only through CSE in schools will children and young people develop, accurate, age appropriate knowledge attitude and skills; positive values such as respect for human rights, gender equality, diversity and attitude and skills that contribute to a safe, healthy and positive relationship.”

Thondaman pointed out that CSE plays a pivotal role in preparing young people for a world where HIV, AIDS, sexually transmitted infections, unintended pregnancies, and sexual and gender based violence still pose a risk to their well-being.

“CSE basically empowers children take control and make informed decisions freely and responsibly.”

Thondaman also highlighted the findings of a 2021 study (Fatalities_20211109_UNFPA) by the UNFPA and the University of Kelaniya that showed that a majority of women killed in Sri Lanka were murdered by those close to them.

“62 percent of homicides of Sri Lankan women are committed by either an intimate partner, ex-partner or family member. 84 percent are killed in their own homes by someone they know.”

Police and the judiciary have failed Sri Lanka’s women, the minister pointed out.

“Only 5 percent of these cases, between 2013-2017, were ever concluded. Men claim they were provoked, or are of unsound mind or have mental illness: These have been successful defenses. And the Police often express sympathy to this narrative as opposed to the victim’s.”

“We have a history of protecting oppressors.”

It takes 7-10 years for a child rape case to conclude, he pointed out.

Establishment of child courts are needed, he said, as well as several legislative amendments. “The government is working on a new law to reform the domestic violence act, reform of marriage and divorce laws to ensure there is an easier path to divorce: no one should be forced to remain in a marriage that is either abusive or not healthy.” (Colombo/Dec4/2023)