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Sunday December 3rd, 2023

Sri Lanka to produce pomegranates to ‘save forex’ amid inflationism

ECONOMYNEXT – Sri Lanka’s Department of Agriculture has found that two varieties of pomegranates can be successfully grown in the island to give a high yield, which will be released to farmers within two months.

The two varieties had been successfully grown by researchers in the areas of Norochcholai and Weerawila, a statement said.

After eight months, a tree will give a yield of 10 to 15 kilograms. A tree has a lifespan of about 35 years.

The findings were released by agronomists to Minister of Agriculture Mahinda Amaraweera on September 15.

The pomegranate  will be released to farmers after approval from the Agriculture Department’s Varieties Releasing Committee.

Sri Lanka now imports pomegranate from countries like India.

The fruit is also popular among cancer patients and the country spends about 9,000 million rupees worth of ‘foreign exchange’ imports, the statement said.

Taking into consideration domestic needs, local cultivation will help save ‘large volumes of foreign exchange that is now going abroad”, Minister Amaraweera was quoted as saying in the statement. 

Domestic cultivation will help save foreign exchange, the statement said.

Sri Lanka has chronic foreign exchange shortages due to an inflationist central bank which prints money to mis-target rates with open market operations, stumbling from one ‘impossible trinity’ monetary regime to another, critics say.

Sri Lanka therefore comes up with various schemes to ‘save foreign exchange’ instead of bringing legal restrictions on the independence of the agency to mistarget rates by printing money. 

Sri Lanka is now recovering from the worst currency crisis created by the central bank in its history in the deployment of ‘macroeconomic policy’ to target an output gap or try to boost growth with easy money. (Colombo/Sept19/2023)

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Sri Lanka UGC wants to boost number of IT-related degrees

ECONOMYNEXT – Sri Lanka’s University Grants Commission is of the view to boost the number of Information Technology (IT) related degrees in state universities with an aim to pave the way for a digital economy.

Sri Lanka’shigher education system has been producing more graduates in Arts stream while the degrees in highly demanded IT and other engineering services are being looked at only now.

“We do have a high demand for engineering, science, AI, computer and electronical engineering

studies,” Chairman of University Grants Commission, Sampath Amaratunga, told reporters at aa media briefing on Friday

“However, while avoiding neglecting the humanities, we should develop new IT skills.”

Amaratunga confirmed that a student who studied in any stream could obtain an IT degree, including students who studied in the arts stream.

The UGC data show that out of 18,490 engineering technology stream students who sat for their Advanced Levels (A/L) in 2022, 10634 were eligible for university.

“Even streams like agriculture should be encouraged to use technology,” Amaratunga said. (Colombo/Dec 2/2023)

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Sri Lanka leader inaugurates Climate Justice Forum at COP28 in Dubai

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe launched Climate Justice Forum (CJF) at the ongoing 2023 United Nations Climate Change Conference (COP28) held in Dubai in a move to gather support for vulnerable nations hit by climate-change led disasters.

This year’s climate summit held in Dubai’s EXPO2020 features a raft of issues for countries working to find common ground in tackling climate change, including whether to phase out fossil fuels and how to finance the energy transition in developing countries.

Wickremesinghe inaugurated the Climate Justice Forum at COP28 on Saturday and emphasized the critical importance of addressing climate issues with a sense of justice and equity.

The President had been in talks with many nations vulnerable to climate change disasters including African and South American countries to get their support for the CJF.

The move is to compel advanced and developed countries to look into the poor nations hit by the climate changes and help them to get over economic and debt burdens by either investing more in green energy initiatives or writing off debts to ease financial pressure.

Sri Lanka, which is now facing an unprecedented economic crisis, has seen increasing losses and damages, both human lives and physical properties due to climate change-led disasters like floods, drought, and earth slips.

In his speech at the COP28 forum, Wickremesinghe on Friday said the Climate Justice Forum will provide a platform for constructive and proactive engagements. (Dubai/Dec 2/2023)

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Sri Lanka IMF review goes to executive board on December 12

ECONOMYNEXT – The first review of Sri Lanka’s International Monetary Fund program is scheduled to go the lender’s Executive Board for consideration on December 12.

Sri Lanka officials were expecting the review to be completed in December as soon as official creditors gave their assurances.

According to the notice Sri Lanka had missed one performance criterion and has requested modifications.

Sri Lanka has outperformed on a number of quantity targets including inflation. In addition to quantity PCs there was also one non-accumulation of arrears.

There would also be re-phasing of access. The review was originally expected around September with another review based on December data, leading to September and March disbursements.

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