An Echelon Media Company
Thursday June 20th, 2024

Sri Lanka to tighten controls on private higher education

ECONOMYNEXT – Sri Lanka is drawing up laws to tighten controls on private higher education, the state information office said.

Sri Lanka’s cabinet of minister had given the nod to bring in changes to a 1978 law on universities, the state information office said.

An expert committee has drawn up a concept paper to draw up a “strong legal framework” to regulated private higher education.

In Sri Lanka graduates of some state universities with tax payer funded free education are given welfare jobs as state workers with lifetime pensions while students from unregulated affiliated colleges that offer foreign degrees and diplomas are in gainful employment adding value.

Sri Lanka information technology sector was built largely with private colleges and British Computer Society qualifications, some observes say, while students from state universities fasted in front of the Fort Railway Station demanding welfare jobs at the expense of society. (Colombo/Sept04/2019)

Comments (3)

Your email address will not be published. Required fields are marked *

  1. gamini says:

    Yes, please add more bureaucracy. Stupidity at level best!

  2. Nana says:

    Exactly. Too many people are in the Govt sector, also not with proper work and ultimately pensions from Public Tax Money mostly paid by the private sector employees. So Economy will never improve how much ever we try. Correct the basics.

  3. Nihal says:

    Before controlling Pvt institutions see why there’s a Reasonable demand for graduates from such institutions.
    Appreciate the theory of evolution.

View all comments (3)

Comments (3)

Cancel reply

Your email address will not be published. Required fields are marked *

  1. gamini says:

    Yes, please add more bureaucracy. Stupidity at level best!

  2. Nana says:

    Exactly. Too many people are in the Govt sector, also not with proper work and ultimately pensions from Public Tax Money mostly paid by the private sector employees. So Economy will never improve how much ever we try. Correct the basics.

  3. Nihal says:

    Before controlling Pvt institutions see why there’s a Reasonable demand for graduates from such institutions.
    Appreciate the theory of evolution.

Sri Lanka shares debt management experience at global forum

ECONOMYNEXT – Sri Lanka has shared its experiences at a forum on debt management to “provide lessons for others”, State Minister of Finance Shehan Semasinghe has said.

Semasinghe spoke on “The Role of Debt Management in Navigating Crises” at the 14th Debt Management Facility (DMF) Stakeholders’ Forum, in Livingstone, Zambia.

“I shared the experiences of Sri Lanka which can provide valuable lessons for others and explored the critical elements of capacity building and sound institutional practices in managing debt, particularly in the context of economic challenges,” Semasinghe said on X (twitter).

“Sri Lanka’s experience demonstrates that effective debt management is not just about managing numbers but also about building robust institutions and capacities.”

The journey underscores the importance of transparent, accountable governance and the need for international support and cooperation in times of crisis, he said.

“Sri Lanka prioritized addressing gaps in public debt management by drafting a consolidated Public Debt Management Act, ensuring clarity and legal robustness and establishing a centralized Public Debt Management Office with operational autonomy.

“The role of debt management in navigating crises is multifaceted and critical. Further, by investing in capacity building, adhering to sound institutional practices, and strategically managing debt restructuring and liability operations, countries can better withstand economic shocks and pave the way for sustainable recovery.”

Developing countries face severe debt distress as they are more vulnerable to external shocks, Semasinghe said, and “managing global debt requires coordinated international efforts on debt restructuring where necessary, timely fiscal policy adaptation and help sustainable economic growth.”

The state minister also pointed out the financial impact of climate change was an emerging challenge, as countries need investment to mitigate and adapt to climate impacts, “especially through non-debt creating inflows, which would require private capital mobilization.” (Colombo/Jun20/2024)

Continue Reading

Sri Lanka rupee closes stronger at 305.10/30 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger ahead of the long weekend at 305.10/30 to the US dollar on Thursday, up from 305.40/55 to the US dollar Wednesday, dealers said, while some bond yields edged up.

A bond maturing on 15.12.2026 closed at 10.45/80 percent, up from 10.35/75 percent.

A bond maturing on 01.07.2028 closed at 11.20/45 percent.

A bond maturing on 15.09.2029 closed at 12.00/15 percent, up from 11.95/12.35 percent.

A bond maturing on 01.12.2031 closed at 12.05/25 percent.
(Colombo/Jun20/2024)

Continue Reading

Sri Lanka stocks close up, JKH trade pushes turnover

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed.

The broader All Share Index closed up 0.19 percent, or 23.11 points, at 12,249; while the more liquid S&P SL20 Index closed up 0.15 percent, or 5.33 points, at 3,610.

Turnover was 2 billion. Nearly half of this (Rs980mn) came from a crossing on John Keells Holdings Plc. The share closed down at 202.00.

“There were several crossings today which pushed turnover,” market participants said.

“Institutions and high net-worth activity drove the market, while the retail investors we feel are still about uncertain and adopting a wait-and-see approach.”

Melstacorp Plc was among the companies that saw active volumes (Rs194mn) in the day. The share closed up at 87.10.

Top contributors to the index included TeeJay Lanka Plc (up at 41.70), Sampath Bank Plc (up at 79.50), Hatton National Bank Plc (down at 201.00). Hayleys Plc (up at 105.00) and its subsidiary Hayleys Fabric Plc (up at 46.60) were also positive contributors. (Colombo/Jun20/2024)

Continue Reading