An Echelon Media Company
Tuesday December 5th, 2023

Sri Lanka’s fast spreading leaf disease could wipe out rubber in fertilizer ban, industry warns

ECONOMYNEXT – Sri Lanka’s large rubber industry has warned of a 15 to 20 percent production drop this year as leaf disease spread rapidly without enough fungicide to combat it or fertilizer to help trees recover amid an agro-chemical import ban.

Growers may be forced to shift to alternative crops as yields fall and immature plants are also hit, industry officials said.

About 20,000 hectares out of 107,000 cultivated by large farms and small holders have been hit by Pestalotiopsis, fungal leaf disease, Colombo Rubber Traders Association, an industry grouping said.

Sri Lanka’s President Gotabaya Rajapaksa has banned agro-chemicals to save foreign currency and to stop non-communicable diseases.

Sri Lanka’s Government Medical Officers Association has said according to Pliny the elder, ancient Sri Lankans lived for 140 years, when there were no agro-chemicals.

“This leaf disease is possibly best described as the equivalent of COVID-19 in the case of the rubber industry, considering both its devastation and the rapid speed at which it is spreading,” Manoj Udugampola Vice Chairman of the Colombo Rubber Traders’ Association (CRTA) said in a statement.

Farms needed fungicides, Carbendazim and Hexaconazole and also fertilizer to help the trees recover leaves.

But after the fertilizer ban, neither additional quantities or nor usual volumes were available.

Earlier in the year, some inputs had been available at the double the price before the ban, but there was no fertilizer in the market.

By July/August mature and immature plants needed fertilizer to use in recommended amounts.

“By around April – May this year we were already seeing a 10 to 20 percent reduction in output from rubber plantations due to Pestalotiopsis,” Udara Premathilake, Director Plantations (Rubber), Kelani Valley Plantations PLC said.

“Since we continue to incur huge fixed costs including labour costs in running our operations, the reduction in output is reducing our revenue substantially and therefore our profits, so the industry is fast becoming unviable.

“At this rate by year-end we are looking at a 15% to 20% reduction of the annual output. We are not sure where the industry would stand by next year.

“When this disease spreads to immature plants, their long-term growth will be badly affected.

“Since rubber trees have a life span ofaround 30 years this translates to a long-term decline in production. As concerted action should be taken at least now, or the industry will be unviable both in the short and the long-run.”

Companies were already looking at other crops like cardamom, pepper and cinnamon, he said.

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

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)

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