An Echelon Media Company
Saturday March 2nd, 2024

Sri Lanka’s North, East see highest attendance of students, teachers: minister  

ECONOMYNEXT – Sri Lanka’s Northern and Eastern provinces saw the highest attendance of students, teachers, and principals when schools were reopened for the first time in six months, Education Minister Dinesh Gunawardena told parliament on Friday (22).

Classes from grades 1 to 5 recommenced at 5,059 schools with fewer than 200 students on Thursday (21) amid an ongoing strike by teachers’ trade unions which is set to finally end next Monday (25).

Gunawardena said the government was able to open around 98 percent of the targeted schools.

“Sixteen percent of students attended schools across the country, while 26 percent of teachers who signed their attendance,” Gunawardena told parliament.

Principals showed up to work at 69 percent of schools with fewer than 200 students, in the island’s north, while 52 percent of teachers and 21 percent of students were present on Thursday, he said.

In the Eastern province, 67 percent of principals, 45 percent of teachers, and 39 percent of students went back to school on Thursday, he added.

In contrast, schools in the Southern and Western provinces saw lower levels of attendance from principals, teachers, and students, the minister said.

“We believe everyone will support the reopening of schools without any party or colour difference,” Gunawardena said.

Trade unions are not fully onboard the government’s proposed solution to their long-standing grievance of salary anomalies.

The three-month-long strike, one of the longest trade union campaigns in Sri Lanka’s history, has deprived students of their only mode of distance learning in pandemic times: online education.

It is still uncertain if all principals will report to duty on Monday as some principals’ trade unions have said some of their demands including car permits and a mobile phone allowance have not been addressed yet.

School teachers and principals in Sri Lanka were on strike for the 99th day running on October 15 when they said they would start work from October 25.

The government proposed to increase their salaries in a four-year strategy, but upon the rejection of that proposal, the government later proposed to give the increments in two installments. The unions rejected this, too, and continued the strike, demanding that their salaries be increased in one go. (Colombo/Oct21/2021)

Leave a Comment

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

Leave a Comment

Leave a Comment

Cancel reply

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

Sri Lanka eyes SOE law by May 2024 for better governance

ECONOMYNEXT – Sri Lanka is planning to pass a Public Commercial Business (PCB) Act improve governance of state-owned enterprise by May 2024 as part of an anti-corruption efforts following an International Monetary Fund assessment.

Sri Lanka’s state enterprises have been used by politicians to give ‘jobs of the boys’, appropriate vehicles for personal use, fill board of directors and key positions with henchmen and relatives, according to critics.

Meanwhile macro-economists working for the state also used them to give off-budget subsides or made energy utilities in particular borrow through supplier’s credits and state banks after forex shortages are triggered through inflationary rate cuts.

The government has taken billons of dollars of loans given to Ceylon Petroleum Corporation from state banks.

There have also been high profile procurement scandals connected to SOEs.

An SOE Reform Policy was approved by Sri Lanka’s cabinet of ministers in May 2023.

The Public Commercial Business (PCB) Act has now been drafted.

A holding company to own the SOEs will be incorporated and an Advisory Committee and Board of Directors will be appointed after the PCB law is approved, the statement said. (Colombo/Mar01/2024)

Continue Reading

Sri Lanka rupee closes at 308.80/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 308.80/90 to the US dollar Friday, from 309.50/70 on Thursday, dealers said.

Bond yields were broadly steady.

A bond maturing on 01.02.2026 closed at 10.65/75 percent up from 10.50/70 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent from 11.90/12.10 percent.

A bond maturing on 01.07.2028 closed at 12.15/35 percent down from 12.20/25 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent up from 12.30/45 percent.

A bond maturing on 15.05.2030 closed at 12.30/45 percent down from 12.35/50 percent.

A bond maturing on 01.07.2032 closed at 12.50/13.00 percent from 12.55/13.00 percent. (Colombo/Mar1/2024)

Continue Reading

Sri Lanka stocks close up 0.37-pct, Expo to de-list

ECONOMYNEXT – The Colombo Stock Exchange closed up 0.37 percent on Friday, and SG Holdings, the parent company of Expolanka Holdings Plc, said it was taking the company private.

Expolanka is the largest listed company on the Colombo Stock Exchange.

“Expolanka Holdings PLC has, at the Board Meeting held on 1st March 2024, considered a request from its principal shareholder and resolved to initiate the de-listing of the Company’s shares from the Official List of the Colombo Stock Exchange subject to obtaining necessary shareholder approval and regulatory approvals,” the company said in a stock exchange filing.

As per arrangements with SG Holdings Global Pte Ltd, the Company’s majority shareholder, it will purchase its shares from shareholders who may wish to divest their shareholding in the Company at a purchase price of Rs 185.00 per share. The share closed up at 150.50.

The broader All Share Index closed up 0.37 percent, or 39.47 points, at 10,691; while the S&P SL20 Index closed down 0.64 percent, or 19.59 points, at 3,037.

Turnover stayed above the 1 billion mark for the sixth consecutive day, registering 1.4 billion.

Crossings in Melstarcorp Plc (135mn) up at 89.50, Hatton National Bank Plc (64mn) up at 158.00, Hemas Holdings Plc (53mn) up at 75.00 and Central Finance Company Plc (26mn) up at 103.50, added significantly to the day’s turnover.

“The upward trend is continuing, with more retail buying also coming in, the number of trades was more than 10,000 today,” a market participant said. “Investors are looking for undervalued stocks and buying in quantities.” (Colombo/Mar1/2024).

Continue Reading