An Echelon Media Company
Thursday June 20th, 2024

Sri Lanka’s utility regulator to serve enforcement order on CEB over TU action

Electric power station

ECONOMYNEXT- The Public Utilities Commission of Sri Lanka (PUCSL) will serve an enforcement order to the Ceylon Electricity Board (CEB) regarding the strike action planned by the CEB Engineers Union (CEBEU) for Thursday (09), PUCSL officials said.

PUCSL Chairman Janaka Rathnayake told reporters Thursday afternoon that the Irrigation Department had sent in a written complaint that CEB engineers had set the Randenigala Rantambe and Senanayka Samudraya power plants to auto shutdown by 2am on Thursday. There was no action taken till 8 or 9 am that day, resulting in nearly 20,000 acres of farmland along the Minipe Canal being deprived of water, he said.

Unscheduled power cuts till 8am on Thursday were reported in Colombo, Kandy, Gampaha, Piliyandala and other areas, he said.

Rathnayake said that CEBEU’s act of “sabotage” was illegal under the PUCSL Act as well as the Essential Services Act, and that further legal measure would be taken after a close monitoring of the situation.

“PUCSL has no issues with the CEB taking trade union action without disturbing the public. But we will not tolerate any action that inconveniences the public. If necessary, we will go for a public hearing,” he said.

The CEBEU on Wednesday (08) threatened strike action and total blackouts from midnight that day over plans by the government to amend the Electricity Act and to end competitive bidding for private power plants. Hours later President Gotabaya Rajapaksa published a gazette declaring electricity an essential service.

Under the Essential Services Act, said Ratnayake, four years’ rigorous imprisonment and a 5,000 rupee fine can be levied against people who take such disruptive trade union action. (Colombo/Jun10/2022)

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Your email address will not be published.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Your email address will not be published.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 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.

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