OCTOBER 20, 2022 www.facebook.

com/Dailymirroronline Follow us on @dailymirror_SL Follow us on@dailymirrorlk

THURSDAY
VOL: 24/114
RS. 50.00
LATE CITY EDITION
YOUR PAPER
TODAY 16 PAGES
RAISING DIRECT In 2021, 19% of the total tax

TAXES INEVITABLE
revenue was received from
tobacco and alcohol.
- Daily News,
21 September 2022

TO REACH IMF RANJITH SIYAMBALAPITIYA

Sri Lanka Podujana Peramuna

GOALS: PRESIDENT Employers have to deduct

the tax as Advance
The top
marginal
As per the Gazette,
from Oct. 1, 2022
The capital gain tax
rate applicable on
Anyone
whose
Personal Income Tax (APIT)
from payments made to
personal
income
the concessionary tax
rate of 14% and
realisation of
investment assets by
salary is
above Rs. MP Siyambalapitiya
quite sober on alcohol
employees and Personal tax the companies will be
Income Tax Return is not rate is 18% applicable on 100,000
the taxable income of increased from 10% will have
required by an individual gazetted
at present, to 30%

and tobacco taxes

whose tax payable for the as the identified company to pay
year – where the employer gains and profits will with effect from income
36%. not be applicable. Oct. 1 2022. tax

P
has deducted APIT.
Tobacco and alcohol are currently charged an excise tax and
zz We will not receive assistance resident Ranil Wickremesinghe value-added-tax (VAT) by the government.
yesterday said that the
from the IMF if we withdraw International Monetary Fund
To check this claim, FactCheck.lk consulted the Central Bank
of Sri Lanka’s Annual Report for 2021 to obtain the excise tax on
from this programme was of the view that the amount cigarettes and alcohol (liquor) and the Ceylon Tobacco Company’s
of revenue obtained from direct taxes Annual Report to obtain the VAT paid on cigarettes.
zz If we fail to get IMF certification, should exceed the present 20% and
therefore lowering of the taxable SEE REST OF THE STORY ON A3
World Bank, ADB and other income threshold to Rs.100,000 was FactCheck is a platform run by Verité Research.
countries will not support us inevitable. SEE REST OF THE STORY ON A2 For comments, suggestions and feedback, please visit www.factcheck.lk.

Atamasthanadhipathi
Nayaka Thera passes away
The Most Venerable
Atamasthanadhipathi, Chief
Sanghanayake - North Central
Province Pallegama Siriniwasa
Politicians and popular SC re-issues notices on Gota
personalities reluctant to
BY LAKMAL SOORIYAGODA
The Supreme Court yesterday re-issued notices on former
President Gotabaya Rajapaksa returnable for December 15
in connection with an appeal petition filed over the Habeas

complain against Thilini: CID

Nayaka Thera passed away
at the age of 69 while being
treated at a private hospital
in Colombo.
SEE REST OF THE STORY ON A2
Sabry calls for
Corpus inquiry into the disappearance of two human rights
activists Lalith and Kugan. SEE REST OF THE STORY ON A3
zz It is yet to be BY LAKMAL SOORIYAGODA
zzThe main suspect
revealed as to how The CID yesterday informed Colombo
Thilini Priyamali is Fort Magistrate’s Court that several
she spent such
a large amount
currently having seven
pending court cases
politicians and popular personalities who
invested their money in Thilini Priyamali’s

multiparty effort of fraudulently

obtained money
at Magistrate’s Courts
and High Courts
company are reluctant to make complaints
with police for various reasons.
SEE REST OF THE STORY ON A2
zz The resolution was yet another

Killing of Blue Whales -

example of the divisive and
political nature of the UN
Human Rights Council
BY YOHAN PERERA AND AJITH SIRIWARDANA

DM report prompts probe

Minister of Foreign Affairs Ali Sabry yesterday
called for a multiparty effort to set up a domestic
truth seeking mechanism that would prevent an
external mechanism that has been proposed by the
recent UNHRC resolution. BY YOHAN PERERA AND AJITH SIRIWARDANA
SEE REST OF THE STORY ON A2 zz There were reports zz “We will see what
in the media on the action can be taken The report published in the Daily Mirror
on the killing of Blue whales in Puttalam
use of explosives against the killing
Move to form ‘People’s to kill Dolphins, and
Whales in Kalpitiya
of whales,” said Env.
Minister Naseer Ahamed
had prompted the Ministry of Environment
to initiate a probe on the matter.

Council’ against
SEE REST OF THE STORY ON A2

Constitution: Govt. SL secures long-term SL denies Indian

BY AJITH SIRIWARDANA AND YOHAN PERERA
credit line from Russia news report on
to procure fuel
Claiming that there was a move to form an

alternative parliament called the People’s Council
or the ‘Mahajana Sabhawa’, leader of the House Susil
Premajayantha said there was no legal provisions in
terms of the Constitution for such an entity.
SEE REST OF THE STORY ON A2
import of ‘Bisons’
The Embassy of Sri Lanka in Moscow has secured a long-term credit line
from the Government of the Russian Federation in order to procure fuel for BY CHATURANGA SAMARAWICKRAMA
Sri Lanka, the Embassy said. SEE REST OF THE STORY ON A2
The Agriculture, Wildlife and Forest
Conservation Ministry yesterday denied the

BIA terminal HRCSL inquiry on October 9th Galle Face news report published on an Indian media
website regarding the proposal to import
commemoration of Aragalaya victims several Gaurs or Indian Bison by Sri Lanka.

construction Police now even attack SEE REST OF THE STORY ON A2

proceeds with peaceful commemorations Rethink financial

AA funds – Lawyer testifies
BY YOHAN PERERA AND AJITH SIRIWARDANA
Work on the second terminal of the Bandaranaike
International Airport is being carried out using
funds of the Aviation Authority of Sri Lanka, Minister
of Ports and Aviation Nimal Siripala de Silva told
Parliament yesterday. SEE REST OF THE STORY ON A2
reforms: Eran
BY YOHAN PERERA
Samagi Jana Balawegaya (SJB) MP
BY KURULU KOOJANA KARIYAKARAWANA Eran Wickramaratne yesterday said the
Sri Lanka Police,which used to attack the advancing protest marches financial reports which President Ranil
earlier, has now even started assaulting those who participate in peaceful Wickremesinghe came out with last
commemorations of the Aragalaya, an attorney testifying at an inquiry evening has to be rethought and revisited.
conducted by the HRCSL said. SEE REST OF THE STORY ON A2 SEE REST OF THE STORY ON A2
 A2 THURSDAY, OCTOBER 20, 2022 www.facebook.com/Dailymirroronline Follow us on @dailymirror_SL Follow us on@dailymirrorlk

Atamasthanadhipathi RAISING DIRECT TAXES A majority of politicians

Nayaka Thera passes away
The final rites of the late
Atamasthanadhipathi Most
Venerable Dr. Pallegama Siriniwasa
Nayaka Thero will be held on
October 22 (Saturday) at 2.30 pm at
Anuradhapura: North Central Province
Governor Maheepala Herath said.
President Ranil Wickremesinghe
has issued instructions for the
final rites of the late Anuradhapura
Atamasthanadhipathi, North Central
Province Chief Sanghanayake Most
Venerable Dr. Pallegama Siriniwasa
Thera, to be held under full state
sponsorship.
Accordingly, the President has
appointed a committee comprising the
Rethink financial reforms: Eran
“It is inevitable that tax revenues
have to increase. Primary balance has
been created only 4 times since Sri
Lanka’s independence; twice in the
1950s and in 2017 and 2018. Creating
a primary balance is a clear indication
of debt sustainability. This was
possible in the recent past because
macro-economic management was
Governor of the North Central Province
Maheepala Herath and Minister of
Buddhasasana, Religious and Cultural
Affairs Vidura Wickramanayaka
to coordinate the state funeral
of Venerable (Dr) Pallegama
Siriniwasa Thera, Custodian and
Chief Priest of the Maha Bodhi
and Atamasthanadhipathi of
Anuradhapura.
Most Venerable Pallegama
Sirinivasa Thera, who played a
leading role among the Maha Sangha
of this country, spent his monastic life
meaningfully, constantly dedicating
himself to the welfare of the people of
Rajarata as well as the whole country.
independent of executive interference.
However, IMF targets on primary
balances needs to be revisited by
providing a longer period to achieve
the target.
Targets must be reasonable and
achievable if Sri Lanka is to succeed
on its 17th agreement with the IMF,”
Wickramaratne said.
INEVITABLE TO REACH IMF
GOALS: PRESIDENT
“According to this mechanism, and to
achieve the goals of 2026, the treasury and
the International Monetary Fund discussed
the possibility of limiting the taxation from
those who have an income of 02 lakhs, but
that was not possible. Eventually, income
tax has to be levied on people earning over
100,000. Today, this has become a huge
problem in the country,” he said.
“We have obtained the majority of
taxes through indirect taxing. Even the
majority of the country’s people below the
poverty line had no choice but to pay taxes
indirectly. Our direct tax revenue is 20%
and 80% was derived from indirect taxes.”
“The International Monetary Fund
had specific questions about it and they
were of the view that the amount of tax
obtained from direct taxes should exceed
20%. Otherwise, they noted that this would
not be successful, as ordinary citizens
would be forced to pay taxes.”
“I would like to point out that in this
backdrop, we may not be able to achieve
the desired goals without this tax system.
The desired goal is to achieve a revenue
target of 14.5% - 15% of the GDP by
2026,” he said.
He further said: The International
Monetary Fund notified us that we need to
show a surplus in our primary budget.
We agreed to it because we needed
their support.
The other factor is that it was decided to
increase the country’s income from 8.5%
to 14.5% of the GDP. It’s impossible to do
it all at once. We have planned to increase
the country’s income to 14.5% of the GDP
by 2026.
Initially, we had to think about how we
were going to increase our income. We
have printed money because our income
decreased. During the past two years, Rs.
2300 billion has been printed. As a result,
inflation has risen to 70% - 75%. Food
inflation has increased even more.
These need to be controlled, but
we also need to secure our revenue.
Therefore, a new tax system was
proposed during these discussions. The
International Monetary Fund had notified
that even the export industries are
required to pay taxes.
It was indicated especially in countries
with an export economy, taxes are being
paid. The IMF also pointed out that
are corrupt: Mahanayaka
of Asgiriya Chapter
our primary export economy was the
plantation industry. During British rule,
taxes were charged from every plantation
sector, including tea, coconut and rubber.
Therefore, we decided that if we are to
move towards that goal, we will have
to pay taxes. The export sector has now
questioned this move and if these facts BY SHANE SENEVIRATNE
are to be submitted to the International
Monetary Fund, we have discussed about Mahanayaka of Asgiriya Chapter Ven Warakagoda
Gnanarathana Thera expressed concern about
carrying out an analysis.
The second matter is individual taxes. politicians and senior government officials
neglecting their duty towards the country.
If we withdraw from this programme,
we will not receive assistance from the During a meeting with the representative of the
Nidahas Sevaka Sangamaya of Sri Lankan Airlines
IMF. If we don’t get IMF certification,
we will not get the support of those yesterday, the Mahanayake Thera pointed out that
the majority of politicians and the government
international institutions such as the
World Bank, and Asian Development Bank, officials were corrupt. He said the national assets
and the countries that provide support. If and public funds were in danger due to poor
that happens, we will have to go back to
the era of queues.
administration and corruption.
The Mahanayaka of the Malwatta Chapter Ven.
Thibbotuwawe Sri Siddhartha Sumangala Thera, said
We may have to face even tougher times
ahead. We have to obtain these loans and the majority of politicians had been instrumental in
destroying the country and not developing it.
go for the debt-restructuring programme.
We are not doing these willfully. We have He pointed out that fraud, corruption and
malpractices were the order of the day. The Ven. Thera
to take certain decisions even reluctantly.
However, we will reconsider these said every government that came into power on the
promise to protect national assets had done the
decisions periodically.
opposite for personal gains. He further said that the
Sri Lankan Airlines has been declared an enterprise
running at a loss, and that the Hambantota airport

Sabry calls for multiparty effort Politicians and popular personalities

is maintained by the income generated by the
Katunayake airport.

reluctant to complain against Thilini: CID

“ We call for a multi-party effort to
set up a truth seeking mechanism that
would prevent an external mechanism.
I invite all parties representing
Parliament to agree on a mechanism.
We also invite those who are unfairly
accused and those who are grieving
to come forward and state their cases
evidence gathering mechanism and
the resolution as a whole as it is
contradictory to our constitution, Sri
Lanka made it clear that it will not
comply with any external mechanism
but the sponsors of it presented it
with new elements.
I have met the heads of foreign
The trade union representatives explained on the
sad state of affairs in the airline and hardships faced
by them.
The CID said several politicians and popular personalities
in the country were among the individuals who invested their
money in seven business entities belonging to Thilini Priyamali.
Filing further reports in respect of three complaints lodged
Oct. 06: The
owner of Thico Group
Oct. 10: Prison officers
confiscated a mobile phone SL secures long-
term credit line
Private Ltd Thilini in possession of Thilini
against Thilini Priyamali, the CID submitted to court that they Priyamali was ordered to
be remanded till Oct. 19
Priyamali
were yet to reveal as to how she spent such a large amount of Oct. 12: Priyamali was

under a domestic mechanism. If we do
not do this the mechanism might go
out of the country,” the Minister said.
‘We also invite those who are of Sri
missions in Colombo and written
to foreign Ministers and appraised
them on the Sri Lankan situation.
Through my engagement it is
from Russia to
after being produced
fraudulently obtained money without generating income. before Colombo escorted to the 34th floor of
the World Trade Centre by
Fort Magistrate’s
The CID further said that the suspect had spent a sum of
procure fuel
court the prison officials, under a
Rs.4.1 million per month to operate her company. special court order the CID
had obtained
The CID further said the main suspect Thilini Priyamali is Allegedly misappropriating Rs.226
CHARGE

Lanka origin living all over the world
to build our nation. We invite them all
irrespective of the races,” the Minister
added. “ We reject the external
clear that a vast majority of UNHRC
members oppose the resolution. They
are with Sri Lanka at heart and fully
support us.
million, USD 60,000, and Australian Oct. 17: CID arrested the
currently having seven pending court cases at Magistrate’s $100,000 while operating a business partner of the
Courts and High Courts. luxurious office at World Trade owner of Thico Group “A productive discussion was held with the
The CID alleged that the suspect had used several mobile Centre in Colombo Private Ltd
Russian Government on the possibility of obtaining
phones while being in remand custody and contacted an a long-term credit line in order to procure fuel for
individual demanding Rs.30 million to get her release from bail. lawful business. Meanwhile, President’s Counsel Maithri Sri Lanka,” it said in a statement.
Attorney-at-law Dasun Nagahawatta with Rakitha Rajapaksa Gunaratne appearing for an aggrieved party said the CID Ambassador of Sri Lanka to the Russian

BIA terminal construction appearing for Thilini Priyamali alleged that the CID is
presenting exaggerated allegations against their client.
They moved Court to release their client on bail
should initiate investigations to arrest a woman named Janaki
Siriwardena who has allegedly introduced businessmen to
Federation, Prof. Janitha A. Liyanage attended this
discussion representing Sri Lanka and emphasized

proceeds with AA funds

The Minister said Japan will provide
funds for the project as soon as Sri
Lanka finalizes the debt restructuring
Thilini Priyamali. the significance of such a credit line for Sri Lanka to
since charges levelled against her are bailable offences. Taking into consideration the facts, Colombo Fort Acting procure fuel, especially at this trying time.
Nagahawatta tendered in court several documents to support Magistrate Shalini Perera ordered to further remand Thilini “The mechanism of the said credit line and
that his client is paying taxes and said she is operating a Priyamali and her business partner Isuru Bandara till November 2. the modality to procure fuel from the Russian
of the Ratmalana Airport had to be
removed as many airlines who were Federation were discussed at length with the
assured to fly had not done so following Ministry of Finance of the Russian Federation.”

Killing of Blue Whales - DM report prompts probe

process.“Japanese funds were only
suspended after Sri Lanka declared
itself as a default nation. Japan
has assured that it will fund the
construction of a second terminal as
soon as Sri Lanka finalizes the debt
restructuring process,” the Minister said.
“We decided to continue the work
of the project to some extent using
domestic funds,” he added.
He said the international status
the recent situation of Sri Lanka.“We
have decided to confine Ratmalana
Airport for the operation of private jets
and to allow flying schools to use it for
pilot training,” he said.
Referring to the Palaly Airport in
Jaffna, the Minister said renovation
work is continuing with Indian
assistance.“ We will have to expand the
runway of the Jaffna Airport to enable
large aircraft to land on it,” he said.
Minister of Environment Naseer
Ahamed who was responding to a
question raised by SLPP MP Yadamini
Gunawardene in the House quoting
the Daily Mirror, said the matter will be
looked into without delay.
“ The matter does not come under the
purview of my Ministry as it comes under
Marine Pollution prevention institutions,
However we will see what action can
be taken against the killing of whales,”
he said. “ There were reports in the
media on the use of various explosives
to kill Dolphins, and Whales at Kalpitiya
in the Puttalam District. This creates a
grave environment issue Even the Daily
Mirror carried a front page news with
regard to the matter. I thank the Daily
Mirror for it. We would like to know what
action has been taken against the move,”
Gunawardene said.
From the Russian Government, Maksimov
Timur, the Deputy Minister of Finance of the
Russian Federation and Levan Jagaryan, the
Sri Lankan Ambassador and a few officials
representing the Ministry of Finance and the
Ministry of Foreign Affairs were also present at
the discussion.
The Embassy is of the view that this credit
line facility will play an important role to make
adequate fuel supplies available to Sri Lanka at a
competitive price in the months to come.

SL denies Indian news report on import of ‘Bisons’

A senior official of the Conservation Ministry told
the Daily Mirror that there was no such move from
the Government to import such animals. According
to the article published in The Hindu newspaper, it
would be the first such agreement between India
and Sri Lanka, and part of a global trend of “wildlife
or zoological diplomacy”. The news article further
said that the Zoological Gardens in Sri Lanka would
carry out “captive breeding of a herd of about a
dozen specimens over a five-year period before
trial reintroduction to the wild could take place in
accordance with [internationally mandated] guidelines
for reintroductions”. However, the Ministry said there
were reports in both mainstream and social media but
the Ministry had not been informed of any move.

Move to form ‘People’s Council’

against Constitution: Govt.
He told Parliament that there
were media reports to the effect
that there was a move to form a
People’s Council which is similar to
Parliament and that it was against
the Constitution. He said in terms
of the Constitution, Parliament was
vested with the legislative power
and that it could not be transferred
to any other body.
Speaker Mahinda Yapa
Abeywardena said the matter would
be referred to the Committee of
Privileges.

Police now even attack peaceful

commemorations – Lawyer testifies
Following an investigation
voluntarily commenced by the
Human Rights Commission of Sri
Lanka (HRCSL) and over a complaint
lodged by President of Young
Journalists Association Tharindu
Jayawardena against the police attack
on the peaceful commemoration
at Galle Face Green on October 9th
these facts transpired.
Attorney Jayantha Dehiattage
giving evidence before the
commission’s investigation on
Tuesday said the police have
made several arbitrary arrests
on October 9th not based on the
provisions of the law and thus had
violated the fundamental rights
of the participants of the peaceful
commemoration.
He further said on the 9th of
every month Aragalaya activists
commemorate those who were
killed during the Sri Lanka’s peaceful
struggle against the state repression
and the previous Rajapaksa regime.
Journalist Tharindu Jayawardena
testifying on oath said on October
9th the police advised them to not to
demonstrate near the Bandaranaike
statue. When they crossed the road
and moved towards the Galle Face
Green the police again disrupted
their vigil and demanded them to
move further away.
He said however, they have video
evidence how the police started
the commotion and lead it until it
developed in to a major incident.
The commission granted a week’s
period to submit further evidence
through affidavits.
 THURSDAY, OCTOBER 20, 2022
ICQC 2018-20

SC re-issues notices on Gota

MP Siyambalapitiya z Human Rights and political activists Lalith Rajapaksa returnable for December 15.
The Magistrate’s Court of Jaffna
quite sober on Kumar Weeraraj and Kugan Muruganandan had issued summons on Gotabaya
alcohol and went missing on December 9, 2011 Rajapaksa to attend and given evidence
in connection with the Habeas Corpus
tobacco taxes The Court of Appeal had earlier issued
an order quashing summons requiring
by Court of Appeal. Counsel Nuwan
Bopage appearing for the petitioners of inquiry. Human Rights and political
VAT revenue collected on alcohol former President Gotabaya Rajapaksa the appeal submitted to court that the activists Lalith Kumar
was available only until 2018 in the to appear before Jaffna Magistrate’s notices have already been sent to the Weeraraj and Kugan
Inland Revenue Department’s Annual Court as a witness in connection with former President. However, he was not Muruganandan went
Report. Therefore, the revenue for the Habeas Corpus inquiry into the represented by an attorney. missing on December
2021 was estimated based on the disappearance of Lalith and Kugan. Taking into consideration the facts, 9, 2011, when
growth in the total sales value of the The aggrieved party had filed this the Supreme Court decided to re-issue Gotabaya Rajapaksa
industry and after adjusting for a cut appeal challenging the order made notices on former President Gotabaya was serving as the
in the VAT rate from 15% to 8%. Defence Secretary.
Accordingly, the tax revenue
collected from excise taxes on
cigarettes and liquor amounts to LKR
88.6 billion and LKR 138.6 billion,
respectively, in 2021. The estimated
VAT collected from cigarettes and
liquor amount to LKR 22.4 billion
in 2021, which increases the overall
consumption tax on these products to
LKR 249.6 billion
The total taxes collected by
the government in 2021 was LKR
1,298 billion. As such the overall
consumption taxes collected from
tobacco and alcohol amounts to 19.2%
of the total tax collected in 2021. This
is in line with the MP’s claim.
Therefore, we classify the MP’s
statement as TRUE.  
Note: The share of tax revenue
collected from tobacco and alcohol
has increased from 14.2% in 2017 to
19.2% in 2021. However, actual taxes
on tobacco and alcohol increased
only about 5.3%. The increase in
share is due to total tax revenue of
government decreasing by 22%. The
data shows that the tax collected
from tobacco and alcohol decreased
relative to GDP and relative to
consumption cost of tobacco and
alcohol. According to the CBSL annual
report, as a share of GDP, the tax
collected from tobacco and alcohol
decreased from 1.8% in 2017 to 1.5%
in 2021. As a share of total private
consumption expenditure on alcoholic
beverages, tobacco and narcotics, the
tax collected decreased from 78.0% in
2017 to 62.8% in 2021.

WICKRAMASINGHE –
MALANI MERCIA (nee
PERERA). Wife of late Henry
Lionel (Wicky), loving mother
of Nirmala and Gayan De
Mel (Australia), Rohini and
Kamal Lorensohewa, Chutson
and Joe Rajadurai (Australia),
grandmother of Khaushali
and Chiran (New Zealand),
Kyoshi and Michael, Hiran
and Stephani, Chaminda and
Dominic (Australia), great-
grandmother of Chelan, Leila,
Katy and Kraig. Cortege leaves
A.F. Raymond’s Funeral
Parlour on 20th October
at 3.00 p.m. for burial at
the General Cemetery (RC
Section), Borella. 113/5/3,
Green Terrace, 3 Kahanthota
Road, Pittugala, Malabe.
345401

CLASSIFIEDS
OLD items become money. We buy old
furnitures, Sarees, Currency Notes,
Watches Etc. Above 60 years old only.
0787338575. DMR 310818
A4 THURSDAY, OCTOBER 20, 2022
EDITORIAL
OUR THOUGHT
FINANCIAL
CRISIS, TO
MALNUTRITION
AND NOW DENGUE
O
ur country is facing near insurmountable
problems at this moment. The country
has no liquid cash reserves, fuel supplies
have been rationed, and food supplies
are out of reach of the poorer section of the
community. According to latest figures nearly 46%
of our population can now be counted as poor.
UNICEF reported on September 8 that over
5.7 million people, including 2.3 million children,
require humanitarian assistance, making it among
the top ten countries with the highest number of
malnourished children. The UN agency expects the
numbers to rise further.
As though this situation was not bad enough,
and to add to our woes, the deadly dengue virus has
now begun stalking the land.
Dengue, is a mosquito-borne viral infection is
common in warm, tropical climates. Infection is
caused by any one of four closely related dengue
viruses (called serotypes) and these can lead to a
wide spectrum of symptoms, including some which
are extremely mild (unnoticeable) to those that may
require medical intervention and hospitalization. In
severe cases, fatalities can, and do occur.
European Union (EU) data shows that
worldwide, there have been 2, 597, 067 cases
of dengue as at August 24, with 2,065 deaths
reported. Most cases of dengue have been reported
R THE BRUNT
from Brazil (1,910, 657), Vietnam (145, 536),
Philippines (82, 597), Indonesia (68, 903), and
Peru (57, 469).
In our own country, there were a total of
31,162 suspected dengue cases for the year 2020
and 49,149 suspected dengue cases were reported
to the Epidemiology Unit from all over the island
from January 2022 to up to date (October 18).
Latest Disease Trends show approximately 40.8%
of dengue cases were reported from the Western
province as at October 18, 2022
The Dengue virus causes high fever, headache,
vomiting, muscle and joint pains and a skin rash.
Get it once and, while you certainly won’t enjoy it,
you will probably be fine. Get it a second time, and
there is a significant chance of it becoming much
more serious, leading to dengue haemorrhagic
fever, where your blood thins and can leak from
your veins.There is no treatment for the infection
itself, but the symptoms that a patient experiences
can be treated.
According to our Ministry of Health, a total of
586 cases were reported this month - October 2022.
Dengue epidemics tend to have seasonal patterns,
with transmission often peaking during and after
rainy seasons.
In 1970, only nine countries faced severe
dengue outbreaks. But the disease, which is
spread by mosquitoes that can only survive in
warm temperatures, is now seen in more than 100
countries. There are thought to be 390 million
infections each year. More than a million of those
cases were in South-East Asia.
The global toll of dengue fever is now
becoming well-known, with rising temperatures
contributing to severe outbreaks. The year 2019, is
seen as the worst year on record for the disease.
Water storage tanks, flower pots and vases,
garden fountains, bird baths, discarded fridge trays,
water dispenser trays, broken cisterns, discarded
bottles, tins, discarded tyres, coconut shells etc.,
are all possible sites for mosquitoes to breed.
As the dengue mosquito larvae can survive
up to one year in dry containers, they should
be scrubbed and cleaned at least once a week.
In addition to vector control measures, people
can prevent mosquito bites by taking personal
protection measures such as wearing clothes
that cover the body and minimizes exposure to
mosquito bites. The use of mosquito repellents
and mosquito nets as well as installing net screens
on doors and windows are among other main
recommendations to protect oneself against the
dengue mosquito.
Most importantly, it is very necessary to seek
medical attention in the event of fever and to do
relevant laboratory investigations at least by day
three of the illness.
In this sad era of our country, it will not be
unexpected if government and/or local authorities
spend financially less on dengue prevention
programmes. We may therefore not also see as
many health inspectors visiting our homes to check
for mosquito breeding areas. It is therefore in our
own interests to ensure our homes are cleared of
mosquito breeding sites.
A failure to do so, will put ourselves, our
children and our neighbours at risk of falling victim
to the dreaded dengue mosquito.
‘YOUR THOUGHT’ is a space, a right of the readers to support or contradict and discuss the
issues highlighted in the editorial and other articles in the editorial and op-ed pages. Designed as the
reader’s editorial; our readers can send in their writings, with a word count not exceeding 200, to
‘Your Thought’, Daily Mirror Political Features Desk, No 8, Hunupitiya Cross Road,
Colombo 2 or email to
dmreadersthought@gmail.com.
“Continuous effort – not strength or intelligence – is the
key to unlocking our potential”
- SIR WINSTON CHURCHILL
By
Malinda
Seneviratne
ehabilitation is a word that
presumes a previous state
of perceived acceptance or
agreement. Its etymology
is interesting and revealing,
deriving from re- “again” or “to turn”
and habitare - “make fit” which in turn
comes from the Latin habilis - “easily
managed, fit.” In other words, rehabilitation
is about restoring someone or something
to a previous state; someone who has or
something that has strayed from the norm
is reined back into a controlled/controllable
space or social architecture.   present corrupt and crass political leaders and
This space or arrangement obviously
has rules which if infringed upon warrant
disciplining of one form or another.  One
may argue that this is a necessary evil
because complex societies ‘must have’
states or structures of governance, rulers
and the ruled, and therefore rules of
engagement where certain freedoms are
conceded to institutions of authority for
smooth functioning of society. A lot of
loaded terms there of course not least of all
because arrangements are less agreed upon
than are imposed, historically speaking.
This is the problem of the status quo,
things as they are and things to which
people and things are required to return
or be returned and therein contained. The
underlying assumption is that what exists is
good or is better than any alternative. This
is why rehabilitation is seen as a must. The
Europeans massacred people, perpetrated
genocide, erased cultures and forced cross
and bible on people to obtain and thereafter
preserve a status quo. Rehabilitation is the
unspoken cuss word of evangelism at gun
point or extraction of compliance by preying
on vulnerabilities. It is the unspoken dogma
of IMF-WB-WTO operations on behalf of
corporate capital and, as of now, the strategic
interests of the USA (the EU is now, after
‘Ukraine,’ a vassal entity).
Let’s say, for argument’s sake, that in
less pernicious contexts, some level of
cogency is necessary and therefore the
errant need to be contained. Such needs
are typically felt more acutely during and
in the aftermath of a conflict, especially a
bloody one. In Sri Lanka, in recent times,
two conflicts demanded rehabilitation. The
first, the UNP-JVP conflagration in the late
80s where the UNP-led government set
up torture chambers all over the country,
K-points they were called (K for ‘Killing’).
Less informal were the facilities available for
dealing with terrorist suspects, but atrocities
there were, especially during the first two
decades of the struggle against the LTTE
(hardly ever talked of, and no one asks
‘why not?’).
A formal rehabilitation process was in
place by the time the LTTE was militarily
defeated. Those who surrendered or were
captured (and this included hundreds of
child soldiers) were offered education
and marketable skills and re-integrated
into society. There were no formal
provisions for monitoring them
thereafter to my knowledge,
but it is safe to assume that tabs
were kept, defensible to a point
considering the nature of the
threat and the history of the LTTE.  enhances the economy.’ No
A legal entity, therefore, one may
argue, is better than not having one.
That however is where the
applause for the draft bill for
a Bureau of Rehabilitation
must stop.   the one perfected by the USA!
r
e
k
o e
b
o
r
iz
p
FOR MORE CARTOONS LOG ON www.dailymirror.lk/cartoon
REHABILITATION: BROAD AND
NARROW, GLOBAL AND LOCAL
A formal rehabilitation process was in
place by the time the LTTE was militarily
defeated. But the author says it is safe to
keep tabs on them considering the nature
of the threat and the history of the LTTE
A formal rehabilitation process
was in place by the time the
LTTE was militarily defeated.
Those who surrendered or were
captured (and this included
hundreds of child soldiers)
were offered education
and marketable skills and
re-integrated into society
The stated objective is to ‘rehabilitate
drug dependent persons, ex-combatants,
members of violent extremist groups and
any other groups of persons who request
or [are] required by law to be provided
treatments and rehabilitation by adopting
various therapies in order to ensure effective
reintegration and reconciliation through
developing socio-economic standards.’
[Part I, Section 3 and 4(b)].
The draft refers to a minister but does
not state the ministry. The draft merely
says ‘the ministry to which the Bureau
is assigned,’ perhaps because ministries
are made, broken and dissolved as per the
prevailing political culture, but that’s not
an excuse given the gravity of the exercise.
We do know that the subject was previously
handled by the Commissioner General of
Rehabilitation, under the President, and
using the Public Security Ordinance and
Prevention of Terrorism Act. How drug-
dependency, essentially a medical condition
that ought to come under the purview of the
Ministry of Health is coupled with public
security and terrorism is mind boggling.
The drafters have inserted vague language
and this is what is most worrisome. What,
for example, are ‘any other groups’? Who
decides who requires rehabilitation? Yes,
it says ‘required by law’ but then again,
there is the quiet insertion of ‘requests’.
In practice, people, especially those who
are seen by the state as somehow being out
of the loop, can be persuaded to request
rehabilitation, especially in tense (or worse)
political contexts.
Part I, Section 4 (d), under
‘powers, duties and functions,’
allows the Bureau to mobilize
those who are undergoing
treatment or rehabilitation for
activities that ‘productively
mention of such people being
given the option to refuse such
deployment here. That’s a
green light for a prison-
industrial complex akin to
No 8. Hunupitiya Cross Road, Colombo 2. P.O. Box 1136, Colombo.
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E-mail: dmnews@dailymirror.wnl.lk
DM Poll
Do you think that liberalising the
petroleum sector through the
recently endorsed amendment to the
petroleum law could
positively affect the
country's energy
sector?
1. Yes 2. No
3. Don't know Scan to Vote
LAST POLL
Do you think former Prime
Minister Mahinda Rajapaksa
could win back the trust
of the people and set out a new
political journey to
come to power ?
No Yes
89.5% 7.9%
Don't
know
2.6%
See web poll at www. .lk
LETTER TO THE EDITOR
CITIZENS BEAR
It is accepted and well related in all media
that due to the ongoing and agonizing economic
meltdown faced by most citizens who are
extremely disappointed and disgruntled,
making ends meet has virtually become a
herculean task, barring of course the law-
makers/breakers in parliament, the rich and the
super-rich!
Worst of it, is this unprecedented misery
brought on us mercilessly by our past and
their henchmen are today projecting themselves
to be the saviors of the country and nation!!
Further the soaring inflation that appears
beyond control on food and consumer prices
coupled with transport cost has exacerbated
The document also empowers the the mere survival for many segments of the
Bureau to monitor those who have been population. In fact the transport cost presently
‘reintegrated into society after treatment has risen by 148% and it is certain that both food
and consumer inflation too would reach triple
and rehabilitation.’ This, again, could be
digits sooner than later.
understood in the case of ex-combatants in
Amidst such worries and woes faced by us the
the immediate aftermath of a bloody conflict,
but the text is open-ended. There’s no recent gazette notification which raised personal
provision for closure on such surveillance. and corporate income tax rates to fill the
Why should anyone who has been certified depleting state coffers is akin to throwing all
as rehabilitated be watched thereafter and of us out of the frying pan into the fire indeed!
until he/she dies? If legislated fully, would no doubt spell further
The Bureau can set up any number of doom and gloom, all around. 
centres for rehabilitation (legally sanitized   On one hand, the proposed new personal
K-Points?) and will keep all records tax regime would hasten many highly-
confidential (makes sense in the case of paid professionals to think twice whether to live
drug-dependents, ex-combatants, but then here and be losers or migrate and prosper!  Well,
again what if these are facilities that are this situation would only aggravate the already
expressly political?). set in motion, brain drain of our country.
What is most disconcerting is that the     On the other hand, the increased corporate
President, upon the minister’s request can taxes would jeopardize the business activities
designate all security forces ‘as authorized of many large corporates and will not spare
members of the forces who may exercise, most medium and small-scale enterprises either.
perform and discharge the powers, duties So much so, as reported in the media recently
and functions under this Act’ as long certain firms, especially with international
as the specifics are gazetted. [Part III, operations and many others who are unable to
Section 17]. No caveats as to context here, sustain their businesses have already decided
even if context were excuse enough. In to shift their offices overseas spelling further
other words, what the Premadasa regime disaster to our critically ailing economy. Thus,
did in 88-89 would now be given legal in addition to brain drain, Sri Lanka will face an
standing. Wouldn’t make a difference inevitable business and investment out flow too.
to the victims, except for the veneer   In this backdrop, while we, the citizens
of accountability offered by ‘legality’ continue to bear the full brunt of the
which, history has shown, can easily be economic crunch it is absolutely deplorable
shoved aside (remember the Bill Against and disgusting to note the usual and stale
Vexatious Prosecution passed by the dilly-dally in politics by most politicians from
United Kingdom to make it possible for both side of the divide, who enjoy fully all the
the military to kill, torture, destroy and perks and privileges provided by the tax payer.
displace with impunity?). Put shortly, playing politics continues even
Indeed, Part V, Section 21 (2) has given a when faced with the wolf at the door, so to say.
carte blanche to the Council administrating    As it is, only God could save us!
the Bureau to get away with anything as  M. R. PATHIRAGE
long as there is good faith. Well, that’s pretty
subjective. The White Man’s Burden, for
example, could be dismissed as a good-faith
thing and so too the forcible conversion of
National level
‘heathens’ or thrusting the 13th Amendment
universities to
down Sri Lanka’s throat. How about redress
for error (generous word, that)? Moreover,
the minister can make any regulations to
carry out and give effect to the principles produce teachers:
and provisions of the Act and such will
stand until and unless Parliament does not
Edu. Minister
approve three months later. Coupled with
‘good faith’ this could allow all manner of
WEB COMMENTS
violations which the victims cannot protest BUFFALOACITIZEN - talking with the foot in
or obtain redress for. You are too late with his mouth. The meaning
The draft bill, taken in totality, is strewn these reforms. Only attached to what he
with powers, provisions and caveats that achievement unto now states is the present day
are all about disciplining and punishing is robbing and robbing. teachers who taught him
with impunity. Rehabilitation is a sanitizer, Now do we have money and the Politicians are
essentially. Sinister, certainly. for Teacher-Producing from non-National level
malindadocs@gmail.com Universities? Universities. No wonder!
www.malindawords.blogspot.com
MARK - Mr. Minister, SAMBO - They only talk,
education in SL in talk and nothing happens
complete tatters - from in this country. Open
pre-school to universities the mouth lies and false
– money-oriented or promises. Cannot trust
political-oriented. Let the a single politician in our
children study first!! country they are all a
hoax.
RAM - Is the Minister
See more web comments at www. .lk
 THURSDAY, OCTOBER 20, 2022 A5
INTERNATIONAL
PUTIN DECLARES MARTIAL LAW
IN ANNEXED UKRAINE REGIONS
R
ussian President Vladimir
Putin on Wednesday declared
martial law in four regions of
Ukraine recently annexed by
Moscow as his proxy officials
in a southern-held city pulled out with
Ukraine troops advancing.
Putin’s decree to introduce military rule
in the Moscow-controlled regions also
gives additional power to authorities in
Russian border areas and comes after a
string of battlefield defeats. RUSSIAN PRESIDENT VLADIMIR PUTIN (AFP)
“We are working on solving very
complex large-scale tasks to ensure
security and protect the future of Russia,”
Putin said.
The decree gives greater powers to
limit movement to, from and within the
areas and allows for the residents of those
territories to be moved to “safe zones”.
Pro-Kremlin officials meanwhile said
they were pulling out of the key southern
Ukraine city of Kherson on Wednesday,
as Kyiv’s forces advanced on territory in
Russian hands since the war’s earliest days.

Pro-Kremlin officials
meanwhile said they were
pulling out of the key
southern Ukraine city of
Kherson on Wednesday, as
Kyiv’s forces advanced on
territory in Russian hands
since the war’s earliest days
Kherson was the first major city to fall
to Moscow’s troops since the February
invasion began and retaking it would
be a crucial prize in Ukraine’s counter-
offensive.
“The entire administration is already
moving today,” to the eastern bank of
the Dnieper River, the Kherson region’s
Moscow-installed head, Vladimir Saldo,
told Russian state television.
Kherson is located on the western
bank of the Dnieper, the same side where
Ukrainian troops have been moving
forward in a counter-offensive that began
in August.
Saldo said the pull-out, along with the
organised movement of civilians from
the city, was a precaution and vowed
that Russian forces would continue to
fight against Ukraine.
Pro-Russian officials have said civilians
would only be allowed to leave towards
Russia or Russian-held parts of Ukraine.
However, Ukrainian forces have
targeted bridges across the river to disrupt
supply lines so Russian-installed officials
said the evacuations were being done
with ferries.
Local officials said they were planning
to move up to 60,000 civilians from the
city of Kherson over a period of around
six days.
-KYIV AFP, 19 OCT, 2022

‘Not a quitter’
in Parliament:
UK PM Truss

UK PM Liz Truss (AFP)

A FP.COM, 19 OC T, 2022 - British Prime

Minister Liz Truss described herself as “a
fighter and not a quitter” Wednesday as she
faced down a hostile opposition and fury from
her own Conservative Party over her botched
economic plan.
Truss attended her first session of Prime
Minister’s Questions since newly appointed
Treasury chief Jeremy Hunt ripped up the
tax-cutting package unveiled by her new
government less than a month ago. She
apologized to Parliament and admitted she
made mistakes during her short tenure as the
U.K.’s head of government. Some lawmakers
shouted “Resign!” as she spoke.
Asked by the opposition Labour Party’s
leader, Keir Starmer, “Why is she still here?”
Truss retorted: “I am a fighter and not a
quitter. I have acted in the national interest to
make sure that we have economic stability.”
A package of unfunded tax cuts Truss’
government announced Sept. 23 sparked
turmoil on financial markets, hammered the
value of the pound and increased the cost
of U.K. government borrowing. The Bank of
England was forced to intervene to prevent
the crisis spreading to the wider economy and
putting pensions at risk.
Under intense political and economic
pressure, Truss last week fired her ally Kwasi
Kwarteng as Treasury chief, replacing him
with Cabinet veteran Hunt.
A6 THURSDAY, OCTOBER 20, 2022

POINT OF VIEW/NEWS FEATURE

CHINESE INVESTMENT IN
SEA CUCUMBER FARM IN
SRI LANKA ALSO A THREAT
TO INDIAN SECURITY?
By
Maya Majueran

Barrel-shaped Holothuroidea, commonly

known as sea cucumbers are part of a larger
animal group called echinoderms, which
also contains starfish and sea urchins. All
sea cucumbers are ocean dwellers, though
some inhabit the shallows and others live in
the deep ocean. There are more than 1,000
known species of sea cucumbers that inhabit
the world’s oceans, but only about two dozen
are commercially important.  Sea cucumber farming in Sri
Sea cucumbers are amongst the highest-value Lanka is quite old and was
seafood available commercially. Sea cucumber introduced by the Chinese. Sea
has a long history of utilisation as a cuisine in cucumber was reported to be
the Southeast Asian region, primarily due to one of the major commodities
their nutritional value and they are considered
a delicacy. In some countries, medicines are taken to China for centuries
produced, for example, “gamat oil” in Malaysia. when the trade existed via the
The most important sea cucumber product ancient silk route
is the dried body wall which is marketed as
beche-de-mer (trepang or haisom). have them year-round. This has helped many
Sea cucumber farming in Sri Lanka is quite northern farmers grow their businesses without
old and was introduced by the Chinese. Sea harming the natural sea cucumber population.
cucumber was reported to be one of the major After a Chinese firm started a sea cucumber
commodities taken to China for centuries farm in the Northern Province, over 600

Child malnutrition statistics on the rise

when the trade existed via the ancient silk fishermen switched to sea cucumber farming.
route. But the demand has arisen sharply Without a doubt, the local community

HOW SRI LANKA COULD PREVENT

with a high price tag, so farming surged in
the 1980s in coastal areas.
Sri Lankan sea cucumbers are exported to
countries like Singapore, China, Hong Kong,
and Taiwan where they are highly prized and the
massively benefitted from the company,
by its technological expertise which helped
them to obtain bigger harvests and earn
more income from exports at higher prices.
The Sri Lankan government also earned “a

MORE OF HER CHILDREN FROM

delicacy sells for hundreds of dollars per kilo,
bringing the much-needed foreign exchange to
Sri Lanka. In 2020, Sri Lanka exported about
326 tonnes of sea cucumbers worth Rs 1.5
billion and has become an important source
of income for fishermen in the north, east, and
significant amount” of foreign exchange
by exporting sea cucumbers to China and
other Southeast Asian nations.
The National Aquaculture Development
Authority (NAQDA) research shows that
farming is the easiest, most lucrative, and more

north-western coastal region.
Since there is a growing demand for sea
cucumber in the export market, the Sri Lankan
government has taken steps to promote sea
cucumber farming among the local fishing
communities to support their livelihood
and bring much-needed foreign exchange
to the country.
Sri Lanka has got favourable environmental
conditions to develop a large-scale sea cucumber
industry, however, given the limitations on
sustainable production from wild sea cucumber
capture, access to a regular supply of wild
juvenile sea cucumbers for culture, and limited
technical skills and knowledge among intended
aquaculture practitioners hindered the long-
term sustainable development of sea cucumber
industry in Sri Lanka.
Sea cucumbers are amongst
the highest-value seafood
available commercially. Sea
cucumber has a long history
of utilisation as a cuisine
in the Southeast Asian
BECOMING MALNOURISHED
importantly, sustainable way of supporting
an industry because wild sea cucumbers
have been over-exploited. Hatchery-based
artificial breeding is the most environmentally
sustainable technique for raising sea
cucumbers. Earlier, the Fisheries Ministry
had taken steps to ban the overexploitation
of wild sea cucumber cultivation from the sea
Malnutrition can be
directly to avoid depletion of wild populations
in Sri Lankan waters. By be measured in many ways. This includes
In June this year, the Sri Lankan
Government informed that they approved
Kamanthi
Wickramasinghe
measured in many weight, height and body mass index apart
from nutrient and vitamin deficiencies. 
a proposal to allocate 5,000 acres of land in ways. This includes But none of these measures indicates the
weight, height and
the districts of Jaffna, Kilinochchi, Mannar, incidence of malnutrition in society at the
and Batticaloa for large-scale commercial onset of a food shortage. However, the
sea cucumber hatcheries. Further, the Sri Lanka had been body mass index prevailing food scarcity could certainly
government approved the release of 100 known for its positive apart from nutrient
lead to malnutrition in future. Therefore
we have to prevent the possibility of
acres to set up export villages as well.
health development developing malnutrition. UNICEF for
and vitamin
Speaking to a local newspaper on September
28, 2022, Minister of Fisheries Douglas factors including low instance has said in a statement that
Devananda said that sea cucumber farms
established by Chinese industries will not infant mortality, low deficiencies.  seven out of 10 families taken for their
survey have reduced the consumption
bring any harm to fishermen in the Northern maternal mortality and But none of of food. International organisations have
Province and some of these industries have good nutritional status these measures
estimated that as many as 53,000 children
been operating in the North for the past
four to five years. Further, he said that these in children. But today, a indicates the
will be admitted to government hospitals
due to acute malnutrition. Sometimes it
investments are much needed for the country. sizeable percentage of the could be due to lower birth weight as well,”

region, primarily due to their

nutritional value and they are
considered a delicacy
At the time, when many northern fishermen
were finding it harder to catch large fish which
is blamed on many Indian trawlers entering
Sri Lankan waters without a license and using
illegal fishing methods like poaching and
mechanised bottom trawling. It deprives the
livelihoods of Sri Lanka fishermen, national
fish production, the export income of fishing,
and the rich ecosystem of the Sri Lankan
waters and poses a threat to national security.
The use of mechanised bottom trawling
methods by the Indian fishermen is also
a serious threat to the fishing gear of the
fishing communities of the coastal areas.
Even sea cucumbers are illegally harvested
by Indian bottom trawlers in Sri Lankan water.
The secretary of Mannar District Fishermen
Federation Union, N.M. Aalam told a local
newspaper that “The Indians are arbitrarily
engaged in the harvest of sea cucumbers in
our waters in addition to ongoing disastrous
bottom trawling activities, they sell us back
the same thing with some value addition.”
In 2001, India banned the harvest of all
varieties of sea cucumber and declared it a
protected species under the Indian Wildlife
(Protection) Act of 1972, whereas in Sri
Lanka it is legal and harvesting can be
done under a licensing system.
To address these needs, with the support
of the Sri Lankan government, the Chinese
joint venture company, Gui Lan (Pvt) Ltd,
established an artificial breeding production
facility (hatchery) in Jaffna’s coastal village
of Ariyalai in April 2016, to provide the
necessary juvenile cucumbers stock to
support a thriving and sustainable industry
which can uphold local community’s
livelihood hit hard by illegal Indian fishing.
Gui Lan (Pvt) Ltd’s operation involves the
hatchery and the nursery to meet the locals’
demands and is not engaged in farming.
Gui Lan (Pvt) Ltd was a pioneer in mass-
producing juvenile sea cucumbers in Sri Lanka
using their own eco-friendly, artificial spawning
technique. Since starting production, Gui Lan
(Pvt) Ltd nursed baby animals for up to four
months before they were sold to commercial
farms run by locals throughout the entire year.
Earlier farmers used to have sea cucumbers
only for six months of the year, now fishermen
The Minister told an Indian newspaper,
“We need both investment and technology in
the north to cultivate sea cucumbers. I have
been asking India for five to six years but
have not had any response. We must explore
other options, right? We are only talking to a
Chinese firm; no project has been finalised
yet,” adding he will “never allow” any threat
to India’s security concerns.
So how can a Chinese company’s investment
in a Sea Cucumber farm in Northern Sri Lanka
become a threat to India? Why can’t India
stop Indian trawlers from entering Sri Lankan
waters without a license and using illegal
fishing methods, crushing the Northern fishing
community’s livelihood? Why then can’t
India invest in the Sea Cucumber industry and
provide technological expertise as the Chinese
companies and support their livelihood
and bring much-needed foreign exchange
to the country?
Earlier, Sri Lanka suspended a Hybrid
Energy system to be built in three northern
islands of Sri Lanka by a Chinese high-tech
renewable energy company after India lodged
a strong protest with Sri Lanka on the award
of a tender to a Chinese company owing to
security concerns. Now it is embarrassing
to see that Sri Lanka needs to buy fuel from
the Lanka Indian Oil Corporation (LIOC)
to run thermal electricity generators which
also imports fuel by opening letters of credit
(LCs) at Sri Lankan banks and using the
dollars available in Sri Lanka, which is not
helpful to Sri Lanka.
In September, the Sri Lankan government
invited the LIOC to set up Sri Lanka’s second
oil refinery in Trincomalee, but until now no
positive response was given by LIOC. But
India will come with another security concern
when China agrees to invest and set up an oil
refinery in Trincomalee which can provide
guaranteed energy security and supply stability
to Sri Lanka in the future and make Sri Lanka
a petroleum hub in the Bay of Bengal.
India also raised concerns about the Chinese
research and survey vessel Yuan Wang 5
docking at Hambantota International Port,
however, Sri Lanka allowed entry for Yuan
Wang 5 despite India’s concerns.
  The writer currently serves as a
Director of BRISL, an independent &
pioneering Sri Lankan-led organization,
with strong expertise in BRI advice and
support. He can be contacted at:
mayalk2000@gmail.com
population is ‘nutritionally
at risk’ following the
prevailing economic
crisis that resulted in the
scarcity of food. Therefore,
international organisations
such as UNICEF states that
this crisis is likely to have
affected around 2.3 million
children in the country and
that immediate interventions
are required to prevent
these populations from
becoming malnourished.
During a recently held
discussion, Medical
Professionals for System
Change invited three
eminent speakers to shed
light on the vulnerabilities
of children in low-income
segments, how the lack
of nutrition could lead
to stunting and wasting,
and the sociological
challenges and solutions.
POSSIBLE NUTRIENT
DEFICIENCIES
The inability to import food items due to
import restrictions and the shortage of forex
and the crop failure experienced during the
Yala and Maha seasons have been identified as
the two main reasons for the prevailing crisis.
In the case of nutrition, people need adequate
amounts of carbohydrates, proteins, fats,
vitamins and nutrients. However, the prices of
all food items have soared, particularly of food
that comprise proteins. The prices of chicken
and eggs are expensive. “As a result, people
are likely to experience a protein deficiency;
then there’s an issue with carbohydrates due to
the surge in the price of rice, bread and other
items,” opined Consultant Paediatrician
Dr.Ajith Amarasinghe. “Therefore many
incidence of Amarasinghe added. 
malnutrition in
MALNUTRITION, STUNTING
society at the AND WASTING
onset of a food As an initial step, it is important to
shortage
identify those who are directly affected by
the crisis and the long-term and short-term
impacts. Children can be affected and it depends
on the level of income as well. “Every child has
Children in higher a right to food,” said Founder Chairman of
the National Child Protection Authority
income segments and Paediatrician, Prof. Harendra De
could be obese, Silva. “Children in higher income segments
but that doesn’t
could be obese, but that doesn’t mean that
there’s no malnutrition in the country. The
mean that there’s
scarcity of food would lead to a protein-
calorie imbalance and this imbalance will
no malnutrition in lead to wasting in children. Previously
too, around 15% of Sri Lanka’s children
the country experienced wasting. This percentage
would increase in another five years due
to the prevailing conditions. As a result,
Nutrition plays children can also experience stunting. As a
a big role in the
short-term plan, we should see if a child would
experience stunting as a result of the scarcity
of food. If a child’s weight is less compared to
development of a his height, we say that he is showing signs of
child and children stunting. But if we compare the height against
age, the child may be shorter (or in other words,
are an important this is known as wasting). In most instances,
human resource
healthcare workers don’t indicate these figures
in the country.
in record books.  We therefore need statistics
depending on the level of income and area.
The child born to a pregnant woman who is
Malnutrition either stunted or wasted will be of low birth
weight. Around 16% of children have low
affects a child’s birth weight. There’s a tendency for a child
brain development born with low birth weight to experience
stunting during his lifetime. If there’s less food
as well at home and there’s a pregnant woman she is
likely to feed her other children from her plate.
international organisations have Therefore she will be deprived of food herself.
concluded that 25% of family units in If the pregnant mother remains hungry, it will
the country are likely to experience a deprive the unborn child of food and he will be
famine-like situation. The prediction is born with a low birth weight. Food scarcity
that out of the 22 million population in in this situation will lead to immediate and
the country, around 5.7 million would be long-term issues. The deficiency of protein
affected by this food scarcity. There are and calories would lead to conditions such
2.3 million children within this population as marasmus. In 1975, when I was working
and international organisations claim that as a doctor, I saw skeleton-like children
these children would require humanitarian due to deficiencies in proteins and calories
assistance at this point,” underscored leading to marasmus and it could be fatal.
Dr. Amarasinghe. Kwashiorkor on the other hand is where
Another issue is malnutrition. However, the body swells as it is unable to produce
it takes some time for food scarcity to its own proteins. This was prevalent during
lead to malnutrition. “Malnutrition can 1975,” said Prof. De Silva.
 THURSDAY, OCTOBER 20, 2022

The prediction is that out of the 22 maximising food production and

million population in the country
around 5.7 million would be affected
by this food scarcity
Consumers now have access to
various types of ‘unnecessary’ food
due to commercialisation. “But
those expenses could be allocated
to purchase rice, dhal, vegetables
and other food items, so we need
to manage finances accordingly.
The amount of income is relative
and if people are unable to utilise
their finances accordingly, we have a
responsibility to educate the masses.
We also need to keep in mind that
there are commercial entities that
take advantage from soaring prices
of food items. We need to raise
awareness about managing the
consumption of food when there’s
low income in the household.
There has to be knowledge about
we need equipment and these
components should be included in
the aid we receive,” he further said.compared to his height,
SOCIOLOGICAL
CHALLENGES AND
SOLUTIONS  we compare
Nutrition plays a big role in the
development of a child and children
are an important human resource in
the country. Malnutrition affects a
child’s brain development as well.
From a sociological point of view,
the lack of mental and physical
development affects education. This
is an issue that impacts society as a
whole. “Every child has a right to
access basic necessities like every
other citizen,” said Emeritus
Professor of Sociology
Siri Hettige.
“It’s a social responsibility. We
have been talking about literacy
on the lines of the ability to read
and write. But we also need to talk
about scientific literacy which is
the ability to look at a problem
in a scientific manner. In order
to choose food we need to
have literacy, but if there’s
no scientific literacy this is
difficult. Another important
aspect is environmental
literacy and this is important
for families in rural areas
because they live in sync with
the environment. Digital literacy
is another aspect which helps in
communication. But this hasn’t been
involved in the education system,”
said Prof. Hettige.
Prof. Hettige then suggested
If a child’s weight is less
we say that he is showing
signs of stunting. But if
the height
against age, the child may
be shorter (or in other
words, this is known
as wasting)
how the target populations are
affected due to the scarcity of food
that could be identified by using the
resources that are already in place.
“The state administration ministry
for example has links to Grama
Niladhari offices from Colombo
to rural areas and it’s linked to
the Divisional Secretariats. The
Provincial Councils comprise its
officers and the relevant information
could be obtained by using a simple
form. With the use of smartphones
and other tools, this information
can then be sent to the Divisional
Secretariats.
If this can be implemented across
the island, we can find out the actual
number of vulnerable families and
locate them using Google maps.
Thereafter we need to update this
database and categorise these
children into red, yellow and green
zones. Green indicates that there
is no issue, red indicates children
at high risk and yellow indicates
children who are vulnerable,” he
suggested while adding that the
level of malnutrition could then
be estimated to formulate the
needs assessment.
 A8 THURSDAY, OCTOBER 20, 2022
SPORTS
DOUBLE CHANGE
Sri Lanka’s
Dushmantha
Chameera (L)
leaves the field
after an injury
during the ICC
IN SRI LANKA
men’s T20 WC
2022 cricket
match between
Sri Lanka and
UAE
WORLD CUP SQUAD
Chameera likely to be out for up to three
months, to undergo pre-planned surgery
BY SHEHAN DANIEL his left leg, an injury which the
F
ast bowler Dushmantha fast bowler has not experienced in
Chameera will likely the past.
miss up to three months That injury is likely to take him
of cricket, with the player around six weeks to heal from, and
expected to now undergo has now given SLC an earlier than
a pre-planned ankle surgery, after expected window for Chameera to
being ruled out of the ICC Men’s have a bone spur on ankle operated on.
T20 World Cup 2022 today. “It’s really unfortunate to lose
Chameera, who was instrumental Chameera. He will now undergo a
in Sri Lanka beating the United Arab previously-planned surgery on a bone
Emirates by 79 runs on Tuesday with spur in his ankle,” Prof. Arjuna de
figures of 3 for 15, was diagnosed Silva, the Chairman of SLC’s medical
with a tear in the calf muscle of panel confirmed.
T20 World Cup
Four-wicket Joseph helps West Indies topple Zimbabwe
A fiery four-wicket spell from pace bowler
Alzarri Joseph helped the two-time champion
West Indies storm past Zimbabwe by 31 runs
to keep their Twenty20 World Cup dreams alive
yesterday.
After being shocked by Scotland in their
opening match on Monday, they had no
margin for error if they wanted to stay in
the hunt for a place in the Super 12 stage.
They accomplished the feat with ten balls
to spare, dismissing Zimbabwe for 122 after
setting them 154 to win.
The dangerous Joseph was instrumental,
taking 4-16 while Jason Holder chipped in
with 3-12.
The victory means they meet Ireland on
Friday with the winner going through to
the next round when the big guns join the
tournament, while Zimbabwe face Scotland in
a winner-takes-all tie.
Skipper Nicholas Pooran won the toss and
opted to bat against a Zimbabwe side without
captain Craig Ervine, who suffered a “mild
West Indies’ Alzarri Joseph celebrates the
wicket of Zimbabwe’s Tony Munyonga
asthmatic attack” before the game.
Ireland upset Scotland with stunning comeback
Ireland pulled off a stunning six-
wicket upset of Scotland at the Twenty20
World Cup yesterday with George
Dockrell and Curtis Campher starring in
a 119-run partnership after they looked
out for the count.
In perfect conditions at Bellerive Oval
in Hobart, the Scots powered to 176-5
-- the tournament’s highest score so far on
the back of 86 from Michael Jones -- then
reduced the Irish to 65-4 after 10 overs.
But Campher (69 off 32 balls) and
Dockrell (39 off 27) came to the crease
and unleashed some fireworks to steer
them home against the odds with an over
to spare.
It was their first win of the tournament
after crashing to Zimbabwe on Monday
and leaves Group ‘B’ wide open.
Lorcan Tucker (20) and Harry Tector (14)
Ireland’s Curtis Campher (R) and George Dockrell
run between the wickets during the ICC men’s put on 28 before both departed within six
Twenty20 World Cup 2022 cricket match balls as they crumbled to 65-4 after 10
between Ireland and Scotland at Bellerive Oval
overs and it looked all but over.
in Hobart
Bimsara, Samindi claim novices TT titles
BY SUSIL PREMALAL
Bimsara Rathnayake of Maliyadeva
College Kurunegala and Samindi
Weerasooriya of Good Shepherd Convert
Kandy won the Men’s and Women’s
Novices Singles title at the All-Island
Intermediate Novices Age Group Table
Tennis Championships 2022 organised
by the TS Table Tennis Academy and held
at the Municipal Council Indoor Stadium
in Kandy.
Rathnayake defeated Thilina
Wickramanayake of the University
U17 Girls singles champion Roshen Arnolda
of Peradeniya 13-11, 11-6 in the Men’s
final while Weerasuriya had the better
of Hesanga Kamburawala of Musaeus
College 11-8, 11-6 in the Women’s final.
Results (All finals):
Under-7 Girls’ Singles: Dharani
Jayasinghe (Girls’ High School, Kandy)
beat Tashini Olivia (Mahamaya, Kandy)
14-12, 12-10, Under-7 Boys’ Singles: R.
K. Aarosh (St. John Bosco’s Vidyalayam)
beat Dinoddya Prasanna (Meepawala
Amarasooriya
College) 14-12, 11-4, Under-9 Girls’
U17 Boys singles champion Shashiranga Ranasinghe
Danishka Gunathilaka replaced
following hamstring injury
Sri Lanka suffered a further blow
with batsman Danishka Gunathilaka
also being ruled out of the tournament,
replaced by Ashen Bandara.
While the initial suggestions were
that Gunathilaka’s hamstring was
not so serious that he would need
to be ruled out of the rest of the
World Cup, later tests had confirmed
a hamstring tear.
Pramod Madushan, who had also
reported a hamstring injury, has not
been ruled out of the tournament so
far, but his availability for today’s
They were aggressive early on, but paid
the price with Kyle Mayers (13) top-edging
Blessing Muzarabani to wicketkeeper Regis
Chakabva, who was deputising as skipper.
Johnson Charles found his groove and
unleashed in the ninth over, hitting 6-4-4 off
Ryan Burl to get the scoreboard moving before
Evin Lewis mistimed a heave down the ground
off Sikandar Raza and was caught.
Pooran fell for seven and when Charles
was comically run out for 45 in a mix-up
with Rovman Powell, the West Indies
were reeling.
Zimbabwe kept the pressure on. Raza
trapped Shamarah Brooks lbw, and then
caught and bowled Holder with the West
Indies losing four wickets for 11 runs in 12
balls to leave them on 101-6.
Powell (28) and Akeal Hosein (23 not
out) steadied the ship and threw the bat
in a late flourish to ensure they set a
competitive target.
In reply, Zimbabwe slammed 18 in a
nightmare first over from Mayers.
But the momentum shifted with
Dockrell and Campher at the crease as
they began swinging the bat, hitting 18 off
one Mark Watt over.
They reduced the runs needed to 52 off
the last five overs and kept the pressure
on to get over the finishing line.
“The aim was to take early wickets,
put them under pressure, but credit to
Campher and Dockrell for that flawless
partnership, they took the game away
from us,” said Scotland skipper Richard
Berrington.
“Positives with the bat, I thought Jones
was superb all through the innings.” Jones
smacked a blistering 86 off 55 balls as
Scotland looked to build on their stunning
42-run upset of two-time champions West
Indies on Monday.
It was the highest score at the
tournament and the best ever by a Scot at
a T20 World Cup.
They also made a shaky start after
Singles: Aveesha Herath (St. Anthony’s,
Kandy) beat Pawani Godakumbura
(Kanishta Balika Vidyalaya, Nawalapitiya)
11-3, 11-8, Under-9 Boys’ Singles: Anusara
Chanmith (Dharmasoka, Ambalangoda)
beat Thevinu Perera (St. John’s, Nugegoda)
11-7, 11-6, Under-11 Girls’ Singles: Senaya
Hulangamuwa (Visakha, Colombo) beat
Aveesha Herath (St. Anthony’s, Kandy)
11-3, 11-2., Under-11 Boys’ Singles:
Darashana Babaranuge (Vidyartha) beat
Kenul Hansana (P. De. S. Kularatne College,
Ambalangoda) 11-7, 12-10, Under-13 Girls’
Singles: Tharuli Jinethma (Dharmasoka,
Ambalangoda) beat Melisha Anthony
(Good Shepherd Convent, Kandy) 11-9,
11-5, Under-13 Boys’ Singles: Darashana
Babaranuge (Vidyartha) beat Yasanga
Rumeshitha (Vidyartha) 11-3, 13-15, 11-7,
Under-15 Girls Singles: Tharuli Jinethma
(Dharmasoka, Ambalangoda) beat Tashmi
Ketakumburage (Girls’ High School, Kandy)
11-5, 15-13, Under-15 Boys’ Singles: Isitha
Balasooriya (Royal, Colombo) beat Lithira
De Silva (Dharmasoka, Ambalangoda) 4-11,
11-6, 11-8,
Under-17 Girls’ Singles: Roshen Arnolda
crucial game against the Netherlands
is still questionable.
“Clinically there doesn’t appear to
be anything serious with Madushan,
so he will remain in Australia for
now,” Prof. de Silva added.
Kasun Rajitha has been named as
a replacement player for Chameera,
and is to be flown out to Australia.
Sri Lanka also lost left-arm pace
bowler Dilshan Madushanka on the
eve of their World Cup opener against
Namibia, with Binura Fernando taking
his place in the squad.
Undeterred, the Caribbean side made a
breakthrough in the third over when Regis
Chakabva dragged the ball onto his stumps
off Joseph.
Joseph took his second with a lightning
delivery to remove Tony Munyonga and Sean
Williams fell two balls later as the pressure
began building for Zimbabwe.
All-rounder Raza slammed 82 off 48 balls
in Zimbabwe’s first match on Monday, but he
was out for 14 and when Joseph came back in
the attack he shattered the stumps of Richard
Ngarava and Luke Jongwe to end any hope
they had. (AFP)
CHIEF SCORES
West Indies 153 for 7 in 20 overs (J.
Charles 45, R. Powell 28,A. Hosein 23
not out; S. Raza 3 for19)
Zimbabwe 122 for 9 in 18.2 overs (W.
Madhevere 27, L. Jongwe 29, R. Burl 17;
A. Joseph 4 for 16)
winning the toss and choosing to bat with
opener George Munsey, who starred against
the West Indies, lasting just two balls.
Matthew Cross joined Jones and they
put on a breezy 59. But Cross was undone
when Campher came into the attack and
he was deceived by a slower delivery,
caught for 28.
Jones played beautifully and brought up
his maiden T20 half-century off 38 balls
with a single, ably supported by Berrington
(37) then Michael Leask (17) before
eventually falling in the penultimate over.
(AFP)
CHIEF SCORES
Scotland 176 for 5 in 20 overs (M. Jones
86, R. Berrington 37, M. Cross 28; C.
Campher 2 for 9)
Ireland 180 for 4 in 19 overs (C. Campher
72 not out, G. Dockrell 39 not out, L.
Tucker 20; M. Leask 1 for 16)
(St. Anthony’s, Kandy) beat Methnadi
Kumarasinghe (Mahamaya, Kandy) 2-11,
11-7, 13-11, Under-17 Boys’ Singles:
Shashiranga Ranasinghe (Vidyartha)
beat Aaqif Rusthi (Royal, Colombo) 11-8,
11-5, Under-19 Girls’ Singles: Methnadi
Kumarasinghe (Mahamaya, Kandy)
beat Ushara Senuji (Swarnapali BMV,
Anuradhapura) 6-11, 13-11, 11-8, Under-
19 Boys’ Singles: Bimsara Rathnayake
(Maliyadeva, Kurunegala) beat Thimothi
Nawarathnaraja (Trinity) 11-2, 11-3.
Novices Women’s Singles: Samindi
Weerasooriya (Good Shepherd Convert,
Kandy) beat Hesanga Kamburawala
(Musaeus) 11-8, 11-6. Novices Men’s
Singles: Bimsara Rathnayake (Maliyadeva,
Kurunegala) beat Thilina Wickramanayake
(Universityof Peradeniya) 13-11, 11-6,
Intermediate Women’s Singles: Yoshini
Jayawardena (St. Anthony’s, Kandy) beat
Methuki Udunuwara (Good Shepherd
Convert, Kandy) 10-12, 13-11, 11-4,
Intermediate Men’s Singles: Shashiranga
Ranasinghe (Vidyartha) beat Bimsara
Rathnayake (Maliyadeva, Kurunegala
11-4, 11-3
Do or Dutch
Sri Lanka face Netherlands in
must-win match
Sri Lanka were dealt injury
blows on Tuesday, with fast bowler
Dushmantha Chameera ruled out
from the World Cup and Pramod
Madushan doubtful for Sri Lanka’s
winner-takes-all clash against the
Netherlands in the ICC Men’s T20
World Cup 2022.
Chameera suffered an injury
to his calf muscle, while bowling
the last over of his four over quota
during Tuesday’s win over United
Arab Emirates, with his place likely Changes to the Dutch team appear
to be filled by fellow right arm fast unlikely, with all-rounder Bas de Leede
bowler Lahiru Kumara.
Madushan and Danishka
starring in both wins the Netherlands
have recorded in the tournament so far.
Gunathilaka are also carrying injuries,
although only the former featured in
The versatility of the Dutch bowling
attack will test Sri Lanka, although their
the last match for Sri Lanka. fragile middle order has been exposed
While their injuries are not believed in their previous matches.
to be so serious that they are ruled Sri Lanka has won all five of
them out of the World Cup, Madushan their previous contests against the
might have to sit out Thursday’s match, Netherlands, three of them in ODIs,
in which case Binura Fernando could be and the other two in T20 World Cup
in line as a replacement. matches. In both those T20 matches,
Sri Lanka’s team is likely to remain Sri Lanka have bowled out the Dutch
otherwise unchanged from the side cheaply, before chasing down the target
that beat UAE by 79 runs. with relative ease.
They carry the advantage on net run In the 2014 World Cup, which Sri
rate, but the Netherlands have two wins Lanka would go on to win, they bowled
and four points – effectively meaning out the Netherlands for 39 – still the
the winner is guaranteed a place in the lowest score in a T20 World Cup –
Super 12. before chasing the target down in five
Namibia carry a superior net run overs. At last year’s T20 World Cup, in a
rate to both Sri Lanka and Netherlands, repeat performance, Sri Lanka bowled
so victory in the match against United out the Dutch for 44, with Kusal Janith
Arab Emirates will be enough for them
to scrape through.
Perera scoring a bulk of the runs in the
run chase, completed in 7.1 overs.
ICC MEN'S T20 WORLD CUP
FIRST ROUND GROUP A
TEAMS M W L T N/R PT NRR
NETHERLANDS 2 2 0 0 0 4 0.149
NAMIBIA 2 1 1 0 0 2 1.277
SRI LANKA 2 1 1 0 0 2 0.600
UAE 2 0 2 0 0 0 -2.028
FIRST ROUND GROUP B
TEAMS M W L T N/R PT NRR
SCOTLAND 2 1 1 0 0 2 0.759
ZIMBABWE 2 1 1 0 0 2 -
WEST INDIES 2 1 1 0 0 2 -0.275
IRELAND 2 1 1 0 0 2 -0.468
Victoria Golf Club Championship 2022
Melanie and Dhanushan
win Club event
TEXT AND PHOTOS BY SHAMSEER JALEEL
FROM RAJAWELLA
Springfield College 17-year-
old Kanas Kumar Dhanushan and
Melanie Bond both were in cracking
form when they won the Gents’ and
Ladies’ Gross events of the Victoria
Golf Club Championship 2022 which
took place at their Club Course in
Rajawella last weekend.
More than 60 members
participated in the annual event
which took place after a lapse of
three years due to Covid pandemic.
Melanie Bond (187) won the
Gross event while Ahalya Rajan
(192) ended a close second. Rajan
also accounted for the Ladies Nett K. Dhanushan won the Gents Club
and Longest Drive in the Ladies Championship
events. She was the defending
Ladies champion having won this
event in 2018.
Meanwhile Kanas Kumar
Danushan (159) was closely
followed by Kushal Johnpillai (160)
in the Gross event.
Johnpillai also won the Nett event
on count back method.
Meanwhile the Runner-up at the
Nett event was another 12-year-old
young sensation from the British
School, Thejas Rathiskanth. The
youngster had a dream debut game
at the Rajawella course at the Club
event ending in the top five among
some top golfers in the Gross
event. Suhayb Sangani and Derrick Melanie Bond won Ladies Club
Ponnambalam both ended third Championship and Nett runner up
and fourth respectively in the gross
event. In the Nett segment, Suhayb Ladies:
Winner - Melanie Bond
Sangani and Aslam Mohideen both
ended fourth and fifth positions Runner-up- Ahalya Rajan
Club Championship Nett
respectively.
Aslam was leading on day one Gens:
Winner - Kushal Johnpillai
and had to settle for fifth position
overall. Runner-up -Thejas Rathiskanth
Ladies:
The club event took place for
36 holes for members under the Winner - Ahalya Rajan
Runner-up- Melanie Bond
Strokeplay method while seniors
and other segments took place on Nearest to the PIN Gents -Kushal
Johnpillai
the first day for 18 holes under
Stableford method. Nearest to the PIN Ladies - Vivienne
Fowler Watt
Club Championship Gross
Gens: Longest Drive Gents - Suhayb
Sangani
Winner - Kanas Kumar Dhanushan
Runner-up- Kushal Johnpillai Longest Drive Ladies - Ahalya Rajan
OCTOBER 20, 2022 Find us on facebook/dailymirror Follow us on @MirrorBusiness +94115383355 / businesseditor@dailymirror.wnl.lk
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Initial foreign investor interest in rupee bonds fizzles out

The weeks-long foreign investor
interest seen in rupee bonds during
September has fizzled out, perhaps
due to the expectations of further
tightening of monetary policy by the
United States Federal Reserve and the
strengthening US dollar against the
other currencies.
In the five weeks since the end
of September 7, foreigners were
seen returning to rupee gilts or
government bonds, through the week
ended on September 28, with each
week seeing higher accumulation of
bonds than the previous week.
During this period, the stock
of rupee bills and bonds held by
foreigners surged from a rupee
equivalent of Rs.4.01 billion on
August 31 to Rs.22.17 billion by
September 28.
However, this trend waned in
the following week before stalling
in the week after, the most recent
data showed.
For instance, in the week ended on
October 05, the foreign holdings of
rupee gilts rose by only 1.86 percent
to Rs.22.56 billion before the growth
stalled in the following week ended
on October 12, when the value of bill
and bond stock held by the foreigners
didn’t move in rupee terms from the
week earlier.
The Sri Lankan authorities were
buoyed by the initial interest seen
in the rupee gilts by foreigners after
years of decline and at one point after
a brief increase in such holdings,
the officials were even considering
promoting foreign investments to Sri
Lankan treasuries.
Foreign interest in rupee bonds
also corresponded with the
renewed foreign inflows seen to
local equities after years of net
outflows, as foreigners returned to
the Colombo Stock Exchange in the
last couple of months.
It remains immediately unclear
what caused foreigners to stop
their buying spree of Sri Lankan
treasuries in the last week, after
significantly slowing in the previous
week or if the last two weeks were
an exception to the trend.
MORE ON P10

Severe blow to Lankan

biz if crisis deepens: Fitch
„Consumer goods retail,
T
he prevailing economic crisis, if and bottom lines and their margins in the
power generation and home deepens or sustained for a prolonged second quarter ended in June 2022, due to
building among most affected period, could deal a severe blow
to many Sri Lankan business sectors,
pass through effects of higher cost, Fitch
said they would not be able to replicate
„Companies losing pricing as runaway inflation, elevated interest the same results in the coming quarters, as
rates and import restrictions have already anymore price hikes could come at the cost
power as consumer pressured their revenues, margins, profits of further decline in revenues.
loses affordability amid and cash flows, Fitch Ratings said. The September earnings season, which
soaring inflation In a brief commentary issued yesterday kicked off this week, would provide
on the implications the economic analysts and investors the opportunity to
„Sept. earnings season crisis would have on Sri Lanka’s listed assess how these companies representing
to provide evidence as companies, the rating agency identified
consumer goods retail, power generation
wider industries have fared on the back of
continued rise in costs across the supply
to how firms confronted and home building among the most chains as well as of their borrowings.
multiple issues affected sectors from a prolonged crisis, They will also closely look at earnings
which could span over the next 12 to 18 commentaries of these companies to
„Firms with defensive cash months, with potential pressure on their identify any cues given by their CEOs
flows, weaker competition and credit ratings. and other senior executives as to what
strong balance sheet could While some of the businesses did not
feel the full effects of the economic
they expect in their future quarters, as
business and financing conditions are
withstand pressure crisis, as they managed to grow their top getting tightened. MORE ON P10

Private sector credit decline to persist through Only 30% Lankan IT/BPM firms Mastercard secures 50+
year-end, extending months-long decline have embraced ESG, reveals survey travel offers to support revival
„SL’s private sector
credit growth that
the private sector credit to recover
anytime soon. Credit to the private
inflation took precedence over
economic growth.
„70% of entitles are in
initial stages or have
of SL’s tourism industry
turned negative in sector, an important barometer of the Sri Lanka officially entered into not yet embarked on
May appears to be money supply and the dynamism of a deeper and a prolonged recession ESG journey
continuing on that the economy, has been on a descent in the second quarter, when the
path until monetary for the fourth consecutive month in economy contracted by 8.4 percent „Moral, ethical reasons
tightening eases August, potentially extending through after a mild 1.6 percent decline in the
the year-end, as the Central Bank has first three months, as tight monetary and reputation
In another sign that the Central no intentions to take its feet off the conditions amid the foreign identified as key
Bank remains resolute maintaining From left: Mastercard Manager Merchants and Commerce Angelic Gong,
its current ultra-tight monetary policy
monetary brakes, which it slammed exchange crunch started biting into drivers of ESG Mastercard Country Manager Sri Lanka and the Maldives Sandun Hapugoda,
so harshly in April, tipping the entire almost all economic activities since Tourism and Lands Minister Harin Fernando and Sri Lanka Tourism Promotions
through at least the end of this year, economy into a recession, as fighting April onwards. „SLASSCOM to roll out Bureau Chairman Chalaka Gajabahu
MORE ON P10 PwC ESG Leader and Director Zahra
the monetary authority does not expect
plans to implement Cader hands over the report to
SLASSCOM Vice Chairman Jehan As the situation in Sri more than 50 offers from travel
ESG activities Perinpanayagam Lanka continues to improve, industry partners, including
Mastercard yesterday announced hotels, resorts, restaurants and
An extensive study in the PwC revealed that 70 percent its latest effort to promote the tour operators. This collaborative

Dhammika Perera’s daughter joins his biz as director

Business tycoon Dhammika
Perera’s eldest daughter Donna
Brindhini Perera has been
appointed as a Non-Executive
Director of several companies
of her father’s business empire.
She has been appointed to
the boards of Vallibel One
PLC, Royal Ceramics Lanka
PLC, Lanka Walltiles PLC,
Lanka Tiles PLC, Singer (Sri
Lanka) PLC, Haycarb PLC,
Dipped Products PLC, Hayleys
Fabric PLC, Hayleys Leisure
PLC and The Kingsbury PLC,
with effect from October 9.
Brindhini holds a
Masters in Mechanical
Engineering from the Imperial
College London, covering
manufacturing technology and
management, entrepreneurship,
corporate finance, statistics
and mathematics.
IT/BPM sector in Sri Lanka
found that only 30 percent of
the entities have embarked
upon environmental, social,
and corporate governance
(ESG) activities, an area that is
becoming increasingly important
in the current global economy.
A report that followed an
extensive survey carried out by
SLASSCOM in partnership with
of the entities are in the initial
stages or have not yet embarked
on the ESG journey.
A majority of SME
companies had not taken any
steps into moving towards
ESG, while most medium and
large companies have begun
implementing ESG activities for
some time, the survey findings
revealed. MORE ON P10
island nation as a safe and
affordable destination for
inbound travellers.
With tourism being a key
pillar of the country’s economy,
restoring holidaymakers’
confidence and appetite to visit
Sri Lanka is the natural next step,
following the relaxation of travel
advisories for Sri Lanka in a
number of countries.
To support these objectives,
Mastercard has directly sourced
effort with the Sri Lanka Tourism
Promotions Bureau (SLTPB)
includes Mastercard using the
‘Visit Sri Lanka’ slogan.
For the cardholders
interested in visiting Sri
Lanka, Mastercard has brought
together comprehensive travel
benefits that can be explored on
Mastercard’s Priceless Specials
platform (https://specials.
priceless.com).
MORE ON P10

BOI launches yet another one-stop shop to speed up CB sells only fraction
investment approval process of T-bills as it rejects
„Launches Investor Facilitation

bids at higher yields

Centre to offer investors
better services
„Stresses need for better
coordination with and between
line agencies
„Similar initiative by BOI was
implemented in 2016 to no avail
„„ By Shabiya Ali Ahlam
Sri Lanka’s state-run investment
promotion agency, the Board of Investment
(BOI), yesterday renewed its attempt to
streamline the approval process with the
launch of a new one-stop shop.
The BOI launched an Investor
Facilitation Centre (IFC) to speed up the
process of firming up investments coming
into the country, so that the economy is able
to secure the much-needed forex.
The facility is located on the 27th floor
of the World Trade Centre’s West Tower
and aims to provide an efficient service to
investors while streamlining the investment
approval process and strengthening inter-
agency coordination.
A similar facility was launched in
2016 by the BOI to make the investment
process hassle-free. However, the effort
did not deliver the expected results, thus the
establishment of a fresh facility.
The overall objective is to complete
the investment approval process within
14 days. According to the BOI, at
present, over 170 days are required for all
investment processes to be completed.
“There are several delays for investors to
obtain the necessary approvals at present,
largely due to several agencies involved.
With the new IFC, we hope to address
the prevailing gaps. If there is a delay
in documents moving from one desk to
another, the IFC will take the necessary
action to make them move, so that the
investors are able to get what they want,”
said Investment Promotion State Minister
Dilum Amunugama addressing the launch
event in Colombo yesterday.
While one of the major impediments
identified in attracting and retaining FDI
to Sri Lanka is red tape in the way of
investors, poor inter-agency coordination is
also a key reason for the slow process.
“The BOI alone cannot do this. The
IFC alone will not solve problems. The
Investment Promotion State Minister Dilum
Amunugama, BOI Chairman Raja Edirisuriya,
Director General Renuka Weerakoon and
State Investment Promotion Ministry
Additional Secretary U.K. Bandara at Investor
Facilitation Centre launch
PIC BY NISAL BADUGE
line agencies need to coordinate and be
dedicated towards these efforts as well.
Much of the delays are due to what takes
place at line agencies,” said BOI Chairman
Raja Edirisuriya. MORE ON P10
The Central Bank managed
to sell only a fraction of the
Treasury bills issued at the
auction held yesterday in a
reflection that majority bids
had come at much higher yields
although expectations are rising
for the yields and the rates to
ease in the next three to six
months, with the higher taxes
helping the government to
reduce its borrowings.
The Central Bank offered
Rs.75.0 billion in bills under
three, six and 12-month
tenures, with a greater tilt
towards the three-month tenure
as typically seen in recent times
but accepted only Rs.16.1
billion in total bills, of which
Rs.14.4 billion were from the
three-month bills. This is the
second consecutive week the
accepted bids fell short of
the offered amounts by the
Central Bank. However, this
week’s auction saw a bigger
gap between the offered and
the accepted amounts after
some time. MORE ON P10
 THURSDAY,
10 OCTOBER 20, 2022
MARKET

19.10.2022

SE­CUR­I­TY VOLUME V.W.A.

PREVIOUS
OPEN HIGH LOW V.W.A.
TODAY’S
CHANGE SE­CUR­I­TY VOLUME V.W.A.
PREVIOUS
OPEN HIGH LOW V.W.A.
TODAY’S
CHANGE SE­CUR­I­TY VOLUME V.W.A.
PREVIOUS
OPEN HIGH LOW V.W.A.
TODAY’S
CHANGE
(RS.) (RS.) (RS.)

MAIN BOARD.....................................................................................................................................
A.SPEN.HOT.HOLD................................40,242......... 58.00 .......57.20 ......59.90 .......57.20 ...... 58.10 .0.10
ACCESS ENG SL...................................229,306......... 10.90 .......10.90 ......10.90 ...... 10.60 ...... 10.80 .(0.10)
ACL......................................................235,087......... 94.00 .......95.00 ......96.00 ...... 92.50 ...... 93.00 .(1.00)
ACL PLASTICS......................................... 2,328.......496.25 .....495.00 ....520.00 .... 495.00 .... 500.25 .4.00
ACME....................................................... 2,110........... 5.80 ......... 5.90 ........5.90 .........5.90 ........ 5.90 .0.10
AGALAWATTE.......................................18,533......... 36.50 .......37.00 ......37.00 ...... 36.10 ...... 36.20 .(0.30)
AHOT PROPERTIES.................................... 150......... 38.00 .......38.90 ......38.90 .......38.90 ...... 38.90 .0.90
AITKEN SPENCE...................................... 1,907.......132.00 .....132.00 ....137.00 .... 131.25 .... 132.75 .0.75
ALLIANCE..............................................42,803......... 66.30 .......68.80 ......72.00 .......68.80 ...... 70.90 .4.60
AMANA BANK.....................................910,131........... 3.00 ......... 3.10 ........3.20 .........2.90 ........ 3.00 .......-
ASIA ASSET.................................................... 2........... 6.60 ......... 7.00 ........7.00 .........6.60 ........ 6.60 .......-
ASIA CAPITAL......................................... 2,000........... 4.70 ......... 4.60 ........4.60 .........4.50 ........ 4.60 .(0.10)
ASIRI.....................................................61,006......... 33.90 .......33.00 ......35.00 .......30.50 ...... 32.30 .(1.60)
ASIRI SURG................................................ 801......... 13.90 .......14.00 ......14.00 ...... 13.20 ...... 13.30 .(0.60)
AUTODROME.......................................... 1,237.......116.00 .......97.10 ......99.00 .......89.00 ...... 99.00 .(17.00)
BAIRAHA FARMS.................................... 1,980.......204.25 .....204.50 ....207.00 .... 203.00 .... 204.00 .(0.25)
BALANGODA.........................................48,179.......104.50 .....107.00 ....112.00 .... 103.00 .... 107.50 .3.00
BUKIT DARAH.......................................32,222.......304.75 .....305.00 ....305.00 .... 304.75 .... 304.75 .......-
C M HOLDINGS.......................................... 220......... 74.90 .......73.00 ......73.00 .......73.00 ...... 73.00 .(1.90)
CARGILLS................................................ 1,396.......201.00 .....200.25 ....219.25 .... 200.00 .... 200.25 .(0.75)
CARSONS...............................................20,888.......279.50 .....279.50 ....279.50 .... 279.50 .... 279.50 .......-
CDB [CDB.X0000].................................... 3,595......... 58.40 .......59.60 ......59.70 .......59.60 ...... 59.70 .1.30
CENTRAL FINANCE................................. 6,010......... 63.40 .......63.40 ......64.00 .......63.40 ...... 64.00 .0.60
CENTRAL IND.......................................... 5,329......... 79.70 .......79.90 ......82.00 .......78.00 ...... 78.00 .(1.70)
CEYLINCO INS. [CINS.X0000]....................... 5.......930.25 .....959.75 ....959.75 .... 959.75 .... 930.25 .......-
CEYLON GUARDIAN....................................... 1......... 74.00 .......75.90 ......75.90 .......75.90 ...... 74.00 .......-
CEYLON INV............................................... 751......... 34.00 .......34.00 ......35.40 .......34.00 ...... 35.10 .1.10
CEYLON TOBACCO....................................... 63.......694.75 .....680.00 ....690.00 .... 670.00 .... 694.75 .......-
CHEMANEX..................................................... 1......... 84.10 .......84.10 ......84.10 .......84.10 ...... 84.10 .......-
CHEVRON..............................................12,188.......101.50 .....100.50 ....103.00 .... 100.50 .... 100.75 .(0.75)
CIC.......................................................716,186.......104.50 .....106.00 ....107.50 .... 102.50 .... 104.00 .(0.50)
CIC [CIC.X0000]...............................1,562,571......... 73.70 .......74.10 ......75.00 ...... 71.00 ...... 71.70 .(2.00)
CITRUS LEISURE..................................... 7,080........... 6.70 ......... 6.50 ........6.80 .........6.50 ........ 6.50 .(0.20)
COLD STORES............................................. 963......... 37.00 .......37.00 ......37.50 .......37.00 ...... 37.00 .......-
COLOMBO LAND.......................................... 23......... 19.50 .......20.50 ......20.50 ...... 19.30 ...... 19.50 .......-
COMMERCIAL BANK.............................28,544......... 50.00 .......51.00 ......51.50 .......50.00 ...... 50.30 .0.30
COMMERCIAL BANK [COMB.X0000]....60,071......... 41.20 .......41.50 ......41.60 .......40.00 ...... 40.10 .(1.10)
CONVENIENCE FOOD..................................... 1.....1100.50 ...1160.00 .1160.00 .. 1160.00 ..1100.50 .......-
DANKOTUWA PORCEL........................115,787......... 33.40 .......34.00 ......34.10 ...... 32.50 ...... 32.60 .(0.80)
DFCC BANK PLC....................................... 3,525......... 35.00 .......35.00 ......35.80 .......35.00 ...... 35.00 .......-
DIALOG...............................................360,795........... 8.10 ......... 8.10 ........8.10 .........7.90 ........ 8.00 .(0.10)
DIMO....................................................... 3,108.......685.50 .....685.50 ....697.75 .... 685.50 .... 695.50 .10.00
DIPPED PRODUCTS...............................74,218......... 34.90 .......35.00 ......35.30 .......34.70 ...... 34.90 .......-
DOCKYARD............................................27,549......... 65.40 .......66.00 ......66.00 ...... 61.20 ...... 62.90 .(2.50)
DOLPHIN HOTELS.................................12,038......... 29.30 .......30.20 ......31.50 .......28.30 ...... 30.60 .1.30
DURDANS................................................... 851.......133.75 .....134.00 ....141.00 .... 133.75 .... 134.25 .0.50
DURDANS [CHL.X0000]................................. 1.......108.00 .....108.25 ....108.25 .... 108.25 .... 108.00 .......-
E B CREASY............................................14,766......... 22.00 .......21.80 ......21.90 ...... 21.00 ...... 21.10 .(0.90)
EAST WEST.............................................. 1,010........... 6.50 ......... 6.50 ........6.60 .........6.50 ........ 6.60 .0.10
EASTERN MERCHANT......................1,890,443......... 11.40 .......12.00 ......13.50 ...... 12.00 ...... 12.60 .1.20
EX-PACK................................................54,327......... 14.50 .......14.50 ......15.30 .......14.50 ...... 14.60 .0.10
EXPOLANKA........................................257,307.......156.25 .....155.00 ....159.75 .... 153.00 .... 154.50 .(1.75)
FORT LAND.........................................134,750......... 26.00 .......24.00 ......27.00 .......24.00 ...... 26.30 .0.30
GALLE FACE CAP..................................... 3,000......... 21.10 .......21.20 ......21.20 .......20.50 ...... 20.50 .(0.60)
GESTETNER................................................ 200......... 52.00 .......51.50 ......60.00 ...... 51.50 ...... 60.00 .8.00
GRAIN ELEVATORS...............................11,156......... 88.80 .......91.00 ......91.00 .......88.00 ...... 88.80 .......-
HAYCARB..............................................79,077......... 67.10 .......67.00 ......67.60 .......67.00 ...... 67.00 .(0.10)
HAYLEYS..............................................841,689......... 80.90 .......81.00 ......83.00 .......80.50 ...... 80.90 .......-
HAYLEYS FABRIC..................................76,190......... 30.20 .......30.50 ......30.90 .......29.40 ...... 30.20 .......-
HAYLEYS FIBRE.....................................28,756......... 76.90 .......70.30 ......75.80 ...... 70.10 ...... 73.90 .(3.00)
HAYLEYS LEISURE........................................ 50......... 20.00 .......20.70 ......20.70 .......20.70 ...... 20.00 .......-
HDFC........................................................... 888......... 32.80 .......32.70 ......34.90 .......32.70 ...... 34.00 .1.20
HELA......................................................60,927......... 10.30 .......10.30 ......10.50 ...... 10.00 ...... 10.40 .0.10
HEMAS HOLDINGS................................87,137......... 56.60 .......56.50 ......56.50 .......54.90 ...... 55.20 .(1.40)
HNB......................................................... 2,718......... 77.90 .......78.80 ......78.80 .......77.80 ...... 78.00 .0.10
HNB ASSURANCE.................................... 3,721......... 36.20 .......37.00 ......37.00 .......36.30 ...... 36.40 .0.20
HNB [HNB.X0000].................................. 3,550......... 71.00 .......71.00 ......71.00 .......70.00 ...... 70.00 .(1.00)
HORANA..............................................133,267......... 66.10 .......68.00 ......72.00 .......65.60 ...... 68.20 .2.10
HOTEL SIGIRIYA..................................... 7,279......... 36.10 .......36.10 ......36.90 ...... 35.90 ...... 36.00 .(0.10)
HOTELS CORP........................................65,705......... 18.30 .......18.50 ......18.90 ...... 18.00 ...... 18.40 .0.10
HUNTERS..................................................... 49.......644.25 .....630.25 ....645.00 .... 630.00 .... 644.25 .......-
INDUSTRIAL ASPH.............................366,157........... 0.40 ......... 0.40 ........0.40 .........0.30 ........ 0.30 .(0.10)
JKH......................................................100,381.......130.75 .....130.75 ....132.50 .... 130.75 .... 131.75 .1.00
KANDY HOTELS....................................... 1,320........... 7.60 ......... 8.00 ........8.00 .........7.50 ........ 8.00 .0.40
KAPRUKA.........................................1,526,894........... 9.60 .......10.00 ......10.00 .........9.10 ........ 9.60 .......-
KEGALLE..................................................... 365.......179.25 .....180.00 ....180.00 .... 179.75 .... 180.00 .0.75
KELANI CABLES...................................... 8,535.......351.75 .....352.00 ....379.75 .... 349.50 .... 351.50 .(0.25)
KELANI TYRES.......................................33,263......... 72.10 .......72.00 ......74.50 .......72.00 ...... 73.10 .1.00
KELANI VALLEY....................................90,285......... 99.00 .....100.00 ....102.00 .......98.50 .... 100.00 .1.00
KINGSBURY..........................................80,565........... 9.00 ......... 9.10 ........9.40 .........9.00 ........ 9.00 .......-
KOTAGALA.......................................4,046,096........... 9.20 ......... 9.10 ......10.30 .........9.00 ........ 9.90 .0.70
L O L C HOLDINGS.................................27,694.......406.00 .....407.00 ....410.00 .... 400.00 .... 405.00 .(1.00)
LANKA ALUMINIUM.............................13,681......... 19.60 .......20.30 ......21.00 .......20.00 ...... 20.10 .0.50
LANKA ASHOK............................................. 25.......700.00 .....651.00 ....710.00 .... 625.00 .... 700.00 .......-
LANKA HOSPITALS.............................151,544.......105.00 .....101.00 ....106.75 .......98.70 .... 100.75 .(4.25)
LANKA IOC..........................................421,948.......216.00 .....218.00 ....221.75 .... 214.00 .... 216.00 .......-
LANKA TILES........................................65,125......... 58.70 .......58.80 ......60.90 .......58.00 ...... 58.30 .(0.40)
LANKA VENTURES..................................... 735......... 38.10 .......38.20 ......38.30 ...... 38.10 ...... 38.20 .0.10
LANKA WALLTILE............................1,526,422......... 70.10 .......74.00 ......74.00 .......70.20 ...... 70.90 .0.80
LANKEM DEV....................................1,490,513......... 34.90 .......36.00 ......36.80 .......35.00 ...... 35.70 .0.80
LAUGFS GAS........................................110,571......... 17.60 .......18.50 ......20.00 ...... 17.70 ...... 20.00 .2.40
LAUGFS GAS [LGL.X0000]...................... 5,355......... 11.80 .......11.80 ......12.30 ...... 11.40 ...... 12.30 .0.50
LAXAPANA............................................15,189......... 16.90 .......16.50 ......17.50 ...... 15.50 ...... 16.90 .......-
LB FINANCE..........................................90,428......... 40.40 .......40.50 ......42.00 .......40.50 ...... 40.50 .0.10
LION BREWERY.............................................. 2.......513.25 .....525.00 ....525.00 .... 525.00 .... 513.25 .......-
LMF............................................................. 202.......151.00 .....151.00 ....155.00 .... 150.50 .... 150.75 .(0.25)
LVL ENERGY..........................................13,084........... 7.10 ......... 7.10 ........7.10 .........6.90 ........ 6.90 .(0.20)
MALWATTE...........................................14,418......... 65.00 .......65.00 ......67.50 .......63.00 ...... 65.20 .0.20
MALWATTE [MAL.X0000]............................ 24......... 47.70 .......46.00 ......46.00 .......42.00 ...... 47.70 .......-
MELSTACORP........................................42,562......... 47.30 .......48.00 ......48.00 .......46.80 ...... 47.00 .(0.30)
MERCHANT BANK.................................11,428........... 3.80 ......... 3.90 ........3.90 .........3.70 ........ 3.90 .0.10
MULLERS...............................................18,279........... 1.20 ......... 1.40 ........1.40 .........1.30 ........ 1.40 .0.20
NAMUNUKULA............................................ 78.......383.00 .....399.50 ....399.50 .... 395.00 .... 383.00 .......-
NAT. DEV. BANK...................................... 4,433......... 37.40 .......38.00 ......38.50 .......37.00 ...... 37.30 .(0.10)
NATIONS TRUST..................................... 1,300......... 46.20 .......47.60 ......47.60 .......47.60 ...... 47.60 .1.40
OVERSEAS REALTY................................30,787......... 14.20 .......14.30 ......14.70 .......14.30 ...... 14.30 .0.10
PAN ASIA..............................................38,082......... 10.10 .......10.20 ......10.20 ...... 10.00 ...... 10.00 .(0.10)
PANASIAN POWER...............................11,689........... 3.90 ......... 4.00 ........4.00 .........3.80 ........ 3.80 .(0.10)
PEOPLE’S INS........................................34,228......... 20.40 .......21.00 ......22.10 .......20.00 ...... 20.90 .0.50
PEOPLES LEASING................................69,963........... 5.90 ......... 6.10 ........6.10 .........5.80 ........ 5.90 .......-
PGP GLASS............................................82,282......... 13.40 .......13.60 ......14.00 ...... 13.60 ...... 13.70 .0.30
PRINTCARE PLC....................................48,734......... 73.20 .......75.90 ......77.00 .......70.00 ...... 74.90 .1.70
R I L PROPERTY...................................317,699........... 6.60 ......... 6.90 ........7.00 .........6.70 ........ 7.00 .0.40
REGNIS.................................................... 3,319......... 44.20 .......44.20 ......44.20 .......43.60 ...... 43.80 .(0.40)
RENUKA AGRI.....................................242,703........... 6.70 ......... 6.70 ........6.90 .........6.60 ........ 6.70 .......-
RENUKA CITY HOT..................................... 202.......360.75 .....394.75 ....395.00 .... 366.25 .... 390.25 .29.50
RENUKA FOODS....................................11,455......... 28.10 .......28.90 ......28.90 ...... 28.10 ...... 28.70 .0.60
RENUKA HOLDINGS.............................12,178......... 15.40 .......15.20 ......15.70 ...... 15.20 ...... 15.20 .(0.20)
RENUKA HOLDINGS [RHL.X0000]............. 250......... 12.50 .......12.50 ......12.50 ...... 12.50 ...... 12.50 .......-
RESUS ENERGY......................................12,048......... 13.00 .......13.40 ......13.40 ...... 12.80 ...... 13.40 .0.40
RICHARD PIERIS.................................148,851......... 26.40 .......27.00 ......27.80 ...... 26.10 ...... 27.00 .0.60
ROYAL CERAMIC.................................214,287......... 33.40 .......33.20 ......34.90 ...... 33.20 ...... 34.20 .0.80
S M B LEASING.................................1,317,498........... 0.90 ......... 0.90 ........1.00 .........0.80 ........ 0.90 .......-
S M B LEASING [SEMB.X0000]......14,037,564........... 0.30 ......... 0.30 ........0.40 .........0.30 ........ 0.30 .......-
SAMPATH..............................................55,149......... 35.40 .......36.60 ......36.60 ...... 35.50 ...... 35.80 .0.40
SAMSON INTERNAT..................................... 10.......285.00 .....275.00 ....280.00 .... 275.00 .... 285.00 .......-
SANASA DEV. BANK..............................95,244......... 24.40 .......25.00 ......25.00 .......22.00 ...... 23.80 .(0.60)
SARVODAYA DEVFIN.......................6,803,850......... 11.20 .......11.50 ......11.80 ...... 11.30 ...... 11.50 .0.30
SEYLAN BANK............................................ 773......... 28.30 .......28.30 ......28.40 .......28.30 ...... 28.30 .......-
SEYLAN BANK [SEYB.X0000]..............312,750......... 16.20 .......18.40 ......18.90 ...... 17.70 ...... 18.90 .2.70
SEYLAN DEVTS........................................ 2,293......... 12.70 .......13.00 ......13.00 ...... 12.80 ...... 12.90 .0.20
SHAW WALLACE.................................321,801........... 8.70 ......... 8.10 ........8.80 .........7.80 ........ 8.10 .(0.60)
SIERRA CABL.......................................249,980......... 12.10 .......12.60 ......12.80 ...... 11.90 ...... 12.10 .......-
SIGIRIYA VILLAGE................................. 2,229......... 60.00 .......58.20 ......64.90 .......58.00 ...... 59.90 .(0.10)
SINGER FINANCE....................................... 758......... 10.20 .......11.00 ......11.00 ...... 10.20 ...... 10.20 .......-
SUNSHINE HOLDING..........................338,440......... 39.90 .......39.90 ......41.30 .......37.60 ...... 38.30 .(1.60)
SWISSTEK.............................................34,210.........19.20 .......20.10 ......20.10 ...... 19.30 ...... 19.30 .0.10
TALAWAKELLE......................................40,872......... 92.90 .......92.90 ......95.00 .......92.90 ...... 94.50 .1.60
TANGERINE.................................................... 3......... 65.90 .......58.00 ......58.00 .......58.00 ...... 65.90 .......-
TEA SMALLHOLDER..............................64,338......... 76.10 .......72.20 ......89.90 ...... 70.10 ...... 84.10 .8.00
TEEJAY LANKA....................................254,042......... 34.70 .......35.00 ......35.00 ...... 33.50 ...... 34.30 .(0.40)
THREE ACRE FARMS................................... 162.......155.25 .....155.00 ....155.00 .... 154.00 .... 154.00 .(1.25)
TOKYO CEMENT...................................... 2,072......... 34.90 .......35.00 ......35.80 .......34.50 ...... 35.50 .0.60
TOKYO CEMENT [TKYO.X0000]..........291,353......... 27.40 .......28.00 ......29.80 .......27.50 ...... 29.30 .1.90
UNION BANK......................................586,878........... 7.80 ......... 7.70 ........8.30 .........7.50 ........ 7.90 .0.10
UNION CHEMICALS..................................... 13.......746.25 .....705.25 ....750.00 .... 705.25 .... 746.25 .......-
UNISYST................................................31,754........... 6.00 ......... 6.00 ........6.30 .........5.90 ........ 6.20 .0.20
UNITED MOTORS....................................... 204......... 60.90 .......60.00 ......60.00 .......58.00 ...... 58.00 .(2.90)
VALLIBEL............................................260,582........... 6.80 ......... 7.00 ........7.00 .........6.70 ........ 6.80 .......-
VALLIBEL FINANCE..............................16,472......... 24.20 .......25.00 ......25.60 .......24.60 ...... 25.60 .1.40
WATAWALA........................................145,727......... 82.40 .......84.00 ......85.10 .......83.50 ...... 84.40 .2.00
WINDFORCE..........................................41,057......... 15.90 .......16.00 ......16.40 ...... 15.90 ...... 15.90 .......-
HSENID BIZ..........................................94,996......... 20.00 .......20.10 ......20.20 .......20.00 ...... 20.00 .......-
SECOND BOARD.................................................................................................................................
ABANS FINANCIAL.................................... 140......... 24.00 .......22.00 ......23.50 .......22.00 ...... 22.00 .(2.00)
AMBEON CAPITAL..............................838,766......... 10.20 .......10.70 ......10.70 .........9.50 ........ 9.80 .(0.40)
BROWNS BEACH..................................... 3,184......... 12.60 .......13.00 ......13.60 ...... 12.30 ...... 12.40 .(0.20)
DISTILLERIES.......................................20,123......... 14.00 .......14.50 ......14.60 .......14.00 ...... 14.50 .0.50
JAT HOLDINGS.....................................41,179......... 12.90 .......13.30 ......13.30 ...... 12.60 ...... 12.80 .(0.10)
KOTMALE HOLDINGS.................................... 3.......401.25 .....405.25 ....444.00 .... 405.25 .... 401.25 .......-
LOLC DEV FINANCE...............................13,300.......515.00 .....515.00 ....515.00 .... 514.50 .... 515.00 .......-
MADULSIMA........................................... 3,162......... 14.50 .......14.90 ......15.70 .......14.40 ...... 15.00 .0.50
ORIENT FINANCE..................................10,080........... 8.00 ......... 7.60 ........8.00 .........7.60 ........ 7.70 .(0.30)
SENKADAGALA............................................ 50.......363.75 .....354.25 ....354.25 .... 353.00 .... 363.75 .......-
SHALIMAR..................................................... 1.....1317.75 ...1317.00 .1317.00 .. 1317.00 ..1317.75 .......-
SINGER SRI LANKA.............................757,799........... 9.30 ......... 9.20 ........9.40 .........9.10 ........ 9.20 .(0.10)
SLT.......................................................328,835......... 61.70 .......62.90 ......63.50 .......58.30 ...... 58.60 .(3.10)
TRANS ASIA................................................. 72......... 45.00 .......46.50 ......46.50 .......44.00 ...... 45.00 .......-
VIDULLANKA............................................. 410........... 6.60 ......... 6.60 ........6.90 .........6.60 ........ 6.90 .0.30
VIDULLANKA [VLL-X-0000].................50,505........... 4.40 ......... 4.40 ........4.60 .........4.40 ........ 4.40 .......-
EMPOWER BOARD............................................................................................................................
CHRISSWORLD........................................... 990......... 14.00 .......13.00 ......13.80 ...... 13.00 ...... 13.30 .(0.70)
EML CONSULTANTS..............................22,856........... 4.30 ......... 4.40 ........4.40 .........4.20 ........ 4.20 .(0.10)
EXTERMINATORS..................................52,492........... 6.80 ......... 6.50 ........7.30 .........6.50 ........ 6.70 .(0.10)
DIRI SAVI BOARD.............................................................................................................................
AGSTAR PLC...................................16,920,033......... 20.30 .......20.60 ......21.20 ...... 19.20 ...... 19.50 .(0.80)
ALUMEX PLC.......................................238,815........... 9.00 ......... 9.20 ........9.40 .........9.00 ........ 9.10 .0.10
AMANA LIFE............................................... 870......... 28.20 .......33.90 ......35.00 ...... 33.50 ...... 34.20 .6.00
AMANA TAKAFUL................................... 2,000......... 11.20 .......11.20 ......11.20 ...... 11.20 ...... 11.20 .......-
AMBEON HOLDINGS............................... 1,747......... 42.50 .......42.10 ......42.10 .......40.20 ...... 42.00 .(0.50)
AMF CO LTD..........................................19,544........... 9.50 ......... 9.50 ........9.60 .........9.10 ........ 9.10 .(0.40)
ARPICO INSURANCE............................... 1,557......... 19.70 .......18.10 ......18.10 ...... 18.00 ...... 18.00 .(1.70)
ASIA SIYAKA.......................................143,084........... 4.90 ......... 5.00 ........5.10 .........4.80 ........ 5.00 .0.10
BANSEI RESORTS......................................... 10......... 11.90 .......12.10 ......12.10 ...... 12.10 ...... 11.90 .......-
BERUWALA RESORTS...........................31,445........... 1.30 ......... 1.40 ........1.40 .........1.30 ........ 1.30 .......-
BOGALA GRAPHITE................................ 7,616......... 61.30 .......62.90 ......63.00 .......60.00 ...... 61.00 .(0.30)
BOGAWANTALAWA................................ 8,916......... 60.00 .......59.60 ......61.90 .......59.60 ...... 61.30 .1.30
BPPL HOLDINGS........................................ 523......... 24.00 .......24.50 ......24.50 .......24.50 ...... 24.50 .0.50
BROWNS...............................................13,456.......131.00 .....127.50 ....138.50 .... 127.50 .... 130.75 .(0.25)
BROWNS INVSTMNTS...................12,741,151........... 6.00 ......... 6.10 ........6.30 .........5.90 ........ 6.00 .......-
C T LAND.................................................... 119......... 23.10 .......23.10 ......24.50 ...... 23.10 ...... 23.70 .0.60
C.W.MACKIE........................................122,150......... 81.50 .......81.50 ......87.70 ...... 81.50 ...... 85.90 .4.40
CALT......................................................76,917......... 18.10 .......18.30 ......18.30 ...... 18.00 ...... 18.00 .(0.10)
CEYLON TEA BRKRS..............................52,063........... 4.70 ......... 4.70 ........4.80 .........4.50 ........ 4.60 .(0.10)
CFI.................................................................. 1......... 62.70 .......62.20 ......62.20 .......62.20 ...... 62.70 .......-
CITRUS HIKKADUWA...........................51,017........... 5.30 ......... 5.60 ........5.60 .........5.30 ........ 5.30 .......-
CITRUS WASKADUWA........................854,868........... 2.60 ......... 2.70 ........2.70 .........2.40 ........ 2.50 .(0.10)
COM.CREDIT........................................... 8,345......... 26.50 .......27.50 ......27.90 .......26.60 ...... 27.10 .0.60
COMMERCIAL DEV.................................. 1,420......... 98.00 .......98.50 ....100.00 .......98.50 ...... 99.90 .1.90
DILMAH CEYLON........................................... 2.....1398.75 ...1413.75 .1413.75 .. 1400.00 ..1398.75 .......-
E - CHANNELLING.................................92,684......... 10.80 .......11.30 ......11.30 ...... 10.50 ...... 10.70 .(0.10)
EDEN HOTEL LANKA.............................17,222......... 18.80 .......19.30 ......20.00 ...... 18.50 ...... 18.60 .(0.20)
ELPITIYA................................................. 8,009......... 86.50 .......86.00 ......90.00 .......86.00 ...... 86.90 .0.40
EQUITY TWO PLC......................................... 10......... 40.00 .......39.50 ......39.50 ...... 39.50 ...... 40.00 .......-
FC TREASURIES.....................................41,894......... 19.00 .......19.30 ......19.50 ...... 18.00 ...... 18.20 .(0.80)
FIRST CAPITAL...................................231,953......... 18.80 .......19.00 ......19.00 ...... 18.20 ...... 18.30 .(0.50)
FORTRESS RESORTS..............................10,059......... 16.20 .......17.00 ......17.00 ...... 16.60 ...... 16.70 .0.50
GALADARI............................................... 2,439......... 13.70 .......13.70 ......14.00 ...... 13.70 ...... 13.80 .0.10
HAPUGASTENNE.................................... 1,749......... 69.00 .......67.00 ......68.90 .......67.00 ...... 67.30 .(1.70)
HATTON................................................10,673......... 33.00 .......33.50 ......35.50 ...... 33.10 ...... 34.70 .1.70
HNB FINANCE.......................................17,214........... 5.10 ......... 5.30 ........5.30 .........5.00 ........ 5.00 .(0.10)
HNB FINANCE [HNBF-X-0000].................... 56........... 5.30 ......... 5.70 ........5.70 .........5.60 ........ 5.30 .......-
HVA FOODS................................................ 506........... 4.90 ......... 5.10 ........5.10 .........4.90 ........ 5.00 .0.10
JANASHAKTHI INS...................................... 26......... 20.10 .......21.00 ......21.00 .......20.20 ...... 20.10 .......-
JETWING SYMPHONY................................ 176......... 12.80 .......12.90 ......12.90 ...... 12.90 ...... 12.90 .0.10
JOHN KEELLS............................................. 130......... 66.50 .......67.00 ......67.00 .......67.00 ...... 67.00 .0.50
KAHAWATTE.........................................19,641......... 32.20 .......32.90 ......34.50 ...... 32.90 ...... 33.20 .1.00
KEELLS FOOD............................................. 250.......180.00 .....180.00 ....180.00 .... 171.25 .... 175.75 .(4.25)
KEELLS HOTELS.....................................31,061......... 17.00 .......17.20 ......17.60 ...... 16.60 ...... 17.20 .0.20
LANKA CERAMIC............................................ 5.......115.25 .....115.25 ....115.25 .... 115.25 .... 115.25 .......-
LANKEM CEYLON..................................12,555.......103.50 .....108.00 ....114.00 .... 107.50 .... 108.00 .4.50
LAUGFS POWER...................................... 4,102......... 10.20 .......10.20 ......10.50 .........9.80 ...... 10.50 .0.30
LAUGFS POWER [LPL-X-0000]................ 1,757........... 7.20 ......... 7.20 ........7.40 .........6.90 ........ 7.20 .......-
LCB FINANCE PLC...............................167,648........... 2.40 ......... 2.50 ........2.60 .........2.50 ........ 2.50 .0.10
LIGHTHOUSE HOTEL................................. 150......... 33.10 .......33.10 ......33.10 ...... 33.10 ...... 33.10 .......-
LOLC FINANCE.................................1,945,264........... 7.00 ......... 7.20 ........7.40 .........7.00 ........ 7.00 .......-
LOLC GENERAL INS...............................47,912........... 7.10 ......... 7.10 ........7.50 .........7.10 ........ 7.20 .0.10
LOTUS HYDRO......................................... 3,967........... 8.90 ......... 9.10 ........9.10 .........8.50 ........ 8.80 .(0.10)
LUMINEX.................................................... 105........... 7.10 ......... 7.70 ........7.70 .........7.00 ........ 7.60 .0.50
MACKWOODS ENERGY.......................301,206........... 2.40 ......... 2.30 ........2.70 .........2.30 ........ 2.50 .0.10
MAHAWELI COCONUT............................... 275......... 36.70 .......36.20 ......38.90 .......36.20 ...... 37.00 .0.30
MAHAWELI REACH.................................... 135......... 13.00 .......13.00 ......13.00 ...... 13.00 ...... 13.00 .......-
MARAWILA RESORTS...........................23,400........... 2.70 ......... 2.80 ........2.90 .........2.70 ........ 2.70 .......-
MASKELIYA...........................................84,778......... 56.90 .......57.90 ......60.00 .......57.90 ...... 58.00 .1.10
MILLENNIUM HOUSE................................ 621........... 3.20 ......... 3.20 ........3.50 .........3.20 ........ 3.40 .0.20
MYLAND....................................................... 20......... 10.20 .......10.20 ......10.20 ...... 10.20 ...... 10.20 .......-
NESTLE....................................................... 710.......906.50 .....910.00 ....910.00 .... 899.50 .... 901.50 .(5.00)
NUWARA ELIYA............................................. 2.....1339.75 ...1296.75 .1296.75 .. 1296.50 ..1339.75 .......-
PALM GARDEN HOTL.............................. 1,021......... 60.00 .......61.00 ......61.00 ...... 61.00 ...... 61.00 .1.00
PEGASUS HOTELS........................................ 20......... 30.00 .......28.30 ......28.30 .......28.30 ...... 30.00 .......-
PEOPLE’S MERCH.................................... 8,220........... 4.60 ......... 4.50 ........4.60 .........4.40 ........ 4.50 .(0.10)
PRIMERESIDENCIES...........................175,030........... 6.30 ......... 6.20 ........6.40 .........6.20 ........ 6.20 .(0.10)
RAIGAM SALTERNS..............................10,806........... 6.00 ......... 6.30 ........6.40 .........6.10 ........ 6.10 .0.10
RAMBODA FALLS.................................... 1,052......... 23.00 .......23.50 ......23.60 ...... 23.50 ...... 23.60 .0.60
RENUKA HOTELS......................................... 85......... 68.70 .......68.70 ......68.80 .......68.70 ...... 68.70 .......-
RICH PIERIS EXP........................................ 138.......685.00 .....680.25 ....704.75 .... 680.25 .... 686.75 .1.75
SATHOSA MOTORS.................................... 200.......175.00 .....175.00 ....175.00 .... 175.00 .... 175.00 .......-
SERENDIB HOTELS.................................. 5,052......... 18.80 .......19.00 ......19.50 ...... 18.50 ...... 18.60 .(0.20)
SERENDIB HOTELS [SHOT.X0000].......23,253......... 11.00 .......11.00 ......11.00 ...... 10.60 ...... 10.70 .(0.30)
SINGHE HOSPITALS...................................... 2........... 2.90 ......... 2.90 ........2.90 .........2.70 ........ 2.90 .......-
SOFTLOGIC CAP..................................236,267........... 5.90 ......... 6.00 ........6.10 .........5.80 ........ 5.90 .......-
SOFTLOGIC FIN....................................... 2,935........... 9.00 ......... 9.10 ........9.20 .........9.00 ........ 9.00 .......-
SOFTLOGIC LIFE....................................82,550......... 55.40 .......56.50 ......57.70 .......55.00 ...... 55.20 .(0.20)
TAL LANKA.............................................. 1,561......... 16.70 .......16.50 ......16.50 ...... 16.50 ...... 16.50 .(0.20)
UDAPUSSELLAWA..................................... 413.......142.00 .....141.00 ....144.00 .... 138.75 .... 141.50 .(0.50)
UNION ASSURANCE.............................14,957......... 26.50 .......27.40 ......27.80 .......27.40 ...... 27.50 .1.00
VALLIBEL ONE......................................68,139......... 39.00 .......39.00 ......40.90 .......39.00 ...... 40.10 .1.10
WATCH LIST........................................................................................................................
COOP INSURANCE..............................126,305........... 3.40 ......... 3.30 ........3.60 .........3.30 ........ 3.40 .......-
HUNAS HOLDINGS................................. 4,278......... 32.40 .......32.50 ......32.50 ...... 31.10 ...... 32.20 .(0.20)
LANKA REALTY.....................................11,966......... 11.40 .......11.90 ......11.90 ...... 11.50 ...... 11.50 .0.10
NATION LANKA....................................20,421........... 0.60 ......... 0.60 ........0.60 .........0.60 ........ 0.60 .......-
NAWALOKA...........................................53,752........... 6.40 ......... 6.50 ........6.50 .........6.10 ........ 6.20 .(0.20)
ODEL PLC.................................................... 150......... 17.10 .......17.90 ......17.90 ...... 17.10 ...... 17.50 .0.40
ON’ALLY..................................................... 914......... 28.00 .......28.10 ......28.50 .......28.00 ...... 28.10 .0.10
PARAGON................................................... 206......... 59.00 .......45.50 ......58.30 .......45.50 ...... 48.70 .(10.30)
RADIANT GEMS......................................... 556......... 25.90 .......28.70 ......28.90 .......28.00 ...... 28.10 .2.20
SERENDIB ENG.GRP................................ 3,710........... 5.30 ......... 5.70 ........6.20 .........5.40 ........ 5.40 .0.10
SOFTLOGIC.........................................399,829......... 21.00 .......21.00 ......21.70 .......20.00 ...... 20.00 .(1.00)
TESS AGRO.............................................. 3,308........... 1.50 ......... 1.60 ........1.60 .........1.60 ........ 1.60 .0.10
TESS AGRO [TESS.X0000]....................... 2,602........... 1.10 .........1.10 ........1.20 .........1.00 ........ 1.00 .(0.10)

Ex­change Rates

ASPI closes in green

19.10.2022
(1) The average rates of the following currencies quoted by commercial banks
in Colombo for Telegraphic Transfers (TT) at 9.30 a.m. are as follows.
CURRENCY BUYING RATE................................ SELLING........
RATE
Australian Dollar 225.6737............................. 236.6336
Canadian Dollar 260.3300............................. 272.2490
Chinese Yuan (Renminbi) 49.0898............................... 52.0575
Euro 352.6155............................. 367.5853
The ASPI closed in green as a result of price interest was noted in SMB Leasing nonvoting, 0.22%. The share price of Agstar decreased by
Japanese Yen 2.3988................................. 2.5011 gains in counters such as Vallibel One, Richard Browns Investments and Sarvodaya Rs 0.80 (3.94%) to close at Rs 19.50. The share
Singapore Dollar
Sterling Pound
252.1007............................. 262.7478
406.7056............................. 422.5943
Pieris & Company and Sampath Bank with the Development Finance. price of CIC Holdings nonvoting lost Rs 2.00 Lanka IOC and Sarvodaya Development
Swiss Franc 359.4516............................. 376.3030 turnover crossing Rs 1.5 Bn. Foreign participation in the market activity (2.71%) to close at Rs 71.70. Finance were also included amongst the top
US Dollar 360.4507............................. 370.9750
(2) The approximate exchange rates of GULF Currencies based on previous Meanwhile, the S&P SL20 edged up. High net remained at subdued levels with foreigners Capital Goods sector was the second highest turnover contributors. The share
day’s market weighted average rate for the US$ are as follows. worth and institutional investor participation was closing as net buyers. contributor to the market turnover (due to Lanka price of Lanka IOC closed flat at Rs 216.00.
COUNTRY CURRENCY................. INDICATIVE RATE
Bahrain Bahrain Dinar............................. 963.8088 noted in CIC Holdings nonvoting, Lanka IOC and Materials sector was the top contributor to Walltiles) whilst the sector index increased by The share price of Sarvodaya Development
Kuwait Kuwait Dinar.......................... 1,171.8911 Lanka Walltiles. Mixed interest was observed in the market turnover (due to Agstar and CIC 0.52%. The share price of Lanka Walltiles moved Finance appreciated by Rs 0.30 (2.68%) to close
Oman Oman Rial............................. 943.7951
Qatar Qatar Riyal............................... 99.7817 Agstar, CIC Holdings and Hayleys whilst retail Holdings nonvoting) whilst the sector index lost up by Rs 0.80 (1.14%) to close at Rs 70.90. at Rs 11.50.
Saudi Arabia Saudi Arabian Riyal............................... 96.7465
UAE UAE Dirham............................... 98.9301

Contd. from Page 09

Initial foreign...
One argument could be that the investors may
have begun to favour higher risk-free returns from
the US treasuries, of which the yields have risen to
multiyear highs, due to expectations of relentless
increase in the short-term rates by the US Federal
Reserve. The benchmark US 10-year treasury yield
is now trading above 4.0 percent, highest since 2008,
after the hotter than expected inflation print for
September came last week prompted the investors
to raise their bets for a continuous increase in rates
by the US Fed, more than previously anticipated.
a much larger problem faced by the businesses in
general, as it tells that they have not assumed any
fresh borrowings to expand their operations. Further,
the earnings reports would also provide a sneak-
peak view into how the households, squeezed by
higher rates, had cut down drastically on spending
amid soaring inflation and higher taxes.
Only 30%...
Of these, 26 percent had an ESG strategy, with
only 10 percent of the entities being aligned with
their business strategy. About 36 percent of the
ESG strategy of large firms was distinct from their
business strategy, 14 percent had embedded ESG
management. According to SLASSCOM, a majority
see infrastructure on the cloud as an opportunity
for now and the future. More than 70 percent of
companies have policies to address customer data
security and privacy, conduct regular employee
training programmes and get employees involved
in the organisation’s decision-making processes
backed by inclusive and diversified recruitment
practices. Having gained insights into the status
of ESG in the sector, SLASSCOM has put in place
a set of comprehensive plans that concentrate
on knowledge-sharing, capacity building and
awareness-creation. SLASSCOM will also work
on encouraging companies to implement ESG
activities by helping them measure and monitor ESG
indicators, promote certifications and assurance
endorsements related to ESG and brand Sri Lanka
leading to diminishing traveller confidence,” said
Tourism Minister Harin Fernando.
“The Government of Sri Lanka highly appreciates
Mastercard’s efforts to support the industry by
changing the narrative in an effort to bring more
travellers to our tropical shores,” he added. “As a
long-time partner of the Sri Lankan government,
this collaboration with the SLTPB is Mastercard’s
latest initiative to support the revival of the country’s
tourism industry,’’ said Mastercard Country Manager
Sri Lanka and the Maldives Sandun Hapugoda.
“Reinvigorating this hard-hit sector is nothing short
of essential to the nation’s economic recovery and
that’s what this effort looks to bolster.”
income tax hikes sparked a strong backlash from
certain sections of the opposition and specially the
professional categories whose monthly earnings,
which are usually in excess of Rs.100,000 a month,
would be taxed up to 36 percent at its highest
level under a slab system. Most Sri Lankans
aren’t used to paying higher taxes on the incomes
they earn, as they either dodge the legitimate tax
liability or evade them by employing various means
but expect first class infrastructure and services
from the government. On the same breath,
successive governments stand culpable for
misappropriating and wasting even the little tax
money they raise and thus were unable to win
over the taxpayer because of the lack of trust.
is also merged with the newly established
‘Partnership Finder’ database system, so
that the investors can find new equity and
technology partners for their businesses.
Severe blow...
The Sri Lankan economy is projected to be in
continuous decline in 2022 and 2023, shedding 9.2
percent and 4.2 percent, respectively, according to
the World Bank estimates. Meanwhile, the Central
Bank also refused to ease monetary policy until it
sees a meaningful deceleration in inflation, which is
not expected until towards the tail end of 2023.
“Significant cost inflation affecting demand and

Private sector...
The private sector credit growth, which turned
negative in May and continued thereafter to record
larger contractions, saw a Rs.59.0 billion slump in
August, adding to the Rs.41.0 billion decline in July.
The Central Bank doesn’t expect an end to this
trend anytime soon and said the “current declining
trend in the year-on-year growth of credit to the
private sector is expected to continue during the
remainder of the year”, with a corresponding decline
in the growth in the broad money supply (M2b). The
announcement came as banks are preparing to file
their third quarter financial report cards in the next
few weeks, where they broadly expect to report
a dismal performance in loan growth, provisions,
non-performing loans and earnings, with a potential
exception in margins, where there could be an
expansion, as higher rates typically support bank
margins. The degrowth in the broader private sector
credit and each bank balance sheet also highlights
into their core operations and had a robust data
collection process, whereas 14 percent reported
regularly on ESG, with 6 percent using global
standards. The top three drivers for companies
were moral and ethical reasons, aligned with
corporate values and reputation. Customers,
regulators and investors posed a high influence. Key
topics comprised employee engagement, diversity
and inclusion and information security, SLASSCOM
said in a statement. The top three environmental
initiatives of more than 50 percent were in setting
goals and targets to become energy efficient,
measure energy consumption, follow effective
approaches to manage water and utilise renewable
sources to fulfil energy requirements. About 16
percent were already measuring their e-waste,
whilst 43 percent were considering doing so in the
future, with a few having partnered with certified
vendors. Fifty-five percent of companies were
looking to implement waste management initiatives
with regard to paper, focusing on plastic and e-waste
as the leading IT/BPM destination for ESG that is
advancing the Sustainable Development Goals. “As
we institutionalise sustainability best practices across
our industry, we will make a significant difference
to our planet and people whilst strengthening
the attractiveness of Sri Lanka’s IT/BPM offering
amongst our international partners and clients,” said
SLASSCOM Vice Chairman Jehan Perinpanayagam.
Mastercard secures..
This curated website is a one-stop shop serving
Mastercard cardholders globally, giving them access
to all relevant offers in any part of the world, based
on their card type.
“The tourism industry has always been one of
the most important supporting pillars of Sri Lanka’s
economy. However, owing to the recent concerns
in the country, global media outlets have refrained
from promoting a positive outlook on Sri Lanka,
CBIt appears
sells...
that majority of the bids have come
well above the yields the Central Bank offered under
each tenure. The yields remained unchanged from
last week’s levels at 33.05 percent, 32.53 percent
and 29.60 percent for three-month, six-month
and 12-month bills, respectively, as the Central
Bank accepted only bids that came at last week’s
auction while rejecting the rest. Since the tax rates
were raised from October, there were widespread
expectations among the market participants that the
yields and the rates would ease in the medium term,
as higher revenues would help the government to
rely less on market borrowings.
In a statement yesterday, President and Finance
Minister Ranil Wickremesinghe said the government
remains ready to discuss the recent tax hike, if
they are deemed excessively high and assured
that the taxes would be assessed periodically. He
made these comments after last week’s gazetted
BOI launches...
The IFC consists of four units: Information
Desk, Application Submission Desk, Inter-
Agency Coordinating Committee (IACC) and
Operational Units (OUS - Investment Inter-
Agency Engineering Approvals, Environment
and Legal Departments).The IFC features
meeting online rooms, information and
application submission desks with a modern
business facilitation centre.
It also has a system to assess the
performance to compare the efficiency of the
process in obtaining line agency approvals
while it has a mechanism to receive feedback
from investors on the service provided, the BOI
said. The IFC is part of the digitisation process
of the BOI, where all information on potential
investors will be digitally stored in the
management information system. The IFC
profitability, import restrictions disrupting operations
and high interest rates are key risks faced by
domestic corporations in the next 12-18 months,”
Fitch Ratings said. If these conditions persist in
the said time horizon, worsening the economic
conditions, Fitch estimates around 50 percent of its
rated issuers to see rating pressure.
“The extension of an ongoing import ban beyond
the next six months, a further rise in interest rates,
prolonged high inflation leading to difficulties in
raising selling prices and delays in receipts from
government counterparties could lead to a rapid
deterioration in some companies’ liquidity positions,
while leverage and interest coverage could weaken
beyond our negative rating sensitivities,” the rating
agency noted. However, Fitch’s projections, made
based on its base case forecast assumptions,
showed that other businesses, which have presence
in the defensive industries, weaker competition,
strong balance sheets and adequate liquidity, would
be able to weather the current economic downturn.

REAL ESTATE/CONSTRUCTION
S-lon Lanka’s plastic pipe
testing laboratory now
ISO 17025 certified
S-lon Lanka (Pvt) Ltd was
recently recognised with the
accreditation from Sri Lanka
Accreditation Board (SLAB)
against ISO 17025 standards
for plastic pipe testing for its
Mechanical Quality Assurance
(QA) Laboratory.
Continuing its streak of industry
firsts, the S-lon QA Laboratory
is the first and only laboratory
in Sri Lanka to receive such an
accreditation for plastic pipes
which recognizes the laboratory’s
capability to meet international
standards for testing.
S.C Weerasekara, Group
Director / COO of The Capital
Maharaja Group, commenting
on this latest achievement, stated,
“For 65 years we have thrived by
offering products of the highest
quality to our customers, in line
JAT marks milestone in wood coating industry CeyQuartz launches flagship studio for crystalstone
‘JAT Pintharoo Shilpee Abhiman’
is a pioneering programme that
was launched by JAT Holdings
PLC, Sri Lanka’s market leader in
wood coatings, in partnership with
the National Apprentice Industrial
Training Authority (NAITA), to
uplift the industry and to help
promising painters and carpenters
build their lives and hone their
craft, by providing these skilled but
uncertified individuals with a formal
certification in their field of work.
Under this programme, NAITA
has provided 100 plus painters/
woodcraftsmen, identified by JAT
Holdings, with an NVQ Level 3
Wood Craftsman (Wood Finisher)
Certification, upon the successful
completion of an examination
conducted by NAITA.
This is the first such collaboration
of this nature to offer certification for
highly-skilled individuals, and is a
milestone, not just for JAT Holdings,
but for the industry as a whole.
Thesepainters/woodcraftsmen,
made up of 7 batches that
successfully completed the
programme, were formally presented
ICC presents collection of innovative
construction technologies for Sri Lanka
The International Construction
Consortium (Pvt) Ltd
(ICC) exhibited their innovative
construction technologies under
the theme ‘Transformation in
Times of Crisis’ at Shangri La
Colombo recently.
As the pioneer and progressive
civil engineering organization in
Sri Lanka, ICC provides successful
construction solutions to the nation
with exceptional service quality. 
ICC believes that every individual
has a responsibility to do their part
rightly for the country since it is
especially in times of crises that one
learns the best lessons and finds
opportunities in every problem to
survive and keep going.
The organization known for its
strong reputation in the construction
arena, has embarked on an innovative
journey to support the nation
with sustainable and homegrown
construction technologies that will
create transformation in this much-
needed time of adversity.
ICC showcased a collection of
construction solutions including ICC
Prefinished Timber flooring, 100
percent natural timber with fastest
with our corporate ethos of not
offering any products to the market
unless they can be consumed by our
own family and friends.
We believe that offering high
quality products with unparalleled
customer service will turn
customers in to Brand Evangelists
and we cherish the trust placed in us
for many years.”
The ISO 17025:2017
certification is an international
standard that specifies general
requirements for competence,
impartiality, and consistent
operation of laboratories. In lieu of
the accreditation, S-lon Lanka (Pvt)
Ltd, will now extend its testing
services to external parties as well,
supporting the other suppliers of the
industry to offer safe, high-quality
products to the export market by
meeting international standards.
with their certifications at the
JAT Pintharoo Shilpee Abhiman
convocation ceremony, held on the
6th of October, at the JAT Holdings
Auditorium.
Individuals who obtained the NVQ
Level 3 Certification, and whoare
also members of the JAT Loyalty
Programme, are eligible to apply for a
loan from HDFC bank to further their
business interests. One such eligible
painter/woodcraftsmen obtained the
first such loan under this programme,
which was ceremonially disbursed to
Highlights of the event 
and easy installation. ICC Durra was
introduced under Acoustic and fire
solutions, an eco-friendly, versatile,
multipurpose building panel.
Being the leading precast
manufacturer in Sri Lanka,
ICC includes a range of precast
and prestressed products.
Further, ICC roads and bridges
showed their innovations and
capacities as a local contractor.
The spotlight of the event was, ICC
moving from 2D construction to 3D
construction with its modular building
solutions, using PPVC- prefabricated
prefinished volumetric construction
THURSDAY,
OCTOBER 20, 2022 11
Home Lands presents exclusive
waterfront living with ‘Kapri
Island – Hikkaduwa’ Kapri Island in Hikkaduwa
W
ith picture panoramic an island.
waterfront views along with Commenting on the new project, Nalin
breathtaking sunset vistas Herath – Chairman of Home Lands
during the evening, ‘Kapri Island – Group said, “We are excited about our
Hikkaduwa’ by Home Lands is an newest exclusive venture – Kapri Island,
exclusive paradise experience for its Hikkaduwa. Unlike other residential
investors. Shining as a truly iconic living locations or our previous
destination, the exclusive island is residential projects, Kapri Island is in a
perfectly located in the buzzing town different league and a truly unique living
of Hikkaduwa on a strip of land with destination. It is an island perfectly
mesmerizing natural beauty and located in the middle of the Hikkaduwa
spectacular scenery. lagoon surrounded by lush nature.
The island offers 26 designated land With an exclusive waterfront for each
plots in 40 perch configurations - each land plot, the island is all about offering
with an exclusive waterfront. With road an elevated living environment and an
access from the main road, the private experiential lifestyle to all its residents
island is truly a hidden oasis of calm and – like never before. The stunning
serenity within the buzzing city, whilst beauty of the island and its unique
the soothing pulse of the Hikkaduwa sophistication, Kapri Island’s verdant elite waterfront living at Kapri Island – location on the map of Sri Lanka
lagoon slowly moves you away from the land plots are dotted with a distinct Hikkaduwa is truly a once-in-a-lifetime undoubtedly makes it an attractive and
busy urban life. aura of a serene tropical paradise. This opportunity for investors who dream of a lucrative investment option in the
Exuding timeless charm and novel venture by Home Lands to offer redefined luxurious residential living on short and long term”.
quartz surfaces in Nawala
Ruhunu Lanka Minerals (Pvt) Ltd, a wholly
owned subsidiary of CeyQuartz, Sri Lanka’s
premier processor and exporter of quartz,
recently launched its flagship studio for
Crystalstone Quartz surfaces.
Located at 496, Nawala Road, Koswatta
Junction, Rajagiriya, Crystalstone is a premium
brand of 100 percent locally produced, high-end,
luxury Countertops and Surfaces. Those with
a taste for latest in modern home design can
now visit the Crystalstone Studio in Nawala for the company and the public can now are expanding our geographical presence across
for a first-hand experience of the exquisite, experience the style and craftsmanship of the Island with more showrooms to follow in
rich aesthetic that Crystalstone surfaces natural Quartz. Kurunegala, Galle and Jaffna.
create. With 25 years of experience in mining, Prior to launching the Crystalsone product Crystalstone is also making its presence
processing & exporting Quartz to the world’s range in the retail market, CeyQuartz focused on felt in the high-end export market with unique
leading manufacturers of Quartz surfaces, the B2B market and was the supplier-of-choice designs from its Calacatta & Carrara range
CeyQuartz made the transition to manufacturing for many leading construction companies in Sri and a sophisticated colour palette. Having
Quartz Surfaces for the local market and export Lanka, with over 75 percent of market share. invested heavily in state-of-the-art technology
under the Crystalstone brand name, combining ‘‘Being the pioneering Quartz surface and machinery, we look forward with great
its vast experience and knowledge with the manufacturer in Sri Lanka, we aim to realize the enthusiasm to seeing our creative efforts
latest technology and unique craftsmanship. full potential of the local retail market. Following delighting our customers at home and abroad,’’
The launch of the flagship Studio is a milestone the launch of the flagship studio in Colombo, we A. F. M. Farook, Crystalstone COO said.
him at the convocation.
Present at the JAT Pintharoo
Shilpee Abhiman convocation
ceremony were the Vice Chairman
and other representatives of
NAITA,the Chairman of HDFC
Bank, along with key representatives
from the bank and senior members
o f J AT H o ld in g s ’ C o r p o r a te
Management Team, including
Founder/Managing Director of JAT
Holdings PLC, Aelian Gunawardene
and Chief Executive Officer (CEO),
Nishal Ferdinando.
technology for the first time in
Sri Lanka. PPVC is one of the
most advanced modular construction
technologies, introduced globally to
promote the construction industry
towards greater productivity by
planning and executing more work
off-site than on-site.
During this crisis, as a leading
construction solution provider, ICC
thought they had a great responsibility
to shed light on the opportunities
they can create. ICC invites all to
join hands to create demand for
homegrown solutions and to thereby
bring a positive change to Sri Lanka. 
 THURSDAY,
12 OCTOBER 20, 2022
FTAs highly essential for
enhancing Sri Lankan
apparel’s resilience: JAAF
With fears of a global
economic recession
looming, the Joint
Apparel Association
Forum (JAAF) is
actively stepping up
engagement with
top government and
Foreign Ministry
officials to expedite
negotiations on Free
Trade Agreements
(FTAs) to help
boost exports and
strengthen the
industry’s resilience.
Elaborating on the
progress thus far,
Deputy Chairman
of JAAF and Chief
Executive Officer and
Managing Director
of Omega Line Felix
Fernando outlined
key priorities for the
industry moving
forward. Following
are excerpts:
What progress has been made in
engaging with the government to
address challenges faced by the
apparel sector?
There has been strong progress
made and we are appreciative that
the government has given weight to
our concerns. Most recently, we had
separate meetings with the Secretary to
the President, the Prime Minister and
President. During these meetings, we
voiced our concerns over the various
challenges faced by the industry resulting
from both local and global volatility.
In fact, even in August, we saw a 20
percent increase in turnover generated
by the sector. If this trend continues, we
anticipate apparel sector earnings to
increase to approximately US$ 5.6 billion
by the end of 2022.
However, it is difficult to anticipate
industry performance moving into
2023, given the geo-political tensions
and economic volatility created by the
situation in Europe – which is home
to many of Sri Lanka’s most valuable
Food Fight: Sri Lanka’s battle for food security
BY LAKSHILA
WANIGASINGHE
Sri Lanka’s economic crisis continues to
affect the lives and livelihoods of its people,
with the burden being highest on the poor and
vulnerable. The situation has progressed from
bad to worse, with debt problems spiralling
down to impact every aspect of the economy
adversely.
Sri Lanka’s food crisis
Global disruptions including COVID-
19, the climate crisis and Russia’s invasion
of Ukraine earlier this year, have impacted
food supplies worldwide. However, Sri
Lanka’s food insecurity is largely a result
of the prevailing economic crisis coupled
with short-sighted policies enforced by local
policymakers.
The overnight ban on chemical fertiliser
imports has been costly and generated a lower
harvest. Although the ban has since been
reversed, it continues to have ripple effects on
the food system.
The drastic drop in domestic yield has
driven policymakers to spend more money
importing necessary commodities previously
produced locally, including staples like
rice. This move has been detrimental at a
time when foreign reserves are lacking.
Additionally, import controls imposed by the
government have led to certain food items
becoming scarce. These supply shortages
have led to increases in the prices of essential
foods. With food inflation reaching 95 percent
in September, Sri Lanka ranks among the
top five countries with the highest food price
inflation.
As food becomes scarce and prices continue
to rise, more people – the poor in particular
–cannot afford proper meals. Adding to
the problem are inflationary pressures, the
inability of wages to keep up with inflation
and income losses induced by the economic
crisis.
Felix Fernando
markets. Currently, the US, EU and the
UK comprise about 86 percent of our
total exports.
In such a challenging environment, it
is essential for Sri Lankan apparel entities
to diversify their markets. Hence a
central focus for our discussions with the
government has been the urgent need to
finalize FTAs with countries like China,
India, Japan and Australia.
JAAF was pleased to note that the
Secretary to the Prime Minister has been
appointed to head a task force to expedite
the Chinese FTA, and we are already
seeing promising signs of progress.
We are also pleased to note that JAAF
has already been called in for these
discussions although they remain at a
preliminary stage at present.
What role will economic reforms
play in the apparel sector’s ongoing
revival?
Fundamental reform in economic
policy is absolutely critical. Sri Lanka is
a small country with 22 million people,
which means we simply cannot generate
the economies of scale necessary to
directly produce everything we require
within a closed economy – especially
if we hope to continue having access to
quality and reasonably priced goods.
Therefore we have to focus on export
development in order to fund imports of
commodities and goods imperative to
keep our economy moving. Fortunately,
the government and the industry are in
complete agreement on this point.
We also have to remember that at
present, Sri Lanka is not competing
on a level playing field. Our main
competitors, countries like Bangladesh,
Thus, households are left in a predicament
to reduce expenses, including cutting down
on consumption expenditure. A World Food
Programme (WFP) survey reveals that 79
percent of households are adopting food-
based coping strategies to deal with the crisis.
This affects both the quality and quantity of
food consumed. Families are likely to resort to
cheaper and unhealthy alternatives (78 percent
of families)due to the inability to afford high-
quality, nutritious food. They are also likely to
reduce portion sizes (49 percent) or skip meals
entirely (39 percent), resulting in individuals
not meeting their required daily calorie intake.
For children, eating less directly impacts
growth and contributes to increasing the
already high rates of child malnutrition in
the country. For adults -considering the
Vietnam, and some African nations have
duty concessions in global markets,
which we do not have. Sri Lanka’s only
concessions are for the UK and the EU
markets, and those come coupled with a
variety of strict conditions pertaining to
the origin of raw materials which means
that utilisation of these preferences
remain around 50 percent for apparel.
Securing new FTAs can help reduce
barriers for Sri Lankan apparel exporters
to diversify, hence the Chinese FTA is our
first priority. We hope to gain clarity on a
timeline for these negotiations from the
Department of Commerce in the coming
weeks, but further progress will also
depend on our sovereign
debt restructuring
negotiations with China.
Further trade
concessions will help to
better integrate Sri Lanka
with regional markets. If
for example we are able to penetrate the
Indian market, even 10 percent would be
equivalent to 100 million people, where
we are presently limited to supplying just
8 million pieces.
JAAF has reiterated its request to
have this quota increased. There’s also
opportunities to lobby for the including
of apparel into the new round of Canada’s
GPT+ scheme. To move forward on
such opportunities, we definitely require
the support of the Government and
diplomatic corps.
How have import restrictions impacted
the apparel industry- especially in
terms of the raw materials needed?
As the sector was permitted to use its
foreign remittances for the purpose of
payment for imported raw materials, for
the most part, the industry was able to
meet its requirements without an issue.
The export figures for recent months
bear testament to the industry’s ability to
deliver during this difficult period.
However, the crisis also meant a
significant tightening of financing and
this has been particularly challenging for
the SME sector as they operate on small
margins, and mainly provide support
services to the main exporters. This is
a sector which provides livelihoods for
approximately 40,000 people, hence it is
critical that we support them.
In many instances, they lack the
working capital and foreign currency
needed to purchase machinery and
spare parts in order to expand capacity
to service larger orders. Despite all the
struggles faced, SMEs are still surviving
for now, but without formal programmes
to support them, this may not last.
Most SMEs depend on the larger
exporters and manufacturers. Once their
rapidly ageing population in Sri Lanka-
undernourishment implies severe strains on
the healthcare system in the future.
Government action to combat food insecurity
The interim Budget proposed to allocate Rs.
46,600 million for crisis-related initiatives,
including providing Rs.10, 000 per food-
insecure family and an additional monthly
allowance of Rs. 2,500 for pregnant mothers
for four months respectively.
A further Rs. 400 million was allocated
for the Department of Agriculture to provide
farmers with seeds/planting material urgently
and Rs. 40 billion for fertiliser for paddy
cultivation for the 2022/2023 ‘Maha’ season.
Additionally, the government recently
initiated a National Food Security
OPINION/INTERVIEW
Finding solutions to
economic crisis through
professional handling of
supply chain and logistics
technological factors.
Green supply chain
management, agile supply
chain management, digital
orders are cut down, SME orders also BY SARATH supply chain management are
decline. With the higher cost of living GAMAGE some of the booming concepts
in Sri Lanka, salaries have also been that thrive in business success
adjusted across the apparel industry, but nowadays. Technology made
with orders declining, employees may Supply chain is a network an imperative revolution to
see a reduction in earnings, impacted by
the decrease of production incentives and
of organizations and
processes wherein several
supply chain management in
the recent past and the digital
overtime. This will affect employees’ various enterprises such as business is one of the creations
monthly earnings and we need to be
conscious of the cascading potential
the supplier, manufacture,
distributor and retailer
that everyone knows.
Technological contribution
social impacts this could have, as their collaborate along the entire influenced exponential growth
buying power is also weakened. value chain to acquire raw in supply chain management
How would an economic downturn
materials, to convert these raw
materials into a specified final
creating new business
concepts through innovative
impact orders from the US and EU product and to deliver these business models.  Business
moving forward?
Both markets last year recorded strong
final products into customers.
In fact, supply chain
sustainability is relying on
the business model and how
sales. But they may have overestimated management has become it is accepted by the customer.
demand as most buyers’ inventories are the key driving factor in However, it is important that
still full. Thus, they don’t want to restock
for at least another 4 to 6 months.
today’s businesses and the
economy.  Globalization
a customer-centered business
model is created based on
Recently, the US increased its lending explored opportunities through responsible and ethical
rates by 0.75 percent, and there is a the technological platform etiquettes.
possibility that certain commodity prices providing an exponential Supply chain management
might decline. If that happens, this whole
situation can change, but it’s still too early
development and some of
the countries have started
from a life cycle perspective
is also explained as the
to predict. capitalizing on the potential cradle, that gives effects
Logistics and energy costs increased for their economic growth. of sustainability to the
exponentially not just in the US but also
in the EU, primarily due to the Ukraine
Institutions are to
bridge the knowledge gap
process. Sustainable supply
chain process consists of
war. If these issues ease by December, between globalization and p r o c u r e m e n t , i n v e n t o r y,
orders may pick up. But this is a global
issue and not unique to Sri Lanka.
localization. Therefore, as
an institution of providing
manufacturing, distribution,
and reverse logistics as the
Although the first 8 months of the year a total solution to supply main functions.
had a growth in exports, we envisage a chain management related The adaptation to
decline in our apparel exports by 25-30
percent for the remainder of 2022.
issues, Institute of Supply
and Material Management
strategic directives by
o rg a n i z a t i o n s i n s u p p l y
This is the reason it is crucially (ISMM) supports by providing chain management is another
important for the government to be resources through a platform pillar of success in business
proactive about FTAs, as with easier for the nation.  performance. Envisioning
access to these markets, exporters would Supply chain functions are the strategic directions and its
be more competitive. We expect help scattered to a broader area of incorporation to the corporate
from the Government in these areas to the business operations, hence strategic plan is commonly
help exporters. the varieties of opportunity practiced by many large-scale
We also need more Foreign Direct are much more. Therefore, organizations in their supply
Investments (FDIs) to increase export the business leaders are chain management process
turnover and capacity. The government compelled to have their great through knowledge updates.
needs to step up and face a range of attention on supply chain in Supply chain institutes
issues if we are to achieve these targets. relation to sustainable business disseminate theoretical and
We understand the government is development. practical knowledge exploiting
under severe pressure from the IMF to Businesses always focus the strategic path of the
increase revenue, but we are concerned on sustainable development supply chain for business
by the move away from a dual rate that that reflects finally in the organizations. The knowledge
motivated the export sector, leading to an economic development of shared by the institutions
increased corporate taxation for exporters t h e c o u n t r y. B u s i n e s s e s contribute a gigantic service
at the standard rate of 30 percent, which sought an operational to the business society and
is double from the earlier rate. The excellence focusing on the that enables the business
argument is that no sector should be given two factors cost leadership and organizations to implement
priority, but applying one rule to all is not differentiation as a competitive strategic direction in their
feasible. strategy. supply chain management
At this present time, the country needs Innovative supply chain process in effect of economic
the foreign exchange and that comes processes make a high impact revival.
through with exports. What should be on sustainable businesses (The writer is the
understood is that exporters shouldn’t be within the highly competitive President of Institute of
discouraged with unrealistic conditions business environment which Supply and Materials)
which don’t look at the cascading impact is influenced basically by
on the macro picture.
Programme. The interim Budget also from the global food crisis in 2008, trade
proposed establishing youth agriculture restrictions drove up food prices rather than
companies, writing off paddy farmers’ subsidising them.
outstanding loans, etc. Moreover, stricter regulations should be in
While the success of these initiatives is yet
to be realised, it will depend entirely on the
place to ensure consumers are not overcharged
for high-demand items, as was evident for
effectiveness of implementation. However, the milk powder and fuel earlier this year.
pressure for timely success is high and critical Minimising the high levels of food wastage
for combating food insecurity. (approximately 3,963 tonnes per day) also
Overcoming hunger and achieving food plays a crucial role in satisfying immediate
security food needs. Not stockpiling food, purchasing
home-grown products, and consuming
While long-term strategies are needed leftovers at a later stage/restaurants donating
to counter the underlying causes of food leftovers to the poor are ways households and
insecurity and ensure sustainable domestic businesses can contribute to combating food
production, swift action must be taken to tackle insecurity.
the challenge of ensuring people do not go A food crisis during an economic crisis
hungry at present. is a catastrophic scenario. Given that over
Supporting immediate food needs amid one-third of the population is presently food
the prevailing economic crisis requires a insecure, it is imperative that Sri Lanka
twofold effort: protecting the (1) poor and (2) promptly takes corrective action.
farming community. In this regard, targeted While several measures have been
measures to support the poor and near-poor introduced in this regard, they must be subject
through policy interventions and strengthened to timely revaluations to gauge effectiveness.
social safety nets are vital. The government Given the prevailing resource constraints, it
has already allocated funds in this regard; is natural for government support to target the
however, successful implementation depends poor and vulnerable solely. However, working
on accurately identifying groups at risk of towards acquiring international assistance
starvation and providing them with immediate to support immediate food needs, especially
food assistance through subsidised products or targeting those just above the poverty line
cash transfers. and groups traditionally excluded from aid
Attention should also be directed towards programmes, may also be required. These
middle-income earners, who often get left actions must be coupled with medium- to
behind in aid processes but may be in dire long-term initiatives that ensure sustainable
need of support given Sri Lanka’s current food production in the future.
economic standing. Measures should also be Moreover, policymakers must be willing to
taken to guarantee food availability across all be flexible and change their course of action
parts of the country, thus ensuring equitable if needed, given the volatility of the current
access. situation. The consequences of not doing so
Protecting farmers’ livelihoods require will leave lasting impacts on the lives and
adequate fertiliser availability at reasonable livelihoods of the people.
prices. More efficient use of fertiliser and (The writer is a Research Officer at the
high-quality seeds also play a role in ensuring IPS with research interests in poverty,
limited supplies last longer. This will secure social welfare, development, education,
a harvest that can better support domestic and health. She holds an MSc in Economics
demand next season. The government can also with a concentration in Development
repurpose idle land for crop production and Economics and a BA in Economics with
encourage small-scale farming. concentrations in International, Financial
Given the debt crisis, although import and Law and Economics from Southern
restrictions on certain foods are needed, they Illinois University Carbondale (SIUC), US.
tend to be counterproductive. As evident She can be contacted via: lakshila@ips.lk)
 THURSDAY,
MOTOR
OCTOBER 20, 2022 13

AMW unveils Lankan-made HNB enters into MoU with Micro Cars
EPIC tyre H
NB PLC partnered with Micro
Cars Limited to offer exclusive
instalment packages, including
benefits and attractive interest rates for
customers intending to purchase SAIC
Almaz seven-seater SUV and Proton
Saga Sedan car.
The partnership aims to provide
premium customer service for
those who wish to purchase their
dream vehicle whilst enhancing the
synergies between the two companies
in delivering the best tailor-made
instalment packages for their
customers.
HNB AGM PFS Kanchana
Karunagama, HNB Head of Leasing
Susith Perera, Micro Cars Chairman
and CEO Dr. Lawrance Perera,
have access to special discounts on
automobile products, servicing, spare
parts, tyres, batteries and services.
“Given the current demand for the
latest SAIC Almaz seven-seater SUV
and the full option Proton SAGA Sedan
car, we are pleased to partner with HNB
in providing affordable, attractive rates
HNB AGM PFS Kanchana Karunagama (fifth from left) exchanges MoU with Micro Cars Group and reliable services to all our clients,”
Director Asela Lihinikaduwa (sixth from left) in the presence of HNB Head of Leasing Susith Perera Micro Cars Group Director Asela
(fourth from left) and Micro Cars Chairman and CEO Dr. Lawrance Perera (seventh from left) Lihinikaduwa said.
Micro Cars will offer a warranty of
Micro Cars Group Director Asela Notably, along with attractive three years or 100,000 km, whichever
Lihinikaduwa, Micro Cars Head of discounted vehicle insurance premiums comes first for SAIC Almaz and a
Sales and Marketing Ravindu De Silva by HNB General Insurance, customers guarantee of five years or 150,000 km,
and Micro Cars Head of Customer are also eligible for a free life insurance whichever comes first for Proton SAGA.
Relations Jacob Nishanthan signed the cover worth Rs.4.5 million. HNB Furthermore, three labour-free
MoU at a ceremony hosted at the Micro will waive the first annual fee for services will also be offered for all who
Cars head office in Kelaniya. prestige Prime credit card holders, who lease via HNB Leasing.

From left: Production Manager Chathura Mohotti, Managing Director Peter

Mackenzie, Director Manufacturing Virann De Zoysa and Sales Manager
Suboda Janaka
AMW recently announced the
unveiling of its improved tyre brand
for passenger vehicles: AMW -
EPIC.
This is expected to cater to the
mounting domestic demand for
tyres.
AMW is hopeful that AMW
– EPIC, a tyre that’s Sri Lankan
at heart, fulfils a timely need of
the local tyre market, offering a
premium quality product, which the
market currently lacks.
Catering to a wide spectrum
of consumer and industrial
needs, AMW harnesses modern
manufacturing methodologies
and management techniques to
manufacture a range of tyres for
scooters such as (Yamaha Ray
ZR, Honda Dio, TVS Scooty Pept
and Ntorq), motorbikes such as
(Yamaha FZ, Suzuki GN 125, Bajaj
Discovery, CT 100 and Pulsar)
three-wheelers such as (Bajaj, TVS,
Mahindra and Piaggio) and other
light-vehicles such as (Tata Dimo
Batta and Mahindra Maxximo).
A feature that sets AMW -
EPIC apart is the tread pattern
optimised to offer users the
maximum mileage on the litre. The
tyres are also 100 percent tested
against vibration and wobbling
and provides enhanced grip with
superior cornering and braking
ability. All AMW - EPIC tyres carry
a three-year warranty on a pro rata
basis.
AMW manufactures tyres for
all industrial purposes as well as
other polymer products, including
automotive bushes, hoses, rubber
seals and carpets.
Kia invests in new Car Care Centre in Narahenpita
Kia Motors (Lanka) Limited has
opened a new Car Care Centre in
Narahenpita for customers, continuing
to invest in service infrastructure
despite the serious challenges
confronting automobile importers in
Sri Lanka.
The new Kia Car Care Centre at
128, Nawala Road, Narahenpita,
Colombo 5, comprises of facilities
for lubrication services, a Detailing New Kia Car Care Centre on Nawala Road, Narahenpita
Kia Motors (Lanka) Chairman Mahen Thambiah
Studio, a retail outlet for detailing (right) and Managing Director Andrew Perera
products and accessories, a spare “Import restrictions have meant at Kirula Road, Colombo 5, which was (left) at ceremonial ribbon cutting to declare
parts outlet, a customer lounge and that we are unable to offer the latest set up five years ago. open new Narahenpita Car Care Centre
accommodation for employees, the Kia models in the market but we will The Detailing Studio at the new
company said. not compromise on our services to the Kia Car Care Centre has two bays for to enable customers to relax in
“Kia has a large and loyal customer existing customers.” interior and exterior detailing and comfort while their vehicles are being
base in Sri Lanka and as the sole He said the new Car Care Centre is will use detailing products from the attended to, with free Wi-Fi, coffee
authorised distributor for the brand, we designed and branded in conformity 121-year-old international car care and refreshments and the new retail
are committed to upgrade and expand with Kia’s global corporate identity brand Meguiar’s. The complex is aIso store within the facility will be a one-
our infrastructure for aftersales service, (CI) guidelines unveiled last year with equipped with four two-post hoists for stop-shop for car care products, the
keeping pace with Kia’s globally- the launch of Kia’s new logo and brand lube serving, two single-post hoists for company said.
evolving standards,” Kia Motors persona. It is equipped and has been undercarriage washes and a detailing Kia’s 24/7 Roadside Assistance team
(Lanka) Managing Director Andrew upgraded at a cost of more than Rs.10 area for finishes. will be housed at and also operate from
Perera said. million and replaces Kia’s Car Centre The customer lounge is furnished the new Car Care Centre.

Pit & Drive opens new branch in Thalawathugda

Toyotsu Lanka (Pvt.), which is a
fully-owned subsidiary of Toyota
Lanka (Pvt.) Ltd, recently opened the
new branch of its Pit & Drive services
brand in Thalawathugoda.
Pit & Drive aims to provide
first-class automotive solutions at
affordable prices for vehicles of all
Toyota Lanka Toyotsu Lanka
Chairman Sachio MD Rajeewa brands. Equipped with highly trained
Yakukura Kahandage technicians, a state-of-the-art facility
and cutting-edge tools and equipment,
Pit & Drive is geared to provide 360°
automotive solutions.
Pit & Drive is committed in bring
in world-class expertise in all the
automotive solutions under one roof
and offers general repairs, general
service, periodic maintenance and
body wash services.
Pit & Drive ensures precision and
quality of automotive parts with its
partnership with global automotive
manufacturing giants and guarantees
an uncompromising quality standard
in all the automotive solutions to retain
the best performance of the vehicle.
Pit & Drive prioritises its
partnership with CWORKS, an
automotive parts brand certified by
Toyota Tsusho Corporation to provide
authentic, high-end spare parts to all
vehicles.
In addition, the company works
hand in hand with other genuine
automotive parts providers to ensure
the optimum performance of your
vehicle. As a result, the services
at Pit & Drive allow customers to
enjoy high-quality spare parts for a
competitive price. Pix by Nimalsiri Edirisinghe
 FIND US ON www.facebook.com/life.lk life@dailymirror.wnl.lk / dailymirrorlife@gmail.com life_lk @dmlife_lk 011 2300552, 011 2479343 0777009998 LifeOnlineTv life_lk

Netflix defends ‘The Crown’ after

ex-PM lambasts ‘malicious nonsense’ Netflix on Monday
defended its latest series
of “The Crown” after
former British prime
minister John Major
lashed out at a story line
showing King Charles
plotting to oust the late
queen. Major's tenure
as prime minister from
1990-1997 covered a
turbulent period for the
royals that included the
divorce of Charles and his
wife Princess Diana.
But reported
scenes in the fifth
series -- defended by
| thursday WWW.LIFE.LK streaming giant Netflix
as a “fictionalised
premier. In one scene,
heir to the throne Charles
attempts to draw Major
into a conspiracy to force
the abdication of his
mother Queen Elizabeth II.
A statement
issued by Major's office
castigated Netflix for the
scenes describing them as
“damaging and malicious
fiction”. “There was never
any discussion between
Sir John and the then
Prince of Wales about any
possible abdication of
the late Queen Elizabeth
II -- nor was such an
improbable and improper
subject ever raised by the

| october 20, 2022 P-14 dramatisation” -- have

incensed the former
then Prince of Wales (or
Sir John),” it added. AFP

text Rihaab
Mowlana

S
ri Lankans’ perennial
love for Chinese cuisine is
unmatched, consequently
resulting in many @paradise_vibe_sl @paradise_vibe_sl
Chinese restaurants populating
the local dining scene, with
new spots mushrooming on a
frequent basis. Few restaurants
however can boast of serving
up authentic Chinese cuisine.
Emperor’s Wok, at the Hilton
Colombo, is one such restaurant
that combines authentic
Chinese fare featuring
Cantonese and Szechuan
flavours. I was recently invited
to try out the food here and
was impressed by the luxurious
Stuffed capsicums and vegetable cutlets Milk rice with seeni sambol
ambience, personalised service
and, most importantly, the
fantastic food!
@nerikitchen84 @nerikitchen84
PHOTOS NISAL
BADUGE

Ambience
The Chinese-inspired decor
and interiors at Emperor’s Wok
Emperor’s
Wok
exude sophistication, and unlike
in many Chinese restaurants in
the country, the Chinese aesthetic
decor and installations were
subtle instead of loud, and the
use of the colour red was minimal
to nonexistent. The designs and Pork curry #slfood
patrerns you will see were created the mains - Fried Rice with Chicken,
specifically for the restaurant.
WHAT DID
Kung Pao Chicken, Green Beans
The tables were spread out with Bell Pepper, Onion and Garlic. Here are a few photos sent
(something I appreciate) The rice was flavourful and had by our readers.
YOU EAT THIS
allowing diners relative privacy plenty of meat in it. The Kung Pao
to enjoy their meal over relaxed Chicken with cashew nuts was
conversation. The restaurant sweet, tart and spicy. The Prawns
- which has 4 private dining
rooms - can accommodate
between 60-80 people. The
in Buttermilk - sweet, with a hint
of spice, this was undoubtedly my
absolute favourite dish here. I’m
WEEK?
largest private dining room can not normally the biggest fan of
also be divided into 2 sections. green beans, but I found myself
going back for seconds. The buttery
goodness and the garlic flavour
The Food paired together was very tasty.
For dessert, the Chilled Avocado
China’s regional cuisine Cream with Milk Pudding Topped
comprises distinctive flavour He suggested I try the Siu with Vanilla Ice Cream and the
profiles often influenced by the Mai with Scallop (chicken), and Sago Pudding with Yellow Mango
geographic positioning of the the Crystal Prawn Dumpling Puree & Vanilla Ice Cream came
specific province. Cantonese with Water Chestnut off their recommended. While both desserts
cuisine features seasonal signature dim sum menu. What would not typically be my first
ingredients, and subtle, mild is immediately clear from the choice, I decided to give them a try.
flavours. Szechuan food, very first bite is how fresh I’m glad I did! The Mango puree
meanwhile, is renowned for its the ingredients are and how was delightful, while the Avocado
spicy and bold flavours. I have perfectly cooked they were. The cream was a more subtle affair.
personally always loved when two steamed dumplings were The Mango dessert, however,
restaurants feature smaller accompanied by sauces, but they was the sweeter of the two,
menus, as it allows them to tasted great on their own, subtle, while the Avocado dessert was a
perfect every dish, drink or yet somehow intensely flavourful. comparatively muted affair. But they
dessert they offer. The menu at I also tried the Prawn ball coated both were thoroughly enjoyable.
Emperor’s Wok is concise, yet with almond flakes, off their
provides a variety of dishes to
appeal to every kind of diner.
The tea is also bottomless,
crispy dim sum menu. This too was
served with a sweet chilli sauce, Overall
Upon arrival, I was served a and was quite tasty. My favourite,
which means they will keep The food at Emperor’s Wok was
welcome tea - Oolong. The mild, however, was the crystal prawn
refilling it. My beverage of choice excellent, with each drink, dish and
subtle flavour of the tea makes dumpling which won me over
was the Mango Mule signature dessert holding its own. Additionally,
for an ideal accompaniment with its subtle flavours.
mocktail which was a fruity take the exclusive ambience lends itself
throughout your meal. The Hot & Sour Soup with
on a mule with mango, honey well for business lunches, family get
Crab Meat also came highly togethers, private gatherings and date
and cucumber topped with ginger
recommended. Piquant and nights. I also loved the friendly service.
beer, and I loved how all the
spicy with a generous amount of The staff were helpful and attentive
flavours combined to culminate in
crab meat, the soup was hearty without being overbearing. I will
this sweet drink with a slight kick
and delicious! The soup wasn’t definitely be back! Emperor’s Wok is
thanks to the ginger beer.
overwhelmingly spicy, so it open everyday for lunch and dinner.
I met the friendly and
will definitely appeal to all
personable Chef Ming who was
diners. Chef Ming also
happy to tell me about the food
recommended
and make recommendations based
on my preferences.
www.life.lk
THURSDAY OCTOBER 20, 2022 FOOD 15
If you can serve only one dish You worked abroad as a chef –
in your restaurant – what which country has the best food
would it be? that must be explored?
I would go for a roasted I would say India. From North to
mixed grill combination South; they have different spice levels
served with cranberry and flavours. My favourite is Hydhrabadhi
and red wine reduction. biriyani – simply amazing! It’s among the
best I believe.
What’s a dish you’d love to relive

DISH
for the first time?
I love to re live the first time I
had Alabama cake at Sponge, where
I started my culinary career. I am very

OUT
thankful to Mr. And Mrs. Pandithasekara
for their help.

What was your favourite

childhood meal?
I loved to eat my mom’s special Tuna fish
What’s your first memory of curry and spicy coconut sambol. I still do!
cooking?
I think I was about 13 years
of age. I made a vegetable sandwich
for vocational studies at my
school, Isipathana.

Chef
What is your go-to dish to make?
An underrated Sri Lankan I would definitely go with Sri
ingredient? Lankan style slow pot roasted Lamb
I can’t say that there are any leg with curry jus.

Dinesh
underrated ingredient as such in
Sri Lanka. I love using Lolu Kola What dish do you love to eat but
stir-fried or deep fried as a side never cook?
dish for a Sri Lankan spread which Hmmm, Seafood Paella.
I think is rare.

De Silva
As a When you are not working - do the What’s your
Consultant cooking or have someone cook for you? comfort dish after
Chef – what Some special days I used to cook for my a long day?
do you do? wife and for my son. But mostly my I prefer Chicken
Instead of wife Sandra cooks for me with love. Cordon Bleu after a
working She cooks kakiri ambula and Pork curry - long day.
in a single mouth-watering!
restaurant
text Panchali Illankoon or culinary
establishment,
What has been the most difficult
recipe that you mastered?
I actually never had any difficulties with
How do our food experts cook and eat? This week, I work as a
consultant recipes as I am always trying to do my best
since the beginning of my career.
Culinary Consultant and Executive Chef Dinesh de Silva short term
at different Describe your signature style in
takes our Q&A! places to
improve
cooking as a chef?
I love to do fine dining with four to six
products and
course plated dishes. God has given me that
operations.
talent and I always praise the Lord.
What’s does
your own
If you can cook restaurant of
for a celebrity your dreams What do you
chef of your look like? love about being
choice – who a professional
It’s going to be a
would it be? small restaurant
chef?
None other with good food. Food makes
than Chef Peter I’d like to name it people happy. It’s
Kuruwita. He has Sandy’s Kitchen good to see my
his own unique and have it
techniques and regular customers
somewhere in Sri coming and say hi
touches to his food Lank with a very
and to me, he is the to me; knowing
basic setting. I
best. I would love would love to serve that they are
to cook for him. Sri Lankan, Indian returning because
and Dutch food. they like my food.
DMRWE
B