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ADB assures more support but not debt cancellation

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By Ifham Nizam

Instead of offers on debt cancellation, the Asian Development Bank (ADB) President Masatsugu Asakawa assured that they would provide more support to Sri Lanka to get out of the economic crisis.The ADB chief was responding to Hemantha Withanage, who was representing the Centre for Environmental Justice (ECJ) on behalf of the NGO Forum on ADB and other civil society organizations.

Asakawa also promised to support Sri Lankan people to come out of the humanitarian crisis.Withanage during the meeting requested the ADB President to investigate ADB loans to Sri Lanka from the lens of development effectiveness and debt crisis, as they are paramount.

“We request ADB to run an IED –Internal Evaluation Department- to evaluate failed projects and loans in Sri Lanka.

He also raised the issue of Policy Loans having direct impact on people, livelihoods, and environment. “We demand new safeguards and clear binding language pertaining to holding policy loans accountable and should be subject to accountability mechanisms.”Withanage said as a regional bank, they also demanded cancelling ADB failed loans in Sri Lanka. It will give a signal to other lenders to cancel some other illegitimate debt, Withanage stressed adding on their part they would continue to push on those recommendations.

He also requested the ADB President to put an end to all forms of support to fossil fuel finance and coal finance through a Renewable Energy Development Master Action Plan or any indirect and direct financing.Sri Lanka is a founding member of the ADB. To date, ADB has committed 479 public sector loans, grants, and technical assistance totalling USD 11 billion to Sri Lanka.

A report prepared by the Centre for Poverty Analysis on behalf of the ADB in 2007 concluded that “Together with the success stories, there were several reversals and failures of the ADB policies in the agriculture sector and several inconsistencies between GOSL and ADB policies.Withanage added that although ADB extended more lending to transport, energy, and agriculture, these sectors failed us. The main sources of income in Sri Lanka become migration workers and tourism.

“When COVID impacted Sri Lanka, we lost both these incomes. Can the ADB still justify its role as a policy bank? ADB is repeating some of the failures. Even at present in an ongoing project in Sri Lanka in the Energy sector ADB depends on the coal promoters as consultants to produce the Renewable Energy Master plan, Withanage pointed out.

He added: “We know that Sri Lanka has continued borrowing from private creditors and China since 2005 until we lost our debt sustainability by September 2020. There are many infrastructure projects which have not benefited the country. Some are now becoming illegitimate debts.

“Sri Lanka is not the only country in our region facing a debt crisis. Bangladesh, Pakistan, and Nepal are also losing debt sustainability. In that case ADB should revisit its approach on the development financing.”



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More than 1,000 dengue cases reported in a day; 28 deaths so far

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Sri Lanka has recorded 1,069 dengue cases, within a 24-hour period, marking the first time daily infections have exceeded 1,000, according to Acting Director of the National Dengue Control Unit Dr. Kapila Kannangara.

The latest figures, recorded from 6 a.m. on Sunday to 6 a.m. yesterday (22), have pushed the total number of dengue cases, reported in the country this year, to 47,179, with 28 deaths.

Dr. Kannangara said that during periods when dengue was not at epidemic levels, Sri Lanka typically recorded between 150 and 200 cases a day.

However, with the country currently facing a high-risk situation, daily infections had recently increased to between 600 and 650 cases before reaching the latest record level.

Health authorities have expressed concern over the rapid rise in dengue infections and urged the public to take necessary precautions to prevent the spread of the disease, particularly by eliminating mosquito breeding sites.

Health authorities have warned that if the number of dengue patients continue to increase at the current rate, hospitals will be overwhelmed.

by Chaminda Silva

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Climate forum warns of threats to Lanka’s marine and amphibian biodiversity from El Niño, La Niña

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Co-Chairpersons of the Parliamentary Climate Forum Opposition Leader Sajith Premadasa and MP Prof. L.M. Abeywickrama at the meeting.

The Parliamentary Climate Forum has drawn attention to the growing challenges faced in protecting Sri Lanka’s marine biodiversity and amphibian ecosystems from the impacts of El Niño and La Niña climate phenomena.

The issue was discussed at a recent meeting of the forum held at Parliament, under the chairmanship of its co-chairpersons, Opposition Leader Sajith Premadasa and MP Prof. L.M. Abeywickrama.

Officials and experts attending the meeting highlighted the adverse effects of climate change, particularly El Niño conditions, on Sri Lanka’s marine ecosystems, coastal areas, biodiversity, and the livelihoods of coastal communities.

They pointed out that rising sea temperatures could lead to coral bleaching, changes in fish migration patterns, harmful algal blooms, the emergence of oxygen-depleted “dead zones”, and increased instability in aquatic ecosystems.

The forum was also informed of the threats posed by prolonged drought conditions, including falling river water levels and seawater intrusion into freshwater systems, which could affect drinking water supplies. The possible economic impact on the fisheries and tourism sectors due to these environmental changes was also discussed.

The meeting reviewed the role of key institutions, including the National Aquatic Resources Research and Development Agency (NARA), the Department of Wildlife Conservation, and the Marine Environment Protection Authority (MEPA), in safeguarding Sri Lanka’s marine resources.

The forum emphasised the need for stronger coordination among relevant agencies and called for measures to strengthen ocean monitoring systems, introduce ecosystem restoration programmes, promote science-based policy decisions, and develop an integrated national ocean management plan to address future climate challenges.

Attention was also focused on the vulnerability of amphibian species to climate change. Officials warned that changes in rainfall patterns, prolonged droughts, and rising temperatures could threaten the habitats, breeding cycles, and survival of amphibians, including frogs, thereby affecting the ecological balance of natural ecosystems.

The meeting was attended by Members of Parliament, officials from environmental agencies, researchers, and representatives of civil society organisations.

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Lanka engages UAE business leaders to promote Port City as South Asian gateway

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(Constructiononline) The Embassy of Sri Lanka in the United Arab Emirates and the Consulate General of Sri Lanka in Dubai and the Northern Emirates, in collaboration with Colombo Port City Economic Commission and CHEC Port City Colombo Pvt. Ltd., hosted Globalisation and the Sri Lankan Opportunity – From Recovery to Relevance: Sri Lanka’s Moment in the Evolving Global and Regional Economy, an invitation-only diplomatic and investment engagement at The Ritz-Carlton, Dubai International Financial Centre.

The forum brought together approximately 200 senior leaders from across UAE corporates and business chambers alongside Sri Lanka’s most senior diplomatic and investment representatives – among them senior executives from Sobha Realty, Binghatti, Oracle, Emirates Airlines, First Abu Dhabi Bank, JLL, Cushman & Wakefield, CBRE, IFS, Danube and Samana Developers – reflecting the depth of interest from the UAE’s leading industries in Sri Lanka’s evolving economic proposition.

Opening the forum, Prof. Arusha Cooray, Ambassador of Sri Lanka to the United Arab Emirates, set the tone for a morning of substantive dialogue, speaking to the depth and durability of the UAE–Sri Lanka partnership, one built on decades of trade, people, and shared economic ambition, and affirming Sri Lanka’s commitment to taking that relationship into a new chapter defined by what Sri Lanka can offer UAE businesses seeking to grow their presence across South Asia.

The keynote address was delivered by Ghanim Al Falasi, CEO of Falak Tayyeb Platinum and Senior Vice President/Director General’s Office for of Dubai Silicon Oasis (DSO), who drew on over a decade of senior leadership experience in the UAE’s innovation and technology ecosystem to frame the question of what South Asia’s emerging platforms offer to forward-looking UAE businesses. He noted that while Dubai provides global access to capital and logistics, Colombo offers strategic access to South Asia, and that together the two cities can function as complementary platforms serving different but mutually reinforcing roles in the regional economy.

Hanif Yusoof, Presidential Special Envoy for Foreign Investment of Sri Lanka, delivered strategic perspectives on Sri Lanka’s investment vision, underscoring the President and Government’s commitment to Port City Colombo as the flagship vehicle for the country’s long-term economic transformation. Yusoof positioned Sri Lanka firmly as a transformation story rather than a recovery story, emphasising that Sri Lanka today offers UAE businesses something rare in South Asia – a jurisdiction that combines regional proximity with genuine institutional credibility, anchored in a platform that is operational, investable, and ready. He invited UAE businesses to see Port City Colombo and Sri Lanka as a gateway to South Asia in the same way that Dubai serves as a gateway to the Middle East and North Africa, enabling businesses already established in the Gulf to expand their regional footprint without starting from scratch.

Harsha Amarasekera PC, Chairman of the Colombo Port City Economic Commission, provided a detailed overview of Port City Colombo’s current commercial momentum, the strong investment interest that has crystallised in the last 12-18 months resulting in significant visible progress. The Chairman emphasised that the project is designed as a complementary, supportive, and collaborative platform – one that offers UAE companies a footprint from which to expand into South Asia, rather than a competing proposition to the Gulf’s established business ecosystem.

Revan Wickramasuriya, Director General of the Commission, elaborated on the governance architecture underpinning Port City Colombo, highlighting the investor protection mechanisms, long-term tax incentives, and rules-based regulatory environment that distinguish the SEZ, noting that the framework was designed from inception to meet the expectations of internationally mobile capital.

The centrepiece of the forum was a moderated panel discussion that drew all these threads together, exploring the global reconfiguration of business operating models, the deepening relationship between the Gulf and South Asia, and Sri Lanka’s specific role within that emerging picture. Moderated by Kris Wadia, the panel featured experts in their respective industries – Aaron Russell-Davison, Skandan ‘Ramesh’ Mahalingam, Bapsy Dastur and Thulci Aluwihare – whose combined perspectives across international capital markets, legal and governance advisory, UAE business development, and real estate produced a substantive and wide-ranging conversation that resonated strongly with the audience.

With the aim of deepening investment ties in the Gulf region, the forum also marked the ceremonial onboarding of Mujtaba Shaikhani, Founder and Principal of MH Investments and Managing Director of Gulf O Flex, as a Strategic Partner and Director for GCC and Pakistan of CHEC Port City Colombo (Pvt) Ltd. With operations spanning the UAE, Saudi Arabia, and Sri Lanka, and recognised on the HVAC Power 30 list and as CEO of the Year by CBN Middle East.

The formal programme concluded with a vote of thanks delivered by Hon. Alexi Gunasekera, Consul General of Sri Lanka in Dubai and the Northern Emirates, who spoke to the significant potential he sees in UAE–Sri Lanka trade and his efforts to broaden interest across the Middle East and UAE in what Sri Lanka has to offer. He underscored that Sri Lanka had not come to Dubai to tell a story of the past, but to extend an invitation to be part of the story being written now – one in which UAE businesses and investors have a defining role to play.

Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd, reflected on the significance of the forum for Port City Colombo’s regional outreach. “The interest we have seen at this forum from some of the UAE’s most significant businesses and investors is a reflection of what Port City Colombo represents: not just a development in Sri Lanka, but a platform for South Asia; one that offers the regulatory clarity, physical quality, and regional connectivity that globally mobile businesses and capital have been looking for.”

The forum marks a significant step in Sri Lanka’s structured engagement with the Gulf investment community, and reinforces Port City Colombo’s positioning as the institutional platform through which South Asia’s next chapter of growth becomes accessible to UAE businesses and investors. The event was the culmination of close coordination between the Consulate General of Sri Lanka to Dubai and the Northern Emirates and Port City Colombo, with the Consulate General’s office playing an instrumental role in ensuring the successful delivery of an engagement that reflected the depth and ambition of the bilateral relationship.

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