Business
Advocata – Driving evidence based policy reforms that enhance women’s economic participation and empowerment
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Advocata Institute held the “Women’s Policy Action Network” (WPAN) conference on the 29th of August, 2023, to put forward Advocata’s continuous and WPAN’s research on the gaps, barriers and potential solutions for further enhancing women’s economic empowerment in Sri Lanka.
The primary aim of the WPAN is to lobby for evidence-based policy reforms that support greater labour force participation of women, despite the societal burdens expected of them. The conference explored two of the most pressing barriers; the unpaid care work burden, and the lack of access to the digital economy.
The event consisted of representatives from civil society organizations, policymakers, and forward thinking leaders who generated strong advocacy conversations on solutions and implemented projects that support women participation in the workforce.
The project donor, represented by The Deputy Head of Mission of the Kingdom of the Netherlands said that, “Gender equality is the key to accelerate economic growth in any given scenario, even during an economic crisis, or should I say especially in an economic crisis. We believe that goes for the Netherlands, for Sri Lanka and all other countries.”
The first panel on social infrastructure for gender equality and empowerment was preceded by a research presentation carried out by Akhila Randeniya and Thathsarani Siriwardana on care work. It was highlighted here that 60% of women who don’t participate in the labor force cited “housework” as a reason. Childcare, elderly care and parental leave were identified as core issues under the umbrella of care work. It was estimated that by 2050 Sri Lanka’s old age dependency ratio will double and thus disproportionately affect women who bear the burden of unpaid care.
It was also stated that it would only cost the government Rs.5.9bn to cover maternity leave benefits, which amounted to 0.5% of 2021 tax revenue.
Recommendations were, for better monitoring and regulation of child and elderly care centers, and engaging the State to share the burden of maternity leave benefits instead of the employer particularly for the SME sector.
The panel, moderated by Niroshi Perera, consisted of Gayani de Alwis, Isuru Gunasekera, Dr.Ramani Gunatilaka and Rosy Senanayake. The panel reiterated the importance of standardisation of care centers as well as recognising part time and flexi work arrangements to help alleviate this gendered burden.
Research on “Unlocking Women’s Potential in the Digital Economy” was presented by Chantal Dassanayake and Thathsarani Siriwardana. The presentation highlighted four key barriers that impede women’s pursuit of digital entrepreneurship and economic empowerment: limited accessibility, expensive devices and internet access costs, low digital literacy, and inadequate digital payment systems in Sri Lanka.
The digital economy’s potential to enhance women’s participation is tied to its flexibility, multitasking, and revenue opportunities. It was stated that subpar digital infrastructure hampers women’s access. Sri Lanka’s internet costs are notably high compared to its neighbors. Despite a relatively high digital literacy rate of 57.2%, email usage remains low at only 17.8%. Additionally, internet usage doesn’t align with the digital literacy rate. The research further highlighted that lack of trust in digital payments serves as a significant barrier to the adoption of digital payment systems. The panel consisting of Chiranthi Cooray, Chadika Yahampath, Amira Gaffoor, Anishka De Zylva and moderated by Dr.Roshan Perera discussed issues faced by the modern women in the digital space. They spoke of educational and societal barriers that disincentivized women from engaging in STEM (Science, Technology, Engineering and Maths). There was also discussion about issues with digital payments and infrastructure.
The keynote speech, delivered by Lakmini Wijesundera, who shared her journey as a female entrepreneur in the digital space. She ended her speech with words of advice to females everywhere, “it’s all about believing in a dream, working towards it and achieving it.”
Advocata is an independent policy think tank based in Colombo, Sri Lanka. We conduct research, provide commentary and hold events to promote sound policy ideas compatible with a free society in Sri Lanka. Visit advocata.org for more information.
Watch the full discussion on Youtube and for more information visit www.advocata.org. Advocata spokespersons are available for live and pre-recorded broadcast interviews via 0740289818
CONTACT:
Akhila Randeniya
Research Assistant
Advocata Institute
Phone: +94 77 895 1491| Email: akhila@advocata.org
Business
CEB urged to revise Draft Long Term Generation Expansion Plan, in view of renewable energy needs
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By Ifham Nizam
The Public Utilities Commission of Sri Lanka (PUCSL) has instructed the Ceylon Electricity Board (CEB) to revise its Draft Long-Term Generation Expansion Plan (LTGEP) 2025-2044, incorporating more robust projections for renewable energy and battery storage, while also reassessing LNG infrastructure and procurement strategies.
The Island Financial Review reliably learns PUCSL Director General Damitha Kumarasinghe emphasized the need for “more robust and realistic cost assumptions for Renewable Technologies and Battery Energy Storage Systems (BESS).”
The Commission stressed that BESS should be valued not just as a renewable integration tool but also for its potential to mitigate power shortages.
The directive also calls for revisions in LNG infrastructure planning, including “a comprehensive analysis covering LNG fuel cost calculation, infrastructure development, procurement contracting options, and risks associated with supply and procurement.” PUCSL has specifically highlighted the importance of evaluating the financial and economic feasibility of a natural gas pipeline from Kerawalapitiya to Kelanitissa.
Kanchana Siriwardena, Deputy Director General – Industry Services, reinforced the Commission’s stance on renewable energy, stating that “further reductions in renewable energy curtailment should be explored by incorporating more BESS.”
The PUCSL’s instructions also mandate incorporating clauses from the Memorandum of Understanding (MoU) with Petronet India, which includes a temporary LNG supply for the Sobadhanavi Plant. The revised LTGEP must also factor in infrastructure costs related to the Floating Storage Regasification Unit (FSRU) and pipeline networks as part of the overall LNG cost calculation.
The CEB is expected to resubmit the revised plan for PUCSL’s approval, ensuring alignment with Sri Lanka’s long-term energy security and sustainability goals.
The PUCSL directive also calls for a comprehensive evaluation of various LNG procurement options and associated risks. These include:
LNG infrastructure development and expansion
Contracting options for LNG procurement
Risks related to LNG supply and procurement stability
Robustness of natural gas demand calculations
Economic feasibility of the proposed natural gas pipeline from Kerawalapitiya to Kelanitissa, given the low plant factors of power stations at Kelanitissa.
Business
Nations Trust Bank ends 2024 with strong performance, achieving 24% ROE
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Nations Trust Bank PLC reported strong financial results for the twelve months ending 31st December 2024, achieving a Profit After Tax (PAT) of LKR 17 Bn, up 46% YoY.
Nations Trust Bank, Director & Chief Executive Officer, Hemantha Gunetilleke, stated, “The Bank’s performance for the twelve months ending 31st December 2024 showcases our continued growth and expansion across diverse customer segments. Our solid capital position, strong liquidity buffers, effective risk management frameworks, and steadfast commitment to service excellence and digital empowerment remain the key drivers of our success.”
Improvements in the macro-economic environment and successful management of the Bank’s credit portfolio resulted in total impairment charges decreasing by 69% and the Net Stage 3 ratio reducing to 1.6%.
The Bank’s financial performance is supported by its strong capital buffers, with Tier I Capital at 21.47% and a Total Capital Adequacy Ratio of 22.66%, well above the regulatory requirements of 8.5% and 12.5%, respectively.
A strong liquidity buffer was maintained with a Liquidity Coverage Ratio of 320.56% against the regulatory requirement of 100%.
The Bank reported a Return on Equity (ROE) of 24.22%, while its Earnings Per Share for the twelve months ending 31st December 2024 increased to LKR 50.82, against LKR 34.70 recorded during the same period last year.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through multi-channel customer touch points spanning both physical and digital. The Bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.
Business
Modern Challenges and Opportunities for the Apparel Industry: JAAF drives industry dialogue
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The Joint Apparel Association Forum (JAAF), in collaboration with Monash Business School and the Postgraduate Institute of Management (PIM) successfully hosted the International Conference on the Apparel Industry 2025 recently in Colombo. This was the second time the event was held, following its inaugural edition in 2018, as part of JAAF’s commitment to fostering dialogue and collaboration within the global apparel sector.
Themed “Modern Challenges and Opportunities for the Apparel Industry”, the three-day event brought together industry leaders, academics, and sustainability experts to discuss pressing issues such as ESG (Environmental, Social, and Governance) compliance, circular economy strategies, technological advancements, and workforce transformation.
A key highlight of the event was the panel discussion on “Current Actions and Their Impact on ESG-Related Outcomes in the Apparel Industry,” featuring:
Felix A. Fernando – CEO, Omega Line Ltd.
Nemanthie Kooragamage – Director Group Sustainable Business, MAS Holdings
Gayan Ranasinghe – Control Union,
Chamindry Saparamadu – Director General/CEO, Sustainable Development Council
Pyumi Sumanasekara – Principal Partner, KPMG Sri Lanka
Discussions emphasized how Sri Lanka’s apparel industry is adapting to global ESG standards, incorporating sustainable production methods, and aligning with evolving regulatory frameworks.
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