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Lanka among countries that could benefit from debt-for-nature swaps

Published

2 years ago

2024/04/16

Sri Lanka is among countries that could benefit from debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems, such as barrier reefs or rainforests, according to agency reports.

Such debt-for-nature swaps could provide $100 billion for the fight against climate change, Arab News said, quoting a new report by the UK-based, non-profit International Institute for Environment and Development (IIED).

The IIED based the estimate on the possibility of debt swaps in many of the 49 less developed countries seen as most at risk of debt crises.

Laura Kelly, the director of IIED’s sustainable markets research group, said countries that could benefit included Sri Lanka, Pakistan and Gambia in West Africa.

Belize, Ecuador, Barbados, Gabon and Cape Verde have all done such swaps in recent years and Kelly said many of those in debt distress and also often most threatened by global warming, were looking at them.

The IMF and World Bank, whose figures the analysis is based on, estimate the countries focused on collectively owe $431 billion, mostly to wealthier governments, the IMF itself and pension and hedge funds.

At the same time, these countries received less than $14 billion in climate finance according to OECD figures from 2021, which is significantly less than they need to limit climate change or at least adapt to it.

The aim of IIED’s report is to encourage a drive for more debt swaps at the upcoming IMF and World Bank Spring meetings which start later this week.

Kelly said countries that could benefit are at “huge risk” of sea level rise and she stressed and needs to invest heavily in flood prevention and wetland preservation.

Ghana, too, which like Sri Lanka, is now restructuring its debt, is another obvious candidate. One of its key exports, cocoa beans used for chocolate, could thrive if more is done to protect its vital rainforests.

“For governments (that do debt swaps) it creates some fiscal space, but also it helps to achieve outcomes in terms of climate and nature that have global impact,” Kelly said, adding that many countries were interested in potentially doing so.

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“Rathuwewi Mihimadala” Book Launched with the Participation of the Prime Minister

Published

3 hours ago

2026/08/30

Priyan

The book “Rathuwewi Mihimadala”, written based on the life story of Vasudeva Nanayakkara, Leader of the Democratic Left Front, was launched on Friday [August 28] at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo, with the participation of Prime Minister Dr. Harini Amarasuriya.

Speaking to the media afterwards about Vasudeva Nanayakkara, Prime Minister Dr. Harini Amarasuriya stated:

“Vasudeva Nanayakkara is a prominent figure in Sri Lankan politics, particularly within the left-wing political movement. There were several influential figures within the left movement, and that left-wing influence also contributed to bringing the country to where it is today. Politically, there were areas where we agreed and areas where we did not. However, I have great respect for the contribution made by Vasudeva Nanayakkara to left-wing politics. When I entered Parliament in 2020, Vasudeva Nanayakkara was also in Parliament. We sat in the same row, and we spoke about many important as well as interesting moments in his political career. I believe some of these experiences have also been included in this book.”

The event was attended by members of the Maha Sangha, Minister of Justice Harshana Nanayakkara, former President Maithripala Sirisena, former Speakers Karu Jayasuriya and Chamal Rajapaksa, as well as party members, family members and friends.

[Prime Minister’s Media Division]

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Sun directly overhead Mannar, Periyamadu, Puliyankulam, Welioya and Pulmoddai about 12.11 noon today (30)

Published

13 hours ago

2026/08/30

Priyan

The sun is going to be directly over the latitudes of Sri Lanka from 28th of August to 07th of September due to its apparent southward relative motion.

The nearest places of Sri Lanka over which the sun is overhead today (30) are Mannar, Periyamadu, Puliyankulam, Welioya and
Pulmoddai about 12.11 noon.

News

Lanka tracks 11 US-sanctioned Iranian tankers off coast

Published

15 hours ago

2026/08/30

Thilina Walpola

(AFP) Sri Lanka’s maritime authorities were monitoring a fleet of 11 US-sanctioned Iranian oil tankers just off the island’s southern coast, the foreign minister said Wednesday.

The tankers were spotted close to the Galle harbour where an Iranian frigate, IRIS Dena, was sunk by a US submarine in March, killing 104 sailors. Sri Lanka’s navy rescued 32 Iranian sailors from that frigate.

Iranian vessels have been in limbo, unable to return to their home port because of a US blockade.

Sri Lanka’s Foreign minister Vijitha Herath said the tankers were in international waters where they had freedom of navigation.

“These ships are away from our territorial waters… we have no hold on them, nor have we facilitated them,” Herath told AFP.

The military deployed reconnaissance aircraft and patrol boats to monitor the vessels outside Sri Lanka’s 12-nautical-mile territorial waters, a military official told AFP on condition of anonymity.

“There is no indication of any ship-to-ship transfer of oil or illegal discharge of pollutants, so there is no basis for Sri Lankan authorities to take action against them,” the official said.

Many Iranian merchant vessels moved east towards the Strait of Malacca and Singapore due to US sanctions, while several remained near Sri Lankan waters, authorities said.

Sri Lankan officials said Washington had not formally notified Colombo about sanctioned Iranian-flagged vessels