Connect with us

News

Sri Lanka’s SDG progress outperforms global average amid economic challenges – IPS

Published

on

Despite the numerous setbacks suffered by Sri Lanka during the past few years, it was still making progress, compared to the world average, in achieving Sustainable Development Goals (SDGs), a report titled ‘Public Investment for Closing the SDG Financing Gap: Sri Lankan Perspective’ released by Institute of Policy Studies Of Sri Lanka (IPS) has said.

The report says Sri Lanka needs additional investment of around 1.4 trillion U.S dollars or 12 percentage points of GDP in 2030 to fulfil the SDGs.

The author of the publication Lakmini Fernando said that prior to the pandemic Sri Lanka recorded an above the world average rate for SDG progress on the SDG Index. The world average at that period was 0.69 points while Sri Lanka was progressing at 0.72 points yearly.

“The post-pandemic SDG progress is lower and progress on the SDG Index has stagnated. However, Sri Lanka has a comparatively higher progress rate of 0.16 points a year, while on average lower-middle and upper-middle income countries record a very low progress rate of 0.09 points a year,” the report said.

The SDG Index is an assessment of each country’s overall performance on the 17 SDGs, giving equal weight to each Goal. The score signifies a country’s position between the worst possible outcome (score of 0) and the target (score of 100).

The report states that Sri Lanka was keenly poised for growth at the time of independence in 1948 and again with the major policy shift in 1977 from an inward-oriented and import-substitution to being outward-oriented and export promotion-based economy.

“However, Sri Lanka’s high pre-pandemic growth declined to a historically low level of -3.6% (negative) in 2020 (Figure 5). The traditional agricultural economy has leapfrogged into a service-oriented economy without considerable developments in the industrial sector, a major hindrance to the productive capacity of the economy (Figure 6). Policy inconsistencies and delayed implementation of necessary structural reforms have further deteriorated the economy,” the report says.

Except for during 1992-2000, Sri Lanka continues to suffer balance of payment (BOP) crises, IPS said. The country had 16 arrangements with the IMF and although a certain degree of cushioning the economy is witnessed, the conditionalities on structural reforms have never been completed. After several discussion rounds, the 17th bailout package was granted in March 2023.

“Sri Lanka’s high public expenditure needs are characterised by an ageing demographic profile. Debt stabilisation through building a primary surplus, credible fiscal policy conduct and domestic revenue mobilisation is crucial in the consolidation process. This needs to be further supported with non-debt creating foreign currency inflows to ensure fiscal sustainability,” the report read.



News

Buddhist hierarchy demands prison perks for monk convicts

Published

on

MONETABRIEF– Sri Lanka’s two most senior Buddhist chapters, Malwatte and Asgiriya, demanded special concessions for monks serving prison sentences, following the disrobing of convicted monk Ven. Galagodaatte Gnanasara in line with established procedures.

The chief prelate of the Asgiriya chapter, Most Venerable Warakagoda Sri Gnanarathana, told Prisons Commissioner Senaka Palletenna that Ven. Gnanasara, who is serving a six-year sentence for contempt of court, must be released immediately.

Prison authorities have no power to release or pardon convicts, but Palletenna told the monk in Kandy on Friday that he would convey his request to the relevant government authorities.

“There is no point in talking about this and that… The entire country has been shaken (??????? ) . He must be released,” the Asgiriya chief prelate said.

The Malwatte chief prelate, Most Venerable Thibbatuwawe Sri Siddhartha Sumangala, appeared to accept the court verdict against Ven. Gnanasara, but asked the prisons chief whether a separate section could be established for convicted monks.

Palletenna noted that a special ward for the clergy already existed at Welikada Prison.

At least 63 convicted Buddhist monks are currently incarcerated within Sri Lanka’s criminal justice system.

Meanwhile, a group of 34 Buddhist monks named in a Colombo Fort Magistrate’s Court order to vacate the vicinity of the Presidential Secretariat ended their protest and dispersed after lunch on Friday.The monks are demanding an unconditional pardon for Ven. Gnanasara, who has previously been imprisoned, making him a reconvicted prisoner.

Continue Reading

News

Debate on NCM against Speaker postponed indefinitely

Published

on

The debate on the no-confidence motion against Speaker Dr. Jagath Wickramaratne, submitted by the Samagi Jana Balawegaya (SJB), has been postponed indefinitely pending the Attorney General’s opinion on certain technical issues in the motion.

Government representatives raised the matter at a meeting of the Committee on Parliamentary Business, pointing out that several provisions of the motion required clarification and that the Attorney General’s advice should be obtained.

As obtaining the opinion would take time, the debate could not be scheduled for the next parliamentary week, parliamentary sources said.

Chief Opposition Whip Gayantha Karunatilaka said a date for the debate would be decided after the Attorney General’s advice was received.

Meanwhile, Parliament is scheduled to meet from October 20 to 23, Secretary General of Parliament Kushani Rohanadeera announced.

The parliamentary business for the week was finalised at a meeting of the Committee on Parliamentary Business held on Friday (16) under the chairmanship of Deputy Speaker Dr. Rizvie Salih.

On each sitting day, the period from 9.30 a.m. to 10 a.m. will be allocated for parliamentary business under Items 1 to 6 of Standing Order 22. Questions for Oral Answers will be taken up from 10 a.m. to 11 a.m., followed by questions under Standing Order 27(2) from 11 a.m. to 11.30 a.m.

On Tuesday, October 20, an Opposition-sponsored Adjournment Motion will be debated from 11.30 a.m. to 5.30 p.m.

On Wednesday, October 21, a resolution under the Public Debt Management Act and a Supplementary Estimate will be taken up for debate and approval from 11.30 a.m. to 5 p.m. The annual reports of five statutory institutions will subsequently be presented for approval without debate, while questions at the Adjournment Time will be taken up from 5 p.m. to 5.30 p.m.

On Thursday, October 22, the Second Reading debates on two Bills to amend the Poisons, Opium and Dangerous Drugs Ordinance (Bills Nos. 79 and 80) will be held from 11.30 a.m. to 5 p.m.

The annual reports of five statutory institutions will then be taken up for approval without debate, followed by an Opposition-sponsored Adjournment Motion from 5 p.m. to 5.30 p.m.

On Friday, October 23, the Second Reading debate on the Elimination of Rabies and Registration of Dogs Bill will be held from 11.30 a.m. to 5 p.m. A Government-sponsored Adjournment Motion will be debated during the final half-hour of the sitting.

Continue Reading

News

Karannagoda pushed for £24,536 for Yoshitha’s UK training, Court told

Published

on

Former Navy Commander Admiral Wasantha Karannagoda had, by letter dated May 19, 2014, requested the Secretary to the Ministry of Defence to approve the funds required for former Navy Lieutenant Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, to attend the Royal Navy Young Officers Course at the Royal Navy Training College in the United Kingdom, the Colombo High Court was told on Thursday (15).

The court was informed that £24,536 in public funds had been spent on the training programme. The details emerged during testimony by a Navy representative appearing on behalf of former Navy Commander Admiral Travis Sinniah before Colombo High Court Judge Udesh Ranatunga, when the money laundering case against Rajapaksa was taken up for hearing.

Responding to questions during cross-examination, the witness explained that payments for Navy officers attending overseas training programmes were generally made in foreign currencies, including US dollars and British pounds.

Meanwhile, Navy Captain Nuwan Thushara Arangala, testifying for the prosecution, told court that Rajapaksa had received a total of Rs. 5,159,626.37 in salaries and allowances during his nine years of service in the Navy.

The court was informed that Rajapaksa had served as a Navy Lieutenant from December 14, 2006, to February 28, 2017, although his service had been suspended on February 28, 2016.

According to the testimony, his monthly gross salary was Rs. 16,390, in addition to allowances for food, uniforms, housing and special duties.

The witness clarified that these allowances did not include payments made for overseas training programmes or participation in sporting events while representing the Navy.

During the proceedings, the prosecution also submitted Rajapaksa’s annual declarations of assets and liabilities for the period from 2009 to 2015.

A National Savings Bank official also testified regarding savings accounts and fixed deposits maintained by Rajapaksa, stating that no withdrawals had been made from the accounts since they were opened.

Rajapaksa is facing charges under the Prevention of Money Laundering Act over his alleged failure to explain the source of nearly Rs. 735 million acquired between August 1, 2012, and August 29, 2013, in Rajagiriya and Bambalapitiya.

The prosecution alleges that funds suspected to have been derived from unlawful activities were deposited in bank accounts and fixed deposits.

The court also heard testimony concerning the appointment of a guardian for Daisy Forrest, the second defendant in the case, and matters relating to the clearance of an imported outside broadcasting (OB) truck associated with CSN television.

Further examination of witnesses was scheduled for October 30, with the court directing 11 prosecution witnesses to appear on that date.

Continue Reading

Trending