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Artificial reefs: Sri Lanka minister dismisses Indian concerns, says ban bottom trawling first

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ECONOMYNEXT – Dismissing objections raised by Indian fisherman against Sri Lanka’s artificial reef project, State Minister of Fisheries Kanchana Wijesekara said India must ban the destructive practice of bottom trawling instead.

Fisherfolk in Tamil Nadu have objected to a Sri Lankan initiative to submerge discarded buses in the island’s northern waters in an effort to create an artificial reef. Twenty such buses were submerged near the Delft Island off Jaffna on June 11. The New Indian Express reported July 16 that experts in India have called the move irresponsible while fishing communities have expressed fears that the buses would drift underwater into India’s territorial waters affecting their fishing industry.

Defending the project, State Minister Wijesekara said it was the result of years of study.

“It is not irresponsible project but one that is globally proven and practiced. We don’t accept their claims or the statements they are making,” he said.

According to Wijesakara, this is the fourth phase of a project initiated about six months ago by the Department of Fisheries and Aquatic Resources to cultivate artificial reefs around Sri Lanka.

The first phase was in Trincomalee, while the second and third phases were carried out in Galle and Matara respectively. The fourth phase, this time in the country’s northern waters, is ongoing.

Marine research in Sri Lanka is carried out by the National Aquatic Resources Research and Development Agency (NARA), which is currently dealing with the aftermath of the X-Press Pearl shipping disaster, one of Sri Lanka’s worst ecological disasters in history.

“For about two to three years, NARA and the Department of Fisheries have been studying how we can develop artificial reefs for fish spawning. That is the main idea behind this project. Similar projects have been done all over the world, even in developed countries. Sri Lanka is the first country in the region to do it,” said Wijesekara.

“We did a couple of underwater museum galleries as well,” he added.

Responding to claims made by the Indian fishermen and experts, the minister said they’re  probably baseless, as artificial reef building has been tried globally.

Marine conservationists worldwide have, indeed, attempted to construct artificial reefs with varying degrees of success. Large steel structures such as shipwrecks are considered suitable, while smaller unsecured structures are considered less so.

“If a scientific agency is saying this is an irresponsible move, then they probably don’t have scientific research to back it. The most irresponsible act of the Indian marine research institute is not banning bottom trawling. This is a banned and illegal practice globally which damages marine environment and reserves,” said Wijesekara.

Indian fishermen encroaching into Sri Lankan waters in the north has been a long-drawn issue, as has the alleged robbing of Sri Lanka’s marine resources thanks to bottom trawling.

Fishing vessels from South India had got into the habit of straying over the Indo-Lanka maritime border during a 30 year civil war when Sri Lanka fishermen were banned from entering the Northern waters – a practice that didn’t quite end with the war.

Wijesekara said that despite requests made on numerous occasions to stop bottom-line trawling by Indian fishermen, nothing has been done to minimise it, while Sri Lanka banned the practice entirely in 2017.

“I don’t know who these fishermen are that are objecting to [the reef project], but I assume they engage in bottom trawling. Their concern might be that the submerged vehicles would affect their fishing gear.  But this is a 100% scientifically proven method; it doesn’t cause any damage to the sea bed,” he said.

“This will create more artificial fish spawning spaces and coral beds so I urge our Indian counterparts to make a move on banning bottom trawling instead and to consider its impact to the ocean,” he added.

According to US National Oceanic and Atmospheric Administration, an artificial reef is a manmade structure that may mimic some of the characteristics of a natural reef.

These are often made by submerged shipwreck, oil rigs, gas platforms and other offshore structures.

Marine resource managers also create artificial reefs in underwater areas that require a structure to enhance the habitat for reef organisms, including soft and stony corals and the fishes and invertebrates that live among them, the National Oceanic and Atmospheric Administration said on its website.

Materials used to construct artificial reefs have included rocks, cinder blocks, and even wood and old tires. Nowadays, several companies specialise in the design, manufacture, and deployment of long-lasting artificial reefs that are typically constructed of limestone, steel, and concrete.

 



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Pakistan’s ex-president, Pervez Musharraf dies aged 79

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(picture BBC)

BBC reported that Pakistan’s former president General Pervez Musharraf, who seized power in a coup in 1999, has died aged 79.

The former leader – who was president between 2001 and 2008 – died after a long illness, a statement from the country’s army said.

He had survived numerous assassination attempts, and found himself on the front line of the struggle between militant Islamists and the West.

He supported the US “war on terror” after 9/11 despite domestic opposition.

In 2008 he suffered defeat in the polls and left the country six months later.

When he returned in 2013 to try to contest the election, he was arrested and barred from standing. He was charged with high treason and was sentenced to death in absentia only for the decision to be overturned less than a month later.

He left Pakistan for Dubai in 2016 to seek medical treatment and had been living in exile in the country ever since.

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The 75th Anniversary of National Independence celebrated under the patronage of President, PM

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(picture Presidents Media)

The 75th National Independence Day celebration was held under the theme “Namo Namo Mata – A Step towards the Century”, under the patronage of President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena on Saturday morning (04) at Galle Face Green.

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Lanka sovereign bond holders write to the IMF

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ECONOMYNEXT –Sri Lanka’s bondholders have written to the International Monetary Fund expressing their willingness to engage in debt re-structuring talks but also raising matters related to the domestic debt re-structuring and economic assumptions and forecasts.

The group, styling itself as the “Ad Hoc Group of Sri Lanka Bondholders (the Bondholder Group) has written last week to the IMF Managing Director from New York said inter alia that the Bondholder Group through its Steering Committee stands ready to engage quickly and effectively with the Sri Lankan authorities to design and implement restructuring terms that would help Sri Lanka restore debt sustainability and allow the country to re-gain access to the international capital markets during the IMF Programme period.

The letter concluded with the paragraph: Recognizing the important commitments made by India in the India Letter, the Sri Lankan authorities will apply the principle of comparable treatment in respect of the debt relief requested and obtained from all their remaining official bilateral creditors.

Following is the text of the letter:

NEW YORK, Feb. 3, 2023

Dear Managing Director Georgieva,The Ad Hoc Group of Sri Lanka Bondholders (the “Bondholder Group”) acknowledges the Sri Lankan authorities’ engagement with their official creditors towards a resolution of the current crisis and restoration of debt sustainability.

The Bondholder Group further acknowledges that such engagement has recently resulted in the Government of India (in its letter to the IMF, dated January 16, 2023 (the “India Letter”)) delivering letters of financing assurances, committing to support Sri Lanka and contribute to its efforts to restore debt sustainability by providing debt relief and financing consistent with the IMF Extended Fund Facility Arrangement (the “IMF Programme”) and the IMF Programme targets indicated in the India Letter.

Similarly, the Bondholder Group through its Steering Committee stands ready to engage quickly and effectively with the Sri Lankan authorities to design and implement restructuring terms that would help Sri Lanka restore debt sustainability and allow the country to re-gain access to the international capital markets during the IMF Programme period.

Based on the limited information available to us at this time, including information contained in the India Letter, we understand that the IMF Programme’s debt sustainability targets are identified as

(i) reducing the ratio of public debt to GDP to 95% by 2032,

(ii) limiting the central government’s annual gross financing needs to GDP ratio to 13% in the period between 2027 and 2032, and central government annual foreign currency debt service at 4.5% of GDP in every year between 2027 and 2032 and

(iii) closing of the external financing gap.

The Bondholder Group hereby confirms it is prepared to engage, through its Steering Committee, with the Sri Lankan authorities in restructuring negotiations consistent with the parameters of an IMF Programme and the targets specified therein (the “IMF Programme Targets”), which the Bondholder Group understands to be the targets identified in the India Letter; it being recognized that these negotiations will necessarily be further informed by the receipt of the forthcoming DSA.

We would note that the finalization of an agreement will also be subject to the satisfaction of the following conditions:

The central government’s domestic debt – defined as debt governed by local law – is reorganized in a manner that both ensures debt sustainability and safeguards financial stability.

Assuming that annual gross financing needs should not exceed 13% of GDP in the period between 2027 and 2032, whilst allowing for central government annual foreign currency debt service to reach 4.5% of GDP in every year between 2027 and 2032, domestic gross financing should therefore be limited at 8.5% of GDP for the period 2027-2032.

While we recognize that the determination of the economic assumptions underpinning the IMF Programme Targets is ultimately the responsibility of the IMF and that the overall design of the IMF Programme is one that is negotiated between the IMF and Sri Lanka, it is nevertheless important that the Bondholder Group has the opportunity to express its views on both the economic assumptions underpinning these IMF Programme Targets and the adequacy and feasibility of the adjustment efforts contemplated under the IMF Programme.

When considering any restructuring proposal that is made to the Bondholder Group, it is the Bondholder Group’s intention to take into consideration the extent to which the economic assumptions and the adjustment efforts are consistent with these views.

Recognizing the important commitments made by India in the India Letter, the Sri Lankan authorities will apply the principle of comparable treatment in respect of the debt relief requested and obtained from all their remaining official bilateral creditors.

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