News

NBFIs shut out of Saubhagya scheme: small, micro businesses suffer

Published

6 years ago

2020/08/13

By Senath Nanayakkare

Lower-end businesses and micro businesses are at a clear disadvantage because only the licenced banks have been authorised by existing laws to provide the Saubagya Covid – 19 Refinance Facility, which is much in demand in the difficult economic situation, Krishan Thilakaratne, Director/CEO, Commercial Leasing and Finance PLC told The Island yesterday.

“As a result, small-time business ope13rators have not been able to benefit from these funds,” he said.

“The Monetary Law Act does not include Non-Banking Financial Institutions (NBFIs) as a Participating Credit Institution (PCI). This restricts NBFIs from participating in schemes originated by the CBSL. The recent “Saubaghya” loan scheme is one such scheme in which only the Licenced Commercial Banks participated. This has deprived some SMEs, lower-end SMEs and Micro market clientele, of vital low cost finance. More granular distribution of “Saubaghya” funds through NBFIs to Micro and SME sectors would have created more economic impact and caused a meteoric rise in the country’s GDP. We hope the necessary laws would be amended to correct these fundamental issues and NBFIs are used as financial conduit in government’s developmental programmes in future,” he said.

The Central Bank under the instructions of the government introduced this refinance facility for businesses adversely affected by the COVID-19 outbreak, under the Saubagya (Prosperity) Loan Scheme

Given the high demand for the new facility, the allocated amount of Rs. 50 billion has been increased to Rs. 150 billion and the deadline to submit application has been extended up to August 31.

The regulator approved 3,985 new loan applications amounting to Rs.11,829 million, submitted by licensed banks under this facility during the period 13-23 July 2020. However, NBFIs which play a crucial role in the economy offering their services in urban as well as rural areas by granting micro loans allowing for growth of small entrepreneurs have been left out of this important loan scheme.

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Advisory for Severe Lightning issued to the Western and Sabaragamuwa provinces and Galle and Matara districts

Published

3 hours ago

2026/03/12

Priyan

Advisory for Severe Lightning Issued by the Natural Hazards Early Warning Centre at 12.30 noon 12 March 2026 valid for the period until 11.00 p.m. 12 March 2026

Thundershowers accompanied with severe lightning are likely to occur at some places in the Western and Sabaragamuwa provinces and in Galle and Matara districts after 2.00 p.m.

There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.

ACTION REQUIRED:
The Department of Meteorology advises that people should:
 Seek shelter, preferably indoors and never under trees.
 Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
 Avoid using wired telephones and connected electric appliances during thunderstorms.
 Avoid using open vehicles, such as bicycles, tractors and boats etc.
 Beware of fallen trees and power lines.
 For emergency assistance contact the local disaster management authorities.

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Nasa spacecraft weighing 1,300lb due to re-enter Earth’s atmosphere

Published

4 hours ago

2026/03/12

Priyan

The two Van Allen Probes were launched in 2012 [BBC]

A Van Allen Probe spacecraft weighing more than 1,300lb (600kg) is expected to re-enter Earth’s atmosphere almost 14 years after its launch, Nasa says.

The spacecraft is projected to re-enter around 19:45 EDT (23:45 GMT) on Tuesday the US Space Force predicted, according to Nasa, though there is a 24-hour margin of “uncertainty” in the timing.

The Van Allen Probe A, which launched in 2012, is expected mostly to burn up as it travels through the atmosphere, though some components may survive.

The space agency said there is a one in 4,200 chance of being harmed by a piece of the probe, which it characterised as “low” risk.

The spacecraft and its twin, Van Allen Probe B, were on a mission to gather unprecedented data on Earth’s two permanent radiation belts.

It was not immediately clear where in Earth’s atmosphere the satellite is projected to re-enter. The BBC has contacted Nasa for further detail.

Nasa and the US Space Force have said they will monitor the re-entry and update any predictions.

The mission, which was originally designed to last two years, went on for almost seven. It ended after the spacecrafts ran out of fuel and were no longer able to orient themselves toward the Sun.

The probes flew through rings of charged particles trapped by Earth’s magnetic field from 2012 to 2019, in order to study how particles were gained and lost, per Nasa.

Those rings, called the Van Allen belts, shield Earth from cosmic radiation, solar storms and streaming solar wind, which are harmful to humans and can damage technology.

The mission made significant discoveries, including the first data that show the existence of a transient third radiation belt, which can form during times of intense solar activity, Nasa said.

Van Allen Probe B is not expected to re-enter the Earth’s atmosphere before 2030.

[BBC]

News

PM Visits the International Rice Research Institute (IRRI)

Published

5 hours ago

2026/03/12

Priyan

Prime Minister Dr. Harini Amarasuriya visited the International Rice Research Institute (IRRI) headquarters in Los Baños, Laguna, Philippines, on 11 March 2026, and held bilateral discussions with Yvonne Pinto, Director General of IRRI, focusing on strengthening cooperation in the field of rice research and sustainable agricultural development.

During the meeting, discussions centered on rice cultivation in Sri Lanka, including the key challenges faced by Sri Lankan paddy farmers. The Prime Minister highlighted issues affecting the sector such as productivity constraints, climate-related impacts, and the need to support farmers through improved agricultural practices and technological innovations.

Both sides also discussed the importance of introducing modern techniques and research-driven approaches to rice cultivation in order to enhance productivity and ensure long-term food security. In this regard, IRRI shared insights on ongoing global research initiatives aimed at improving rice varieties, strengthening climate resilience, and promoting sustainable farming practices.

The discussion further focused on the potential for expanded collaboration between Sri Lanka and IRRI, particularly in areas such as research partnerships, knowledge sharing, and capacity building for Sri Lankan agricultural institutions and farmers. The Prime Minister emphasized Sri Lanka’s interest in strengthening cooperation with IRRI to support the development of the country’s rice sector and to improve the livelihoods of paddy farmers.

The visit reaffirmed the importance of science-based agricultural innovation and international collaboration in addressing food security challenges and enhancing sustainable rice production in Sri Lanka.