Business
Sri Lanka faces triple-burden malnutrition: minister

National Food Systems Dialogue calls for collaborative action to transform country’s food systems
Despite Sri Lanka achieving middle-income status, the country is facing a triple burden of malnutrition spanning undernourishment, over-nourishment and micronutrient deficiency, Minister of Agriculture, Mahindananda Aluthgamage said.
He said so sending a message to the participants of the National Food System Dialogue held recently.
Noting that the agriculture sector is the main contributor of safe and nutritious food for all, the minister reiterated the importance of transforming food systems to make it profitable and socially inclusive with positive impacts on the natural environment. So that food security and nutrition for future generations would not be compromised.
The National Food Systems Dialogue was organised by the Ministry of Agriculture to identify challenges in building sustainable food systems in Sri Lanka, ranging from production, processing, distribution, consumption and disposal of food products.
Sri Lanka’s Food System Dialogue is part of a series of national and provincial dialogues conducted by the Ministry of Agriculture ahead of the 2021 UN Food System Summi tset to take place in New York later this year.
The United Nations Resident Coordinator in Sri Lanka, Hanaa Singer-Hamdy, said: “The Summit convened by the Secretary General — part of the Decade of Action to achieve the Sustainable Development Goals by 2030 — is an opportunity for Member States to identify their own pathways to sustainable food systems and take the necessary action to address these unique challenges. The Summit offers a timely process for helping policy makers and food system actors to better understand the impacts of alternative courses of action and strengthen partnerships and our capacity for collective action.”
The National Food System Dialogue — a high-level virtual meeting of stakeholders from the government, private sector, civil society organisations and development agencies focused on the major challenges affecting the agri-food system in Sri Lanka. The dialogue explored collective actions that are needed to ensure access to safe and nutritious food for all, shift to sustainable consumption patterns, boost environment-friendly production, advance equitable livelihoods across the food systems and build resilience to vulnerabilities, shocks and stressors.
Representative of the Food and Agriculture Organization (FAO), Vimlendra Sharan spoke on the need for establishing policy measures and legal frameworks that support sustainable food systems while safeguarding natural resources. Calling for innovative solutions he said, “Solutions of yester-years can’t be the answers for tomorrow. The Food Systems Summit gives us an excellent opportunity to move on from paradigms of the past.”
The COVID-19 pandemic has revealed extreme inequities and inefficiencies in the food system which depend on thousands of food producers and processors, many of whom are living with very low incomes. The pandemic came at a time when food systems were already under strain from natural disasters such as floods and prolonged periods of drought, climate change, and the arrival of transboundary pests and diseases such as Fall Armyworm.”
“The pandemic, despite all its ensuing turbulence, brought about remarkable learning opportunities, demonstrating the importance of preparedness in building resilient food systems,” said Abdur Rahim Siddiqui, Representative and Country Director of the World Food Programme (WFP) in Sri Lanka. “These national dialogues provide an excellent platform for collective action in reviewing our existing systems, evaluating our options and charting a clear path forward for better food security and nutrition for all.”
“The Food Systems Summit is an opportunity to make fundamental changes in food systems that would make them more equitable and sustainable. IFAD is proud to support the Government of Sri Lanka and work with relevant stakeholders to put smallholder farmers and other rural people at the heart of this process. Leveraging multi-stakeholder partnerships can transform food systems,” said Sherina Tabassum, Country Director, International Fund for Agricultural Development (IFAD), Sri Lanka.
The Food System Dialogues organized by the Government of Sri Lanka led by the Ministry of Agriculture is supported by the UN, FAO, WFP and IFAD. Independent dialogues are also being promoted for individuals and organizations to propose innovative pathways towards sustainable food systems.
The collective outcomes of the Food System Dialogues held in Sri Lanka will inform the UN Food System Summit which will launch bold new actions to deliver progress on all 17 Sustainable Development Goals (SDGs), each of which relies to some degree on healthier, more sustainable and equitable food systems.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair

The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
Business
LOLC Al-Falaah pioneers Sri Lanka’s first Wakalah-based factoring solution

LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
Business
Lumala emerges victorious at National Industry Brand Excellence Awards 2024

City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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