News
US delivers $150 Mn to support community-based women entrepreneurs
The United States government disbursed $150 million in financing to the DFCC Bank on Nov 12 to support sustainable development of Sri Lankan community-based businesses. This is the largest loan disbursement by the U.S. Development Finance Corporation (DFC) for Sri Lanka, and it is part of a $265 million commitment designed to support the local Micro, Small, and Medium Enterprise (MSME) sector, especially women-led enterprises in Sri Lanka, the US Embassy in Colombo said.
Through this partnership, the DFCC Bank will provide lending solutions in priority sectors and support Sri Lanka’s commitment to achieve the United Nations Sustainable Development Goals, particularly enhancing the country’s efforts to promote women entrepreneurship. A portion of the DFC loan will be directed towards MSMEs owned or led by Sri Lankan women to tackle one of the biggest issues faced by women entrepreneurs: limited access to finance.
Disbursing the funds, the U.S. Chargé d’Affaires to Sri Lanka and the Maldives Martin Kelly said: “Gender equity and equality are key aspects of the bold new global infrastructure initiative Build Back Better World (B3W) that President Biden and G7 partners launched earlier this year. We look forward to seeing this funding make a difference for Sri Lankan communities, for small and medium business, and for women entrepreneurs as we all recover from the pandemic.”
The U.S. Development Finance Corporation (DFC) is the development finance institution of the United States government, primarily responsible for providing and facilitating the financing of private development projects in countries around the world. This assistance is part of DFC’s 2X Women’s Initiative which has mobilised USD 7 billion in private sector investment toward women’s economic empowerment and aims to provide an additional USD 12 billion by 2025 to advance gender equity in emerging markets worldwide.
News
Proposed restructuring of Sectoral Oversight Committees: House in talks with UNDP
By Shamindra Ferdinando
The newly elected National People’s Power (NPP) government intends to restructure the existing Sectoral Oversight Committees (SOCs) meant to examine Bills except those defined in Article 152 of the Constitution, treaties and reports, including annual and performance reports pertaining to institutions coming under their purview.
Parliament and the United Nations Development Programme (UNDP) would examine the government’s proposal in this regard, authoritative sources told The Island.
Sources said that both parties agreed that expenditure could be curtailed through proper restructuring. The UNDP over the years provided a significant amount of funding for strengthening of SOCs, in addition to providing expertise.
SOCs could also examine any other matter referred to them by Parliament or any Committee or a Minister relating to the subjects and functions within their jurisdiction, sources said.
Altogether there were17 SOCs in the last parliament and the majority of them didn’t function properly, sources said. The SOC process attracted public attention late last year when the US invited heads of all SOCs except Colombo District Lawmaker Rear Admiral (retd.) Sarath Weerasekera who led the one on national security. Weerasekera is on record as having said that the US embassy in Colombo sidelined him because of criticism of the US ambassador Julie Chung’s role in the high profile campaign that led to President Gotabaya Rajapaksa’s ouster.
The fully sponsored 10-day programme gave lawmakers an opportunity to study the committee process in the U.S. Congress. The United States Agency for International Development (USAID) and the National Democratic Institute (NDI) facilitated the programme. However, quite a number of MPs who represented SOCs in the last parliament either hadn’t contested the last general election or were defeated, hence the responsibility on the part of the Parliament to pay a lot more attention to the proposed restructuring process.
Parliament introduced the SOC system during the yahapalana administration. The system allowed selected youth to represent SOCs thereby participating in the process, sources said, adding that the operation of the committee system was of pivotal importance.
News
Wild elephant dies due to malnutrition
By Dinasena Rathugamage
A female elephant died on Wednesday (4th) after collapsing in a paddy field in Kudakachchakodiya, Vavuniya, due to malnutrition.
According to Wildlife officials, the elephant had travelled a long distance.
After being alerted by local villagers, the Wildlife officials attended to the elephant and provided care for nearly a week. Despite their efforts, the elephant’s frail condition and advanced age ultimately resulted in her death.
Wildlife officials in Vavuniya are investigating the circumstances surrounding the elephant’s death.
News
Hashim: AKD serving himself like Ranil
His claim misleading– NPP
Jathika Jana Balawegaya Kegalle District MP Kabir Hashim told Parliament yesterday that incumbent President Anura Kumara Dissanayake had emulated his predecessor, Ranil Wickremesinghe, by allotting the same amount of funds for the period from January to April 2025.
Speaking during a debate on the Vote on Account presented for parliamentary approval by the government, MP Hashim noted that Wickremesinghe had allocated Rs. 1.4 trillion rupees to himself.
“This Vote on Account reveals that President Dissanayake has made the same allocation. When Wickremesinghe did so, the NPP and its leader Dissanayake criticised him. People voted for them expecting change. Where is the promised change?” Hashim said.
Hashim also said the government should seek parliamentary approval for the debt sustainability agreement with international sovereign bond holders before implementing it.
He mentioned that over Rs. 3 billion had been allocated for debt sustainability, while an additional Rs. 3 billion had been set aside for legal consultancy fees related to the debt restructuring programme.
NPP National List MP Lakmali Hemachandra, participating in the debate, said that USD 1.3 billion provided by the FAO to the Presidential Secretariat was included in the Vote on Account under the President’s Office heading, and that had resulted in an expenditure allocation for President Dissanayake similar to that of former President Wickremesinghe.
“The incumbent president has reduced expenses for his private staff by 64 percent,” MP Hemachandra added.
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