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World Bank approves $150 mn. to strengthen Finance sector

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The World Bank’s Board of Executive Directors on Thursday (Nov. 09) approved $150 million in financing for Sri Lanka to strengthen the resilience of the financial sector.

“Sri Lanka’s economic crisis highlights the need for strong safety nets to support the financial sector. Stable and reliable banking sector is essential for the economy, businesses and individuals, small businesses and poor households,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.

“Strengthening the Deposit Insurance Scheme will help protect the savings of smaller depositors, including women and people living in rural areas. It will also sustain the confidence in Sri Lanka’s financial system, a critical part of building the country back better,” he added.

The Financial Sector Safety Net Project is designed to boost the financial and institutional capacity of the Sri Lanka Deposit Insurance Scheme (SLDIS), which is managed by the Central Bank of Sri Lanka.

“Strengthening the financial sector safety net is crucial for maintaining financial stability during a macro-debt crisis,” said Alexander Pankov, Lead Financial Sector Specialist and the Task Team Leader for the project. “A robust deposit insurance system, along with enhanced supervision and resolution frameworks, will safeguard public confidence in the financial system and protect people’s savings.”

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Skill or professional stream to be added to O/Ls

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State Minister for Social Empowerment Mr. Anupa Pasqual, emphasized that new laws are being introduced to facilitate the use of uncultivated land for agricultural purposes as land is vital for social empowerment. 

The state minister also announced that the government has decided to incorporate a skill or professional stream into the G.C.E (Ordinary Level) Examination to promote social empowerment.

“A fundamental ideology we have advocated is the need for educational system reform to uplift society. Hence, individuals should not be labelled as exam failures solely due to struggles in subjects like maths, religion, or language at the G.C.E (O/L) examination. Therefore, the government has resolved to integrate skill-based or vocational streams into the G.C.E (O/L) Examination syllabus. This concept reflects societal acceptance. Accordingly, the Ministry of Education plans to implement this initiative from the beginning of next year. It is imperative to note that forthcoming educational reforms aim to cultivate skilled professionals,” he said.

The State Minister made these remarks during a press briefing titled “Collective Path to a Stable Country” held at the Presidential Media Centre (PMC) today (May 21).

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Move to sell LSD-infected cattle amid disease outbreak

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With the outbreak of the Lumpy Skin Disease (LSD) among cattle in the Nuwara Eliya District, there is a growing tendency among dairy farmers to sell off their affected livestock.

Dr. Suresh Kumara, the Government Veterinary Surgeon in charge of the Kotagala-Talawakele division, reported that the district contributes 12 percent of the Central Province’s milk production. 

The outbreak has led to the death of many milch cows, resulting in a sharp decline in milk output.

In response to the outbreak, affected dairy farmers have begun selling their LSD-infected cattle to slaughterhouses. 

Dr. Kumara emphasized the need for vaccination to control the disease but noted that the necessary vaccine is currently unavailable.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)

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Puttalam District schools to reopen tomorrow

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Schools in the Puttalam District are scheduled to reopen tomorrow (May 22) for academic activities, according to the Provincial Director of Education of the North-Western Province. 

However, the Zonal Directors of Education have been authorised to decide otherwise depending on the weather conditions, the Provincial Director adds.

All schools in the Puttalam District remained closed yesterday and today due to adverse weather conditions.

Meanwhile, in a statement, the Education Ministry states that news reports claiming that tomorrow is a school holiday, is false.

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