In a significant step towards sustainable plastic waste management, Island Climate Initiative (ICI) officially launched GP Certified, Sri Lanka’s first certification mechanism for high-quality recycled plastics. The launch event, held in Colombo, brought together key stakeholders—including FMCG brands, recyclers, policymakers, and environmental advocates – to introduce the future of sustainable packaging in Sri Lanka.

Sri Lanka generates thousands of tonnes of plastic waste annually, yet only 4% is recycled. Most plastic waste is either burned or dumped into landfills, polluting our oceans and waterways. GP Certified aims to change this by promoting better recycling practices and encouraging FMCG companies to use recycled plastics in their packaging. This will reduce reliance on imported virgin plastics and less plastic waste will enter the environment.

The GP certification provides recyclers with clear industry guidelines to ensure plastics are recycled to higher standards under safe, ethical and environmentally responsible conditions. This means FMCG companies can confidently and safely use recycled plastics in their packaging, supporting a more sustainable circular economy.Speaking at the launch event, Mr Chaminda Rajapakse, Managing Director of Island Climate Initiative, stated: “With GP Certified, plastic waste becomes something useful – empowering our communities, strengthening local businesses, saving foreign exchange and protecting our island’s natural beauty.”

A key feature of GP Certified is its certification label, which will be displayed on FMCG packaging made with verified recycled plastic. This label guarantees that the packaging meets strict standards across three key areas: safety, ensuring that recycled materials comply with health and hygiene requirements; quality, verifying durability and usability in packaging applications; and sustainability, promoting ethical sourcing and responsible waste management.

This initiative will also help recyclers adopt best practices, provide better working conditions, and drive demand for recycled plastics in Sri Lanka’s FMCG sector.”The GP Certified initiative is a game-changer for the recycling industry. It ensures that the plastics we process meet high standards for safety and quality, which will not only boost consumer confidence but also increase demand for recycled plastics from the FMCG sector.” – Chullaka Hapuarachch, Ecopoly (Pvt) Ltd.
GP Certified is funded by the PLEASE Project, implemented by the South Asia Co-operative Environment Programme, supported by the World Bank, with implementing support from UNOPS.

The Central Bank’s Financial Intelligence Unit (FIU) has fined two financial services’ providers a total of Rs. 03 million for violations during November-December 2024 under anti-money laundering laws.

Accordingly, the Indian Bank was imposed a fine of Rs. 2 million and Amana Takaful Life Rs. 1 million.

The penalties were imposed for non-compliance with the provisions of the Financial Transactions Reporting Act (FTRA), the banking regulator said in a media release.

The complete media release is as follows :

Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe has said that only around USD 200 million worth of Letters of Credit (LCs) have been opened so far for vehicle imports.

Speaking at the CBSL’s Monetary Policy briefing yesterday (March 26), the Governor announced the decisions of the Monetary Policy Board of the Central Bank of Sri Lanka (CBSL) made at the board’s meeting held March 25th for the second monetary policy review.

The Governor further said this year’s economic growth will depend on policies implemented within the year, mainly fiscal and structural policies.

He further mentioned that the Central Bank had anticipated managing around USD 1 billion for vehicle imports this year without difficulty.

However, as there are still about nine months remaining in the year, he stated that this amount is expected to be spent over that period.

Dr. Weerasinghe, who further clarified that the negative inflation is temporary, noted that it is mainly due to repeated reductions in electricity tariffs.

Deflationary conditions are expected to gradually ease in the third quarter of this year, moving toward the targeted level, he added.