Sri Lanka c.bank holds rates as it awaits crucial IMF deal -Reuters

Sri Lanka’s central bank held interest rates steady for a third straight meeting on Wednesday, as widely expected, saying the prevailing tight monetary stance is crucial to taming still-high inflation and restoring economic stability.

The island nation of 22 million people, which is trying to clinch a $2.9 billion IMF funding package, is in the grip of its worst economic crisis since independence from Britain in 1948.

The Standing Lending Facility (LKSLFR=ECI) rate was held steady at 15.50% while the Standing Deposit Facility Rate (LKSDFR=ECI) was kept unchanged at 14.50%, remaining at their highest levels since August, 2001.

“The Board … was of the view that the maintenance of the prevailing tight monetary policy stance is imperative to ensure that monetary conditions remain sufficiently tight to rein in inflationary pressures,” the Central Bank of Sri Lanka (CBSL) said in a statement.

“Market rates are adjusting as expected, so there was no need to touch policy rate,” said Udeeshan Jonas, chief strategist at CAL Group.

The CBSL had increased rates by a massive 950 basis points between August 2021 to July 2022 to fight runaway inflation. Policymakers are still grappling with challenges on several fronts including a shortage of foreign currency, a collapse in the rupee, a steep recession and slowing global growth.

CBSL Governor P. Nandlal Weerasinghe said there was little room to cut rates until the foreign exchange reserves position stabilises.

However, the situation has improved and the market can support around $1 billion in imports, he said.

Tight monetary and fiscal policies will help bring down inflation to desired levels by the end of 2023 and restore price and economic stability over the medium term, CBSL said in the statement.

After hitting an annual peak of 68.9% in September, consumer inflation moderated to 57.2% in December.

IMF DEAL CRITICAL

Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, Weerasinghe said in a speech to the private sector on Tuesday and expressed optimism about talks with creditors at today’s news conference.

“If IMF gets assurances, then expect the program to be unlocked in the first quarter of this year,” he told reporters.

India told the IMF last week that it strongly supports Sri Lanka’s debt restructuring plan, a crucial endorsement for Colombo as it tries to secure the four-year $2.9 billion programme with the global lender.

“It is important CBSL is clear in their communications about domestic debt restructuring, whatever the eventual decision, since that’s the big driver of the risk premia attached to market rates,” said Thilina Panduwawala, head of research at Colombo-based Frontier Research.

Weerasinghe said it was too early to discuss domestic debt restructuring.

MARKET RATES FALLING

Market interest rates have begun to move down and are expected to ease further, the central bank said.

Interest rates on three-month government securities have eased to about 30% from a peak of around 32% earlier this month.

“They may only start looking at policy rate revisions once inflation makes a substantial turn and the IMF deal is through,” said CAL Group’s Jonas.

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China’s diplomatic manoeuvre on Dalai Lama visit ludicrous

The Charge d’affaires of the Chinese embassy in Colombo Mr. Hu Wei is reported to have conveyed to the Most Venerable Mahanayake Thero of the Malwatte Chapter Thibbatuwawe Sri Sumangala Thero, whom he met in Kandy on January 11, 2023, his government’s strong opposition against His Holiness the Dalai Lama visiting Sri Lanka and that if such a visit was allowed by the Sri Lankan government the historical China-Sri Lanka relations will be damaged.

In a Colombo-datelined report of January 18 in ‘The Citizen’, Mr. Wei is also reported to have stated that the Dalai Lama is not ‘a simple monk’ but ‘a separatist’ trying to secede Tibet from China and, therefore, the Buddhist communities of Sri Lanka must safeguard the relations.

Not only political analysts or international political observers but any ordinary individual can see the stupidity and unhistorical falsehood of the statement that has been made with ulterior motives in a tone threatening the sovereignty of a democratic country and also the chief prelates of its principal religion. Mr. Wei has also been quoted as saying that Tibet remained part of China; there are over 46,000 monks and nuns in over 1700 Buddhist temples; the overall GDP per capita income, life expectancy and well-being have gone up several fold under the Chinese communist administration; and that Tibet has been transformed from serfdom to ‘democracy’.

History bears witness to the tragic and most heart-rending fact that up to 6000 monasteries and shrines were destroyed, hundreds of thousands of people who protested and fought against Chinese military invasion were slaughtered, their women were raped and killed, the precious and well-preserved and valuable Tibetan culture and tradition got progressively eradicated, famines were experienced repeatedly for the first time in recorded history of Tibet with hundreds of thousands dying due to starvation, civilians and Buddhist monks in large numbers committed suicide by self-immolation, thousands of people who protested were tortured and incarcerated in concentration camps and the others those who could manage, including Buddhist monks and civilians, fled the country in their thousands seeking asylum in India and in other countries.

The gentleman spoke of the well-being of the people and the increased GDP per capita income are achievements in almost all world nations as a changing world phenomenon, except in some Asian and African countries due to specific reasons. But the gentleman who made that statement should realize that the people who follow Buddhist concepts do not seek personal or economic welfare but a simple life and the freedom to live their life as they want and achieve spiritual uplift and that is exactly what the Tibetan people wanted and still do and the fact remains that they had it under the spiritual leadership of His Holiness the Dalai Lama and they loved him and look forward to the golden day of his return to their country as its spiritual and temporal leader.

The Dalai Lama fled to India over six decades ago during the initial stages of Chinese military invasion after coming to know that he was invited to China with the motive of assassinating him. The thousands of Tibetan Buddhist monks and civilians who fled Tibet after him are living peacefully and happily in many world nations, telling aloud to the world the sub-human and bestial treatment that the Tibetans got under the Chinese military invaders and what miserable life they are now living under the communist rulers. In fact, the Chinese military rulers will not find even a single genuine Tibetan Buddhist civilian or monk who will say, after these six decades of military rule, that he or she is happy under the Chinese military rule. All Tibetans abroad, including His Holiness the Dalai Lama, are continuing to voice for the liberation of their mother land from the military grip of the non-religious communist rule.

The chief prelates of Sri Lankan Maha Sangha had once again extended their invitation to the Dalai Lama for pilgrimage in Sri Lanka under the current state of severe economic downturn back here with strong hopes and beliefs that his visit will help boost the economy to certain extent because he has many millions of followers throughout the world and some of them are heads of multinational companies and globally recognized affluent individuals with prospects of investing in Sri Lanka while on the other hand his visit to Sri Lanka will help boost spiritual tourism because such a phenomenon was witness in Bodh Gaya where the five-year International Pali and Sanskrit Bhikkhu Exchange programme was launched on December 27, 2022.

When they extended the invitation to His Holiness the Dalai Lama, they never anticipated that China would take all possible measures to block his visit, like on all previous occasions, because Sri Lanka needed help from all quarters at her present precarious economic condition and that any country would most willingly support such help coming from any source. However, China reacted negatively, instituting immediate diplomatic and other political measures to prevent the visit. Their Charge d’affaires visited the Mahanayake Theros of the Asgiriya and Malwatte chapters hurriedly with lorry-loads of dry rations and other relief measures to ‘bribe’ the chief prelates and ‘demand’ from them, citing the purported ‘national welfare’ as a reason, to defer from their intention of bringing down His Holiness the Dalai Lama. Here, they have gone one step further and described His Holiness as a ‘separatist’, implying as if Tibet remained part of China from time immemorial and he was trying to separate it. But stupidity from a diplomat trying to hoodwink the entire world as China militarily snatched away Tibet from its most beloved spiritual and temporal leader and its innocent peace loving and ardent Buddhist followers. The Dalai Lama remains the most beloved global Buddhist leader and the most honored guest of the Government of India for the last six decades. He is the recognized and renowned Buddhist spiritual leader who frequently meets with political and spiritual leaders of world nations and tirelessly conveys the noble teachings of the Buddha all over the world attracting hundreds of thousands of followers and admirers after him from all over the world. How ridiculous to call him a separatist because he wants his own country back from the communist military leaders who snatched it under military invasion!

The Charge d’affaires of the Chinese embassy is also quoted as saying that Tibet forms part of China as either Kandy or Jaffna forms part of Sri Lanka. This is the highest level of ludicrousness to which anyone can drop down to and a diplomat of the most populous land has dropped down to that level. Pages of history stand witness to what inhuman, barbarous atrocities were committed by the Chinese for snatching away Tibet from its legitimate rulers and citizens. So let us hope that the Chinese would revisit their strong and rigid stand with regard to the visit of the Dalai Lama to visit Sri Lanka with a noble outlook.

Source:The Leader

Tense situ after hundreds attend free fake Turkey job interview in Colombo

One suspect from a group that had duped many people by providing misleading information pertaining to a job interview in Colombo organized by an employment agency has been arrested, Minister of Foreign Employment and Labour Manusha Nanayakkara said on Wednesday.

Minister Nanayakkara told NewsWire that a third party had misled the public about a fake job interview by publishing a notice on social media platforms.

“There are some job opportunities in Turkey, but those will be officially informed. I urge job seekers to follow our official channels rather than falling prey to these types of fake job scams,” the minister said.

The Sri Lanka Bureau of Foreign Employment (SLBFE) stated that an interview had been organized by a registered employment agency for specific jobs, while official letters had also been issued to prospective job seekers.

The SLBFE stated that, however, an individual had scammed the public via social media claiming that free jobs were being offered during the interview today, prompting hundreds of people to report for the interview, resulting in a tense situation.

Meanwhile, the Turkish Embassy in Colombo said neither the Embassy nor the Turkish Ministry of Interior are related or connected with any recruitment activities of manpower.

“It has been brought to the immediate attention of the Embassy that some misinformation is being circulated in social media according to which Türkiye has been recruiting manpower in Sri Lanka. The Embassy would like to hereby inform neither the Turkish Embassy in Colombo nor the Turkish Ministry of Interior are related or connected with such recruitment activities, seemingly organised by some private individuals,” the Turkish Embassy said in a statement.

It is reported that over 1000 individuals had travelled to Colombo from across Sri Lanka for a Turkish Job interview after seeing a social media post.

The Police had to be deployed to control the situation which turned violent at the JR Jayawardena Center in Colombo after job seekers were turned away.

Election Comm. asks CBSL for help after CEB and CPC highlight dollar shortage

The National Election Commission in a letter to the Governor of the Central Bank of Sri Lanka has inquired over the possibility of making available the facilities required for the upcoming election.

The letters inquired the Central Banks’ position to provide US dollars for the Ceylon Petroleum Corporation and the Ceylon Electricity Board to supply electricity and fuel for the election.

At the recent meeting with the National Election Commission, the CPC and the CEB had pointed out that they are short of US Dollars to ensure a continuous supply of electricity.

They had requested the National Election Commission to inquire from the Central Bank of Sri Lanka on supporting them to avert a dollar crisis.

Sandya Ekneligoda marks 13 years of her husband’s disappearance by invoking Goddess Kali’s wrath on the Rajapaksas at the Modara Kali Kovil

Sandya Eknaligoda, the wife of missing journalist Prageeth Eknaligoda engaged in religious observances at the Modara Kali Kovil to mark the 13th year of her husband’s enforced disappearance. Submitting a missive to the Goddess, Ekneligoda called on Kali to hunt down and destroy those who abducted and forcibly disappeared her husband 13 years ago.

Eknaligoda has continued this practice over the past years in a bid to obtain justice for her husband. Speaking to the media, Ekneligoda said the Rajapaksas who committed these crimes were ousted by the people as she had wished and prayed for. She said she called on the Goddess to punish those responsible for her husband’s fate as well as officials who keep blocking justice from being delivered.

She has been fighting for justice for over a decade after her husband, a journalist, cartoonist and critic of the Rajapaksa family was abducted on 24 January 2010. Following the abduction, she openly accused the Rajapaksa regime and named them as her husband’s abductors, facing many threats and obstacles as a result.

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High commissioner underscores importance of Sri Lanka-India cooperation, togetherness

Indian High Commissioner to Sri Lanka Gopal Baglay says cooperation and working together would be very important for Sri Lanka and India on the journey that lies ahead for the two nations to celebrate the centenary of independence in 2047 for India and 2048 for Sri Lanka.

He made this observation on Tuesday (Jan. 24) addressing the gathering at the Rhythm of Harmony held at the Concert Hall of the Bandaranaike Memorial International Conference Hall (BMICH) to mark the 74th Republic Day of India with the participation of President Ranil Wickremesinghe as the Chief Guest and the Guest of Honour, the President’s Media Division (PMD) said.

The UDX, a globally acclaimed musical band from Nagaland in the Northeastern part of India performed at the show along with the Sri Lankan Heavy metal Quintet Band Stigmata.

The high commissioner further stated that the two bands from Sri Lanka and India were selected to perform at the event to mark the close relationship between the two countries, shared civilization, shared aspirations of peace, progress, prosperity, friendship, and close ties between the two countries.

India is a vibrant growing economy and vibrant diverse democracy like Sri Lanka, high commissioner said further, adding that diversity and democracy are two things that Sri Lanka and India lived by and live for.

The high commissioner also mentioned that Sri Lanka is going to mark its 75th Independence Day early next month. “So as close friends, we should celebrate this event together signifying the real rhythm of harmony. It is not only the harmony of separate bands and music but also the harmony and symphony of India and Sri Lanka. So we celebrate our togetherness in celebrating 75 years of independence, and 75 years of diplomatic relations and also recommit ourselves to the journey ahead of both countries to celebrate the centenary of independence.”

He added that it is not only political leaders, professionals, scientists, diplomats, bureaucrats, and civil servants who should corporate and work together but also every section of society that would play a very crucial role in the shared prosperity that we are going to forge with everybody’s participation.

High Commissioner Baglay appreciated President Ranil Wickremesinghe’s presence at the event which was attended by ministers, state ministers, parliamentarians, and Indian and Sri Lankan nationals.

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Money found at President’s House: Police yet to record a statement from Gota despite a court order

It was transpired before Colombo Fort Magistrate’s Court that despite a Court order, police have so far failed to record a statement from former President Gotabaya Rajapaksa regarding ongoing investigations into the sum of Rs. 17.8 million recovered by protesters inside the President’s House on 9th July.

The Court was informed that IGP’s decision to handover the probe to the Criminal Investigations Department (CID) from Special Investigation Unit (SIU) had led to delay the ongoing investigations into the incident.

Meanwhile, Colombo Fort Magistrate Thilina Gamage issued an order directing the IGP to show cause as to why investigations pertaining to the recovery of money inside the President’s House were handed over to the CID from SIU.

This information was revealed when a case filed against Convener of Inter-University Students’ Federation (IUSF) Wasantha Mudalige, Fr. Jeewantha Peiris and 71 others for forcibly entering the President’s House on the 9th of July was taken up for inquiry before Colombo Fort Magistrate’s Court.

Meanwhile, the Magistrate issued an order directing the National Authority for the Protection of Victims of Crimes to conduct an inquiry into an alleged incident where SIU Director SSP Wickremasinghe had been threatened by Senior DIG Tennakoon.

President’s Counsel Rienzie Arsekularatne with Maithri Gunaratne PC appeared for the suspects in the case.

Government goes for China again to enhance Colombo port

Sri Lanka is all set to roll out the first phase of the proposed Colombo South Port development project as a Public-Private-Partnership (PPP) with an investment of $ 150 million.

“Based on the recommendations of the Cabinet Appointed Negotiation Committee, the Government has decided to implement the Colombo International Container Terminals (CICT) proposal evaluated by a Cabinet Appointed Negotiation Committee,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

As per the evaluation by a Cabinet Appointed Negotiation Committee, Battenberg and Bloemendhal service delivery areas belonging to Colombo South Port were identified as areas that can be developed under PPP.

“Based on the recommendations of the Cabinet Appointed Negotiation Committee, the PPP project will be developed between the China Merchant Port Company (CMPC), Colombo International Container Terminals Company (CICT) and Sri Lanka Ports Authority (SLPA),” Gunawardena added.

With the Government looking at transforming the Colombo Port into a service supply hub in South Asia, the proposal to this effect submitted by the Ports, Shipping and Aviation Minister Nimal Siripala de Silva was approved Cabinet of Ministers at its meeting on Monday.

The Port of Colombo is the largest commercial port in Sri Lanka as well as a key hub port in the South Asian region. One of the primary strategic objectives of the Port Authority’s National Port Master Plan is to turn Colombo Port into a service supply hub.

The Colombo West Container Terminal is being developed by India’s Adani Group in joint venture with John Keells Holdings which also operates the South Asia Gateway Terminal with several other partners.

China’s Exim Bank offers Sri Lanka debt moratorium – Reuters

The Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt and said it will support the country’s efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters.

India wrote to the IMF earlier this month, saying it would commit to supporting Sri Lanka with financing and debt relief, but the island nation also needs the backing of China in order to reach a final agreement with the global lender.

China’s Jan. 19 letter, sent to the finance ministry, however, may not be enough for Sri Lanka to immediately gain the IMF’s approval for the critical loan, a Sri Lankan source with knowledge of the matter said.

Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades.

According to the letter, the Export-Import Bank of China said it was going to provide “an extension on the debt service due in 2022 and 2023 as an immediate contingency measure” based on Sri Lanka’s request.

At the end of 2020, China EXIM bank had loaned Sri Lanka $2.83 billion which is 3.5% of the island’s debt, according to an IMF report released in March last year.

“…you will not have to repay the principal and interest due of the bank’s loans during the above-mentioned period,” the letter said.

“Meanwhile, we would like to expedite the negotiation process with your side regarding medium and long-term debt treatment in this window period.”

Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of its public external debt, by the end of last year, calculations by the China Africa Research Initiative showed.

“The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain,” the letter said.

The Sri Lankan source, who asked not to be identified because of the sensitivity of the confidential discussions, said the island nation had hoped for a clear assurance from Beijing on the lines of what India provided to the IMF.

“China was expected to do more,” the source said, “This is much less than what is required and expected of them.”

Sri Lanka’s foreign and finance ministries and China’s foreign ministry did not immediately respond to questions from Reuters.

Sri Lanka’s central bank chief P. Nandalal Weerasinghe said on Tuesday that the country hoped for assurances from China and Japan, another major bilateral lender, soon and complete debt restructuring in six months.

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How a Chinese company destroyed a Sri Lankan fishing community

According to an article published by Daily Mirror, in 2020 alone, Sri Lanka has exported about 326 tons of sea urchins with China being the biggest buyer.[i] Going back as far as 2016, a sea leech hatchery was established by a Chinese joint venture company ‘Gui Lan (Pvt) Ltd’ centered on the northern peninsula to facilitate the export of these species to China. The company has been registered as a private limited liability company with a registered address in Negombo with two Chinese and a Sri Lankan being named as directors in April 2016. Welcoming Chinese investment in the country, in June 2022, the Sri Lankan cabinet approved a proposal for a large-scale commercial sea leech and sea cucumber farming project spanning 5,000 acres in the districts of Jaffna, Mannar, Kilinochchi and Batticaloa in the Northern and Eastern Provinces. The government also plans to set up an export village in an area of 100 acres.

As per online resources, the approximate price range for Sri Lankan Sea Cucumber is between US$ 30.39 and US$ 54.69 per kilogram or between US$ 13.78 and US$ 24.81 per pound (lb) in 2022. In 2017, a kilo of sea cucumber was priced at US$21.64 and in 2019 the price went up to $30.39 per kilo.[ii] According to a January 2020 Hindustan Times report, a kilo of sea cucumbers can fetch about Rs 50,000 and some fishermen could even earn Rs. 2 lakh in a single day. [iii] This highly priced delicacy is helping Sri Lanka bring in the much needed foreign currency to combat the ongoing economic crisis in the country.

While the Sri Lankan government is busy counting the money, the local fishermen communities have been suffering. It has come to light that the Gui Lan joint venture has failed to secure a permit from National Aquaculture Development Authority of Sri Lanka (NAQDA) for its new nursery in Kowtharimunai in Pooneryin. This new nursery is located only a few kilometers away from its Ariyalai hatchery in Jaffna. According to the chief of Pasaiyoor Fishermen Federation P. Mathan, the establishment of this new nursery has led to acres of sea lands being fenced off for sea cucumber harvesting, shutting out the traditional fishermen who harvest prawns for a living. While the company continued its operations at Ariyalai, the Fisheries department in 2017 filed a legal action against it for failing to produce a permit from NAQDA. The case was then transferred to Jaffna Magistrate’s court where it was ordered to release the baby sea cucumbers to the nearby waterways. Pooneryin Divisional secretary S.C. Krishnendran said he came to know about the company’s Kowtharimunai extension only through media reports and that no such permit applications were submitted to the local fishermen body seeking its consent.

The laid-back attitude of the authorities resulted in no proper action has been taken yet. About 3,200 small-scale fishing families have been seriously affected by the creation of sea leech farms, losing their livelihoods during an ongoing economic crisis in the country. A group of fishermen has also started a hunger strike near the Kiranchi fishing harbor because the roads leading to their boats for fishing activities has been blocked due to the permission of a group of fishermen to set up sea leech cultivation boxes. The fishermen point out that if out of 100 fishermen even just 10 set up a sea leech farm, the livelihood of the remaining 90 who catch shrimp, prawns and other fishes is put at stake. Out of the 17,000 fishing families living in the Northern Province, less than 1000 have been selected to work in these farms, leaving the remaining 16,000 Dhiwara families at risk of losing their livelihood and falling into the streets. This has led to continuous protests demanding the closure of the illegal sea leech farms in Punagari, Kirawan and Ilavankuda areas.

The effect of these farms on the marine diversity and ecology has been grave. The lights aimed at the sea urchin production farms across the lagoon are switched on in the evening which affect the movement of fish and prawn towards the shore. These organisms live near the coast or move towards the sea depending on the salinity of the waters. Chinese companies like Gui Lan have constructed several sea cucumber farms with electric fences along the sea shore, restricting the movement of other aquatic species towards the coast during monsoon season. This malevolent practice could pose a serious threat to the long-term sustainability of the region. Sea cucumbers help detoxify contaminants in the soil and other environments, help in nutrient cycling and redistribution of sediments. Moreover, they help other species such as corals to live, making them ideal for bioremediation.

Sea cucumbers (Holothuroidea) and sea urchin (Echinoidea) along with starfish are invertebrates that belong to a larger animal group called Echinoderms. These spiny-skinned spineless creatures live on the seabed and can be easily found in oceans around the world. Sea cucumbers have a long, barrel shaped body with soft, leathery skin while sea urchins are on the rounder side with spikes to protect it from the predators. Both of these echinoderms are consumed around the globe as food as well as medicine.

Sea cucumber, which is known as Muhudu Pipinna in Sri Lanka, is found along its Northwestern and Eastern coasts. Traditionally, these creatures have been harvested using wooden vallam and siraku valai, a passive type of fishing gear which is set up in night and harvested the following morning. This method has been popular in shallow waters and near shore areas. Another traditional method is patti valai, which is used to harvest fish and prawn using square-shaped nets. In addition, sea cucumbers are easily picked up by divers, who dive from traditional oru, a type of canoe or even motorized boats.

However, these methods are now disappearing due to the proliferation of large sea cucumber farms. The Ministry of Fisheries leases out sea land plots ranging between one to ten acres on the seashore. The largest fish breeding sites are located near shallow coastal lands due to favorable marine environment including sunlight and sea plants. While all these factors make Sri Lanka a suitable place for sea cucumber farming, large scale production could prove to be catastrophic. These areas are usually surrounded by thick electric fences keeping in line with the pen culture method. About 4000 sea cucumbers can be bred at one time in one acre of area. In a sea cucumber hatchery, the baby animals are nursed up to four months before they are sold to commercial farms run by locals. These babies then take at least ten months to mature and ready for export.

Considered a delicacy in China, sea cucumbers are often served during banquets and dinners. In addition, sea cucumbers are used in traditional Chinese medicine (TCM) to cure impotence, joint pain etc., enhance sports performance and is known to have anti-fatigue effects. All these factors have made sea cucumbers one of the most expensive seafood item that already has a huge market available for business. The demand of sea cucumber has been on the rise which has led to construction of massive farms along the Lankan coastline. Reportedly, the sea cucumber farm established by Chinese companies have led to loss of livelihood of close to 15000 Sri Lankan fishermen families. Reports of protests from these families state that the traditional fishing grounds and marine diversity are being destroyed and are leading to poverty and unemployment.

If the Sri Lankan government wants to tackle the problem and work to improve the living condition of the fishing community, then it can be achieved only through right technology and clean investments from local entrepreneurs. Handing over the coastline to Chinese domination will only bring disaster to the humans as well as the environment.

[i] Majueran, Maya, “Chinese Investment in Sea Cucumber Farm in Sri Lanka also a Threat to Indian Security?”, Daily Mirror, 20.10.2022 https://www.dailymirror.lk/news-features/Chinese-Investment-in-Sea-Cucumber-Farm-in-Sri-Lanka-also-a-Threat-to-Indian-Security/131-247136

[ii] “Sri Lanka Sea Cucumber Prices”, https://www.selinawamucii.com/insights/prices/sri-lanka/sea-cucumber/

[iii] Chatterjee, Badri,”219 sea cucumbers worth Rs1.17 crore seized in largest seizure in Lakshadweep”, Hindustan Times, 15.01.2020 https://www.hindustantimes.com/mumbai-news/219-sea-cucumbers-worth-rs1-17-crore-seized-in-largest-seizure-in-lakshadweep/story-O20FnMsd3bSd4HE6HMbYPK.html