Sri Lanka’s Central Bank has identified Pro Care and Shade of Procare as operating prohibited pyramid schemes. SriLankan Airlines has canceled flights to Heathrow due to a power outage. A campaign by UNDP highlights the value of underutilized crops. The ADB is set to assist Sri Lanka in issuing thematic debt securities, promoting sustainability in financial practices.
The Central Bank of Sri Lanka has identified Pro Care (Pvt) Ltd. and Shade of Procare (Pvt) Ltd. as engaging in prohibited pyramid schemes under the Banking Act. This announcement also includes a list of additional companies and applications deemed to be operating illicit schemes, with one company withheld from identification due to a court order. The banned entities include notable companies such as Tiens Lanka Health Care (Pvt) Ltd. and Qnet.
In related news, SriLankan Airlines announced the cancellation of its flights to Heathrow Airport due to a significant power disruption caused by a fire at a nearby electrical substation. Flights UL 503 from Colombo to London and UL 504 from London to Colombo, scheduled for March 21, 2025, have been canceled. The airline expressed its apologies and is working closely with affected customers.
The UNDP in Sri Lanka, in collaboration with the World Food Programme and the Ministry of Environment, has conducted a six-week campaign aimed at highlighting the benefits of underutilized crops. This initiative, funded by the Global Environment Facility, coincided with International Day of Forests. The campaign stresses the importance of developing sustainable food systems amid the increasing challenges posed by population growth and resource demands.
The Asian Development Bank is set to assist Sri Lanka in selling thematic debt securities following the initial issuance of green bonds. Takeo Konishi from the ADB noted that these sustainability-linked bonds could attract global investors focused on social impact. The ADB aims to bolster Sri Lanka’s sustainable financing ecosystem, promoting regulation and governance structures that encourage innovative financing solutions for economic resilience and job creation.
In summary, Sri Lanka is navigating multiple economic and environmental challenges. The Central Bank’s crackdown on illicit pyramid schemes highlights the need for consumer protection. Simultaneously, the cancellation of SriLankan Airlines flights due to power supply issues reflects infrastructural vulnerabilities. Initiatives led by the UNDP and ADB indicate ongoing efforts to enhance food sustainability and financial solutions that can foster economic growth and environmental protection. It is imperative for Sri Lanka to ensure robust frameworks to manage these issues effectively, paving the way for sustainable development.
Original Source: economynext.com
