The Central Bank of Sri Lanka has declared Pro Care and Shade of Pro Care involved in illegal pyramid schemes. Additionally, SriLankan Airlines has canceled flights to London due to airport closure from a fire. A six-week campaign by UNDP highlights sustainable food systems, while the ADB is developing thematic debt securities to foster sustainable finance in the nation.
The Central Bank of Sri Lanka has clarified that Pro Care (Pvt) Ltd. and Shade of Pro Care (Pvt) Ltd. are operating in violation of the Banking Act by engaging in prohibited pyramid schemes. A list of additional companies deemed to be operating similar illegal schemes has also been released, although one company remains unnamed due to a court order. The companies include Tiens Lanka Health Care (Pvt) Ltd., Best Life International (Pvt) Ltd., and Mark – Wo International (Pvt) Ltd., among others.
In a separate announcement, SriLankan Airlines has indefinitely canceled flights to London’s Heathrow Airport following its temporary closure due to 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 suspended. The airline expressed its apologies for the inconvenience and assured passengers that they are monitoring the situation closely.
The United Nations Development Programme (UNDP) in Sri Lanka, alongside the World Food Programme and the Ministry of Environment, has launched a six-week campaign, funded by the Global Environment Facility, to emphasize the importance of underutilized crops. This initiative coincides with International Day of Forests, highlighting Sri Lanka’s unique biodiversity amidst population pressures on land and resources. The campaign aims to promote lesser-known foods that could be pivotal for sustainable food systems.
Furthermore, the Asian Development Bank (ADB) is aiding Sri Lanka in developing a framework for thematic debt securities, building upon the introduction of green bonds. These thematic bonds are expected to attract global investors eager for sustainable financing options. ADB’s support includes collaborating with the Securities and Exchange Commission on regulations, ensuring transparency and confidence in sustainable finance. The objective is to foster economic growth and job creation through innovative financing approaches, including social and sustainability-linked bonds, enhancing the country’s financial ecosystem.
In conclusion, the Central Bank of Sri Lanka has identified multiple companies engaged in illegal pyramid schemes, thus protecting the public interest. Meanwhile, SriLankan Airlines faces disruptions due to external circumstances, impacting flight operations to London. On a positive note, initiatives aimed at promoting biodiversity and sustainable food systems are being actively pursued by UNDP and the ADB, facilitating a transition to sustainable finance in Sri Lanka. Together, these developments reflect the dynamic and evolving landscape of Sri Lanka’s economy and regulatory environment.
Original Source: economynext.com
