Category: Daily Financial Times

TAL Lanka Hotels PLC, the owner and operator of the iconic Taj Samudra Hotel, has announced plans to raise Rs. 1.87 billion through a Rights issue to strengthen its balance sheet, repay borrowings and fund refurbishment work at its Colombo hotel.

The company’s Board of Directors resolved yesterday to issue 66,836,785 ordinary voting shares through the Rights issue, offering 42 new shares for every 108 existing shares held by shareholders.

The new shares will be issued at Rs. 28 each, with the company expecting to raise a total of Rs. 1,871,429,980 from the issue. The share traded at Rs. 33 yesterday reporting a gain of 60 cents.

The proceeds will be utilised for the repayment or pre-payment of certain loans obtained by the company, financing refurbishment and renovation of its Colombo hotel, settling payments due to vendors and suppliers including overdue operator fees, and meeting general corporate requirements including operational expenses, professional fees and legal costs.

The company currently has a stated capital of Rs. 2.72 billion, comprising 171,866,018 ordinary voting shares. There are 9,606 shareholders inclusive of 82 foreigners. Public holding is 14%.Among major shareholders are TAL Hotels and Resorts Ltd., (62.55%), IHOCO BV (23.4%) and EPF (4%).

The proposed Rights issue remains subject to approval in principle from the Colombo Stock Exchange for the issue and listing of shares, as well as shareholder approval at a General Meeting.

Amana Bank has launched ‘Amana Bank Teen Savings’ coinciding with National Teenagers Day. Launched under the tagline ‘Smart for Teens; Secure for Parents’, Amana Bank Teen Savings is a unique savings solution designed to help teenagers take their first steps toward financial independence while ensuring parental guidance and security. Tailored for children aged from 13 to 17, this account blends the best of savings and transactional features, allowing teens to budget, save, and spend wisely while parents maintain oversight, reinforcing smart financial habits.

Amana Bank Teen Savings offers a personalised Visa Debit Card enabled for shopping and ATM withdrawals, with parents having the ability to pre-set transaction limits to ensure responsible spending. Teen account holders will also gain access to the ‘Your Bank’ online banking platform, enabling seamless fund transfers and bill payments, again with limits pre-set by parents to ensure prudent usage. The account is further enhanced with instant SMS alerts, e-statements, WhatsApp Banking, along with a daily end-of-day summary SMS sent to the parent’s mobile-enabling them to easily monitor and stay informed on their child’s transactions.

Furthermore, to encourage academic excellence, the Bank will reward teens who achieve outstanding results in national examinations with special cash incentives. While offering an attractive profit rates, parents can also transfer the profits from the child’s existing Amana Kids Savings or Flexi Term Investment Account to the Teen Savings account.

To facilitate seamless onboarding and transition to Teen Savings, parents/guardians of existing Amana Kids Savings customers with access to the ‘Your Bank’ Internet Banking platform can conveniently open the Teen account via the ‘E-mail Us’ feature on the App. With just a simple message, the account opening can be conveniently arranged, eliminating the need for a branch visit. Alternatively the teen along with their parents can visit any Amana Bank branch to open the account.

Furthermore, to instill smart financial habits and enhance financial literacy amongst its teen account holders, the Bank will actively engage on social media platforms, sharing valuable educational content on money management.

Vice President Retail Banking and Marketing Siddeeque Akbar said: ‘With the introduction of Amana Bank Teen Savings, we are not only empowering teenagers with the right tools and knowledge to develop responsible financial habits but also providing parents with the reassurance of oversight and security. This initiative reflects Amana Bank’s commitment to fostering financial decision making in young minds while ensuring parents have the confidence that their children are managing money wisely.’

Ceylinco Life has commenced construction of its 36th company-owned branch building with the laying of the foundation stone for a new eco-friendly edifice in Kirindiwela, reaffirming the life insurance market leader’s continued investment in sustainable infrastructure and enhanced customer service.

The ceremony was attended by Ceylinco Life Chairman R. Renganathan, Managing Director/CEOThushara Ranasinghe, members of the Board of Directors and senior management of Ceylinco Life, alongside valued customers and distinguished invitees from the Kirindiwela area.

Driven by its commitment to delivering superior service in a welcoming and customer-centric environment, Ceylinco Life has consistently invested in purpose-built branch buildings that serve as flagship locations. The Kirindiwela branch will join a network of 35 such company-owned buildings currently in operation across the country, each designed to offer elevated standards of service and modern facilities.

The new building will be constructed on company-owned land and developed in line with the Company’s green building concept, incorporating environmentally responsible design principles and energy-efficient technologies.

Spanning a floor area of 3,440 square feet, the Kirindiwela branch will utilise locally developed prefabricated construction technology from the National Engineering Research and Development Centre (NERD). The building is planned to operate on a 100 per cent self-sufficient solar electricity system, eliminating reliance on the national grid.

Key sustainability features of the proposed building include natural ventilation design, a topography-friendly layout, a green patch with grass grown in between interlocking blocks, energy-efficient air conditioning and lighting systems, and a rainwater harvesting facility. A dedicated Sewerage Treatment Plant (STP) will recycle wastewater for toilet flushing and gardening, while the company will practice the green concept of ‘Reuse’ in air-conditioning and electronic equipment, further minimising environmental impact.

The facility will also provide ample parking for more than 10 vehicles, enhancing convenience for customers.

Ceylinco Life said it continues to integrate modern construction methods and advanced technologies across its operations, aligning its infrastructure development with its broader commitment to sustainability, operational efficiency, and customer satisfaction.

Ceylinco Life has been the market leader in Sri Lanka’s life insurance industry for 22 consecutive years. Recognised as the Best Life Insurer in Sri Lanka by World Finance for the 12th consecutive year and voted the ‘Peoples Life Insurance Service Provider of the Year’ for an unprecedented 20th consecutive year in 2025, Ceylinco Life offers innovative insurance solutions that protect and de-risk the ambitions of policyholders. In 2025, Ceylinco Life was also ranked the most valuable insurance brand in Sri Lanka and the 22nd most valuable brand overall by Brand Finance.

The Health Ministry has inaugurated a newly expanded Accident and Emergency (A and E) Unit and a modernised main medical laboratory at Teaching Hospital Peradeniya following an investment of over Rs. 92 million aimed at strengthening healthcare services in the Central Province.

The facilities were opened recently under the patronage of Health Minister Dr. Nalinda Jayatissa, with the participation of Deputy Health Minister Hansaka Wijemuni.

The project included the establishment of a Level II Accident and Emergency Care Unit by expanding and integrating the existing Primary Care Unit with a newly constructed adjoining facility. The Ministry allocated Rs. 37 million for the modernisation of the emergency unit and a further Rs. 55 million for relocating and upgrading the hospital’s main laboratory.

Officials said the emergency unit, which handled nearly 32,000 patients in 2025 despite limited facilities, has significantly increased its capacity. Bed capacity has risen from 18 to 47, while wall oxygen access has expanded from five to 15 patients. Staffing levels are also being increased from 69 to 144 personnel.

Addressing the event, Dr. Jayatissa said the Government was investing heavily to restart and complete health infrastructure projects that had stalled in previous years. He noted that substantial allocations had been made through this year’s budget to improve healthcare facilities nationwide.

The Minister also highlighted ongoing efforts to address workforce shortages in the health sector, stating that plans are underway to recruit the required staff and determine healthcare staffing requirements for the next three years in consultation with the Ministry of Finance and the Department of Management Services.

Dr. Jayatissa announced that Cabinet approval has been granted to establish a separate directorate within the Ministry of Health to streamline the management of emergency treatment services, while praising the contribution of specialist medical staff working in accident and emergency care.

Deputy Minister Wijemuni said the Government intends to develop Peradeniya Teaching Hospital in phases, describing it as one of the country’s leading teaching hospitals affiliated with the University of Peradeniya.

The newly established laboratory was created in a renovated building previously occupied by the Laboratory Technician Training School. It will provide biochemistry, haematology, microbiology, histopathology and blood banking services to inpatients, outpatients and surrounding healthcare institutions.

Established with assistance from the Government of Japan in 1980, Teaching Hospital Peradeniya is one of the largest tertiary care hospitals in the Central Province, with a bed capacity of 1,008. The hospital serves a population of around 2.4 million people and provides treatment to over 80,000 inpatients and 250,000 outpatients annually, while also functioning as a major clinical training and research centre for medical and allied health sciences students.

CBL Investments Ltd., and its group of companies (CBL Group) has appointed its Group Managing Director Sheamalee (Shea) Wickramasingha, as Chairperson of the Group with effect from 6 July 2026.

She will continue to serve as Group Managing Director while assuming the responsibilities of Chairperson.

She succeeds the late Ramya Sanath Amaraweera Wickramasingha, who served as Chairman from 2015.

The appointment marks the continuation of the leadership legacy of CBL’s Founder, the late President Emeritus Mineka Wickramasingha, who founded the business in 1968 and laid the foundation for a company that has grown into one of Sri Lanka’s most respected food manufacturing businesses, serving millions of consumers in Sri Lanka and around the world. Shea Wickramasingha is the eldest daughter of the late Mineka Wickramasingha.

A food technologist by profession, Wickramasingha joined Ceylon Biscuits Limited in 1991. Over the past three decades, she has held several leadership roles across the Group. She joined the Board of Directors in 1996 and has served as Group Managing Director for more than a decade, in shaping the Group’s long-term direction, strengthening its businesses locally, driving its expansion into international markets, championing innovation, and delivering sustainable growth, while nurturing the next generation of leaders and remaining deeply committed to the values, culture, and purpose that define CBL Group.

Wickramasingha holds a Master of Science in Food Chemistry from Purdue University and a Bachelor of Science in Food Science and Industry from Kansas State University, USA.

Today, CBL Group operates across confectionery, biscuits, chocolates, cakes, cereals, soya, coconut and fruit-based products, with market-leading household brands including Munchee, Ritzbury, Revello, Tiara, Lanka Soy, Samaposha, Sera and Nutriline. Its products reach consumers in more than 70 countries worldwide, with manufacturing operations in Sri Lanka, Ghana and Indonesia. The Group is also the licensed operator of SPAR supermarkets in Sri Lanka. Employing more than 7,000 people, the Group continues to expand its international footprint through strategic investments, global partnerships and continued innovation.

Beyond her corporate leadership responsibilities, Wickramasingha continues to play an active role in shaping Sri Lanka’s business and food sectors. She serves on the Main Committee of the Ceylon Chamber of Commerce, Advisory Committee on Processed Food and Beverages of the Export Development Board, the UNICEF Business Council in Sri Lanka, and as President of the Sri Lanka-Indonesia Business Council. Wickramasingha is also Chairperson of Modern Pack Lanka Ltd., and serves on the Boards of JF and I Packaging Ltd., Food Revolution Ltd., and SPAR Sri Lanka.

Alleges violence broke out after inmates attacked for informing authorities about drug deals

Death toll rises to 27, including seven prison officers and 20 inmates

Cabinet committee, CID, CCD and Prisons Department launch separate probes as Govt. unveils prison reform measures

The Government yesterday said preliminary investigations suggest the violence that left 27 people dead at Negombo Prison may have been triggered by a confrontation between rival groups linked to the illegal drug trade, while stressing that multiple investigations are underway and no final conclusions have yet been reached.

Briefing Parliament, Justice Minister Harshana Nanayakkara said initial information indicates the unrest may have stemmed from a dispute involving inmates connected to the prison drug trade, but cautioned that the findings remain preliminary and will be subject to the outcome of ongoing investigations and the report of a committee appointed by the Cabinet.

The latest official figures show the death toll has risen to 27 after another injured inmate succumbed to injuries in hospital. The fatalities comprise seven prison officers and 20 inmates. A further 76 people remain hospitalised, including 23 prison officers and 53 inmates receiving treatment at the Negombo District General Hospital and the National Hospital in Colombo.

According to the Minister, the initial clash broke out on Sunday between two groups of inmates and was brought under control by that evening. However, violence erupted again on Monday morning while inmates were being prepared for court appearances after breakfast, escalating into the deadliest prison disturbance in recent years.

Nanayakkara said prison authorities suspect the dispute may have involved inmates who had provided information to officials to prevent the smuggling of drugs and other contraband into the prison. Such inmates are often targeted by organised criminal groups, he said, adding that investigators are examining whether this was the motive behind the attack.

He reiterated that these remain preliminary findings based on information currently available.

The Minister alleged that a small organised group deliberately destroyed CCTV cameras and a body scanner during the violence, suggesting an attempt to disable security systems designed to prevent contraband from entering the prison. He said not all inmates had participated in the unrest and that many innocent prisoners were among those injured.

Nanayakkara said unarmed prison officers who intervened to contain the violence came under attack, while inmates later breached an iron gate and advanced towards another exit. He warned that had they escaped the prison, they could have posed a serious threat to public safety.

He added that investigators are also seeking to establish how some inmates obtained weapons used during the violence.

The Minister said several investigations had been launched into the incident. A Cabinet-appointed committee is conducting an independent inquiry, while the Prisons Department has lodged a complaint with Police, prompting a Criminal Investigation Department (CID) investigation. The Prisons Department is also carrying out its own internal probe.

Separately, Police announced that the investigation has been entrusted jointly to the CID and the Colombo Crimes Division (CCD) on the instructions of the Inspector General of Police.

Nanayakkara also outlined a series of measures aimed at addressing longstanding structural problems within the prison system, including chronic overcrowding and staff shortages.

He said the Government is taking steps to increase prison capacity by around 10,000 places to ease overcrowding. In addition, a committee has been appointed to examine amendments to the House Arrest Act to enable certain remand prisoners to be placed under electronically monitored house arrest instead of being detained in prison.

The Minister acknowledged that the Prisons Department continues to face recruitment challenges, saying the service has become increasingly unattractive to prospective applicants.

‘Recruitment is also underway for the Prisons Department. But this state service is no longer attractive. People from good schools are not applying to the prisons anymore, as it’s not attractive. Job requests have decreased drastically,’ he told Parliament.

Nanayakkara said the Government has already begun addressing issues affecting the prison system, but cautioned that meaningful reforms would take time to produce results.

Sri Lanka’s leading amateur golfer Reshan Algama has earned direct qualification for the 2026 U.S. Junior Amateur Championship, marking the second consecutive year he has received an exemption through the World Amateur Golf Ranking (WAGR).

Algama secured his place after finishing among the world’s top 100 age-eligible (under-18) players in the WAGR, underlining his status as one of the finest junior golfers to emerge from Sri Lanka. He first made history in 2025 by becoming the country’s first golfer to qualify for the U.S. Junior Amateur through the world rankings, and his latest achievement highlights his consistency on the international amateur circuit.

The 78th US Junior Amateur Championship will be held from 20 to 25 July at Saucon Valley Country Club in Bethlehem, Pennsylvania. Algama has also earned an exemption into the final qualifying stage of the 2026 US Amateur Championship, scheduled for 13 July at Fairfield Country Club in Connecticut.

Currently, Algama is ranked 396th in the World Amateur Golf Ranking and is sponsored by N Able.

People’s Bank CEO/GM Challenge T20 League Tournament 2026 was successfully held at the Koddaimunai Sports Village in Batticaloa for the third consecutive year, bringing together staff members from across the country in a celebration of sportsmanship and teamwork.

Colombo Challengers (Head Office, Colombo North and Colombo South Regionals) emerged as champions, while United Lions (Nuwara Eliya, Badulla and Monaragala Regionals) secured the runners-up position. K.G.P. Fights (Kurunegala, Gampaha and Puttalam Regionals) and United Titans (Trincomalee, Polonnaruwa, Batticaloa and Ampara Regionals) finished third and fourth respectively.

Udesh Wijeratne of K.G.P. Fights was named Best Bowler, Sineth Devapriya of K.G.P. Fights received the Best Batsman award, and Rasika Sampath of Colombo Challengers was adjudged the Player of the Tournament.

The eight-day tournament featured eight teams competing in two groups, with 16 matches played involving 120 staff members. The final match was attended by People’s Bank CEO/General Manager Clive Fonseka, together with members of the Bank’s Corporate and Executive Management, highlighting the Bank’s commitment to promoting staff engagement, teamwork, and wellbeing through sports.

Sri Lanka’s private sector is facing a structural labour shortage. This is no longer a temporary disruption caused by the pandemic or the economic crisis. It is a long-term constraint driven by declining labour force participation, large-scale outward migration, demographic shifts, and outdated labour market intelligence.

Across agriculture, construction, manufacturing, logistics, and services, businesses are struggling to fill vacancies. Recruitment cycles are longer, wage pressures are intensifying, and expansion plans are being delayed. The evidence confirms what employers already know: the labour constraint is real and widening.

A shrinking labour force

The Sri Lanka Labour Force Survey – Annual Report 2024, which defines the working-age population as persons aged 15 years and above, shows that the country’s Labour Force Participation Rate (LFPR) declined from 54.1% in 2017 to 47.4% in 2024. Female participation fell even more sharply – from 36.6% to 29.8% during the same period.

In absolute terms, Sri Lanka’s total labour force (15+ years) fell from 8.2 million in 2017 to 7.95 million in 2024. The most significant decline occurred among women, where the labour force contracted by approximately 338,000 workers.

In an economy with fewer than eight million active workers, this contraction is economically significant. It directly constrains production capacity, investment expansion, and long-term growth potential.

Sri Lanka’s challenge is not merely unemployment. It is declining participation.

Global comparison:

Sri Lanka is falling behind

According to International Labour Organisation (ILO) global estimates, the world labour force participation rate currently stands at approximately 61%.

Sri Lanka’s LFPR at 47.4% is therefore significantly below the global average.

The gap is even more pronounced in female participation. Globally, female labour force participation averages around 48-50% depending on the region. Sri Lanka’s female LFPR at 29.8% is well below global norms.

This means Sri Lanka is not just experiencing a domestic participation problem – it is underperforming relative to global labour market standards.

Countries that sustain growth maintain high labour participation. Those that experience declining participation face long-term growth constraints.

Migration: A major supply shock

Outward migration has intensified the shortage. In 2024 alone, 314,786 Sri Lankans registered for foreign employment.

While remittances support macroeconomic stability, migration represents a significant domestic labour drain. More importantly, 77.66% of registered migrants fall into skilled categories. These are machine operators, technicians, construction workers, drivers, and skilled tradespeople – precisely the roles domestic industries struggle to replace.

Over 300,000 departures in a single year is substantial relative to the country’s labour base. The private sector is losing economically active workers at a time when production capacity must expand.

Structural imbalance in employment

Agriculture still accounts for 26% of total employment – approximately 2.07 million workers. Yet much of this employment remains informal and low productivity. Younger workers are exiting rural sectors, but there is no proportional rise in formal sector participation to offset the decline.

At the same time, Sri Lanka has not updated its comprehensive Labour Demand Survey since 2017. That survey estimated nearly 500,000 vacancies at the time, particularly in services and industry.

Seven years later – after a pandemic, debt crisis, currency depreciation, and migration surge – policymakers lack updated vacancy and skills-demand data. No serious labour reform can proceed without current labour demand intelligence.

Why importing labour is not the answer

Some argue that Sri Lanka can solve its labour shortage by importing workers from neighbouring countries. However, labour mobility depends on meaningful wage differentials and stable economic incentives.

In 2024, Sri Lanka’s per capita GDP was approximately $ 4,516. India’s stood at about $ 2,695, Bangladesh’s at $ 2,769, and Pakistan’s at $ 1,812.

While Sri Lanka’s income appears higher, its volatility, limited industrial absorption capacity, and modest wage premium make it unlikely to attract sustained foreign labour inflows.

Importing labour is administratively complex and economically uncertain. It does not address the core issue – underutilised domestic labour potential.

Wage economics: Retaining local labour makes more sense

Average informal daily wages in India are roughly INR 1,000 per day. In Sri Lanka, comparable daily wages in manual sectors are around Rs. 3,000 per day.

When recruitment costs, visas, air tickets, accommodation, and compliance expenses are included, importing labour can cost as much as – or more than – improving domestic wages and retention strategies.

The labour shortage is therefore not purely a supply issue. It is also a matter of wage alignment and working conditions.

Untapped workforce: Women

The most immediate opportunity lies within Sri Lanka itself.

Female labour force participation stands at 29.8%. In India, it has risen to over 41%. Globally, it is close to 50%.

Raising female participation by even five to ten percentage points would significantly expand Sri Lanka’s labour force without importing workers or increasing migration.

This requires safe transport, flexible work arrangements, affordable childcare, and vocational alignment with industry demand.

Countries that mobilise female participation strengthen economic resilience. Those that fail to do so experience prolonged labour constraints.

Urgent need for new Labour Demand Survey

Sri Lanka cannot plan its growth strategy based on seven-year-old labour demand data.

A new National Labour Demand Survey in 2026 should measure:

Current vacancies

Wage expectations

Skill mismatches

Regional disparities

Five-year labour demand projections

Without predictive labour intelligence, education planning and industrial policy remain misaligned.

You cannot manage what you do not measure.

Conclusion

Sri Lanka’s labour shortage is structural. It is driven by declining participation, outward migration, and weak labour market intelligence – and it is compounded by participation rates well below global norms.

Importing labour is not the answer. The solution lies in expanding domestic participation, retaining skilled workers, aligning wages and incentives, and urgently updating labour demand data. If labour shortages are constraining growth today, addressing them must become a national priority.

Background

Sri Lanka has incurred an estimated foreign exchange loss exceeding $100 million as a result of the Government’s delay of more than one year in deciding the fate of approximately 50,000 metric tons of imported salt. The consignments comprise approximately 42,000 metric tons imported in 1,500 containers and a further 10,000 metric tons imported as bulk cargo.

The prolonged delay has resulted in substantial economic losses, including the locking up of scarce foreign exchange, port and container demurrage charges, storage costs, deterioration in product quality, and the inability to release the salt to the domestic market despite shortages that originally prompted its importation.

Regulatory Background

Under normal circumstances, the importation of salt is a restricted import requiring an Import Control Licence (ICL).

However, due to severe shortages in local salt production caused by continuous rains during January – March 2025, the Government temporarily relaxed these controls by issuing Extraordinary Gazette No. 2437/04 dated 19 May 2025.

The Gazette provided that:

The requirement to obtain an Import Control Licence for raw non-iodized salt and edible iodized salt classified under HS Code 2501.00 was exempted for consignments shipped on board on or before 10 June 2025.

Any goods imported in violation of these Regulations were required to be re-exported at the importer’s expense.

In the event of disputes, the Controller General of Imports and Exports, in consultation with the Director General of Customs and the Secretary to the Ministry of Trade, Commerce, Food Security and Co-operative Development, was empowered to make the final decision.

Problems Arising from the Gazette

While the Gazette successfully addressed the immediate shortage of salt, it also created several unintended consequences.

1. No import quantity ceiling

The Gazette exempted licensing requirements but failed to prescribe an upper limit on the quantity of salt that could be imported.

Consequently, importers brought in significantly larger quantities than required, mainly from India and, to a lesser extent, China. The excessive imports defeated the original objective of merely bridging the domestic supply shortage.

2. Mandatory standards compliance

Imported salt is also subject to mandatory inspection by the Sri Lanka Standards Institute before being released for local consumption.

A considerable number of consignments failed to comply with either:

the shipment deadline of 10 June 2025, and/or

n the prescribed quality standards, particularly the required iodine content.

3. Unequal treatment of exporting countries

The Gazette required shipment on board on or before 10 June 2025.

This requirement unintentionally favoured imports from India, where transit time to Sri Lanka is approximately 4 days, while shipments from China require approximately 20 days.

Although both countries exported within commercially reasonable timelines, the regulation effectively disadvantaged suppliers from more distant origins.

Economic Consequences of the Delay

More than one year has now elapsed without a final Government decision regarding the disposal of these consignments.

During this period:

Over 50,000 metric tons of salt have remained idle.

More than $100 million in foreign exchange has effectively been lost through payments already made overseas, together with accumulated container detention, shipping line demurrage, port storage, handling charges and related logistics costs.

Thousands of containers have occupied valuable port and container yard space.

Businesses have suffered severe financial losses while awaiting a regulatory decision.

The country has been deprived of using imported salt that was originally intended to meet domestic shortages.

Expiry of shelf life

The normal shelf life of iodized salt is approximately 18 months.

Given the prolonged delay, much of the imported salt has now exceeded its recommended shelf life. Even if approval is granted today, questions remain regarding its suitability for direct human consumption without further testing and processing.

This has significantly reduced the commercial value of the consignments and represents a major waste of national resources.

The way forward

At this late stage, re-exporting the consignments is unlikely to be commercially viable or economically sensible.

The most practical option may be for the Government to release the consignments to the National Salt Limited for technical evaluation, possible reprocessing, quality restoration where feasible, and controlled utilisation.

This approach could minimise further losses, recover some economic value from the imported salt, and reduce the financial burden already borne by importers and the national economy.

Conclusion

The imported salt was originally permitted under emergency measures to safeguard national food security during a period of inadequate local production. However, the absence of an import quantity ceiling, combined with regulatory non-compliance by some importers and the prolonged delay in reaching a final decision, has transformed an emergency import program into a significant economic loss.

The result has been the locking up of more than 50,000 metric tons of imported salt, the loss of over $100 million in scarce foreign exchange and logistics costs, expiry of product shelf life, and the continued inability to utilise a valuable natural resource.

An urgent and practical decision is now required to recover whatever value remains from these consignments while preventing further losses to the country.

(The author is the President, Customs House Agents and Traders Association)