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WEATHER FORECAST FOR 26 JUNE 2026

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WEATHER FORECAST FOR 26 JUNE 2026

Showers will occur at times in Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts.

Showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts after 2.00 p.m.

Fairly strong winds about (30-40) kmph can be expected at times over Western slopes of the central hills, Northern, North-central, North-western and Southern provinces and in Trincomalee district.

The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.

Government turns to Public for Revenue Reform Blueprint

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Government turns to Public for Revenue Reform Blueprint

By: Staff Writer

June 25, LNW (Colombo):The government embarks on an unprecedented initiative aimed at reshaping the country’s long-term strategy to increase state revenue sustaining economic recovery

Finance Ministry through its Revenue Management Committee (RMC), has requested recommendations before June 12, from experts, institutions, businesses and even individual citizens to strengthen public finances.  

This policy initiative aims to crowd-source data-driven and analytical insights to achieve an ambitious long-term government revenue target of 20 percent of GDP (up from current projected levels of roughly 15.4 percent), a senior high official told the Sunday Times Business 

Under its ongoing Extended Fund Facility (EFF) with the International Monetary Fund (IMF), Sri Lanka faces aggressive revenue-based consolidation targets.

Crowdsourcing solutions helps find ways to scale revenue without stifling the economic recovery while broadening a narrow tax base, he said.  

Sri Lanka’s tax collection relies heavily on consumption-based indirect taxes like Value Added Tax (VAT). 

The RMC is explicitly seeking for structural recommendations to capture the extensive informal economy and shift smoothly toward direct taxation.

Previous unilateral adjustments, such as sharp corporate hikes or strict thin capitalisation rules, met severe resistance from groups like the Ceylon Chamber of Commerce. 

Further co-authoring fiscal frameworks with society preempts industrial friction and builds civic trust, he explained.

Inviting think-tanks, professional bodies (such as the Institute of Chartered Accountants of Sri Lanka), and academic researchers allows the government to utilise high-level economic modeling without overwhelming state resource limits, RMC report revealed. 

The government is prioritising structural digitalisation. Public contributions are likely to yield actionable strategies on implementing modern tools like RAMIS, mandatory e-filing, e-invoicing, and risk-based audit selection frameworks.

Aligning with the National Anti-Corruption Action Plan, open public scrutiny aids in designing mechanisms that eliminate arbitrary bureaucrat discretion within the Inland Revenue Department (IRD), Customs, and Excise units, it added. 

This latest public participatory initiative deviates from traditional policymaking processes that are often confined to government officials and international advisers or foreign consultants,  

In this context finance ministry seeks contributions from universities, research institutes, think tanks, professional associations, private-sector organizations, non-governmental organizations and qualified individuals with expertise in fiscal matters.

The ministry pursues public input on increasing revenue, formalizing the informal economy, expanding the tax base, and digitalising agencies to improve compliance

 Sri Lanka’s fiscal issues require more than tax rate hikes, as evasion, weak compliance, and a large informal economy continue to hinder revenue collection.

The initiative aims to formalise the country’s large informal economy, which currently limits revenue collection and burdens compliant taxpayers. Finance ministry official noted that collecting proposals is only the first step. 

The real challenge lies in how politicians are willing to introduce changes in their policies and make other politically sensitive decisions.

The members need to come up with an elaborate report analyzing the implementation process, the financial implications of the proposal, and the risks involved.

On the other hand, institutions need to state their registration particulars, while individuals are free to provide their identity particulars.

Sri Lanka Government Audit exposes Rs 2.67 billion treasury debt gap

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Sri Lanka Government Audit exposes Rs 2.67 billion treasury debt gap

By: Staff Writer

June 25, LNW (Colombo): The Auditor General’s Department  of Sri Lanka, has  released the audit review of the Government’s 2025 Financial Statements, exposing a Rs. 2.67 billion reconciliation gap, unrecorded foreign loans, and major reporting inconsistencies within the Ministry of Finance and Treasury.

Concurrently, as of June 2026, Sri Lanka’s total central government debt sits at USD 98.96 billion, with a stabilizing post-restructuring external debt profile according to finance ministry reports. .

The Auditor General’s review highlighted significant systemic vulnerabilities, accounting mistakes, and data mismatches.

Auditors detected a net discrepancy of Rs 2.672 billion between the opening balances in the Debt Management System’s Stock and Flow.

Despite Treasury assurances, the Auditor General warned of a “high potential” that foreign loan proceeds received during 2025 completely bypassed both the Government Financial Statements and the core Debt Management System. 

[Financial statements erroneously overstated loan disbursements by Rs 2.01 billion across four foreign loan agreements.

Missing” Assets against Loans

A staggering Rs 518.3 billion in foreign loan balances remains active on the books without any corresponding physical or capital assets identified in government accounting logs.

A previously flagged discrepancy of Rs 1.07 billion across three foreign loans dating back to December 31, 2024, remained unrectified by the Treasury.

Discrepancies were noted in the accounting treatment of IMF loans under the Rapid Financing Instrument (RFI) and the Extended Fund Facility (EFF).

The audit questioned whether loan expenses and interest costs were calculated or assigned to the correct accounting periods.Unregistered Program Accounts: 

The National Audit Office discovered that the “Rebuilding Sri Lanka” program operates informally via an account under the Deputy Secretary to the Treasury without a legally established statutory fund.

 Data released by the newly formed Public Debt Management Office (PDMO) outlines the country’s fiscal reality: Debt Volume etc

Sri Lanka’s central government debt component stands at USD 98,965 million.Total External Debt: Settled at US$ 37,468 million, down nominally by $195 million from the prior quarter. 

Multilateral lenders hold the majority at 38 percent, followed by Commercial debt (mostly International Sovereign Bonds – ISBs) at 34 percent, and Bilateral creditors at 28 percent

Because of extensive maturity extensions secured during external debt restructuring, the immediate pressure on foreign reserves has been heavily mitigated

The Ministry of Finance sustained its repayment momentum by launching a cash tender offer to wrap up remaining 2022 ISBs. All outstanding settlements to accepting bondholders were cleanly finalised, boosting international market credibility.

In addition, in February 2026, Sri Lanka launched a cash tender offer for the remaining 2022 ISBs 

In parallel, the Rs 500 Billion supplementary allocation approved by Parliament to address the fallout from Cyclone Ditwah has fundamentally adjusted Sri Lanka’s 2026 fiscal baseline.

To correct the data gaps and the Rs 518.3 billion in asset mismatches flagged by the Auditor General, the Ministry of Finance and Treasury is deploying a multi-step rectification framework, Integration of Debt Systems and Financial Statements.

The primary objective is connecting the Commonwealth Meridian debt management system (used for stock and flow tracking) directly with the Integrated Financial Management Information System (IFMIS). 

This enforces dual-entry verification, ensuring that when a foreign loan disbursement occurs, a corresponding asset entry or capital expenditure record is created automatically to prevent unrecorded inflows. 

To resolve the Auditor General’s findings on informal program management, the Treasury is transitioning accounts like the “Rebuilding Sri Lanka” ledger into legally recognised Statutory Funds. 

This brings them under standard government accounting codes and cuts down period-cut recording errors.

Rs.15 Billion BIA Upgrade Fast-Tracks Capacity Boost amid Delays

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Rs.15 Billion BIA Upgrade Fast-Tracks Capacity Boost amid Delays

By: Staff Writer

June 25, LNW (Colombo): Kataunayake Bandaranaike International Airport undergoes major renovation at present   in a fast-tracked plan consisting of 4 to 5 discrete sub-projects to expand the capacity of the existing Terminal 1.

This local project aims to lift Terminal 1’s handling capacity from 6 million to 10 million passengers annually. It is being funded entirely via local state resources to bypass foreign funding delays.

In the interim, the airport has set up 14 extra check-in gates inside a temporary marquee structure with private sector assistance to handle an additional 10 to 20 aircraft daily.

To manage the heavy congestion while BIA terminal 2 is stalled, Deputy Minister of Ports and Civil Aviation Janitha Ruwan Kodithuwakku announced a Rs. 15 billion structural overhaul of terminal 1 funded completely by local resources.

The project layout included, the expanding of main departure zone to manage peak-hour passenger backlogs.

The other components are constructing and installing additional permanent check-in counters to reduce wait times and completely restructuring the physical layout of the arrival hall to handle higher foot traffic and streamline passenger flow into the country.

It has been plan to Replace and expand the current carousel lines with a higher-capacity automated system to prevent luggage pile-ups, while enlarging the square footage allocated for duty-free shopping areas.

The architectural designs are finalized, and all regulatory approvals have been cleared. One of the core sub-projects has already been officially awarded, while the remaining contracts are currently in the final stages of local government allocation, he revealed. 

The construction and expansion of the BIA Terminal 2 (often mixed up with Terminal 1 upgrades) is currently in a critical re-tendering and evaluation phase, he disclosed.  

Ground mobilisation and the restart of physical construction are expected to begin by June-July 2026.

The project had stalled at just 6percent  progress in December 2022 when the Japan International Cooperation Agency (JICA) froze its concessionary loan following Sri Lanka’s sovereign debt default. 

JICA has officially agreed to resume funding, inflicting new life into the project after the completion of Sri Lanka’s debt restructuring,

The Ministry of Ports and Civil Aviation has concluded its technical evaluation of the prospective Japanese contractors bidding for the new Package A1 contract (meant to complete the main terminal building, piers 2 and 3, and elevated roadways). The evaluation has been sent to JICA for final concurrence.

The government expects JICA’s final green light to open the financial price bids as soon as possible. 

Construction mobilisation will be officially launched somewhere between June or July 2026.

Following the awarding of the contract to the successful bidder, the period for construction becomes legally binding at thirty months, and thus, Terminal 2 would officially become operational by late 2028 or early 2029.

However, owing to the dramatic rise in market and construction materials prices since the signing of the initial agreement, the initial JICA loan has now become insufficient.

The government is actively negotiating with JICA and the Japanese government to secure an estimated US$450 million to $564 million in extra gap financing to cover the inflation adjusted costs.

Powerful Earthquake Strikes Northern Japan; No Tsunami Threat Reported

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Powerful Earthquake Strikes Northern Japan; No Tsunami Threat Reported

June 25, LNW (Colombo): A powerful earthquake struck off the northern coast of Japan on Thursday morning during rush hour, shaking communities across the country’s northeastern region. However, Japan’s Meteorological Agency confirmed that there was no danger of a tsunami, and no serious injuries were immediately reported.

The tremor was felt in dozens of towns and cities across northeastern Japan and was even mildly experienced in the capital, Tokyo. The earthquake occurred in a region that has seen repeated seismic activity in recent months, raising concerns among residents accustomed to frequent tremors.

The area was also the site of a strong earthquake in December that prompted authorities to issue a weeklong mega-quake caution advisory. Thursday’s quake has once again highlighted the region’s vulnerability to seismic events.

In the town of Hashikami, a school principal described the frightening moment when the earthquake struck while she was driving to work. She said her car swayed from side to side as the ground shook beneath her.

Although children who had already arrived at school were unharmed, some were left visibly distressed by the sudden tremor and were seen crying in fear.

Authorities continue to monitor the situation and have urged residents to remain alert for possible aftershocks. Despite the strong shaking, no major damage or casualties have been reported so far.

UPDATE: Death Toll Rises After Devastating Venezuela Earthquakes

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UPDATE: Death Toll Rises After Devastating Venezuela Earthquakes

June 25, LNW (Colombo): Two powerful earthquakes measuring 7.2 and 7.5 magnitude struck Venezuela within moments of each other, causing widespread destruction and panic.

Dozens of buildings collapsed, leaving at least 164 people dead and more than 971 injured, according to authorities. Rescue teams are racing against time to search through the rubble for survivors.

Getty Images Rescue workers and police stand on the roof of a collapsed building amid rubble after an earthquake.The hardest-hit areas reported severe structural damage, with many residents forced to flee their homes as aftershocks continued to shake the region.

Officials warn that the death toll could rise as emergency crews continue rescue operations across affected communities.

Getty Images People run into a street away from buildings following an earthquake in Caracas, Venezuela on 24 June.

A Masterclass in Broadcasting; A Tribute to James O’Brien

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A Masterclass in Broadcasting; A Tribute to James O’Brien

By: Roger Srivasan

June 25, LNW (Colombo):  There are occasions in broadcasting when journalism transcends the routine and becomes a public service of the highest order. Such moments remind us that the interviewer is not merely a facilitator of conversation but a custodian of accountability. James O’Brien’s forensic interrogation of Nigel Farage over the controversial £5 million gift was one such occasion.

With composure, intellectual discipline, and remarkable presence of mind, O’Brien subjected his guest to a relentless yet impeccably courteous cross-examination. Every question was meticulously constructed; every inconsistency was calmly pursued; every attempted diversion was gently but firmly redirected to the central issue. There was no grandstanding, no theatrical bombast—only the quiet confidence of a broadcaster determined that public scrutiny should not yield to evasion.

What unfolded was nothing short of a masterclass in forensic interviewing. O’Brien’s eloquence was a rapier concealed within a velvet glove: polished in expression, courteous in manner, yet devastating in precision. He neither shouted nor sermonised. Instead, he allowed logic, consistency, and evidence to do the heavy lifting.

Farage, ordinarily one of Britain’s most formidable political communicators, appeared increasingly unsettled as the interview progressed. His customary fluency gave way to visible discomfort as each answer invited another carefully aimed question. The more he sought to escape the central issue, the more inescapable it became. By the conclusion, he seemed less the commanding politician than a man struggling to reconcile conflicting explanations under sustained scrutiny.
This was journalism in its purest form—not adversarial for its own sake, but rigorous in pursuit of public accountability. It exemplified the noble principle that those who seek public office must also submit themselves to searching public examination.
James O’Brien deserves considerable admiration for demonstrating that intellect need not raise its voice to prevail. Calm reasoning, disciplined questioning, and unwavering persistence proved more formidable than rhetoric alone.

In an age too often dominated by slogans and spectacle, his performance stood as a salutary reminder that the finest journalism remains rooted in one timeless virtue: the courage to ask the next question.

Cardinal Ranjith’s Receding Grace

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Cardinal Ranjith’s Receding Grace

By: Adolf

June 25, LNW (Colombo): 

The image of the Cardinal, once a beacon of moral authority, now lies tarnished. The revelations surrounding the Easter Sunday Attacks have stripped him of his self-respect, exposing a leader who was either dangerously unaware or willfully negligent. It has come to light that he was aware of an FBI report that clearly outlined the people involved. Despite this knowledge, he chose to push for another investigation, not out of a pursuit of truth, but for reasons that now appear deeply political and personal.

Mockery

This grandstanding has made a mockery of the tragedy. While the nation mourned, he orchestrated a circus, directing blame not at the system’s failures, but at individuals. Figures like Mahinda, Gotabaya, and Anura were pitted against one another in a political chess match that served only the Cardinal’s narrative. He played them like pawns, shifting allegiances to maintain relevance and pressure the government, all while the real issues of intelligence failures—which ensnared even the IGP and senior officials like Shani and Ravi—were conveniently overshadowed. These officials were found wanting, part of a systemic collapse, yet the Cardinal’s focus remained fixated on public spectacle rather than collaborative healing.

Profound loss 

The most profound loss, however, is not political but spiritual. By allowing himself to be drawn into the mire of partisan conflict, he has damaged the sanctity of his office and the image of the Catholic Church in Sri Lanka. The Church is called to be a pillar of truth and reconciliation, yet under his leadership, it has appeared fractured and vengeful. For a man of God to be seen as a political agitator is a devastating blow to the faithful. The dignity required to lead a congregation through grief has been replaced by a desperate clinging to power. There is a singular act of grace left available to him: retirement. To step down now would be an acknowledgment of his limitations and a service to the institution he swore to protect. It would allow the Church to begin the long process of healing and restore its moral standing, untethered from the controversies of his tenure. By leaving, he would shield the Church from further scrutiny and allow a new leader to mend the broken trust with the public. Here is a polished, tightened edit of your text. It sharpens the rhetoric, removes repetition, and strengthens the moral urgency while preserving your original voice and intent.

Time to Retire

Yet, if he chooses to linger, the consequences will be severe. The law of reaping what one sows is inexorable. He has sown division—he will harvest isolation. He has sown political manipulation—he will harvest public contempt. The longer he remains, the more he cements a legacy not as a shepherd, but as a divisive figure who exploited a national tragedy for personal relevance. When he finally steps down, the silence will be deafening; not a soul will reach out to console him. Pope Leo XIV must act before it is too late for the Church. The damage is already profound, and every additional day the Cardinal stays deepens the wound. His name will not be remembered for his service, but for the chaos he exacerbated. True leadership sometimes lies not in holding on, but in knowing when to leave. The Church’s future depends on that wisdom now.

Aruwakkalu Hidden Wealth Sparks High-Stakes Mineral Revolution

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Aruwakkalu Hidden Wealth Sparks High-Stakes Mineral Revolution

By: Staff Writer

June 25, LNW (Colombo): The Aruwakkalu limestone deposit in Puttalam, usually recognised as the backbone of Sri Lanka’s cement industry, is currently undergoing a significant strategic transformation. 

While its Miocene limestone has long been the primary focus for industrial excavation, the government has recently turned toward a more sophisticated, multi-resource extraction model, asenior official of the ministry of industries told the Sunday Times Business.  

This transformation has been recently cemented by the adoption of a groundbreaking proposal by the Cabinet of Ministers that requires the submission of Expressions of Interest (EOI) in separating valuable mineral sands such as Ilmenite, Rutile, and Zircon from the topsoil layer.

This strategy represents a significant divergence from the long-standing approach that viewed the topsoil as merely a waste product.

Under the guidelines of the National Mineral Policy 2026, the government has embraced the principle of “value addition” through investments, according to him. Nevertheless, this stage of exploration is not without its challenges.

Ongoing CID investigations into previous illegal mining activities and a complex legal landscape.

It is ranging from archaeological preservation of fossil-rich zones to concerns over the seismic impact of blasting near the national sanitary landfill.

This has made the current status of Aruwakkalu a critical junction for Sri Lanka’s environmental and economic policy.

At present, the Aruwakkalu site is not only a source of minerals, but it has also become an ultimate test of whether the government can strike a balance between industry needs and sustainable and technologically innovative management of mineral resources.

“A system will be put in place to ensure that all particles of Ilmenite and Rutile are accounted for within a transparent and competitive manner where national interests come first,a senior official of the Geological Survey and Mines Bureau (GSMB) said.  

The GSMB is the sole institution authorised to issue mining, exploration, transport, and trading licenses. This includes monitoring the Industrial Mining Licenses (IML) held by companies like 

The Bureau conducts systematic core drilling and mineral surveys to assess the commercial viability of deposits, such as the limestone and mineral sands at Aruwakkalu.

A dedicated investigation and inspection unit operates under the GSMB to prevent illegal mining a major issue recently at Aruwakkalu where unauthorized ilmenite extraction occurred.

@As of late 2025 and into 2026, the Ministry of Environment has suspended mining licenses in Aruwakkalu due to illegal ilmenite mining operations in archaeologically sensitive zones. No new licenses are to be granted until a comprehensive environmental assessment is finalised, he disclosed

BOI Launches Digital Fast-Track for Global Investors

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BOI Launches Digital Fast-Track for Global Investors

By: Staff Writer

June 25, LNW (Colombo): The Board of Investment of Sri Lanka (BOI) implements “Ready to Invest” digital platform, providing global investors with streamlined, direct access to 30 structured, pre-evaluated, and project-ready opportunities across the country’s high-growth sectors.

This digital window removes standard bureaucratic hurdles by offering fully prepared feasibility reports and predefined project scopes designed for rapid investor engagement.

It is designed to connect global investors with 30 fully structured, project-ready opportunities that feature financial feasibility support and pre-allocated land to accelerate execution, a senior high official of the BOI told the Sunday Times Business.

The ongoing review and implementation of the Economic Transformation Act is actively restructuring the BOI’s official mandate to streamline corporate approvals and improve investor facilitation.

All localised data, investor guides, and macro updates are available directly through the Board of Investment of Sri Lanka Portal, he added 

Sri Lanka’s foreign direct investment has recovered from its post-crisis set back following macroeconomic stabilisation, structural reforms, and improved global standing.

Official data of approved projects for the five-month period this year ending May 2026 has not yet been published in a single mid-year report. 

However, according to official estimates for the first half of the year reveal that Sri Lanka attracted US $226 million in committed projects during the first quarter (Q1) of 2026 alone, a 16 percent increase compared to the same period last year.

To secure the remainder of its $1.5 billion goal through the rest of 2026, the BOI is fast-tracking several macro-investment pipelines

The primary countries driving Foreign Direct Investment (FDI) into Sri Lanka’s Investment projects of the promotion agency are Singapore, India, France, Netherlands and Luxembourg. 

According to ofical  data ,following the recent surge in capital inflows, a core group of five nations anchors the majority of the country’s $1.06 billion inbound capital.

It has allso introduced several digitized platforms, structural policies, and targeted access frameworks including systems to manage investor traffic fully online gateway application system: 

An in-house developed digital pipeline has been implemented allowing international firms to apply, upload compliance certifications, and track approval stages directly.

 The BOI Online Services Portal automates verification fees, digitises CUSDEC approvals, and uses QR-coded electronic gate passes.

Digital Land Bankprovides an updated geospatial mapping system allowing foreign companies to view and reserve state-allocated, private, or industrial zone lands remotely.

Regulatory structures have been updated to fast-track high-capital initiatives such as national mineral policy system: A dedicated processing window is opened to fast-track approvals for international mining and mineral sand applications.

Structured digital frameworks providing specialised operating regulations for data centers and virtual tech startups. Reduced Investment thresholds lowering entry requirements down to $250,000 for tech-based branch offices to draw in boutique global firms.

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