The Parliament Select Committee (PSC) tasked with recommending measures to expand higher education opportunities in Sri Lanka has suggested a major overhaul of the education sector. According to the committee’s report presented to the parliament by Justice Minister Dr. Wijeyadasa Rajapakshe, the proposal entails replacing the University Grants Commission (UGC) and the Vocational Training Authority with an independent ‘National Higher Education Commission.’

The PSC conducted a comprehensive examination of the existing legal framework and practices within the education system before formulating feasible and sustainable recommendations for necessary reforms.

As outlined in the report, the proposed National Higher Education Commission would consist of 11 members distinguished in their respective fields, including academia, profession, and management, and known for their integrity.

The committee proposes granting the commission full authority to independently exercise its powers, functions, and duties. The President would be responsible for appointing the commission’s members, subject to the prior approval of the Constitutional Council. The term of office for commission members is proposed to be three years.

To enhance efficiency and focus, the commission would be empowered to establish sub-committees dedicated to specific categories. These sub-committees would cover State Universities, Non-State Universities/Institutes, Vocational Education Universities/Institutes, and Quality Assurance.

The PSC’s recommendations aim to strengthen and streamline the higher education sector in Sri Lanka, with the envisioned National Higher Education Commission playing a pivotal role in driving positive change.

During the CEO Forum 2023 held in Colombo on Friday (July 21), Dr. Nandalal Weerasinghe, the governor of the Central Bank of Sri Lanka (CBSL), addressed the nation’s economic plans and prospects. He emphasized that if the targets of the current plan are not met, the country will have to undergo another Domestic Debt Optimization (DDO) strategy.

Dr. Weerasinghe expressed confidence in the effectiveness of the DDO strategy recently announced by the government, stating that it holds the potential to restore the country’s debt sustainability. However, he warned that any deviation from the current path could lead to the need for a second DDO, potentially resulting in a default and bankruptcy situation.

Highlighting the importance of fiscal policy, structural reforms, and a growth-oriented approach, the central bank governor emphasized that all these aspects must align with the domestic debt optimization plan to achieve success.

On a positive note, Dr. Weerasinghe expressed his belief in the Sri Lankan economy’s potential to overperform, projecting growth levels of 4% – 5%. He confidently stated that such growth could lead to restoring the country’s debt sustainability within five years, rather than waiting until 2032.

Additionally, the central bank governor shared his optimism about the country’s inflation situation, expressing confidence that Sri Lanka will witness single-digit inflation by the end of the current month.

Several spells of showers will occur in Western, Sabaragamuwa and North-Western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Mainly fair weather will prevail elsewhere over the Island.

Strong winds of about (50-60) kmph can be expected at times in western slopes of the central hills, Northern, North-Central and North-Western provinces, and in Monaragala, Hambantota and Trincomalee districts.

The Inter-University Bhikkhus Board had organized this protest against the reduction in the enrollment of students in universities for academic subjects, and the police used a water cannon to disperse the protest march.

It is reported that a water attack was launched near the Lipton Roundabout in Colombo while trying to march towards the University Grants Commission.

The Litro Gas Company, which had suffered a loss of nearly 14 billion, has now become a profitable state-owned company by continuing to provide concessions to its customers and contributing greatly to the economy of Sri Lanka due to its successful leadership.

Last month, Litro Gas Company worked to bring the 12.5 kg gas cylinder, which is used by the largest number of consumers throughout Sri Lanka, from the limit of five thousand rupees to the limit of two thousand rupees. It gives great strength to the efforts of the government to provide a comfortable life to the people of the country by reducing the inflation of the country.

In addition to the relief provided to the people by providing gas without shortage and reducing the gas price, in a special press conference, Muditha Peiris, the success pilot of Litro Company, disclosed another relief provided to our country by Litro Company.

As he mentioned there, the Litro Gas Company has decided to give an amount of 1.5 billion rupees, to the treasury through the mother company of Litro, the Sri Lanka Insurance Corporation.

By providing significant relief to the people and keeping the gas price as low as possible, Litro Company’s responsible parties including Muditha Peiris worked to donate a portion of the profits made by Litro Company in the past to the Sri Lanka Maha Bandagarhiya with the hope of further relief to the people who are tired of the burden of life.

Answering a question raised during the press conference held yesterday, he stated that while providing these concessions, his staff including himself are following various methods and strategies to keep his company strong.

Muditha Peiris and Litro company have become the sole aim of Litro company, which was making losses and had a debt burden, to maintain that situation for a long time because it is now a profitable and debt-free company.

Also, Peiris mentioned in the media meeting that more than 7-8 lakh customers who were staying away from using gas due to the high price, will again easily carry out their daily activities using litro gas due to the relaxation of the price.

It is needless to say that the Litro Gas Company, which makes people’s lives easier, works under its own price policy and provides gas at an affordable price, and this relief given to the people is a gentle trickle of water to the emerging economy of Sri Lanka. For that, the gratitude of all Sri Lankan customers should go to the chairman of Litro Gas Company and the staff.

The government of Sri Lanka, together with the World Bank (WB), the European Union (EU), and France’s official development assistance (AFD), has signed vital financing agreements aimed at enhancing the country’s management of public finances.

Under the agreement, a grant of EUR 9.8 million has been allocated for Public Finance Management, with the primary objective of bolstering economic governance, promoting transparency, and ensuring accountability in the utilization of public finances.

This collaborative effort signifies a crucial step towards improving financial management practices in Sri Lanka, fostering responsible fiscal policies, and advancing the nation’s economic development endeavors. The support from these international partners is expected to contribute significantly to the country’s financial stability and sustainable growth.

During his official tour of India, President Ranil Wickremesinghe has appointed State Minister for Defence, Pramitha Bandara Tennakoon, as the Acting Defence Minister. In his absence, State Minister for Finance, Shehan Semasinghe, will assume the role of Acting Minister for Finance, Economic Stabilization, and National Policy.

Furthermore, State Minister Dilum Amunugama will take on the responsibility of Investment Promotion Minister, State Minister Kanaka Herath will act as Technology Minister, and State Minister Anupa Pasqual will serve as the Minister for Women, Children Affairs, and Social Empowerment.

This temporary arrangement ensures smooth governance and continuity in crucial ministries while the President is away. The appointed Acting Ministers will be entrusted with their respective portfolios until President Wickremesinghe returns to the country from his official visit to India.

Finance State Minister, Shehan Semasinghe, addressed Parliament on July 20th, expressing optimism about Sri Lanka’s potential to exit bankruptcy by September. The encouraging outlook comes as the country continues to implement key financial measures and economic reforms to overcome its fiscal challenges.

During the debate on the Central Bank Bill, Minister Semasinghe emphasized the significance of the Anti-Corruption Act, asserting that it will pave the way for transforming Sri Lanka into a corruption-free nation, instilling greater trust and credibility in its governance.

Highlighting recent achievements, the Minister celebrated Sri Lanka’s successful attainment of GSP (Generalized System of Preferences) tax relief for another four years, showcasing the international confidence in the country’s economic stability. He further reassured the nation’s commitment to prevent a recurrence of past economic difficulties by establishing a robust legal framework.

With the initiation of the e-procurement process, Minister Semasinghe expressed confidence in bolstering the country’s economy. He emphasized the importance of utilizing international trust and investments to develop the tourism industry and drive economic growth.

The State Minister’s positive assessment indicates that Sri Lanka is on the right track towards financial recovery and sustainable development, signaling promising opportunities for the nation’s future.

During a recent meeting at Temple Trees, Chinese Ambassador to Sri Lanka, Qi Shenhong, lauded the country’s impressive strides in tackling the economic crisis during the first year of the new Government. He extended his congratulations to Prime Minister Dinesh Gunawardena for the positive developments achieved.

Expressing gratitude for China’s unwavering support to Sri Lanka, Prime Minister Gunawardena highlighted the recent generous contribution from China, which included school bags, stationery, clothing for school uniforms, and educational equipment for schools nationwide.

In discussions about future collaborations, the Prime Minister emphasized Sri Lanka’s openness to welcome direct private investments. He also extended an invitation for investments in critical sectors like agriculture, renewable energy, irrigation, and water supply, which are deemed vital for providing long-term solutions to economic challenges.

The meeting also saw the presence of Secretary to the Prime Minister, Anura Dissanayake, indicating the importance of fostering strong bilateral ties and exploring opportunities for further cooperation between the two nations. China’s continued support and collaboration are expected to play a crucial role in Sri Lanka’s economic growth and development endeavors.

By: Staff Writer

Colombo (LNW): Sri Lanka Gem and Jewellery sector including companies and exporters have been directed to strictly adhere to anti –money laundering compliance requirements to effectively mitigate Money Laundering and Terrorist Financing (ML/TF) risks.

It would ensure compliance with the international recommendations, governance standards, and anti-corruption framework, the Financial Intelligence Unit (FIU) of the Central Bank noted adding that these efforts would reinforce the AML/CFT framework of the country.

The Central Bank has extended an invitation to sector stakeholders, urging them to collaborate closely with the FIU and the National Gem and Jewellery Authority (NGJA) in this national endeavor.

This was highlighted at an awareness program for the gem and jewellery sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” recently.

It was organized by Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka in collaboration with the National Gem and Jewellery Authority

The sector regulators are requesting the companies engaged in the gem and jewellery business to seriously consider the recommendations to improve the level of compliance.

It should conduct Customer Due Diligence (CDD) to identify, assess, monitor, manage sector clientele and take effective action to mitigate ML/TF risks using a risk-based approach that requires enhanced measures when the risks are higher,

Another recommendation was to Carry out CDD with respect to the customers for high value cash transactions above USD 15,000, identify beneficial ownership, and business relationship,and maintain records of transactions,

It has been directed to take additional measures to identify customers who are politically exposed

persons (PEPs) and adhere suitable monitoring, Implement policies, procedures, and internal controls against ML/TF risks, and carryout targeted financial sanctions and freeze assets or take action immediately against persons and entities designated by the United Nations Security Council Resolutions (UNSCRs) 1267 and 1373, or other UNSCRs,

It has to communicate the same to competent authorities; and report suspicious transactions to the FIU, where relevant.

Sri Lanka is the ninth largest exporter of precious stones to the global market and one of the five most important gem bearing nations of the world.

It is also one of the world’s steadiest suppliers of top quality gemstones. However, Sri Lanka’s export contribution to economy is yet to match the other global stakeholders such as Thailand, which is an international trading hub for gem and jewellery and generates around US$ 12 billion in export revenue, Hong Kong, which notches US$ 30 billion.

As per the Central Bank Annual Report 2022, Sri Lanka earned US$ 450 million as export income from gems, diamonds, and jewellery during 2022 while the annual average for the past 5 years was US$ 298 million.