The Ministry of Defence has issued a warning about a large-scale recruitment racket luring Sri Lankans and other foreign nationals into forced labour at cybercrime centres in East Asia.

According to the Ministry, an estimated 50,000 people from various countries — including Sri Lanka — have been deceived with fake offers of information technology jobs. At least five such cybercrime hubs have been identified, using social media advertisements to target job seekers.

In recent weeks, eleven Sri Lankans have reportedly fallen victim to the scam and are being coerced into illegal operations. The scheme also targets Sri Lankans working in Dubai, promising fraudulent IT positions in Thailand, Myanmar, Cambodia, and Laos.

The National Task Force Against Trafficking in Persons has urged the public to remain vigilant, use only legal channels for overseas employment, and report any suspicious offers to authorities without delay.

The government will invite private sector participation, including investments from Small and Medium-sized Enterprises (SMEs), to develop underutilised lands owned by state institutions into economically viable projects.

Cabinet spokesman and Mass Media Minister Dr. Nalinda Jayatissa, speaking at the weekly Cabinet press briefing yesterday (12), said the programme will cover properties managed by the Land Reform Commission, Divisional Plantation Companies, National Livestock Development Board, Sri Lanka State Plantations Corporation, and Janatha Estates Development Board.

Proposed under the 2025 budget, the initiative aims to attract investments in sectors such as plantation and agriculture, plantation-based tourism, livestock development, hydropower and solar power generation, industrial production, freshwater fisheries, and other innovative economic activities linked to plantations.

A high-level delegation from ROX Group, one of Vietnam’s leading conglomerates, met with Power and Energy Minister Eng. Kumara Jayakody yesterday (12) to discuss potential investments in Sri Lanka’s energy sector. The delegation was led by Mr. Tran Anh Tuan, Chairman of the Advisory Board of ROX Group and Chairman of the Maritime Commercial Joint Stock Bank (MSB).

The visit builds on agreements and ties established during President Anura Kumara Dissanayake’s recent official visit to Vietnam. The delegation expressed strong interest in renewable energy, particularly large-scale solar and wind power projects.

Minister Jayakody highlighted that Sri Lanka, supported by strong public backing, has accelerated initiatives to modernize and expand the power sector, creating a favourable climate for foreign investors.

As part of their visit, the ROX Group team will tour the Northern and Eastern Provinces to identify sites with high potential for renewable energy projects.

The company also shared its experience in developing energy ventures in the UK, other European countries, Mongolia, and Kyrgyzstan.

Mass Media Minister Dr. Nalinda Jayatissa revealed that Sri Lanka currently has no satellite registered under its name in the records of the International Telecommunication Union (ITU), the UN agency responsible for coordinating global information and communication technologies.

Addressing the Cabinet Press Briefing yesterday (12), Dr. Jayatissa explained that the ITU’s satellite registration process involves three stages: submission of technical details, coordination with other member states to avoid interference, and final notification of the satellite’s parameters for registration and international recognition — a process that typically takes three to seven years.

He noted that Sri Lanka’s Telecommunications Regulatory Commission holds two geostationary orbital positions at 121.5°E and 50°E. While these slots are reserved for Sri Lanka, other countries, including Afghanistan, Kyrgyzstan, Moldova, Nepal, Tajikistan, and Romania, may also operate there without causing interference.

Dr. Jayatissa further stated that while satellites under the name “ChinaSat” occupy the 87.5°E orbital slot, there are no satellites registered as “SupremeSat One” or “ChinaSat 12” in any of Sri Lanka’s allocated positions.

SupremeSat had signed an agreement with the Board of Investment on May 23, 2012, and declared assets worth Rs. 12 billion related to a satellite in its 2013–14 financial statements, which were later removed in 2014–15. Audit reports also showed no recorded revenue from satellite operations.

In 2016, the company informed the BOI that, under an agreement with China Great Wall Industry Corporation, the assets tied to the satellite were removed. However, ITU checks found no record of “SupremeSat One” or its reported new name, “ChinaSat 12,” under Sri Lanka’s registrations.

President Anura Kumara Dissanayake announced that Cabinet approval has been granted to recruit nearly 62,000 individuals into the public service as part of efforts to modernise a government he described as “largely stagnant.”

Speaking at the “Youth Club” National Youth Conference at the Sugathadasa Indoor Stadium in Colombo yesterday (12), the President emphasised that addressing unemployment requires more than government recruitment alone. He called for an open economy driven by government-led processes that create sustainable job opportunities, noting that plans are already in place to achieve this goal.

President Dissanayake said the country’s youth movement has undergone a transformation from being a political pawn to becoming a platform for cultivating competent leaders. He underscored the government’s commitment to empowering young people to shape their own future, rather than simply maintaining political power structures.

“We have no intention of clinging to these positions indefinitely,” he said, pledging to pass political leadership to a new generation equipped with ability, integrity, and conscience. He stressed that future leaders must be capable of rapidly adapting to the fast-growing body of global knowledge while also demonstrating compassion and empathy.

The President revealed that a programme will be launched through the youth movement to prepare young men and women to become leaders and active stakeholders in Sri Lanka’s development path.

This year’s National Youth Conference was held after a 32-year gap, drawing more than 6,000 participants from across the island. Leading up to the event, “Youth Clubs” were formed at regional level, with newly appointed officers formally introduced at the national gathering.

The event was attended by Youth Affairs and Sports Minister Sunil Kumara Gamage, Deputy Ministers Eranga Gunasekara and Sugath Thilakaratne, Members of Parliament, ambassadors, senior officials, and National Youth Services Council Chairman Supun Wijerathna.

Sri Lanka has taken a step towards diversifying its renewable energy mix by approving a proposal to hire a consultancy firm to explore the feasibility of floating solar power projects, Cabinet Spokesman and Minister of Health and Media Nalinda Jayatissa announced. The move aims to accelerate the island nation’s goal of achieving 70 percent renewable energy by 2030 and complete carbon neutrality by 2050.

The initiative is part of the government’s Renewable Energy Resources Development Plan 2026–2030, which has identified several reservoirs suitable for generating an estimated 3,000 megawatts (MW) of electricity from floating solar installations. This estimate is based on using about 10 percent of the surface area of selected water bodies.

Minister Jayatissa noted that limited land availability has become a significant barrier to large-scale solar development, prompting the government to consider alternatives. “When you try to build solar panels on land, there is an issue of space because of limited land space. So, as an alternative, the government has focused on floating solar power panels,” he said.

Under the plan, potential sites will be selected only after pre-feasibility and feasibility studies, along with comprehensive environmental impact assessments. Tests are already underway in some water bodies, and findings from these pilots will inform future expansion.

Floating solar technology, while promising, presents both opportunities and challenges. Globally, such systems have been deployed in countries like China, India, and Japan, taking advantage of reduced land requirements, lower water evaporation rates, and potentially higher energy efficiency due to the cooling effect of water.

 In Sri Lanka, pilot attempts have been made on a small scale, particularly on reservoirs under the Ceylon Electricity Board (CEB) and irrigation schemes, but large-scale commercial deployment has yet to take off.

Key challenges include high initial capital costs and the need for robust battery storage systems to manage power fluctuations. The cost of energy storage remains a critical concern, as it can significantly impact the economic viability of these projects.

Cabinet approval paves the way for the procurement process to invite proposals from recognized firms to conduct technical and environmental studies. The consultancy work will determine the most suitable reservoirs, assess potential output, and address technical hurdles such as anchoring systems, maintenance in aquatic environments, and grid integration.

If implemented effectively, floating solar could become a cornerstone of Sri Lanka’s clean energy transition, complementing existing hydropower assets and reducing dependency on fossil fuels. The initiative also aligns with the country’s broader environmental goals, including plans for flora spatial mapping and participation in carbon credit trading.

However, experts caution that success will depend on transparent procurement, strong technical partnerships, and careful balancing of ecological and community concerns—especially in areas where reservoirs support fisheries and irrigation.

With feasibility work now set to begin, Sri Lanka’s push for floating solar could mark a turning point in its renewable energy journey, offering both climate and energy security benefits in the years ahead.

Sri Lanka’s monetary policy is currently well-calibrated but has room for interest rate cuts if an external shock — such as potential U.S. tariff hikes under former President Donald Trump’s proposals — impacts the economy, Central Bank Governor Dr. Nandalal Weerasinghe said.

Speaking at an “Invest Sri Lanka” forum in Singapore, jointly organised by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC), Dr. Weerasinghe said the policy interest rate of 7.75% translates into a real rate of about 2.75%, based on the 5% inflation target.

The Central Bank expects inflation to settle at its 5% target next year, with GDP growth close to 5% — well above the International Monetary Fund’s (IMF) forecast of 3%. “

This reflects the right balance in monetary policy,” he said. “If there’s an external event affecting us, we have the space to support the local economy. But without such a need, pushing rates down could create bubbles or boom-bust cycles.”

He noted that while there were concerns earlier this year when tariff hikes were first announced, the risk has eased. “We saw a risk in April, so we used our policy space very carefully,” he added.

Some analysts have warned that the recent rate cut could spur excessive private credit growth, boost imports from investment borrowing, and undermine foreign reserve accumulation. However, Dr. Weerasinghe expressed confidence in meeting the IMF’s year-end reserve target of around US$7 billion.

On trade, he said Sri Lanka’s competitiveness has not been significantly harmed as the proposed Trump tariffs have been reduced from 44% to 20%.

CSE Director and HNB Investment Bank Group CEO Ray Abeywardena also highlighted the benefits of Sri Lanka’s recent exchange rate stability. 

“Over the past year, the rupee has remained stable, supported by prudent policy, improved external performance, and steady inflows from foreign investment and tourism. This stability boosts investor confidence and gives predictability to businesses,” he told the forum.

Abeywardena added that fiscal consolidation, regulatory improvements, and stronger governance are reinforcing macroeconomic stability.

Sri Lanka’s current monetary stability stands in contrast to past policy cycles. Since 2022, the Central Bank has maintained a broadly deflationary stance, often undershooting its inflation target. 

In earlier years, rate cuts aimed at hitting the 5% target contributed to a series of currency crises in 2012, 2015-16, and 2019-22. These episodes triggered economic shocks, pushed up deficits, and caused losses at state-owned enterprises due to currency depreciation.

 Historically, Sri Lanka’s currency troubles date back decades. The rupee began depreciating in the 1980s, after the 1978 

Second Amendment to IMF Articles allowed more flexibility. Economists note that persistent depreciation and inflation have eroded the rupee’s role as a store of value and as a reliable medium of exchange for international trade.

The Central Bank’s early years also saw external instability. In 1952, policy loosening amid a global commodity boom led to external shocks and domestic unrest, while in 1949 a sharp rupee depreciation followed the UK’s post-war sterling crisis. 

Analysts say these episodes underline the risks of suppressing interest rates and the long-term importance of maintaining monetary discipline.