August 04, Colombo (LNW): Labour and Foreign Employment Minister Wasantha Samarasinghe said the government intends to resolve the country’s housing deficit over the next five to ten years.

Speaking at a state housing assistance programme held in Anuradhapura yesterday (03), the Minister outlined a series of new initiatives designed to offer meaningful relief to public sector employees and low-income families.

According to Minister Samarasinghe, the current administration is prioritising practical solutions over political spectacle, contrasting its approach with what he described as the previous government’s tendency to spend extravagantly on public relations rather than actual housing development.

He noted that more than Rs. 520 million had been allocated solely for promotional campaigns under the former regime—funds that, he said, could have been better used to support real families in need of housing.

Under the present scheme, the government has already extended direct support to 140 individuals, with more than 100 applicants approved for low-interest housing loans. In addition, over 80 state employees have been granted loans of Rs. 1 million each, aimed at either constructing new homes or undertaking much-needed renovations.

Minister Samarasinghe emphasised that the selection process for these benefits has been structured to prioritise fairness and transparency. Unlike in the past, he claimed, beneficiaries are now chosen through a standardised evaluation system, designed to minimise favouritism and political influence.

August 04, Colombo (LNW): The Colombo High Court has postponed its decision on a bail request submitted by Sudath Janaka Fernando, a businessman at the centre of a high-profile pharmaceutical procurement scandal.

Fernando, who has been in remand custody for over 18 months, is the primary accused in a case involving the supply of allegedly substandard human immunoglobulin to Sri Lanka’s state-run healthcare system.

The bail ruling, originally expected today (04), has been rescheduled for August 07, following a brief hearing presided over by High Court Judge Indrika Kalingawansa.

Fernando stands accused alongside several others, including former Minister of Health Keheliya Rambukwella. The matter is currently being heard before a special Trial-at-Bar panel of the High Court, established due to the gravity and complexity of the allegations.

According to court submissions, Fernando has repeatedly sought release from custody, citing prolonged detention without conviction and what his legal team argues is a lack of direct evidence linking him to the alleged importation of faulty medical supplies. He also pointed out that the Maligakanda Magistrate’s Court has consistently rejected his previous bail applications, prompting his legal team to appeal to the High Court for reconsideration.

At the core of the case are shipments of human immunoglobulin—an essential blood-derived medicine used in the treatment of immune deficiencies and neurological disorders—which were allegedly brought into the country without proper authorisation or quality assurance.

The controversy sparked public outcry and prompted investigations into regulatory lapses, as well as the alleged involvement of politically connected individuals.

Fernando’s defence argues that the delays in proceedings and prolonged remand period violate his fundamental rights and that the court should consider bail under strict conditions, pending trial. However, prosecutors maintain that releasing the accused at this stage could jeopardise the integrity of the ongoing case, given its far-reaching implications and the possibility of interference with witnesses or evidence.

August 04, Colombo (LNW): The Bar Association of Sri Lanka (BASL) has issued a renewed call to the Constitutional Council to urgently nominate the final member required to complete the Right to Information (RTI) Commission.

In a formal letter dated August 01, 2025, addressed to the Chairperson and members of the Constitutional Council, the BASL expressed serious concern over the continued delay in filling the vacant position.

The vacancy arose following the resignation of retired Supreme Court Justice Upali Abeyratne, the former Chairperson of the Commission, who stepped down in March 2025. Despite a previous letter sent by the BASL on May 28, 2025, the post remains unfilled.

Citing its earlier correspondence, the BASL reiterated the importance of the Commission in upholding the public’s right to information under the RTI Act No. 12 of 2016. It stressed that the Commission’s ability to function effectively and discharge its statutory responsibilities has been significantly hindered due to the absence of a Chairperson.

“The office of the Chairperson is integral to the effective functioning of the Commission and the fulfilment of its mandate under the Right to Information Act,” the letter stated. “The absence of a Chairperson hampers the Commission’s ability to operate efficiently and discharge its duties.”

Signed by BASL President Rajeev Amarasuriya and Secretary Chathura A. Galhena, the letter called upon the Constitutional Council to act in the public interest and to ensure that trust reposed in the Council is honoured through a prompt and appropriate appointment.

The BASL reaffirmed its confidence that the Council would make a suitable and acceptable recommendation, and stressed the urgency of fully constituting the RTI Commission to safeguard citizens’ right to access information.

August 04, Colombo (LNW): Sri Lanka has taken a significant step toward liberalising its capital framework, as Parliament’s Committee on Public Finance (CoPF) has approved a new set of regulations aimed at expanding the capacity of local businesses to invest abroad.

The decision signals a strategic shift in economic policy, focused on fostering international competitiveness among domestic enterprises.

The revised rules, formalised through a Gazette notification and now officially ratified by the committee chaired by MP Harsha de Silva, raise the thresholds for outward investment, while simultaneously simplifying the procedural framework that governs cross-border capital movement.

Under the updated structure, the outward investment cap for companies listed on the Colombo Stock Exchange has been increased from USD 500,000 to USD 750,000. Meanwhile, the limit for unlisted companies has been raised from USD 150,000 to USD 200,000.

These revised ceilings are intended to accommodate the growing demand among Sri Lankan firms for overseas expansion, particularly in emerging sectors such as IT services, software development, and digital infrastructure.

In an effort to support larger ventures, the new policy permits companies to source up to USD 2 million in external borrowing, provided such arrangements fall under the purview of the Central Bank of Sri Lanka. Investments exceeding this threshold will continue to require special regulatory approval, preserving a measure of oversight on substantial capital outflows.

To enhance operational efficiency, the guidelines mandate that all overseas investments be channelled through a designated Outward Investment Account (OIA), ensuring transparency and regulatory traceability. The Central Bank has also granted broad authorisation to licensed commercial banks to process such transactions without delay, streamlining what was previously a time-consuming and bureaucratic process.

Central Bank representatives also clarified that short-term supplier credit transactions conducted on DA (documents against acceptance) terms will continue to be treated as current account transactions, and will not be subject to new limitations—providing further reassurance to exporters and importers alike.

The reforms were enacted through an Order issued under Section 22 of the Foreign Exchange Act, No. 12 of 2017, and published in Gazette Extraordinary No. 2441/14 dated 18 June 2025.