December 23, Colombo (LNW): The National Disaster Relief Services Centre has confirmed that a significant portion of the Rs. 25,000 assistance package allocated to families affected by recent disasters has already been distributed.
Assistant Secretary Jayathissa Munasinghe said that around 77 per cent of the approved payments have been made so far, with the remaining balance expected to be settled within the coming days. He noted that the disbursement process is now in its final phase.
According to official figures, relief funds have been released to 342,952 eligible households, while payments to a further 113,294 homes are still pending. To date, a total of Rs. 8,573 million has been paid out under the programme.
Munasinghe has urged Divisional and District Secretaries to give priority to completing the outstanding transfers and ensure that all eligible recipients receive their allowance by the end of the week, allowing affected families to move forward with recovery efforts without further delay.
Majority of Disaster Relief Payments Released as Authorities Move to Complete Balance
Examinations Department Issues Special Notice to A-Level Candidates Affected by Disasters
December 23, Colombo (LNW): The Department of Examinations has called on candidates sitting for postponed subjects of this year’s G.C.E. Advanced Level examination to promptly report any changes to their place of residence resulting from recent disasters.
Commissioner General of Examinations, Indika Kumari, said students are required to inform either their school principal or the Department of Examinations if they have relocated. She added that the department has made dedicated contact lines available to facilitate this process and ensure affected candidates are properly assisted.
She explained that students who are unable to attend the examination centre originally allocated to them due to relocation must notify the authorities in advance. Based on the information provided, alternative arrangements will be made to assign an examination centre closer to their current location or within their new district, particularly for those displaced by adverse conditions. The same arrangements will apply to private candidates.
The Commissioner General also advised students to immediately seek guidance if essential documents, such as admission cards or National Identity Cards, have been lost or damaged. In such situations, candidates will be permitted to sit the examination by submitting two certified photographs. For school candidates, the photographs must be endorsed by both the relevant Zonal Education Officer and the school principal to confirm their identity.
Gold Breaks $4,400 Barrier as Investors Flock to Safe Havens
December 23, World (LNW): Gold has surged to an unprecedented level, climbing beyond $4,400 (£3,275) an ounce for the first time as investors increasingly seek protection from economic and political uncertainty.
Market analysts attribute the rally largely to growing expectations that the US Federal Reserve will continue cutting interest rates next year. Lower borrowing costs tend to reduce the appeal of assets such as bonds, prompting investors to turn to commodities like gold as both a store of value and a portfolio diversifier.
At the start of the year, gold was trading at around $2,600 an ounce. Since then, a combination of geopolitical instability, renewed trade tensions linked to policies associated with President Donald Trump, and speculation over looser monetary policy has fuelled demand for traditional safe-haven assets. After breaching the $4,400 mark on Monday, spot gold briefly touched a peak of $4,426.66.
According to Adrian Ash, director of research at bullion marketplace BullionVault, gold has gained more than 68 per cent so far this year, marking its strongest annual rise since 1979. He said prolonged uncertainty surrounding interest rates, global conflicts and trade disputes has steadily pushed prices higher, with political pressures in the US acting as a major catalyst.
Expectations that the US will cut interest rates twice in 2026 have further strengthened the case for gold. At the same time, central banks around the world have continued to increase their physical gold reserves, seeking to hedge against financial volatility, reduce dependence on the US dollar and diversify reserve assets. Analysts at Goldman Sachs believe this trend is likely to extend into next year.
Financial planner Anita Wright of Ribble Wealth Management noted that gold often reacts quickly when confidence in economic policy and financial markets begins to falter. She added that the metal’s steady climb reflects concerns over inflation and broader economic instability. A weaker US dollar has also played a role by making gold more affordable for overseas buyers.
Other precious metals have also enjoyed an exceptional year. Silver rose to a fresh record of $69.44 an ounce on Monday and has more than doubled in value so far in 2025, while platinum has reached its highest level in 17 years. Analysts point out that, unlike gold, these metals benefit from strong industrial demand alongside investment interest.
Elsewhere in the commodities market, oil prices edged higher after the United States imposed tighter restrictions on sanctioned tankers linked to Venezuela. Brent crude rose $1.31 to $61.78 a barrel, while US crude gained $1.25 to reach $57.77. Despite the uptick, both benchmarks remain on course to finish the year below their levels at the beginning of 2025.
Indian Foreign Minister Holds High-Level Talks During Brief Sri Lanka Visit
December 23, Colombo (LNW): India’s Minister of External Affairs, Dr S. Jaishankar, who arrived in Sri Lanka last night (22), is due to hold discussions with President Anura Kumara Dissanayake this morning as part of a short but high-profile official visit.
During his stay, Dr Jaishankar is also expected to meet Prime Minister Dr Harini Amarasooriya as well as Minister of Foreign Affairs, Overseas Employment and Tourism Vijitha Herath, with talks likely to focus on bilateral cooperation and regional priorities.
The Indian Foreign Minister arrived on the evening of December 22 aboard a special Indian Air Force aircraft, travelling as a Special Envoy of Indian Prime Minister Narendra Modi. Sri Lankan officials noted that the visit reflects India’s continued emphasis on its Neighbourhood First policy.
The timing of the visit is also linked to Operation Sagar Bandhu, India’s regional initiative aimed at assisting countries affected by Cyclone Ditwah, which caused widespread damage across parts of the region. Discussions are expected to include ongoing support and coordination related to disaster response and recovery.
According to the Ministry of External Affairs, Dr Jaishankar is scheduled to conclude his engagements and depart Sri Lanka later today.
Veteran Screen Actor Sathischandra Edirisinghe Passes Away at 84
December 23, Colombo (LNW): Well-known Sri Lankan actor Sathischandra Edirisinghe passed away earlier today (23) at the age of 84, marking the end of a long and respected career in film and television.
Edirisinghe, who was the elder brother of renowned vocalist Sunil Edirisinghe, earned widespread recognition for his distinctive performances that resonated with audiences across generations.
With a screen presence that blended restraint and depth, he became a familiar and trusted face in both cinema and television.
His film work included notable appearances in productions such as Sadol Kandulu and Kristhu Charitjaya, while television viewers particularly remember him for roles in popular teledramas of the 1980s, including Palingu Menike, Tharadevi, Susima, Rathu Rosa and Sudu Paraviyo. These performances helped shape the golden era of local television drama.
Uncertainty Grows for CEB Staff Awaiting Voluntary Retirement After Restructuring
December 23, Colombo (LNW): A section of employees at the Ceylon Electricity Board has appealed to the Minister of Energy, raising concerns over prolonged delays affecting their retirement following the organisation’s restructuring.
In a letter sent to the ministry, the employees said they had applied for the Voluntary Retirement Scheme after failing to secure placement in the new entities created under the restructuring framework outlined in the Extraordinary Gazette issued on 26 August 2024.
They explained that their applications were submitted in good faith, with the expectation that the process would be completed within a reasonable timeframe.
According to the group, nearly 2,200 workers who opted for the scheme remain in limbo, as no official retirement date has yet been communicated. They claim the process has stalled due to administrative inefficiencies and what they describe as deliberate obstructions, resulting in repeated postponements.
The absence of clarity, they say, has made it difficult to make informed decisions about their finances, careers and family commitments. The employees have therefore called on the Minister to step in, announce a definitive retirement date for those who have applied under the scheme, and ensure that the process is finalised without further setbacks.
Colombo Municipal Council Defeats Maiden NPP Budget in Narrow Vote
December 23, Colombo (LNW): The Colombo Municipal Council has voted down its proposed 2026 budget in a closely contested decision, dealing a setback to the ruling National People’s Power (NPP) administration at City Hall.
During the council session, 57 members backed the budget, while 60 councillors voted against it, resulting in the proposal being defeated by a slim margin of three votes.
The outcome hinged on the votes of two representatives from the Sarvajana Balaya group, whose opposition proved decisive.
This marked the first budget presented by the NPP-led council since it took control of the CMC. The result has drawn attention given the party’s recent political gains in the capital.
At the most recent local government elections, the NPP secured control of the Colombo Municipal Council, and its mayoral nominee, Vraie Cally Balthazar, was elected Mayor of Colombo with the support of 61 councillors. The narrow rejection of the budget now raises questions about consensus-building within the council ahead of future policy decisions.
Afternoon showers, thundershowers expected in several districts: Fair weather to prevail elsewhere (Dec 23)
December 23, Colombo (LNW): A few showers may occur in Uva and Eastern provinces and in Matale, Nuwara-Eliya, Polonnaruwa and Hambantota districts, the Department of Meteorology said in its daily weather forecast today (23).
Showers or thundershowers may occur at a few places in Ratnapura, Galle, Matara and Kalutara districts after 2.00 p.m.
Mainly fair weather will prevail in the other areas of the island.
Misty conditions can be expected at some places in Sabaragamuwa and Central provinces and in Colombo, Kaluthara, Badulla, Galle and Matara districts during the early hours of the morning.
Marine Weather:
Condition of Rain:
Light showers may occur in the sea areas off the coast extending from Trincomalee to Pottuvil via Batticaloa. Showers or thundershowers may occur at a few places in the sea areas extending from Balapitiya to Matara via Galle during the evening or night.
Winds:
Winds will be north-easterly to northerly in direction. Wind speed will be (25-35) kmph. Wind speed can increase up to 50 kmph at times in the sea areas off the coast extending from Balapitiya to Mannar via Colombo and Puttalam, and from Matara to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coast extending from Balapitiya to Mannar via Colombo, and Puttalam, and from Matara to Pottuvil via Hambantota will be rough at times. The other sea areas around the island will be moderate.
Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
MSMEs Urge Action on Lending Rates amid Weak Policy Transmission
By:Staff Writer
December 22, Colombo (LNW): Sri Lanka’s Micro, Small and Medium Enterprise (MSME) sector has raised concerns over what it describes as excessive lending rates charged by licenced commercial and specialised banks, arguing that reductions in policy interest rates were not passed on proportionately to borrowers.
In a detailed submission to financial authorities, the Ceylon Federation of MSMEs said the interest-rate transmission mechanism had remained distorted well after the peak of the 2022 economic crisis, placing a sustained cost burden on businesses already weakened by the downturn.
The Federation pointed to the sharp tightening of monetary policy in 2022, when the Central Bank of Sri Lanka (CBSL) raised its Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) to historic highs as part of crisis stabilisation measures. While acknowledging the necessity of those actions at the time, it said subsequent policy easing had not been reflected adequately in retail lending rates
Even when the Average Weighted Prime Lending Rate (AWPLR) had peaked at 29.67% in September 2022, the policy rate was 15.50%. While policy rates have since decreased, market rates continue to trail much higher. According to the submission, by 5 December, the Overnight Policy Rate (OPR) stood at 7.75%, while the AWPLR remained significantly higher at 8.74%, indicating a persistent gap between policy intent and market outcomes.
The Federation argued that this divergence disproportionately affected MSMEs, which rely heavily on bank credit and have limited pricing power to absorb higher financing costs. It said elevated borrowing rates constrained recovery, investment, and employment at a time when economic normalisation was expected to support growth
To underline its case, the submission included profit-after-tax figures of several licenced commercial banks for the 2022-2024 period, showing a marked improvement in earnings during the same years when MSMEs faced elevated interest expenses.
The Federation called on regulators to make fuller use of existing legal and supervisory powers to ensure fair transmission of monetary policy and prevent what it described as unjustified widening of lending spreads. It warned that failure to address the issue could undermine broader economic recovery and weaken confidence among small and medium-scale entrepreneurs. It called on the CBSL to ensure that the banking system paid back the excess interest charged on MSME borrowers.
ADB Irrigation Grant Signals Strategic Push for Sri Lanka Agricultural Resilience
By:Staff Writer
December 22, Colombo (LNW): The Asian Development Bank’s latest grant-backed irrigation initiative in Sri Lanka underscores a growing shift among development partners toward climate adaptation as an economic necessity rather than an environmental luxury.
Signed between the Government of Sri Lanka and ADB, the Transforming Irrigation Systems for Improved Food Security Project aims to introduce climate-resilient irrigation models in selected Dry Zone areas. Funded primarily by a $3 million grant from Japan, with additional Government contributions, the project reflects confidence in targeted, technology-driven interventions to stabilise agricultural output.
ADB’s involvement comes at a time when Sri Lanka’s agriculture sector faces overlapping challenges—declining water availability, unpredictable rainfall, rising production costs and weakening farmer profitability. Traditional irrigation systems, though historically effective, are increasingly ill-suited to these evolving conditions. By piloting closed pipe irrigation networks, ADB seeks to demonstrate how efficiency gains can directly support economic resilience.
From ADB’s perspective, the project offers multiple returns. Improved irrigation efficiency can enhance food security, reduce rural poverty and support macroeconomic stability by easing pressure on food imports. In addition, successful implementation strengthens Sri Lanka’s credibility as a reform-oriented development partner, potentially unlocking future concessional financing.
The choice of pilot locations spanning reservoir-fed systems and small tank cascades—also reflects ADB’s intent to test adaptability across diverse agro-ecological settings. If successful, the model could be replicated regionally, positioning Sri Lanka as a demonstration case for climate-smart irrigation in South Asia.
Nevertheless, development economists caution that aid effectiveness depends heavily on domestic capacity. Execution responsibilities rest with the Agriculture, Livestock, Lands and Irrigation Ministry and the Irrigation Department, institutions that have faced resource and coordination challenges in the past. Delays, cost overruns or weak monitoring could dilute anticipated benefits.
There is also the broader issue of farmer inclusion. Technological upgrades alone may not guarantee productivity gains unless accompanied by behavioural change, training and equitable water governance. Without these, infrastructure improvements risk becoming underutilised assets.
Still, the project aligns with ADB’s broader strategy of linking climate resilience with economic performance. For Sri Lanka, navigating post-crisis recovery and climate vulnerability simultaneously, such partnerships could prove pivotal—provided pilot successes translate into sustained policy commitment and scaled investment.