Sri Lanka is actively exploring ways to channel foreign earnings into local investments as part of its efforts to revitalize the economy.

One major initiative in this regard is a newly launched entrepreneurship development scheme that aims to empower returning migrant workers to reinvest their hard-earned savings into local businesses.

This move is designed to harness the financial resources of migrant workers, many of whom have accumulated savings from their overseas employment.

The Sri Lanka Bureau of Foreign Employment (SLBFE) unveiled a financial assistance programme totaling Rs.744.75 million.

This grant will be distributed across all 331 Divisional Secretariats in the country, ensuring that the support reaches a broad base of returning migrants.

The primary goal is to provide financial backing for returnees interested in either starting new businesses or expanding existing ones.

The programme targets those who have already initiated business ventures upon returning to Sri Lanka, as well as new entrepreneurs seeking to venture into the business world.

Focus on Job Creation and Export-Oriented Ventures

The scheme places a strong emphasis on promoting businesses that focus on production and exports, recognizing their potential to generate both direct and indirect employment opportunities.

The SLBFE’s strategy is clear: fostering entrepreneurship at the Divisional Secretariat level, enabling migrant workers to transform their savings into business enterprises that contribute to the local economy and job market.

To qualify for the grants, applicants must meet specific criteria, including having completed at least two years of overseas employment.

 Additionally, they must either have a solid plan to start a new business or continue running an existing one. The applications will be assessed by a Feasibility Evaluation Committee, which will evaluate the viability of the proposed business ventures before awarding the grants.

Financial Support Tiers

The SLBFE has outlined different grant tiers based on the investment size. For businesses with investments ranging between Rs.200,000 and Rs.500,000, there will be three available grants worth Rs.250,000 each per Divisional Secretariat.

 For investments between Rs.500,000 and Rs.1,000,000, a single grant of Rs.500,000 will be awarded per division. Businesses with investment plans exceeding Rs.1,000,000 are eligible for a larger grant of Rs.1,000,000.

This financial support is aimed at helping returnees transform their business ideas into tangible economic contributions.

The Dehiwala Zoo has reported the passing of its last remaining orangutan, a 15-year-old animal that succumbed to a sudden illness.

Zoo authorities stated that the cause of death is yet to be determined, and the orangutan’s body has been sent to the University of Peradeniya for a detailed examination. The findings from this analysis are expected to provide insights into the illness and inform the zoo’s future care practices.

The loss marks a significant moment for the Dehiwala Zoo, emphasizing the importance of conservation and enhanced care for endangered species in captivity.

President Anura Kumara Dissanayake held a comprehensive discussion with officials from the Ministry of Finance today (7) at the Presidential Secretariat. The meeting addressed key economic concerns, including vehicle imports, withholding tax, and the digitalization of Value-Added Tax (VAT) collection.

Vehicle Imports

The President stressed the importance of balancing the challenges related to vehicle imports with the country’s financial constraints and economic priorities. He called for a strategic approach to manage the issue while ensuring minimal strain on Sri Lanka’s recovering economy.

Withholding Tax Refunds

Addressing the concerns of retirees, President Dissanayake underscored the necessity of creating a mechanism to refund withholding taxes deducted from individuals not liable for income tax. He emphasized that such measures would provide much-needed relief to senior citizens.

VAT Digitalization

President Dissanayake announced plans to digitize VAT collection processes to enhance transparency and efficiency. The proposed digital system is expected to improve tax compliance and significantly boost revenue generation.

Optimism for Economic Recovery

The President expressed confidence in Sri Lanka’s progress towards economic recovery and stability. He reiterated the government’s commitment to optimizing the benefits extended to citizens despite prevailing challenges.

The meeting was attended by Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance Mahinda Siriwardana, Central Bank Governor Dr. Nandalal Weerasinghe, Senior Advisor to the President Duminda Hulangamuwa, and senior officials from the Ministry of Finance.

The Committee on Public Finance held its inaugural meeting yesterday (6) under the leadership of Member of Parliament Dr. Harsha de Silva, who was recently appointed Chair by the Committee of Selection in accordance with Parliamentary Standing Orders.

In his opening address, Dr. de Silva provided an overview of the Committee’s functions and its past work, followed by an open discussion involving Committee Members and attending officials.

During the session, Ministry of Finance Secretary Mahinda Siriwardena and Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe presented the Mid-Year Fiscal Position Report 2024 and an analysis of recent economic developments along with future outlooks. The Committee subsequently approved the report.

The Committee also recognized Dr. Weerasinghe’s contributions to economic recovery and congratulated him on being named LMD’s ‘Sri Lankan of the Year.’

Additionally, the Committee reviewed and approved the Annual Work Programme of the National Audit Office – 2025, with provisions for potential revisions if necessary.

The meeting saw participation from Deputy Ministers Harshana Suriyaperuma and Chathuranga Abeysinghe, alongside Members of Parliament Ravi Karunanayake, Harshana Rajakaruna, Shanakiyan Rasamanickam, Dr. Kaushalya Ariyarathne, Arkam Ilyas, Nimal Palihena, Wijesiri Basnayake, Thilina Samarakoon, and Lakmali Hemachandra. Parliament Assistant Secretary General Hansa Abeyratne also attended the proceedings.

The Election Commission of Sri Lanka has announced its intention to initiate legal proceedings against candidates who failed to submit their income and expenditure reports for the 2024 General Election.

In a statement released yesterday (7), the Commission revealed that it had directed all District Election Offices to finalize and submit files concerning these non-compliant candidates to the Police. This measure aims to facilitate prompt legal action.

The decision follows repeated failures by certain candidates to comply with the mandatory requirement to submit financial reports, despite the extended deadlines. According to the Election Expenditure Regulation Act, all candidates—whether representing political parties, independent groups, or included in national lists—must submit their income and expenditure reports to their respective Election Commission offices.

The Election Commission stated that preparations are underway to file cases next week against five Presidential election candidates who have similarly failed to meet the reporting requirements. This follows prior legal action already initiated against seven other Presidential candidates for the same offense.

The Commission emphasized its commitment to enforcing the Act, which grants it the authority to take legal measures against candidates who fail to adhere to these financial disclosure obligations. It also reiterated the importance of compliance to uphold transparency and accountability in the electoral process.

The Sri Lankan Government has announced the extension of the school stationery allowance, initially granted to “Aswesuma” beneficiaries, to a broader group of underprivileged students. This initiative aims to provide essential resources for children from marginalised backgrounds, ensuring they are prepared for the new school year.

Cabinet Spokesman, Health and Media Minister Dr. Nalinda Jayatissa, revealed at the weekly Cabinet Media conference that the Rs. 6,000 allowance, initially given to children from “Aswesuma” beneficiary families, will now benefit students in 6,576 schools with fewer than 300 pupils.

The expanded scheme will also cover children from families ineligible for the welfare program, residents of Child Development Centers, and both lay and monastic students enrolled in Pirivenas. Additionally, the initiative will assist orphaned children, those with disabled parents, and others facing hardship due to special circumstances.

The Education, Higher Education, and Vocational Education Ministries will oversee the implementation of this program. Recognizing the absence of a comprehensive database to identify all eligible recipients, the government has opted to include predefined categories to avoid delays.

Dr. Jayatissa emphasized the importance of timely assistance, ensuring the aid is delivered before the start of the 2025 school term. He reiterated the government’s commitment to supporting education and ensuring no child is left behind in their academic journey.

The Government of Sri Lanka has reiterated its unwavering commitment to the One China policy, underscoring its support for China’s sovereignty and territorial integrity.

During this week’s Cabinet meeting on Monday, the Cabinet of Ministers reaffirmed the country’s adherence to this long-standing policy, recognizing the People’s Republic of China as the sole legitimate government of China.

In a statement issued by the Government Information Department, the Government declared, “Our nation remains firmly committed to the One China policy. We recognize that Taiwan is an integral part of China and oppose any attempts to undermine China’s sovereignty or territorial unity.”

The One China policy has been a cornerstone of Sri Lanka’s diplomatic relations with China for decades, aimed at fostering strong bilateral ties. The Cabinet approved a proposal submitted by Foreign Affairs, Foreign Employment, and Tourism Minister Vijitha Herath to continue adhering to this policy in all aspects of diplomatic engagement.

This reaffirmation comes as part of Sri Lanka’s broader effort to maintain and strengthen its longstanding partnership with China, a key ally in trade, investment, and regional cooperation.

The Cabinet of Ministers has approved a compensation scheme for patients who developed eye-related complications following cataract surgeries at the Nuwara Eliya District Hospital.

The scheme was proposed by Health and Mass Media Minister Dr. Nalinda Jayatissa and includes compensation for 17 patients based on the severity of their complications. Under the approved framework:

• 12 patients will receive Rs. 1,000,000 each,
• Two patients will receive Rs. 750,000 each,
• One patient will receive Rs. 700,000, and
• Two patients will receive Rs. 250,000 each.

Speaking in Parliament, Minister Jayatissa emphasized the government’s commitment to addressing the issue and ensuring justice for the affected individuals. “The health and well-being of our citizens are our top priorities. We are deeply concerned about the incidents at the Nuwara Eliya Hospital and have taken immediate steps to address them,” he stated.

A special review committee will assess claims to ensure fair and timely distribution of compensation. The minister assured the public of the government’s dedication to stricter oversight of medical practices to prevent similar occurrences in the future.

Investigations are ongoing, and any medical personnel found guilty of negligence will face disciplinary action. Dr. Jayatissa also urged affected patients to report their cases promptly to facilitate the compensation process.

This decision aims to uphold accountability in the healthcare system while providing relief to those impacted by the unfortunate incident.