The NSBM Open Day for the May 2025 Intake, held on the 16th and 17th of May at the NSBM Green University premises in Homagama, was a resounding success. The event welcomed a large number of prospective students and parents who explored the university’s world-class facilities and academic offerings aligned with international standards.
Most importantly, over 200 after A/L students took this opportunity to meet with NSBM’s experienced academic panel and register on the spot for undergraduate degree programmes in Business, Computing, Engineering, and Science.
To secure your place in the NSBM May 2025 Intake, call 011 544 5000 or WhatsApp your details to 071 244 5000 today!
May 20, Colombo (LNW): Once a thriving hub of industry and enterprise, Sri Lanka is now reeling from the harsh fallout of its worst economic crisis in decades. Across the island, factories have gone silent, shops have shuttered, and thousands of livelihoods have vanished. The private sector—the engine of employment and growth—has taken a crushing blow, forcing businesses to close and pushing families into debt and despair.
According to the Department of Census and Statistics, 15.1% of Sri Lankans lost their jobs in 2023 alone, as the economic meltdown triggered mass layoffs and factory closures. The job losses hit men harder than women, with more male workers losing their main or secondary sources of income.
The ripple effects have been devastating. Over 60.5% of households saw a decline in monthly income, while 91.1% reported higher expenses, particularly on food, transport, and healthcare. As inflation soared and the cost of living skyrocketed, nearly a quarter of households were forced into debt. Meanwhile, 7% of the population couldn’t afford proper healthcare, further deepening the social impact of the crisis.
Sri Lanka’s business sector, especially small and medium-sized enterprises (SMEs), bore the brunt of the collapse. Many were forced to shut down or downsize due to fuel shortages, import restrictions, and a lack of access to affordable credit. Export-oriented factories in key industrial zones such as Katunayake and Biyagama were particularly hard hit, as global demand wavered and production costs surged.
In the absence of foreign currency, companies struggled to import raw materials, stalling production lines and severing supply chains. A wave of closures followed, with an estimated 30% of SMEs either ceasing operations or drastically cutting back.
This economic crisis has not only crippled business but also eroded the foundations of daily life. The government now faces the urgent challenge of restoring economic stability, attracting investment, and reviving local industry. Without bold reforms and international support, Sri Lanka risks long-term stagnation and further loss of livelihoods.
May 20, Colombo (LNW): Moody’s recent downgrade of the United States’ long-term credit rating has raised fresh concerns in Sri Lanka over the safety and valuation of its foreign reserves, much of which are invested in U.S. Treasuries. In response, the Lanka Rating Agency (LRA) has issued a statement confirming it is closely monitoring the potential implications of the downgrade on the country’s financial stability.
On May 16, 2025, Moody’s Investors Service cut the U.S. government’s long-term issuer and senior unsecured debt ratings from Aaa to Aa1, citing rising debt levels, growing interest burdens, and a weakening fiscal outlook.
The outlook has been revised from “negative” to “stable,” signaling that while immediate further deterioration is not expected, the downgrade reflects persistent structural challenges in the U.S. economy.
The move means the United States has now lost its triple-A rating from all three major global credit rating agencies—Moody’s, Fitch, and S&P.
This development is significant for Sri Lanka, which holds a notable portion of its foreign exchange reserves in U.S. government securities. Traditionally considered one of the safest assets, the downgrade introduces new risk perceptions that could impact the value of Sri Lanka’s reserves and its overall reserve management strategy.
In a statement, the Lanka Rating Agency said it is “actively assessing the impact of this development on local financial markets and reserve management strategies,” urging Sri Lankan policymakers and financial stakeholders to remain vigilant.
“Given Sri Lanka’s economic recovery is still at a delicate stage, any shift in global risk sentiment can have a ripple effect on our foreign reserves, exchange rate, and debt servicing capacity,” an LRA spokesperson noted.
Sri Lanka, which is navigating post-crisis economic reforms under an International Monetary Fund (IMF) program, relies heavily on the stability of its reserve assets to manage external obligations and currency pressures. A downgrade in the creditworthiness of U.S. Treasuries could prompt a reassessment of risk-adjusted returns and encourage discussions around diversifying reserves.
While the downgrade does not indicate a default risk by the U.S., it reflects broader concerns about fiscal management and political uncertainty in Washington—factors that can indirectly influence emerging markets like Sri Lanka.
LRA reaffirmed its commitment to providing independent, internationally aligned credit assessments to support informed decision-making. The agency will continue to track global developments and provide guidance on their implications for Sri Lanka’s financial system.
May 20, Colombo (LNW): UK authorities are providing support to a British woman arrested in Sri Lanka, as reports emerge that she has been accused of attempting to smuggle a significant quantity of cannabis into the country.
Charlotte May Lee, 21, from Coulsdon in south London, was reportedly detained on Monday at Colombo’s Bandaranaike International Airport after arriving on a flight from Bangkok. According to local reports, Sri Lankan authorities allege she tried to smuggle two suitcases containing 46kg (101lbs) of “kush,” a potent and dangerous strain of cannabis.
The UK’s Foreign, Commonwealth and Development Office confirmed its involvement, stating: “We are supporting a British woman who has been arrested in Sri Lanka and are in contact with her family and the local authorities.”
Kush is not just a form of cannabis; it is often laced with other harmful substances such as fentanyl, tramadol, and formaldehyde. This highly addictive synthetic blend has caused a public health crisis in parts of West Africa, with reports suggesting it may be responsible for dozens of deaths and thousands of hospitalisations weekly in countries like Sierra Leone.
Lee, a former TUI cabin crew member, had more recently been working as a beautician. Her case draws parallels with that of another young British woman, Bella Culley, who is currently being held in Georgia under suspicion of drug offences.
Culley, 18, had initially been reported missing in Thailand before Georgian authorities announced she had been arrested in Tbilisi on 10 May. During a court appearance earlier this week, she faced accusations of purchasing, possessing, and importing large quantities of drugs, including marijuana.
Georgian police said they had seized 12kg (26lbs) of marijuana and just over 2kg (4.4lbs) of hashish from a travel bag at Tbilisi International Airport.
Before her arrest, Culley had reportedly travelled from the Philippines to Thailand in early May. Her family had expressed concern over her whereabouts until Georgian authorities confirmed her detention.
Culley is the great-granddaughter of former Labour MP Frank Cook, who represented Stockton North for 27 years and once served as a deputy speaker in the House of Commons. He passed away in 2012 at the age of 76 after battling lung cancer.
Both cases highlight the growing concern over drug trafficking involving young British nationals overseas and the complex legal challenges they may face abroad.
May 20, Colombo (LNW):In a move that could significantly reshape its investment climate, the Sri Lankan government is planning to curtail generous tax concessions granted to mega development ventures — including those within the Colombo Port City — in a bid to boost state revenue and meet International Monetary Fund (IMF) requirements.
The strategic policy shift reflects growing concern over the long-term fiscal impact of tax holidays granted under the Strategic Development Act (SDA) and the Colombo Port City framework, which have been criticized for undermining the country’s ability to repay debt and stabilize public finances.
The proposed changes come as part of a broader effort by the government to align with IMF recommendations aimed at improving Sri Lanka’s fiscal management and reducing its public debt burden.
The IMF has repeatedly expressed concern over the scale and duration of tax incentives granted to investors, warning that such concessions severely constrain the state’s capacity to generate adequate revenue, particularly during its ongoing economic crisis.
The Colombo Port City, a high-profile initiative intended to transform Sri Lanka into a regional financial hub, has been at the center of this debate. The project currently enjoys sweeping tax exemptions, including waivers on customs duties, the Ports and Airports Development Levy, VAT, and various other levies.
Under the existing Port City Act, the Colombo Port City Commission has the authority to grant tax holidays of up to 40 years to businesses deemed of “strategic importance.” Such businesses are recognized by the Commission in consultation with the President or relevant minister, based on their potential economic or social contribution.
However, the IMF argues that many of these tax incentives lack transparency and fail to deliver tangible benefits to the broader economy.
Its 2023 Governance Diagnostic Assessment report recommended the suspension of the SDA and related tax breaks, urging the government to introduce a new, more targeted framework under a proposed Priority Investment Project Act.
This would replace existing legislation and introduce clearer, rule-based criteria for determining eligible investments.
In line with this recommendation, the Finance Ministry now plans to introduce amendments to the SDA by August this year. These amendments will limit the length of tax holidays and may introduce new taxes specifically targeting Port City investors. Until these criteria are formalized, all actions under the SDA will be suspended.
Officials say the revised approach will focus on ensuring that tax incentives are strategically allocated and time-bound, with a view to maximizing net economic benefits. A senior finance ministry official confirmed that the government aims to implement a rules-based system with transparent eligibility criteria by the end of September 2025
May 20, Colombo (LNW): The committee appointed to investigate allegations of serious misconduct against Sri Lanka’s suspended Inspector General of Police (IGP) Deshabandu Tennakoon has decided to proceed with its inquiry, dismissing all preliminary objections raised by the defence.
According to the Parliamentary Communications Department, the inquiry committee, chaired by Supreme Court Justice P.P. Surasena and comprising Justice W.M.N.P. Iddawala and E.W.M. Lalith Ekanayake—who also chairs the National Police Commission—convened at Parliament yesterday (19).
This marked the first appearance of IGP Tennakoon before the committee since the inquiry was announced.
During the hearing, the committee officially presented Tennakoon with a charge sheet listing 23 separate allegations, all reportedly centred on gross abuse of authority during his time in office.
The charges are believed to pertain to his conduct in politically sensitive policing matters and alleged misuse of power, though the full contents of the charge sheet remain confidential.
Tennakoon was represented by Attorney-at-Law R.S. Weerawickrama, who submitted three preliminary objections and two formal requests to the committee in an attempt to challenge the legitimacy or procedural fairness of the inquiry.
However, Additional Solicitor General Dileepa Peiris and Deputy Solicitor General Rajitha Perera, appearing on behalf of the Attorney General’s Department, raised strong objections to the defence’s submissions, arguing that the inquiry was both lawful and essential given the gravity of the allegations.
After reviewing the arguments, the committee unanimously dismissed all objections, stating that the matter warranted a full and uninterrupted investigation.
The next hearing has been scheduled for 28 May at 2.00 p.m., during which further examination of the charges and evidence is expected to take place.
May 20, Colombo (LNW): Former Health Minister Keheliya Rambukwella has been ordered to remain in remand custody until June 03, following his appearance at the Colombo Magistrate’s Court today (20) in relation to a corruption probe being conducted by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).
Colombo Chief Magistrate Thanuja Lakmali extended the remand period after reviewing submissions from both prosecution and defence counsel regarding three ongoing cases that allege serious financial misconduct during Rambukwella’s tenure in public office.
The court also approved a request by CIABOC to name Rambukwella’s son, Ramith Rambukwella, as a suspect in one or more of the related complaints, a move that signals the investigation’s expansion beyond the former minister alone.
Whilst the specific nature of Ramith Rambukwella’s alleged involvement has not been publicly disclosed, legal sources suggest that it could involve financial transactions or associations deemed integral to the primary charges.
Rambukwella, who has served in multiple ministerial portfolios including media and health, was arrested earlier this year following a string of complaints lodged with the Bribery Commission.
He was brought to court today under prison custody, having already been remanded during previous hearings.
May 20, Colombo (LNW): A five-member committee tasked with re-evaluating the Batalanda Commission Report is set to hold its inaugural meeting today (20), initiating a process that could reopen scrutiny into one of Sri Lanka’s most controversial periods of political repression.
The committee, chaired by Senior Additional Solicitor General Rohantha Abeysuriya, PC, was appointed by Attorney General Parinda Ranasinghe following the recent handover of the Batalanda Commission Report to the Attorney General’s Department by the President’s Office.
The decision to revisit the report comes in the wake of renewed public debate sparked by former President Ranil Wickremesinghe’s appearance on Al Jazeera’s Head to Head programme in early March, during which he was questioned about past allegations linked to state-sanctioned violence.
Covering the politically volatile years from 1988 to 1990, the Batalanda Commission Report investigates a series of grave human rights violations—including extrajudicial killings, enforced disappearances, and illegal detentions—allegedly carried out at an unofficial detention centre in Batalanda.
The commission, initially appointed in the 1990s, had recommended legal action against certain individuals, but successive governments did not pursue prosecutions.
The newly formed review panel has stated that it aims to submit its findings to the Attorney General without delay, focusing on key areas of concern identified during its reassessment.
This swift timeline reflects growing public and political interest in uncovering the full extent of state accountability during one of the darkest chapters in Sri Lanka’s modern history.
Legal analysts suggest that the outcome of the review could have significant implications—not only for possible criminal prosecutions but also for truth and reconciliation efforts in a country still reckoning with multiple cycles of political violence.
While no formal charges have been brought so far as a result of the original commission’s findings, a renewed legal review could pave the way for long-awaited accountability measures or at the very least, official clarification on previously obscured events.
The political stakes are high, given that some of the individuals named in connection with the Batalanda allegations have occupied senior political roles in the decades since, including top executive positions.
The process may also raise questions about institutional memory and the state’s willingness to revisit unresolved injustices in a credible manner.
The Attorney General’s Department has so far refrained from commenting on the potential scope of legal action but confirmed that the review process would be conducted independently and guided by the law.
The committee is expected to examine not only the original report’s content but also additional evidence and testimonies that may have surfaced in the years since its publication.
May 20, Colombo (LNW): France has signalled its readiness to accelerate the restructuring of its bilateral debt agreement with Sri Lanka, reaffirming its support for the island nation’s ongoing economic recovery efforts.
This assurance was given during a meeting held today at the Ministry of Foreign Affairs in Colombo between Rémi Lambert, the French Ambassador to Sri Lanka, and Vijitha Herath, the Minister of Foreign Affairs, Foreign Employment, and Tourism.
The meeting focused on strengthening bilateral cooperation and facilitating a timely conclusion to Sri Lanka’s debt restructuring negotiations.
Ambassador Lambert commended the Sri Lankan government’s commitment to structural reforms and macroeconomic stabilisation, noting that France remained a committed partner in both multilateral forums and direct diplomatic dialogue.
He acknowledged the resilience of Sri Lanka’s economic reform agenda and expressed confidence in the country’s efforts to restore fiscal discipline and financial credibility on the global stage.
Minister Herath, in turn, underscored the urgency of concluding the restructuring process, citing the pressing need to ensure long-term financial sustainability while safeguarding social protection and development priorities. He stressed that the process must not only be expedient but fair and balanced for all stakeholders involved.
France, a member of the Paris Club of creditor nations, plays a key role in Sri Lanka’s ongoing negotiations with bilateral lenders. As part of its debt treatment under the IMF-backed recovery programme, Sri Lanka is seeking to finalise agreements with official and private creditors in order to unlock further funding tranches and restore investor confidence.
May 20, Colombo (LNW): The Ministry of Education has commenced the application process for student admissions to Grade 12 under the Advanced Level (A/L) Vocational Stream for the 2025 academic year, offering an inclusive opportunity for students regardless of their G.C.E. Ordinary Level (O/L) examination results.
In a significant move aimed at expanding access to technical and practical education, the Ministry announced that passing the O/L examination will not be a prerequisite for enrolment.
This decision is expected to benefit students from diverse academic backgrounds, particularly those seeking alternative pathways into skilled employment or further technical education.
Students enrolling in this stream will begin Grade 12 under the A/L Vocational curriculum and advance to complete a National Vocational Qualification (NVQ) Level 04 programme in Grade 13. The programme spans 28 vocational disciplines designed to align with current job market demands.
These include, but are not limited to, Health & Social Care, Fashion Designing, Graphic Designing, Computer Hardware & Networking, Construction Studies, and Automobile Studies.
The initiative aims to bridge the gap between secondary education and employable skills, helping students transition directly into the workforce or continue higher-level vocational or technical education.
It also serves to counter the high dropout rates often linked to the academic pressures of the conventional A/L route.
A list of eligible schools and application forms in both Sinhala and Tamil languages are now available on the Ministry of Education’s official website: https://moe.gov.lk/2025/05/37984/
Applicants seeking additional information are encouraged to contact the Ministry between 9:00 a.m. and 4:00 p.m. on weekdays via the following numbers: 011 278 7136 or 011 278 6746.
