In a decisive move hailed by policy think tank Advocata Institute, the Sri Lankan Cabinet has given overwhelming approval to the proposed Gambling Regulatory Bill—a significant milestone in the country’s long-awaited efforts to formalise and regulate its gaming industry.

 The new legislation promises to establish a transparent, accountable, and efficient framework for the casino and broader gaming sectors, addressing years of regulatory neglect and positioning Sri Lanka as a credible destination for investment and tourism.

Advocata welcomed the Cabinet’s decision, calling it a vital step towards closing regulatory gaps, reducing revenue leakages, and improving investor confidence. The institute emphasized that a well-structured regime is not only crucial for economic integrity but also for unlocking the sector’s full potential in terms of foreign direct investment, tourism promotion, and foreign exchange earnings.

The think tank has long advocated for comprehensive reform in this area, most recently through its 2024 report, “A Comprehensive Policy Framework for the Gaming Industry of Sri Lanka.” In the report, Advocata highlighted how the absence of clear regulations had deterred reputable investors, compromised tax revenue, and hampered growth.

With other nations in the region—such as Thailand and the UAE—rapidly liberalising their own gaming industries, the urgency for reform in Sri Lanka is greater than ever.

Advocata stressed that while the Cabinet’s green light demonstrates governmental commitment, the success of the reform hinges on the swift operationalisation of the proposed Gambling Regulatory Authority.

It called for this process to be accompanied by a transparent public consultation mechanism that includes input from academics, industry experts, civil society, and the general public. According to the Institute, meaningful stakeholder engagement is essential to building a credible, socially responsible, and forward-thinking regulatory system.

To ensure global best practices are followed, Advocata recommends that the final Bill incorporate several key principles. These include stringent licensing protocols to ensure ethical operations, modernised tax collection systems to prevent revenue loss, and robust consumer protection measures to curb compulsive gambling and associated social harms.

 Additionally, Advocata argues for an independent regulatory authority free from political and industry interference, backed by ongoing public participation to boost transparency and accountability.

The Institute reiterated its commitment to collaborating with policymakers, industry leaders, and community representatives to ensure that Sri Lanka’s gaming legislation reflects not only economic goals but also the broader public interest. Advocata is calling on the media and all stakeholders to join the national conversation as the country stands on the cusp of a transformative shift in its gaming policy landscape.

Sri Lanka’s gross official foreign exchange reserves declined by USD 205 million in April 2025, falling to USD 6.33 billion from USD 6.53 billion in March, official data shows. The drop underscores continued pressure on the country’s external financial position despite moderate central bank dollar purchases.

The current reserve level also falls below the USD 6.47 billion recorded in October 2024, when the Central Bank had injected liquidity into the system to suppress overnight interest rates amid a surge in private sector credit demand. Although such monetary injections were discontinued in early 2025, excess liquidity continues to persist due to unsterilized foreign exchange purchases—where the Central Bank buys dollars without offsetting the resulting rupee inflow.

This unsterilized liquidity fuels domestic credit growth, raising imports and thereby undermining the Central Bank’s ability to build reserves. In addition, ongoing sovereign and central bank debt repayments, including those to India for crisis-era loans, continue to erode the Central Bank’s net foreign assets.

While gross reserves remain positive, repayments reduce the actual usable reserves, tightening the country’s financial flexibility. The Central Bank, acting as the government’s fiscal agent, also supplies foreign currency for external debt servicing, further straining reserve levels.

Experts warn that without a shift toward a more deflationary monetary policy—through slightly higher interest rates and better liquidity management—Sri Lanka will struggle to retain its reserves. The Treasury’s reliance on the Central Bank’s policy direction, combined with the absence of an independent forex trading mechanism, adds to the structural challenges.

Under the current “single policy rate” framework, liquidity mismatches are frequent. When the government issues Treasury bills for rupee financing and converts the proceeds into foreign reserves, systemic liquidity contracts, pushing interest rates up. To counteract this, the Central Bank injects liquidity, thereby undermining the tighter monetary conditions needed to support reserve accumulation.

Despite improved tax revenue and a slowdown in government borrowing in early 2025, the country’s reserve position remains fragile. April’s decline suggests that Sri Lanka’s current reserves may be just enough to meet near-term external obligations.

Reserve management continues to follow international best practices under the Central Bank’s oversight. Governance is supported by risk controls, ethical compliance frameworks, and business continuity protocols, all overseen by the International Reserve Investment Oversight Committee and monitored by the Board Risk Oversight Committee.

In pursuit of its ambitious goal to generate 70% of its electricity from renewable sources by 2030 and achieve carbon neutrality by 2050, Sri Lanka is actively inviting investments in the renewable energy sector.

With vast untapped potential in solar, wind, and hydro power, the country is focusing on establishing itself as a key player in the global shift toward sustainable energy.

Northern and eastern regions of the island have been earmarked as renewable energy zones, offering lucrative opportunities for development partners interested in wind, solar, and green hydrogen projects.

As part of this national initiative, the Ceylon Electricity Board (CEB), under the direction of the Cabinet Appointed Negotiating Committee, is calling for proposals for the development of two 50 MW wind farms.

 The selected developers will be responsible for financing, designing, supplying, constructing, testing, commissioning, operating, and maintaining the wind farms on a Build-Own-Operate (BOO) basis over a 20-year term.

Interested parties can acquire the Request for Proposal (RFP) package, which consists of six volumes in DVD format, from the office of the Deputy General Manager (Renewable Energy Procurement & Performance Monitoring).

 The documents will be available for purchase on working days from 9:00 AM to 4:00 PM until June 5, 2025. A non-refundable fee of LKR 300,000 must be paid either in cash or via bank draft addressed to the General Manager, CEB.

For local applicants requesting courier delivery of the RFP, a written request along with the bank draft should be sent to the specified address. The CEB will not be held responsible for any delays or losses in courier delivery.

Overseas proponents may request the RFP by emailing [email protected] and providing proof of a bank transfer of USD 1,035 to the designated CEB foreign currency account. Upon confirmation of payment, the documents will be dispatched via courier. As with local deliveries, the CEB assumes no responsibility for courier-related issues.

This initiative reflects Sri Lanka’s strong commitment to transitioning toward a greener future and presents a timely opportunity for investors to contribute to and benefit from the country’s sustainable energy transformation.

US President Donald Trump has called the election of the first American pope, Robert Francis Prevost, who will be known as Pope Leo XIV, a “great honour” for the country and said he looks forward to meeting him.

Trump is among the many American political figures applauding the historic appointment of the 69-year-old native Chicagoan to lead the Catholic Church.

“To have the Pope from America is a great honour,” Trump said later when asked for reaction to the news.

Pope Leo was born in Chicago and attended university outside Philadelphia, before becoming a missionary in Peru.

Trump’s Republican colleague, House Speaker Mike Johnson also congratulated the new pope and wrote on social media: “May God bless the first American papacy in these historic days.”

Secretary of State Marco Rubio, a Catholic, also extended his congratulations.

“This is a moment of profound significance for the Catholic Church, offering renewed hope and continuity amid the 2025 Jubilee Year to over a billion faithful worldwide,” Rubio said.

“The United States looks forward to deepening our enduring relationship with the Holy See with the first American pontiff.”

The US has the fourth largest number of Catholics.

Chicago Mayor Brandon Johnson also offered a note of congratulations on social media.

“Everything dope, including the Pope, comes from Chicago! Congratulations to the first American Pope Leo XIV! We hope to welcome you back home soon.”

Illinois Governor JB Pritzker called the moment “historic”.

“Hailing from Chicago, Pope Leo XIV ushers in a new chapter that I join those in our state welcoming in at a time when we need compassion, unity, and peace,” he wrote on social media.

Vice-President JD Vance, a Catholic himself, praised the pope’s election.

“I’m sure millions of American Catholics and other Christians will pray for his successful work leading the Church,” Vance wrote on X.

Former presidents Barak Obama and Joe Biden also offered their congratulations.

“Habemus papam – May God bless Pope Leo XIV of Illinois,” Biden wrote on social media.

BBC

Speaker of Parliament Dr. Jagath Wickramaratne today announced the appointment of members to six key Sectoral Oversight Committees, along with new nominations to the Committees on Parliamentary Business, Public Enterprises (COPE), and Public Accounts (COPA).

The appointments, made by the Committee of Selection, are intended to strengthen parliamentary oversight, governance, and accountability across vital sectors.

The newly constituted Sectoral Oversight Committees and their focus areas include:

• Economic Development and International Relations
  Members: Lakshman Nipuna Arachchi, Sagarika Athauda, Nilanthi Kottahachchi, and others.
• Infrastructure and Strategic Development
  Members: Manjula Suraweera Arachchi, K. Ilankumaran, Ravindra Bandara, among others.
• Education, Manpower and Human Capital
  Members: Aboobucker Athambawa, Krishnan Kalaichelvi, Sanjeewa Ranasingha.
• Health, Media and Women’s Empowerment
  Members: Dr. Nihal Abeysinghe, Prof. Sena Nanayakkara, Ruwan Mapalagama.
• Environment, Agriculture and Resource Sustainability
  Members: Roshan Akmeemana, Upul Kithsiri, Bhagya Sri Herath.
• Science, Technology and Digital Transformation
  Members: Chathuranga Abeysinghe, Dr. Janaka Senarathna, Hasara Liyanage.

In addition to these, the following appointments were announced:

• Committee on Parliamentary Business: Wasantha Samarasinghe, Sundaralingam Pradeep, and Aboobucker Athambawa.
• Committee on Public Enterprises (COPE): Aboobucker Athambawa, Arkam Ilyas, and Mayilvaganam Jegatheeswaran.
• Committee on Public Accounts (COPA): Sunil Rathnasiri.

These appointments aim to bolster the Parliament’s role in policy review and sector-specific oversight, contributing to more transparent and effective governance.

The Inland Revenue Department (IRD) has announced an extension of the deadline for senior citizens to submit their applications for quarterly income tax refunds for the 2023/2024 assessment year.

This decision was made in response to a high volume of requests from elderly taxpayers seeking more time to complete the process. The revised deadline is now set for June 30, 2025.

To support applicants, the IRD has designated every Wednesday from 8:30 a.m. to 5:00 p.m. for assistance and application submission at regional offices. If a Wednesday falls on a public holiday, services will be provided on the following Thursday. The department advises visitors to arrive before 4:15 p.m. to allow sufficient time for processing.

A total of Rs. 1.027 billion was spent on official foreign visits made by former President Ranil Wickremesinghe between 2022 and 2024, according to Chief Government Whip and Health and Mass Media Minister Dr. Nalinda Jayatissa.

Dr. Jayatissa disclosed the figures in response to a parliamentary question posed by National People’s Power (NPP) MP Lakmali Hemachandra. The inquiry, directed to the Prime Minister, sought specifics on the scale, cost, and composition of the delegations that accompanied the former President abroad.

According to the Minister, President Wickremesinghe undertook four official foreign visits in 2022 with a delegation of 63 members, costing the government Rs. 129 million. In 2023, the number of trips rose to 14, with 252 individuals accompanying him, leading to an expenditure of Rs. 577 million. In 2024, five visits were made with 111 delegates, costing Rs. 300 million.

Altogether, over the three-year span, Wickremesinghe made 23 foreign visits accompanied by 426 delegates. Additionally, 19 individuals were sent abroad as the President’s special representatives, incurring an extra Rs. 19 million in expenses.