By: Staff Writer

July 24, Colombo (LNW): In a bold step towards enhancing national financial literacy and economic resilience, Sri Lanka is intensifying its efforts to educate the public on personal finance and wealth creation. With growing emphasis on financial inclusion, the government and private sector have launched numerous initiatives, including school-level financial education programs, digital banking literacy campaigns, and entrepreneurship development schemes. These efforts are gaining momentum as Sri Lanka seeks to empower its citizens with the knowledge and tools necessary to navigate economic challenges and make informed financial decisions.

Adding to this momentum, global financial educator and bestselling author Robert Kiyosaki, famed for his influential book Rich Dad Poor Dad, will host his first-ever live event in Sri Lanka on 17 August 2025. The exclusive event, titled ‘Cashflow Revolution Sri Lanka 2025’, is being co-organised by Wisdom Trainer International—led by prominent leadership trainer Dr. Kuma Iddamallena—and global learning platform Success Resources.

Kiyosaki’s visit marks a landmark moment in the country’s financial education journey. Participants will engage directly with his iconic CASHFLOW Board Game, widely acclaimed for its ability to simulate real-world financial scenarios and teach practical investment strategies. The game, which has transformed the financial outlook of millions globally, will form the core of the event’s interactive learning experience.

Beyond the game, attendees will receive hands-on training on modern wealth-building strategies from a team of international experts. Key focus areas include:

Strategic investment and risk management

Real estate entrepreneurship

Digital and social media income models

Personal financial planning and money mindset shifts

Participants will also take part in expert-led game debriefs to evaluate and reshape their financial behaviours and thinking patterns. The event promises a holistic, immersive learning experience that combines theory, practice, and peer networking with trainers and thought leaders from across the globe.

“This initiative is about more than money—it’s about mental rewiring and generational transformation,” said Dr. Iddamallena. “We are honoured to co-create this movement with Robert Kiyosaki for the people of Sri Lanka. It is time we empower individuals to take control of their financial futures.”

 Interested individuals can register through Wisdom Trainer International, with early bird and group discounts currently available. Members of the organisation are eligible for exclusive loyalty pricing.

The Cashflow Revolution Sri Lanka 2025 event is expected to attract entrepreneurs, professionals, educators, and students from across the country, offering a rare opportunity to engage with one of the world’s most influential voices in financial education.

By: Staff Writer

July 24, Colombo (LNW): Financial and administrative mismanagement in Sri Lanka’s state universities has come under sharp scrutiny, with the government intensifying efforts to enforce accountability across higher education institutions. The spotlight is currently on Sabaragamuwa University following alarming findings revealed in the Auditor General’s 2023 report. This is part of a broader push by authorities to ensure that universities, heavily funded by public money, uphold transparency and good governance.

The Committee on Public Enterprises (COPE), chaired by MP Dr. Nishantha Samaraweera, convened on 4 June to examine the financial performance and management practices at Sabaragamuwa University. Following serious irregularities, COPE recommended forming an independent committee to probe allegations of corruption and mismanagement, clearly stating that no current university governing body member should be part of the inquiry.

Among the serious issues discussed was the tragic suicide of second-year student Charith Dilshan, which raised concerns over lapses in student welfare. The university’s disciplinary officer was reportedly unaware of a New Year festival approved without proper procedure, which is suspected to have contributed to the incident. COPE has demanded an impartial investigation into the matter.

Additional revelations included the unauthorized removal of 500 cubic metres of soil from university property in 2022, allegedly at the request of a local government member. Despite the administration later admitting the approval was improper, a police complaint was lodged only two years later. COPE also highlighted structural defects and poor maintenance of the university’s Rs. 123 million sports complex, along with irregularities in payments and project oversight in construction projects, including an unclaimed performance bond linked to a failed library project, resulting in a Rs. 28.8 million loss.

Responding to COPE’s recommendations, the Ministry of Education has appointed a four-member independent committee, chaired by retired Supreme Court Justice Vijith K. Malalgoda. The panel is tasked with reviewing procurement practices, financial reporting, staff appointments, and overall administrative functions at Sabaragamuwa University within two months. Members include Prof. Gamini Senanayake, W.M.C. Bandara, and UGC auditor Hasanthi Pathirana.

Meanwhile, the University of Colombo is also under audit scrutiny. It was found that a private company, established using Faculty of Science staff in 2013 without proper approval, failed to submit audited financial statements. Additionally, a lack of royalty provisions has resulted in negligible income to the university despite nearly a decade of operations. Incomplete and abandoned research projects worth over Rs. 17 million and unutilized designated funds totaling Rs. 117.9 million were also highlighted in the audit.

In response, the Federation of University Teachers’ Associations (FUTA) expressed support for fair and constructive investigations, emphasizing that public funds must be used responsibly. However, FUTA warned against turning such probes into tools to undermine academic communities. Dr. Anuruddha Karunaratne noted that while systemic lapses may exist, most academic staff have acted in good faith and within their capabilities.

Sri Lanka’s state university system, governed by the University Grants Commission, consists of 17 institutions. Despite a structured governance model, operational inefficiencies persist due to funding constraints and bureaucratic overlaps, reinforcing the need for reform-focused oversight.

By: Staff Writer

July 24, Colombo (LNW): In a significant step toward embracing next-generation technologies, the Sri Lankan government has intensified its push to develop artificial intelligence (AI) capabilities and strengthen national cybersecurity infrastructure.

These efforts are part of a broader agenda to accelerate digital transformation through strategic international partnerships and institutional reforms.

 The government has recognized that adopting cutting-edge AI and new IT systems must go hand-in-hand with robust cyber threat mitigation measures to ensure the safety and integrity of public digital services.

As part of this forward-looking initiative, Sri Lanka is set to commence joint research with Singapore on AI technology development.

The Cabinet of Ministers has approved a proposal to sign a Memorandum of Understanding (MoU) between the Ministry of Digital Economy and the National University of Singapore (NUS).

The MoU will focus on collaboration with “AI Singapore,” a national-level program managed by NUS, which aims to explore opportunities for knowledge sharing and joint efforts that align with Sri Lanka’s strategic vision for AI development.

According to the Department of Government Information, high-level discussions have already taken place on forming a partnership with AI Singapore to address both local and global technological challenges.

The proposal, submitted by President Ranil Wickremesinghe in his capacity as Minister of Digital Economy, seeks to formalize cooperation to enhance Sri Lanka’s AI capabilities through academic and practical programs, research initiatives, and bilateral exchanges.

Simultaneously, the government is taking decisive action to strengthen its cybersecurity framework. The Cabinet has approved the establishment of a Cyber Threat and Malware Analysis Research Unit within the Sri Lanka Computer Emergency Readiness Team (Sri Lanka CERT).

This unit will be responsible for identifying and mitigating cyber threats, enhancing malware analysis capabilities, and developing skilled professionals in cybersecurity to protect the country’s rapidly expanding digital infrastructure.

The new research unit is intended to bolster the nation’s cyber resilience, which is increasingly crucial as Sri Lanka implements major digital projects.

These include the Sri Lanka Digital Identity Card Project, the National Data Sharing Digital Platform, and the ongoing expansion of the Lanka Government Cloud, all of which aim to streamline government operations and public services through digitalization.

The government has emphasized that establishing a secure and trusted cyberspace is fundamental to the success of these digital initiatives. As such, cybersecurity development will continue in tandem with digital reforms under the Digital Economy Ministry.

These efforts underscore Sri Lanka’s commitment to harnessing international collaboration and innovation in AI while ensuring the security and resilience of its digital future. The twin focus on technology advancement and cybersecurity readiness represents a proactive approach to modern governance in the digital age.

By: Staff Writer

July 24, Colombo (LNW): As Sri Lanka continues to rebuild its economy amid mounting climate threats, experts emphasize the urgent need to prioritize nature tourism and environmental conservation as strategic economic pillars.

Despite the country’s rich biodiversity and natural wonders—from rainforests and wildlife parks to coral reefs and coastal ecosystems—nature-based tourism remains largely untapped, accounting for only a fraction of total tourist arrivals.

 According to Sri Lanka Tourism Development Authority data, wildlife and eco-tourism draw just 12-15% of visitors annually, in contrast to cultural and beach tourism, which dominate. This underutilization presents a major missed opportunity, particularly when global demand for sustainable travel is steadily rising.

In this context, the United Nations Development Programme (UNDP) has called on Sri Lanka to treat nature as vital economic capital and adopt integrated, sustainable approaches to tourism and climate finance.

 Speaking at the National Sustainable Tourism Certification (NSTC) awards, UNDP Resident Representative Azusa Kubota urged the country to accelerate investments in nature-based solutions—not just as an environmental obligation, but as a strategic economic move.

“Natural resources hold immense potential for Sri Lanka’s sustainable economic development. Protecting biodiversity is not just environmentally responsible, it is economically strategic,” Kubota stated.

She stressed that achieving the Sustainable Development Goals (SDGs) globally requires an annual investment increase of $1.5 trillion. For Sri Lanka, this equates to securing 12.5% of its GDP annually until 2030.

The UNDP is currently working with the Government to assess investment needs and develop innovative financing tools to meet Sri Lanka’s Nationally Determined Contributions (NDCs) under the Paris Agreement.

Kubota also acknowledged the paradox of tourism being a major contributor to greenhouse gas emissions—especially through transportation—while highlighting its potential as a catalyst for a green economic transition.

She emphasized the importance of sustainable mobility solutions, such as efficient public transport, electric vehicles, and a robust charging infrastructure, to reduce the carbon footprint of the tourism sector.

“Sustainable tourism is not a buzzword. To position Sri Lanka as a sustainable and resilient tourist destination, collaboration is key. Ministries, local communities, and the private sector must co-create future-focused strategies that go beyond slogans and lead to meaningful change,” she urged.

While praising Sri Lanka’s ongoing efforts in biodiversity protection and private sector engagement, Kubota stressed that reaching climate and development goals demands structural reforms and cross-sectoral partnerships.

“As we approach the 10th anniversary of the Paris Agreement, now is the time to reaffirm our climate ambition. Tourism must evolve into a force for good—enabling visitors to experience Sri Lanka’s beauty without damaging it, while ensuring that local communities thrive,” she concluded. With global trends shifting toward sustainable travel, Sri Lanka has both the natural assets and the economic incentive to make nature tourism a national priority—one that can deliver long-term growth, resilience, and environmental preservation.

By: Isuru Parakrama

July 24, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has firmly reiterated that businesses across the country are prohibited from imposing additional fees on customers who choose to pay using debit or credit cards.

This includes commonly seen surcharges such as a 2.5 per cent fee, which some merchants have reportedly been levying in recent months.

In a detailed clarification, the Central Bank emphasised that the terms agreed upon when merchants acquire card payment terminals from banks clearly prohibit the transfer of any processing fees to customers.

These agreements are designed to ensure fair pricing practices and to encourage the use of digital payment methods across the economy.

An official from the Central Bank advised that if a merchant attempts to add any extra charge beyond the displayed or agreed price for card-based payments, consumers should immediately notify the bank that issued their card. The official urged the public to be vigilant and to play an active role in upholding consumer rights.

This announcement comes in the wake of a growing number of public complaints, particularly on social media, highlighting instances where shops and service providers have added unauthorised charges to the final bill under the guise of card processing fees.

These actions, though increasingly common, remain entirely outside the bounds of legal and contractual standards.

Authorities have warned that businesses found violating these terms may face penalties or other regulatory consequences. The Central Bank also reiterated its commitment to ensuring that the public is not unfairly burdened for opting to use electronic payment methods—a move the government has otherwise been actively encouraging to reduce cash dependency.