Colombo, June 20 — Housing Deputy Minister T. B. Sarath revealed in Parliament yesterday that the controversial milch cow import project carried out during the Mahinda Rajapaksa administration has resulted in a staggering loss of Rs. 2,100 million to the state.

Speaking during the parliamentary session, the Deputy Minister stated that the financial damage incurred through this project — which spanned from 2014 to 2020 — is now irreversible. “This is a blatant destruction of public funds. The country is going bankrupt because of these kinds of decisions,” he said.

He further emphasized that all those involved in the alleged misconduct will be held accountable:

“Anyone involved in theft will be arrested in the future. We will punish everyone who stole this public money.”

Deputy Minister Sarath assured the House that legal action will be taken against those responsible, reaffirming the Government’s commitment to ensuring justice and restoring public trust in state governance.

The milch cow import project, launched under the promise of revitalising the dairy industry, has long been criticised for poor planning, questionable procurement processes, and high mortality rates among the imported cattle. Investigations into the matter have been called for by several sectors over the past years, with this latest disclosure reigniting demands for accountability.

In a landmark move aimed at improving public access and transparency, all services provided by the President’s Fund will be available through a new online platform starting tomorrow (June 21).

The initiative follows the successful launch of digital applications for medical assistance via Divisional Secretariats across the island, which began on February 7. Building on that success, the online system is now being expanded to cover all services offered by the Fund.

Through this digital platform, citizens can apply online at any Divisional Secretariat in the country for a range of support services, including:

• Poverty alleviation assistance
• Educational scholarships and recognition for academic excellence
• Aid for individuals with special needs
• Relief for children affected by human-elephant conflict
• Recognition of national service or individual contributions to the country
• Emergency and disaster relief assistance

This marks the first time in its 47-year history that the President’s Fund services will be available nationwide through a digital medium. Previously, access to many of these services was largely restricted to the Colombo office.

The digital transformation was implemented under the guidance of the Board of Governors of the President’s Fund, chaired by the President, and is expected to broaden access, streamline operations, and curb misuse by ensuring a more transparent and accountable process.

Officials say the change will allow more equitable distribution of aid and simplify the process for those in rural and underserved areas who previously faced logistical barriers to accessing assistance.

The Consulate General of India in Jaffna hosted the Tourism Conclave 2025 at the Thiruvalluvar Cultural Centre, spotlighting the untapped tourism potential of Sri Lanka’s Northern Province. The hybrid-format event brought together leading stakeholders from India and Sri Lanka to foster stronger regional tourism ties and build a collaborative cross-border tourism ecosystem.

Inaugurating the conclave, Consul General Shri Sai Murali highlighted the cultural, geographic, and historical proximity between the two nations, calling tourism a “natural bridge” in the bilateral relationship. He emphasized that connectivity is the foundation of tourism, pointing to the revived Nagapattinam–Kankesanthurai ferry and enhanced flight services between Chennai, Jaffna, and Trichy as key enablers.

“India remains steadfast in its commitment to supporting Sri Lanka’s tourism revival,” the Consul General stated, urging travel operators and tourism boards to co-create a sustainable and thriving tourism network.

Northern Province Tourism Bureau Chairman A. Pathinathan, speaking on the region’s strategic location and Indian tourist influx, especially from Tamil Nadu, Kerala, Puducherry, Karnataka, Andhra Pradesh, and Telangana, said the conclave was vital in building mutual understanding and facilitating cooperation among tourism stakeholders. He stressed that the growing number of Indian tourists are visiting not only for religious pilgrimage but also for leisure, commerce, and cultural exploration.

“This is a critical moment to elevate the Northern Province into a fully-fledged tourism hub,” Pathinathan noted. He identified Delft Island and the Northern coastline as prime areas for development, with initiatives already underway to boost infrastructure and accessibility.

The conclave featured presentations from a Nagapattinam delegation and tourism officials from six Indian States and Union Territories, who shared insights on collaborative tourism strategies. Key industry figures, including Sirharan Balan (Chairman, South India Chamber of Commerce – Tourism), T. Devaki (Chairperson, Travel Agents Association of India – Southern Region), and K. Pandian (Chairperson, Indian Association of Tour Operators – Tamil Nadu and Puducherry), spoke on emerging travel trends and inbound tourism promotion.

Tourism experts at the event described Jaffna as a hidden tropical gem, rich in cultural, historical, and natural assets. With landmarks like Jaffna Fort, Nallur Kandaswamy Kovil, and Casuarina Beach, the region offers a compelling blend of heritage and coastal beauty. Stakeholders agreed that with the right investment and cross-border cooperation, Sri Lanka’s Northern Province could become a premier destination for South Asian tourism.

Prime Minister Dr. Harini Amarasuriya participated in the Asian Development Bank’s (ADB)“Serendipity Knowledge Programme (SKOP)” on the theme Innovation for Economic Transformation, held in Colombo yesterday.

The SKOP initiative is part of ADB’s broader effort to foster knowledge-sharing on key development issues in Sri Lanka, while encouraging long-term collaboration between the Government, global experts, and stakeholders to strengthen the country’s national innovation ecosystem.

Addressing the forum, Prime Minister Amarasuriya stressed that innovation is essential for overcoming Sri Lanka’s ongoing economic challenges and escaping the middle-income trap. She reiterated the Government’s commitment to creating supportive policy frameworks that facilitate collaboration with the private sector and promote innovation at all levels of the value chain.

“Although Sri Lanka has a solid foundation for innovation, there exists a significant disconnect,” she noted, highlighting Sri Lanka’s current ranking of 89th out of 113 countries in the Global Innovation Index 2024. The Prime Minister pointed to chronic underinvestment in higher education and research, with gross expenditure on research and development (R&D) at just 0.1% of GDP.

“Our Government is determined to reverse this trend,” she said. “We will increase funding for R&D and invest strategically in higher education, ensuring Sri Lanka can build a truly innovation-driven economy.”

The event was also attended by ADB Sri Lanka Resident Mission Country Director Takafumi Kadono, Prime Minister’s Secretary G. Pradeep Saputhanthri, and Secretary to the Ministry of Higher Education, Education and Vocational Training Nalaka Kaluwewe, along with university faculty members and other officials.

Several spells of showers will occur in the Western, Sabaragamuwa and North-western provinces and in Nuwara-Eliya, Kandy, Galle and Matara districts. Showers or thundershowers may occur at a few places in the Uva province and in Ampara and Batticaloa districts during the afternoon or night.

Fairly strong winds of about (30-40) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central, Southern and North-western provinces and in Trincomalee district.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

By: _Isuru Parakrama_

June 19, Colombo (LNW): The Sri Lankan rupee happens to have maintained relative stability against the US dollar on Thursday (19), opening at 300.50/70 in the spot currency market, nearly unchanged from the previous day’s close of 300.40/60, according to currency traders.

Despite the steadiness in the exchange rate, financial markets saw upward pressure on sovereign bond yields, especially across mid- to long-term maturities, indicating shifts in investor sentiment and inflation expectations.

Government securities showed a modest rise in yields, suggesting a cautious mood among market participants. A bond maturing on 15 December 2026 was quoted at 8.15 to 8.25 per cent, marking a slight uptick from the earlier range of 8.14 to 8.20 per cent.

Meanwhile, the yield on the 15 September 2027 bond inched upward, quoted at 8.50 to 8.60 per cent.

Longer-dated securities also reflected the rising yield trend. The 15 October 2028 bond remained steady at 8.90 to 9.00 percent, whilst the 15 December 2029 bond saw a more notable climb to 9.62 to 9.67 percent, compared to the previous 9.52 to 9.56 per cent range.

The 15 March 2031 issue moved up to 10.05 to 10.20 per cent, indicating heightened risk premiums on longer maturities.

The 15 December 2032 bond closed at 10.35 to 10.40 per cent, modestly up from Wednesday’s 10.31 to 10.38 per cent quotes.

Analysts attribute the rise in yields to ongoing fiscal and monetary adjustments, as well as broader concerns about global interest rate trends and domestic refinancing challenges.

In equities, the Colombo Stock Exchange (CSE) saw a downward trend, reflecting subdued investor confidence and cautious positioning. Whilst the rupee’s firmness suggests a measure of external sector stability—likely supported by remittance flows, tourism revenue, and improved trade balances—the simultaneous rise in bond yields underscores underlying apprehensions about inflationary pressures and debt sustainability.

Insiders told LNW that market observers are also keeping a close watch on the Central Bank’s monetary policy signals and potential fiscal developments that could influence investor appetite for rupee-denominated assets.

Amid these dynamics, financial stakeholders are navigating a complex terrain shaped by both domestic reform efforts and global financial volatility.