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President embarks on diplomatic mission to Germany

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June 10, Colombo (LNW): President Anura Kumara Dissanayake is set to begin a three-day official visit to Germany today (10), embarking on a key diplomatic engagement at the invitation his German counterpart, President Frank-Walter Steinmeier.

The visit marks an important step in Sri Lanka’s ongoing efforts to strengthen international partnerships and attract investment in a post-crisis recovery landscape.

During his stay, President Dissanayake is expected to engage in a series of high-level discussions with President Steinmeier, senior cabinet members of the German federal government, and influential figures across political and economic circles.

These talks are anticipated to centre on enhancing cooperation in areas such as trade, development, renewable energy, and governance reform.

A particular focus of the visit will be on revitalising bilateral trade relations and identifying avenues for fresh economic collaboration. Germany, as one of Europe’s largest economies and a long-standing development partner, is seen as a crucial ally in Sri Lanka’s bid to boost exports, modernise infrastructure, and foster sustainable economic growth.

Dissanayake is also scheduled to hold meetings with representatives from Germany’s vibrant tourism industry, including travel associations and hospitality stakeholders. The discussions aim to explore opportunities for increasing tourist flows to Sri Lanka, developing joint marketing strategies, and building resilience in the island’s tourism sector, which is gradually recovering from years of disruption.

The delegation accompanying the President includes Minister of Foreign Affairs Vijitha Herath and a group of senior government officials, underscoring the importance Colombo places on this diplomatic mission.

IMF’s Gita Gopinath to visit Sri Lanka amid ongoing economic reforms

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By: Isuru Parakrama

June 10, Colombo (LNW): Dr Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), is set to arrive in Sri Lanka for a high-level visit spanning June 15 to 16, 2025, marking a notable occasion in the island’s ongoing economic recovery journey.

Her visit will be the first by an IMF official in this role in two decades, signalling renewed engagement between Sri Lanka and the global financial institution.

Dr Gopinath, a prominent economist and one of the IMF’s top-ranking officials, will serve as the guest of honour at a key policy forum titled Sri Lanka’s Road to Recovery: Debt and Governance, scheduled for June 16. The conference is a collaborative initiative organised by the Ministry of Finance, the Central Bank of Sri Lanka, and the IMF itself.

Taking place at a crucial juncture—halfway through Sri Lanka’s reform programme supported by the IMF—the event aims to reflect on the country’s journey so far. Topics on the agenda include progress in stabilising the macroeconomic environment, navigating complex debt restructuring processes, and instituting much-needed governance reforms.

The forum is expected to bring together senior policymakers, economists, and international observers to assess the strides made and the roadblocks still ahead.

It will provide a platform for open dialogue on sustaining fiscal discipline, strengthening institutions, and promoting transparency—areas seen as vital for long-term recovery and investor confidence.

Dr Gopinath is also scheduled to engage in a series of bilateral meetings during her visit. These discussions will involve senior Sri Lankan government officials and key economic stakeholders, offering an opportunity to review the status of IMF-backed reforms and explore avenues for deeper cooperation.

Thousands of Dansals registered across Sri Lanka marking Poson Poya Day

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June 10, Colombo (LNW): In a nationwide expression of compassion and religious devotion, over 19,000 dansals have been registered to take place across Sri Lanka in celebration of Poson Poya, a sacred day commemorating the introduction of Buddhism to the island.

The announcement was made by Dr Lakshmi Somatunga, Additional Secretary for Public Health Services at the Ministry of Health and Mass Media, who confirmed that 19,185 dansals have officially been registered for this year’s observances.

These traditional food stalls, which offer meals and refreshments free of charge, have long been a hallmark of Poson festivities, reflecting the values of selflessness and community spirit deeply rooted in Sri Lankan culture.

This year’s numbers indicate a widespread and enthusiastic public response, with the highest concentrations reported from Anuradhapura (2,301), Kurunegala (2,114), and Gampaha (1,792). Even in regions where such events have historically been less common, such as Jaffna, Kilinochchi, and Mannar, local organisers have taken steps to participate in the national celebration.

Dr Somatunga highlighted the Ministry’s commitment to ensuring that the spirit of giving is upheld responsibly. Health officers have been deployed across districts to oversee hygiene standards, food safety practices, and environmental cleanliness at the dansal sites. “Whilst the act of giving is noble, it must be done with care to protect public health and ensure the experience is positive for everyone involved,” she noted.

Authorities are particularly focused on the safe preparation, storage and distribution of food, as well as the proper disposal of waste. Awareness campaigns have also been launched to educate dansal organisers on maintaining cleanliness and minimising environmental impact.

Sri Lanka’s Credit Bureau urged to embrace innovation and global best practices

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June 10, Colombo (LNW): Central Bank Governor Dr Nandalal Weerasinghe has underscored the importance of the Credit Information Bureau (CRIB) aligning itself with cutting-edge global practices, as it seeks to enhance its role within the country’s evolving financial landscape.

Speaking at the CRIB’s recent CEOs’ Forum and Institutional Award Ceremony, Dr Weerasinghe remarked that the bureau must continuously evaluate its operations against international benchmarks to remain effective in an increasingly complex regulatory and credit environment.

He pointed to the World Bank’s General Principles for Credit Reporting as a model framework the CRIB should look to as it advances.

Celebrating 35 years since its inception, the CRIB has grown from a modest, paper-based registry into a sophisticated, digitised institution covering a broad spectrum of lenders.

According to Weerasinghe, the bureau is now a vital cog in the financial system, providing data-driven support to the Central Bank’s supervisory and macroprudential oversight functions.

The Governor highlighted the bureau’s role in enabling risk-informed lending decisions, particularly through its integration of credit scoring tools and online platforms that provide individuals and institutions with easier access to their credit profiles.

These innovations, Weerasinghe went on, have helped foster a more transparent and disciplined credit culture in Sri Lanka.

The CBSL Chief called attention to the potential for emerging technologies—such as artificial intelligence, machine learning, and advanced analytics—to revolutionise credit risk modelling. He stressed that leveraging these tools would allow for more timely and predictive assessments of creditworthiness, thereby boosting the responsiveness of financial institutions to real-time market dynamics.

He also advocated for the inclusion of alternative data sources—such as utility bill payments, rental histories, and digital transactions—as a means of assessing those who are currently underserved by the formal financial system.

This, he suggested, could significantly widen access to credit for freelancers, gig workers, and young entrepreneurs.

Whilst acknowledging the bureau’s digital progress, Weerasinghe issued a clear reminder about the growing need for robust data security measures, especially as cyber threats escalate alongside digital expansion.

He concluded by urging greater collaboration between public and private stakeholders to establish a more inclusive and resilient digital credit ecosystem, one that can adapt swiftly to technological change whilst reinforcing financial stability.

President urges national renewal through dhamma on Poson Poya Day

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June 10, Colombo (LNW): President Anura Kumara Dissanayake, in his message marking Poson Poya Day, called upon the people of Sri Lanka to draw inspiration from the values of the Dhamma and to work collectively towards building a principled and harmonious society.

Reflecting on the historical significance of Poson, the President emphasised that it was on this sacred day that Arahant Mahinda Thero arrived in Sri Lanka, ushering in not only the Theravada Buddhist tradition but also a profound cultural and civilisational transformation.

He described this moment as the spiritual awakening of the nation, setting the foundations for a society rooted in wisdom, compassion, and moral clarity.

The President highlighted the meeting between Arahant Mahinda and King Devanampiyatissa as a pivotal moment in the country’s history. The King’s symbolic act of laying down his bow in deference to the message of nonviolence exemplified the enduring principle of Ahimsa, which, according to the President, remains urgently relevant in today’s conflict-ridden world.

He noted that Poson Poya is not only a time for religious observance but also a reminder of the timeless values needed to guide the nation. In an age where violence, moral decline and environmental degradation are prevalent, the teachings of the Dhamma offer a path towards renewal. The President urged citizens to reflect on the importance of discernment — recognising what is meaningful and what is not — as taught by the Buddha.

Calling for a revival of a disciplined and ethically conscious society, the President stressed that true social, political and economic reform must be underpinned by virtue and wisdom. He invited all Sri Lankans to unite in a common purpose of building a modern nation that respects cultural heritage while embracing ethical progress.

President’s Full Message:

The Poson Poya holds significant importance for us in Sri Lanka as it marks a series of religiously significant events in the history of our country. The inception of our nation as a heartland for Theravada Buddhist philosophy and tradition was signified on that remarkable Poson Poya Day, when Arahant Mahinda Thero arrived in Sri Lanka.
 
The arrival of Arahat Mahinda in Sri Lanka sparked a spiritual awakening as well as a deep social transformation, reaching far beyond its religious significance. It initiated progress in our cultural, social and political spheres, establishing the foundation for a more enlightened and structured civilization. The way of life rooted in the Dhamma contributed to the emergence of a morally enriched and spiritually conscious society.
 
King Devanampiyatissa’s significant gesture of laying down his royal bow and adopting a stance of nonviolence upon meeting Arahant Mahinda Thero illustrates the deep-rooted principle of Ahimsa, or non-violence. One of the significant qualities that ought to be emphasised among the values celebrated on Poson Poya Day is non-violence. In a world where violence continues to afflict humanity on many fronts, Poson Poya Day reminds us that ‘Ahimsa’ is a timeless value that safeguards both one’s own and others’ right to life and freedom. It is a noble practice and a necessary path in today’s world, perhaps now more than ever.
 
The noble Dhamma gifted to this land by Arahant Mahinda Thero teaches us the importance of seeing “what is meaningful as meaningful, and what is meaningless as meaningless.” What we need today are disciplined and responsible individuals who embody this wisdom. The noble duty entrusted to us is to re-establish such a principled society in our land, enabling us to build a modern, morally grounded nation, one that embraces social harmony, ethical values and environmental responsibility.
 
I firmly believe that the social, economic and political transformation we aspire to can only be realised through the revival of such a cultured and virtuous society. On this Poson Poya day, I invite everyone to come together in unity and collective purpose toward that vision.
 
May this blessed Poson Poya Day illuminate the hearts of all Sri Lankans with the light of Dhamma.

Public urged to be attentive due to enhanced showery conditions triggered by active southwest monsoon (June 10)

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June 10, Colombo (LNW): Due to the effect of the active southwest monsoon condition, showery condition is expected to enhance in the southwestern part of the island from today (10), with strong wind gust over the island and in the sea areas around the island.

General public is requested to be attentive to future forecasts issued by the Department of Meteorology in this regard.

Showers will occur at times in Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara districts.

Heavy falls about 100 mm are likely at some places in the Western and Sabaragamuwa provinces and in Nuwara-Eliya, Kandy, Galle and Matara districts.

Several spells of showers may occur in the Northern province and in Anuradhapura and Hambantota districts.

Showers or thundershowers may occur at a few places in the Badulla, Ampara and Batticaloa districts during the afternoon or night.

Strong winds of about 50 kmph can be expected at times over Western slopes of the central hills and in Northern, North-central, North-western and Southern 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.

Marine Weather:

Condition of Rain:

Showers will occur at several places in the sea areas off the coast extending from Puttalam to Hambantota via Colombo and Galle. Showers or thundershowers may occur at a few places over the other sea areas around the island.

Winds:

Winds will be south-westerly.

wind speed will be (40-50) kmph and can increase up to (60-65) kmph at times in the sea areas off the coast extending from Chilaw to Kankasanthurai via Puttalam and Mannar and from Galle to Pottuvil via Hambantota.

Wind speed will be (30-40) kmph in the other sea areas around the island.

Wind speed can increase up to (50-55) kmph in the sea areas extending from Chilaw to Galle via Colombo and from Kankasanthurai to Trincomalee via Mullaittivu.

State of Sea:

The sea areas off the coast extending from Chilaw to Kankasanthurai via Puttalam and Mannar and from Galle to Pottuvil via Hambantota will be rough to very rough at times. The sea areas extending from Chilaw to Galle via Colombo and from Kankasanthurai to Trincomalee via Mullaittivu will be fairly rough to rough at times.

The wave height may increase (about 2.5 – 3.0 m) in the sea areas off the coast extending from Mannar to Pottuvil via Puttalam, Colombo, Galle and Hambantota (this is not for land area).

Naval and fishing communities are requested to be vigilant in this regard.

Temporarily strong wind gust and very rough seas can be expected during thundershowers.

Colombo Share Market surges to record-high close

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June 09, Colombo (LNW): The Colombo Stock Exchange witnessed a historic upswing today (09), as the All Share Price Index (ASPI) surged to its highest ever closing figure, reflecting renewed investor confidence and heightened market activity.

By the end of trading on the 9th of June, the ASPI had advanced by 105.79 points, registering a 0.61 per cent rise to settle at a remarkable 17,500.24.

This notable increase comes amid growing optimism across various sectors, suggesting sustained bullish sentiment among market participants.

In tandem, the S&P SL20 index—commonly viewed as a benchmark for Sri Lanka’s top 20 listed companies—also posted a significant gain. It rose by 33 points, ending the day at 5,208.95.

The day’s turnover exceeded Rs. 2.8 billion, underscoring a lively session of trade. Market observers cite a combination of domestic investor momentum and positive macroeconomic signals as possible drivers behind today’s performance.

Former ministers challenge convictions in multi-million rupee sports equipment scandal

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June 09, Colombo (LNW): Two former senior government figures, Mahindananda Aluthgamage and Nalin Fernando, have submitted appeals to the Supreme Court, contesting lengthy prison sentences handed down by the Colombo High Court in connection with a controversial sports equipment procurement scheme during the 2015 presidential election period.

Both men were convicted in late May by a three-judge bench following a high-profile trial initiated by the Commission to Investigate Allegations of Bribery or Corruption.

Aluthgamage, a former Minister of Sports, was sentenced to 20 years of rigorous imprisonment, whilst Fernando, a former Trade Minister and ex-Chairman of Sathosa, received a 25-year sentence.

The convictions stemmed from the alleged misuse of public funds amounting to more than Rs. 53 million. Prosecutors argued that the two authorised the purchase of 14,000 Carrom boards and 11,000 draught boards through Sathosa, a government-owned retail enterprise, and distributed them to sports clubs across the country under the guise of promoting recreational activities.

However, the prosecution maintained that the purchases were politically motivated, aimed at bolstering electoral support, and executed in violation of established procurement protocols.

Both Aluthgamage and Fernando have maintained their innocence throughout the proceedings and have now sought the intervention of the Supreme Court, requesting that their convictions be overturned. The appeals were filed through legal counsel and have been formally submitted to the Colombo High Court to be referred to the apex court.

In the petition submitted on behalf of Aluthgamage, it is claimed that the High Court failed to properly evaluate evidence presented by the defence, and that key legal arguments were overlooked. The appeal further asserts that the judges misinterpreted material facts in reaching their verdict. As a result, the former minister argues that the sentence imposed upon him is not legally justifiable and has petitioned for a full acquittal.

Fernando has raised similar objections in his own appeal. His legal team contends that the court did not give adequate weight to his defence submissions and that procedural irregularities may have affected the fairness of the trial. Like Aluthgamage, he too is seeking to have the judgment set aside and his name cleared.

During the original trial, the prosecution pressed for a stern ruling, arguing that the accused had acted with deliberate intent, causing financial harm to the state and breaching public trust. They emphasised that the funds misused were taxpayer money, and called for the sentence to serve as a message to those in public office that abuse of power would not be tolerated.

Both former ministers await a decision that could either uphold their convictions or grant them reprieve from some of the most significant corruption-related sentences handed down in recent years.

Sri Lanka’s First Tax Survey Reveals Critical Gaps in Awareness

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By: Staff Writer

June 09, Colombo (LNW): In a landmark initiative aimed at reshaping public engagement with taxation, the International Chamber of Commerce Sri Lanka (ICCSL) has released the country’s first national survey on public awareness of the Taxpayer Charter.

The survey’s findings, presented on May 28, 2025, underscore a pressing need to strengthen tax education and build public trust in Sri Lanka’s tax system.

The survey, conducted by the ICCSL Committee on Research, Knowledge Mobilisation and Taxation, was led by Prof. B.W.R. Damayanthi, Head of ICT at the University of Sri Jayewardenepura, alongside Dr. Nadee Dissanayake, Deputy Commissioner General of the Inland Revenue Department and Chair of the ICCSL Committee.

The final report was formally handed over to ICCSL Chairman Shanil Fernando and presented to board members during a special session at the Chamber’s headquarters.

While general awareness of the Taxpayer Charter exists, the study revealed a deeper concern—most respondents lacked a clear understanding of how to apply their rights and responsibilities in real-life scenarios.

“People aren’t just looking for information—they’re trying to make sense of a system that feels intimidating and complex,” said Prof. Damayanthi. “Their interpretation of tax obligations depends on their background, profession, and past experiences.”

Dr. Dissanayake highlighted that raising awareness is only the first step. “Knowing your rights is one thing, but knowing how to confidently act on them within a fair, respectful system is another. That’s where we have work to do.”

Sri Lanka’s tax-to-GDP ratio has historically remained low, hovering around 8–10%—one of the lowest in South Asia. Experts attribute this to limited awareness, lack of transparency, inefficiencies in tax collection, and low public confidence in how taxes are used. The culture of voluntary compliance remains weak, with many citizens perceiving the system as punitive rather than participatory.

The report recommends several key measures:

Launch simplified tax education campaigns that emphasize both rights and responsibilities.

Target outreach in rural and underserved communities where awareness is weakest.

Ensure transparent handling of taxpayer data to restore public trust and safeguard privacy.

Speaking at the event, ICCSL Chairman Shanil Fernando called the findings “a timely wake-up call.” He emphasized that a healthy tax system requires not just enforcement but partnership. “When citizens understand their role and feel respected, compliance follows. That’s the culture we must build.”

The ICCSL plans to collaborate with policymakers, institutions, and civil society to transform these insights into concrete actions. The Chamber is also committed to fostering dialogue around making the tax system more inclusive, transparent, and citizen-friendly—ensuring that every taxpayer is informed, empowered, and engaged.

Sri Lanka Deepens China Trade Ties amid Geopolitical Crosscurrents

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By: Staff Writer

June 09, Colombo (LNW): Sri Lanka and China are actively strengthening their trade and economic cooperation, with a renewed focus on expanding bilateral trade, investment, and infrastructure partnerships under the Belt and Road Initiative (BRI) in 2025.

This growing relationship was recently underscored by the high-profile Sri Lanka-China Trade and Investment Forum, held in Colombo, where key memorandums of understanding (MoUs) were signed to advance trade facilitation and supply chain cooperation.

The Chinese Embassy in Colombo confirmed that two MoUs were signed following bilateral talks—one to establish a trade facilitation working group and the other to enhance industrial and supply chain collaboration. The agreements are expected to streamline processes for Chinese and Sri Lankan businesses and foster long-term investment ties.

The forum, attended by 115 delegates from 77 Chinese enterprises, showcased China’s strong interest in Sri Lanka’s strategic location and economic potential.

Chinese Commerce Minister Wang Wentao met with Sri Lanka’s Minister of Trade, Commerce, Food Security and Co-operative Development, Wasantha Samarasinghe, at the China-Sri Lanka Joint Trade and Economic Commission.

Discussions focused on deepening BRI-related infrastructure projects, expanding two-way trade, and exploring the use of local currency settlements in infrastructure and energy projects to reduce foreign exchange volatility.

China’s engagement also includes a push for industrial collaboration through proposed industrial zones in Colombo and Hambantota, leveraging Sri Lanka’s ports and logistical advantages. Four leading Chinese Chambers of Commerce pledged to boost partnerships in key sectors such as machinery, agriculture, textiles, and private sector investment.

At the same time, talks are ongoing to finalize a China-Sri Lanka Free Trade Agreement (FTA), which has been under negotiation since 2014. If concluded, the FTA could offer Sri Lankan exporters greater access to the vast Chinese market, especially in areas like black tea, spices, seafood, fruits, and textiles.

Sri Lanka is also exploring cooperation in clean energy, water treatment, and environmental protection technologies to complement its sustainable development goals.

However, this increasing engagement with China has raised geopolitical concerns, particularly from India, which has traditionally considered Sri Lanka part of its strategic sphere of influence in the Indian Ocean.

 New Delhi remains cautious about Beijing’s growing footprint in Sri Lanka, especially in light of past controversies surrounding Chinese infrastructure projects like the Hambantota Port lease. Indian analysts worry that closer Sino-Lanka economic ties could translate into deeper strategic influence, complicating regional security dynamics.

 In parallel, Sri Lanka has relaunched the Sri Lanka-China Business Cooperation Council’s Business Star Awards 2025, aimed at recognizing and incentivizing successful collaborations.

As Sri Lanka navigates its post-crisis economic recovery, its pivot toward China for trade, investment, and development aid continues to shape its foreign and economic policy landscape—albeit with close scrutiny from regional and global stakeholders.