January 02, Colombo (LNW): In a move aimed at stabilising the cost of living, the Ministry of Finance, Planning and Economic Development has confirmed that the import duties on 63 essential items, including key foodstuffs, will remain unchanged.

A gazette notification to this effect was issued on December 31, 2024.

The decision to keep the existing import duties in place is designed to prevent any rise in prices for staple goods, such as dhal, white sugar, potatoes, onions (both big and red), coconut oil, vegetable oil, canned fish, and dried chillies.

By maintaining the current duty rates, the government seeks to cushion the impact of potential price hikes on everyday essentials, which are critical for the general population.

In addition to these food items, the Ministry also confirmed that duties on a range of other products, including rice, millet, green gram, maize, turmeric, fruits, fish, and dried fish, will remain at the same levels.

This decision is particularly aimed at safeguarding Sri Lanka’s local agricultural and fisheries industries, as it seeks to provide stability for domestic producers who might otherwise face competition from imported goods.

By prioritising the stability of essential goods, the Ministry aims to help families manage the rising cost of living while encouraging sustainable growth in agriculture and fisheries within Sri Lanka.

January 02, Colombo (LNW): The Colombo Stock Exchange (CSE) has officially announced the appointment of Vindhya Jayasekera as its Chief Executive Officer (CEO) Designate, effective from January 01, 2025.

With this appointment, Jayasekera is set to take over from the current CEO, Rajeeva Bandaranaike, who will retire later in 2025 after a remarkable 11-year tenure at the helm of the CSE.

In a statement released by the CSE, it was highlighted that Ms. Jayasekera brings with her a wealth of experience spanning over 20 years in the capital markets.

Her expertise covers both the buy-side and sell-side of the financial sector, including significant roles in investment banking and asset management.

Her extensive background has shaped her into a highly skilled leader, well-versed in navigating the complexities of the financial world.

Before her appointment as CEO Designate, Jayasekera was the Chief Investment Officer at NDB Wealth Management Limited, where she played a pivotal role in the management of assets under her supervision, which amounted to approximately Rs. 380 billion.

In this capacity, she oversaw a broad portfolio of investments, including treasury bills, bonds, debentures, corporate debt, and equity, managing more than Rs. 100 billion in mutual fund assets spread across eight funds with varying risk-return profiles.

Ms. Jayasekera’s career began at NDB Investment Bank, where she was part of the teams responsible for executing some of the most significant initial public offerings (IPOs) in the history of the CSE at that time.

Her work in this area played a key role in the development and expansion of the stock exchange’s offerings.

A Chartered Financial Analyst (CFA) Charter holder, Jayasekera is also accredited as a Financial Risk Manager (FRM) by the Global Association of Risk Professionals.

She is an Associate Member of the Chartered Institute of Management Accountants (CIMA) and holds the prestigious Chartered Global Management Accountant (CGMA) designation.

By: Staff Writer

January 01, Colombo (LNW): As Sri Lanka enters 2025 under a new government, the challenges of governance, corruption, and inefficiency remain pressing concerns.

Despite promises of good governance and a corruption-free public sector, significant reforms are needed to create by the new government for a sustainable and transparent system.

One major issue lies in governance weaknesses that hinder private sector development. Contract enforcement and property rights protection are severely constrained. Multi-year delays in resolving contract disputes make courts ineffective, pushing parties toward alternative, often illicit, methods of adjudication.

 Similarly, confusion over property rights and the lack of digitized land records have led to prolonged legal battles, often resolved through opaque and corrupt means. Risks surrounding state-owned land, which constitutes 80% of the country, are particularly severe due to unclear titles and ambiguous processes for divestiture.

Concerns about judicial integrity also persist. Many private parties resort to illicit payments to expedite resolutions, undermining trust in the legal system. Strengthening judicial independence and competency has become critical for restoring confidence in the rule of law.

The report emphasizes immediate and structural reforms to address corruption and improve governance.

Key recommendations of the International Monetary Fund include bridging gaps in legal frameworks, ensuring access to essential information for oversight, and implementing structural measures to enhance transparency and efficiency.

A coherent approach focuses on: Defining clear authority and responsibility for core functions.Ensuring financial and operational independence for accountability and law enforcement institutions.

Promoting transparency in government practices, especially in public spending and asset management and establishing accessible and rule-based mechanisms to enforce agreements and challenge official misconduct are also essential.

Enhancing public access to information and accountability mechanisms is a vital factor to achieve these objectives.

The plan combines short-term actions to deliver visible improvements with long-term structural reforms to reshape public sector operations. These initiatives aim to align governance practices with the social and economic aspirations of Sri Lanka.

Achieving these objectives will require medium- to long-term efforts, significant resources, and support from international partners. The diagnostic recommendations will inform governance and anti-corruption policies, legal reforms, and measures outlined in the Extended Credit Facility Arrangement for Sri Lanka.

While the road ahead is challenging, the combination of immediate actions and structural reforms is crucial for building a transparent, efficient, and accountable governance system.

By: Staff Writer

January 01, Colombo (LNW): The government has introduced measures to enhance the implementation of public investment projects through rigorous monitoring and evaluation of their progress. Over the 2022-2024 period, the public investment plan amounts to Rs. 3,050 billion, with 17% allocated to social infrastructure, primarily in health and education.

For new projects during this timeframe, Rs. 234 billion—equivalent to 8% of the total investment—has been earmarked. A Finance Ministry report emphasizes the importance of prioritizing projects addressing post-crisis recovery needs.

To ensure efficient implementation, the Cabinet of Ministers has approved the establishment of a committee for investment project oversight, announced Minister Nalinda Jayatissa. T

he State Investment Supervision and Evaluation Committee, comprising 11 members, including two ministry secretaries, aims to resolve challenges in project management and supervision.

Minister Jayatissa highlighted that over the past decade, the lack of anticipated results from public capital investments has hindered targeted development.

The new committee will oversee strategic decision-making on project planning, resource allocation, budgeting, finance, and monitoring, relying on input from Chief Enumeration Officers.

Infrastructure Development Focus

The government is committed to upgrading the nation’s infrastructure, including roads, ports, airports, power, and telecommunications.

Public Investment Programme (PIP)

The 2021-2024 Public Investment Programme is a cornerstone of the government’s strategy for sustainable and inclusive growth, rooted in its National Development Policy Framework.

Public-Private Partnerships (PPPs)

Sri Lanka has a robust history of PPPs in infrastructure, completing 73 projects in electricity, telecommunications, and ports between 1990 and 2014.

2024 Investments

For 2024, Rs. 1,260 billion has been allocated to public investments across roads, bridges, agriculture, irrigation, education, health, drinking water supply, and urban development. During the first eight months of 2024, Rs. 454.7 billion was spent—26.6% of the annual estimate—marking a 16.7% increase compared to Rs. 389.6 billion during the same period in 2023.

The road sector accounts for the largest share of actual expenditure in 2024, with 47% of allocated funds. Overall, road development represents 25% of the total investment, followed by irrigation at 6%.