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Customs breaks revenue records with historic Rs. 1.515 trillion in 2024

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January 01, Colombo (LNW): Sri Lanka Customs has achieved a monumental milestone in 2024, reaching a record revenue of Rs. 1.515 trillion, the highest in the department’s history.

According to Seevali Arukgoda, the Media Spokesperson and Additional Director General of Sri Lanka Customs, this remarkable figure highlights the department’s exceptional performance and underscores its vital role in the country’s economic progress.

This impressive revenue growth is just shy of the government’s ambitious target of Rs. 1.533 trillion for the year, reflecting a close alignment with national fiscal objectives.

Customs officials attribute the record-breaking earnings to a combination of strategic factors, including robust government tax policies, a notable rise in imports, and enhancements to the efficiency of the tax collection mechanisms.

The substantial growth in imports, which contributed significantly to the overall revenue, comes on the back of an improving economy and consumer demand.

Furthermore, the streamlining of internal processes within the department has facilitated faster and more accurate tax collection, which has been critical in meeting the revenue targets.

President pledges to rebuild Sri Lanka with new political culture and national initiatives

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January 01, Colombo (LNW): President Anura Kumara Dissanayake has affirmed that the responsibility for bringing about meaningful change in Sri Lanka lies firmly with the government.

Speaking at the inauguration of the ‘Clean Sri Lanka’ national initiative, the President stressed the crucial role of the political establishment in steering the country toward a new path in the coming year.

He indicated that the dawn of 2025 signals the beginning of a fresh political culture aimed at restoring the country’s lost integrity.

The foundation of any strong endeavour must be unwavering,” President Dissanayake remarked. “Our nation has seen its foundation eroded over time. However, we are making significant progress in rebuilding it. Our initial steps have been focused on re-establishing political authority, reinforcing the machinery of the state, upholding the rule of law, and ensuring the constitution is respected and protected. We are also committed to eradicating fraud and corruption at every level.”

The President emphasised that while political will is essential in addressing these challenges, state institutions must also recognise their role in supporting the broader efforts.

It is not enough for the political leadership alone to combat corruption and fraud,” he explained. “State institutions must fully understand their responsibilities and take decisive action to contribute to these reforms.

Acknowledging the deep-rooted issues within the governance system, President Dissanayake made a candid statement regarding the extent of corruption that has taken hold in the country.

Corruption and bribery have become deeply entrenched in our state apparatus, spreading like a cancer,” he said. “Restoring the rule of law is an imperative, and we are making concerted efforts to address these systemic issues.

Reflecting on the new political atmosphere in Sri Lanka, the President noted that 2025 marks the start of a revitalised approach to governance.

This year brings with it a new political culture, one focused on unity and the welfare of the people. The entire political establishment is determined to take on the challenge of rebuilding our country, and we are fully committed to ensuring that this cultural shift endures,” he declared.

Looking forward, the President outlined three key objectives for the government in the coming year. These include launching a robust economic programme in the upcoming budget aimed at eradicating poverty, advancing digitalisation to modernise governance and public services, and implementing the ‘Clean Sri Lanka’ initiative.

The Clean Sri Lanka initiative, in particular, will be pivotal in rebuilding our nation,” the President concluded. “It is a comprehensive effort to instil transparency and accountability across all sectors, restoring integrity to the heart of Sri Lankan society.

Sri Lanka continues to experience deflation in Dec 2024

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January 01, Colombo (LNW): Sri Lanka’s inflationary pressures remained subdued in December 2024, as the country continued to experience deflation for the fourth consecutive month.

The year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI) recorded a deflation rate of 1.7 per cent in December, a slight improvement from the 2.1 per cent deflation seen in November 2024.

The Central Bank of Sri Lanka’s latest data reveals a moderation in the non-food deflation rate, which decreased to 3.0 per cent in December, compared to 3.3 per cent in the previous month.

This suggests a gradual easing of downward pressures on non-food items, which have been significantly impacted by global and domestic factors.

Food inflation, on the other hand, showed a modest increase. In December 2024, food prices rose by 0.8 per cent year-on-year, slightly higher than the 0.6% recorded in November.

This uptick in food inflation, though marginal, reflects some resilience in food prices, which have fluctuated due to supply chain adjustments and seasonal variations.

On a monthly basis, the CCPI showed an increase of 1.19 per cent in December, largely driven by a 1.24 per cent rise in food prices. In contrast, non-food prices saw a small decrease of 0.06 per cent, reflecting a relatively stable environment for many goods and services outside of the food sector.

Core inflation, which excludes volatile food and energy prices, remained steady at 2.7 per cent on a year-on-year basis, indicating that underlying inflationary pressures in the economy have remained relatively stable.

This suggests that inflationary forces, while present, have not yet reached concerning levels in the broader economy.

Looking ahead, the Central Bank anticipates that Sri Lanka will continue to experience negative headline inflation for the coming months.

This is expected to be driven by the ongoing impact of substantial energy price reductions, alongside lower food prices and the base effect resulting from the significant price hikes earlier in 2024, triggered by changes in taxation policies.

However, the Central Bank expects inflation to gradually turn positive in the months ahead, with inflationary pressures aligning towards the target rate of 5 per cent over the medium term.

CSE sees record growth of about 50% in 2024, with market capitalisation reaching new heights

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January 01, Colombo (LNW): The Colombo Stock Exchange (CSE) has experienced a remarkable surge in 2024, with a growth rate of 49.66 per cent, marking one of the most significant performances in recent years.

The All Share Price Index (ASPI) saw a substantial increase, climbing from 10,654.16 to an impressive 15,944.61 points by the close of the year.

This strong upward trajectory highlights a robust recovery and growing investor confidence in Sri Lanka’s stock market.

This exceptional growth has also contributed to a new milestone for the market capitalisation, which has reached an all-time high of Rs. 5.69 trillion.

This surge in value reflects the optimism surrounding Sri Lanka’s economic prospects, as well as the continued resilience of key sectors in the country’s financial terrain.

Analysts have attributed this growth to several factors, including a favourable business environment, improved corporate earnings, and increasing foreign interest in the Sri Lankan market.

The surge has also been driven by a combination of local investors capitalising on stock opportunities and a favourable outlook for the economy, which has contributed to a broader sense of confidence in the market’s potential.

Sri Lanka’s 2025 Budget presentation and debate schedule announced

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January 01, Colombo (LNW): The Sri Lankan government has announced the detailed schedule for the 2025 Budget presentation and debate, with the first reading of the Appropriation Bill set for January 9, 2025, followed by the Budget speech on February 17.

The full debate on the budget will run for a total of 26 days, beginning on February 18 and concluding on March 21, 2025, with key votes scheduled during this period.

The decision was made during a meeting of the Committee on Parliamentary Business, chaired by Speaker Dr. Jagath Wickramaratne yesterday (31).

According to the Secretary-General of Parliament, Mrs. Kushani Rohanadeera, the first reading of the Appropriation Bill will take place in Parliament on January 9, 2025.

The much-anticipated Budget speech will be delivered on February 17, followed by the second reading debate from February 18 to 25.

The second reading debate will span seven days, after which a vote on the second reading of the Appropriation Bill is scheduled to take place on February 25 at 6:00 p.m.

Following the second reading, the Committee Stage Debate on the Appropriation Bill will commence on February 27 and continue until March 21, 2025, covering 19 days of deliberations, including four Saturdays.

This extended debate period will allow for a thorough review of the bill. A vote on the third reading of the Appropriation Bill is slated for March 21 at 6:00 p.m.

In terms of daily scheduling during the budget debate, a 30-minute slot from 9:30 a.m. to 10:00 a.m. will be reserved for five Questions for Oral Answers.

The budget debate itself will then run from 10:00 a.m. to 6:00 p.m., with an additional half-hour from 6:00 p.m. to 6:30 p.m. allocated for motions at adjournment time.

However, on the two critical days, February 25 and March 21, when votes are to take place, this allocation will not apply.

SL descent former British MP Ranil Jayawardena awarded knighthood for services to public life

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January 01, London (LNW): Ranil Jayawardena, the former Member of Parliament for North East Hampshire and ex-deputy leader of Basingstoke and Deane Borough Council (BDBC), has been recognised in the 2024 New Year’s Honours List, receiving a knighthood for his outstanding contributions to public service.

Born in London to Sri Lankan parents, the 38-year-old’s career in politics spans over a decade, from his early days as a local councillor to his service in the UK Parliament.

Jayawardena represented North East Hampshire from 2015 until his recent loss in the 2024 general election, making him a familiar and respected figure in his constituency, where he had lived for most of his life.

His commitment to public service, both at the local and national levels, has earned him this prestigious honour.

Expressing his gratitude for the knighthood, Jayawardena commented, “I am deeply humbled to receive this recognition from His Majesty The King. It is a reflection of the journey I’ve taken in public service, from serving as a local councillor to holding key Cabinet positions in government.

Jayawardena’s political path began in Basingstoke, where he served as a councillor for the BDBC from 2008 until 2015. His rise through the ranks of local government saw him become the deputy leader of the council, a position that laid the groundwork for his later national political career.

It was an immense privilege to serve as MP for the area where I grew up, attended local state schools, and where I continue to live with my family,” he said.

After securing a degree in Government from the London School of Economics in 2008, Jayawardena took his first steps into national politics, becoming the Member of Parliament for North East Hampshire in 2015.

Over the years, he built a reputation as a dedicated and effective politician, holding several important roles in government.

Between 2020 and 2022, he served as the International Trade Minister, where he was instrumental in negotiating trade agreements to strengthen the UK’s economic position, particularly during the challenging period of the Covid-19 pandemic.

His leadership during this time helped ensure the resilience of global supply chains, a key factor in the UK’s recovery.

In September 2022, following the appointment of Liz Truss as Prime Minister, Jayawardena was promoted to Secretary of State for Environment, Food and Rural Affairs.

In this capacity, he spearheaded initiatives to tackle water pollution and protect the UK’s natural environment—issues that remain close to his heart.

In his message of thanks, Jayawardena expressed his gratitude to his family, colleagues, and constituents, acknowledging the crucial role they played in his achievements.

“I am incredibly thankful to my family, colleagues, and especially the people of North East Hampshire for their unwavering support over the years. It has been an honour to serve them, and I will always be proud of the work we’ve done together.

President AKD launches ‘Clean Sri Lanka’ initiative (LIVE)

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January 01, Colombo (LNW): In a significant step towards national transformation, President Anura Kumara Dissanayake officially launched the much-anticipated ‘Clean Sri Lanka’ initiative at a ceremony held at the Presidential Secretariat a short while ago (01).

The initiative, which aims to address critical environmental, social, and ethical challenges, was unveiled with the promise of fostering a cleaner, more sustainable future for the nation.

The ‘Clean Sri Lanka’ programme has been designed to encourage citizens to take an active role in improving their communities by promoting a cleaner and more sustainable future addressing critical environmental, social and ethical challenges befallen the island nation.

The launch event saw a strong emphasis on unity and collective action, with President Dissanayake calling on every Sri Lankan to contribute to the success of the initiative.

Addressing the gathering, the President expressed his belief that a clean nation is essential not only for the well-being of the people but also for the country’s broader development goals.

Prime Minister reflects on progress and future aspirations for Sri Lanka in 2025

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January 01, Colombo (LNW): As Sri Lanka welcomes the year 2025, Prime Minister Harini Amarasuriya delivered a hopeful and reflective message, drawing attention to the nation’s transformative journey over the past year and the optimism that surrounds its future.

She celebrated the significant strides taken towards a more inclusive, forward-thinking society, where citizens have come together in their shared commitment to embrace change and foster unity.

The Prime Minister emphasised that the nation’s collective decision to pursue a new direction was not just about political change, but about the broader desire to build a society rooted in empathy, respect, and inclusivity.

The people of Sri Lanka have made it clear that they are ready for change—change towards a political culture that is clean, people-centered, and grounded in compassion. Unity, not division, is the path they have chosen,” she remarked.

She went on to highlight her government’s unwavering commitment to improving critical areas such as the economy, industrial growth, and education.

Our vision is clear: we want to build a future where every citizen can live with dignity, freedom, and peace. A future where no one is held back by their race, gender, ethnicity, or religion,” she asserted, underlining the importance of creating equal opportunities for all.

While reflecting on the challenges of the past, Prime Minister Amarasuriya acknowledged the missed opportunities for achieving national unity in previous years. She stressed that this was not a moment for regret, but rather a call to action.

In the past, we have had moments when unity was within our reach, yet we failed to fully seize those chances. But this time, we cannot afford to let this opportunity slip away,” she stated, urging the nation to unite and safeguard the progress made.

We must work together to preserve and build on the gains we have achieved, ensuring that we continue moving forward as one nation.

Full Statement:

“This year has been a truly transformative year for us Sri Lankans. The citizens of this country have chosen change: a clean and people centered political culture and empathetic society, unity as opposed to division.

As a responsible government, we remain committed to uplifting the nation in various critical areas, including the economy, industry, and education. Our vision is to create a future where every citizen can live a peaceful, free, dignified and fulfilling life, transcending barriers of race, gender, ethnicity, or religion.

We have had several opportunities in the past to unite as a nation, but we failed to fully realize the benefits of those moments. However, we must now ensure that this opportunity is not missed and that we work collectively to preserve it. At this critical time, as the state is fully committed to serve the public, I urge everyone to step forward with determination as we enter the year 2025. 

While the journey towards a brighter future is challenging, we have already taken significant steps towards achieving that goal. As we approach the threshold of a new year filled with hope and promise, I extend my sincere best wishes to all citizens for a peaceful, happy, and prosperous 2025.

I invite everyone to come together with a shared purpose, setting aside all differences, as we embark on this new year to ensure its success and work towards building a better future for the Sri Lanka. Our collective focus should be to restore the name of “Sri Lanka” as a proud and prosperous nation on the global stage.”

Gen. Shavendra Silva speaks candidly about his actions during ‘Aragalaya’

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January 01, Colombo (LNW): General Shavendra Silva, the outgoing Chief of Defence Staff (CDS) of Sri Lanka, delivered a poignant farewell message, reflecting on his over four decades of service in the Sri Lanka Army.

Having retired after a distinguished military career, General Silva marked the end of his tenure as the 8th CDS, a role he assumed on 1 June 2022, following a period of significant national turmoil.

During his farewell address, General Silva spoke candidly about his actions during the ‘Aragalaya’ protests of 2022, a period of intense civil unrest in Sri Lanka. He stressed his intention to minimise civilian casualties during the protests, explaining that he had directed the military to use only minimal force in response to the demonstrators.

I had no desire to harm or kill unarmed civilians. My instructions were clear: to avoid unnecessary violence,” General Silva stated, adding that his approach had been misinterpreted by those in power at the time, which, he felt, led to a misunderstanding of his strategy.

Reflecting on the circumstances surrounding his appointment as CDS, General Silva explained how he had transitioned from his role as the 23rd Commander of the Sri Lanka Army to the country’s top defence position.

When I was appointed CDS, I had just seven months remaining before my retirement as Army Commander. Shortly thereafter, the political situation took a dramatic turn, with President Gotabaya Rajapaksa fleeing the country. At the time, I was overseas attending a national security conference, with official permission,” he recalled.

Despite the intense political and military challenges of the period, General Silva made it clear that his loyalties lay firmly with the nation. “I did not seek power for personal gain or betrayal, nor did I act as a pawn for foreign interests,” he said, referring to the accusations that sometimes arose during the protests. He went on to explain that his decision to deploy the Air Mobile Brigade to rescue the then Prime Minister, who was trapped by protesters, was a testament to his commitment to safeguard national leadership during a crisis.

Throughout his career, General Silva had earned the trust of several Sri Lankan Presidents, who recognised his disciplined approach to military service. In addition to his military duties, he held prominent civilian roles, including as the Deputy Adviser on National Security, Chairman of the National Sports Selection Committee, and Chief Operations Officer of the Presidential Task Force on Green Agriculture.

His military career was equally distinguished, having risen through the ranks from Second Lieutenant to the highest military office in the country. General Silva served in various key positions, including as Chief of Staff of the Sri Lanka Army and Colonel of the prestigious Gajaba Regiment, the Special Forces Regiment, and the Commando Regiment.

His leadership in commanding the 58 Division during the final stages of the Sri Lankan civil war in 2009 was particularly notable. Under his command, the division played a pivotal role in the Wanni Humanitarian Operation, a decisive campaign that led to the conclusion of the three-decade-long conflict and the restoration of peace in Sri Lanka.

Known for his expertise in infantry tactics and battlefield strategy, General Silva also earned a reputation for his strong leadership and discipline. His tenure saw him become one of the most successful divisional commanders, with his regiment achieving significant success in military operations, making him a respected figure both within Sri Lanka’s military circles and internationally.

Reflecting on his career, he expressed pride in his service to the nation, saying, “My aim was always to serve with honour and integrity, and I leave with no regrets, having done my duty to the best of my ability.

Sri Lanka sets new record with over 312,000 workers going abroad in 2024

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January 01, Colombo (LNW): Sri Lanka has witnessed a surge in its workforce going abroad, with 312,836 individuals seeking employment overseas in 2024, according to the Sri Lanka Bureau of Foreign Employment (SLBFE).

This marks a new record, surpassing the previous high of 297,584 workers who went abroad in 2023.

Of the total, 185,162 were male workers, while 127,674 were female workers.

The data highlights a growing trend of Sri Lankans pursuing job opportunities abroad, with the top destinations being Kuwait and the United Arab Emirates, where 77,546 and 51,550 Sri Lankans were employed, respectively.

In recent years, however, there has been a noticeable shift in migration patterns. More Sri Lankans are opting to work in countries such as South Korea, Israel, and Japan, which are becoming increasingly attractive due to better job prospects and improved working conditions.

In 2024, 7,098 Sri Lankans headed to South Korea, 9,665 went to Israel, and 8,665 found work in Japan.

The growing number of workers abroad has had a significant impact on the country’s foreign exchange reserves, with Sri Lanka receiving a substantial boost in remittances.

By the end of November 2024, the total foreign exchange earnings from overseas workers had reached USD 6,462 million, reflecting a marked increase in the financial contributions of Sri Lankans working abroad.

These figures contrast with the previous year, where 2023 saw a total of 297,584 individuals go abroad, with 164,680 male and 132,904 female workers.