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Sri Lanka Ensures Policy Stability and Anti-Corruption Action to Attract Investors

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Sri Lanka Ensures Policy Stability and Anti-Corruption Action to Attract Investors

By: Staff Writer

March 28, Colombo (LNW): Sri Lanka is prioritizing policy consistency and transparency to create a conducive environment for long-term investments while actively combating corruption, according to Deputy Minister for Finance and Planning, Harshana Suriyapperuma.

Speaking at an investment forum organized by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC), Suriyapperuma emphasized the government’s commitment to maintaining stable regulations, policies, and tax structures.

He highlighted that businesses plan their financial strategies over the medium to long term, and sudden changes in government policies or tax regimes could disrupt investment feasibility.

“The reason behind our consistent policy approach in the budget is to ensure investors can plan without uncertainty,” he stated. 

The new administration has also continued the International Monetary Fund (IMF) program with necessary adjustments to support economic stability.

At the forum, which was attended by over 100 foreign investors, fund managers, representatives from listed companies, and capital market stakeholders, the government reinforced its message that now is the opportune time to invest in Sri Lanka. 

Following the restoration of economic stability, the country is focusing on sustainable growth, free from corruption.

Deputy Minister Suriyapperuma underlined the economic revival and the government’s vision to expand production and facilitate business growth. 

He pointed to the 2025 Budget and the ongoing negotiations with the IMF to support vulnerable communities and businesses as key indicators of progress.

Highlighting a shift in governance, he said, “The people have chosen a new path under President Anura Kumara Dissanayake and the National People’s Power (NPP) government.

 We are committed to zero tolerance for corruption. Investors no longer need to navigate political bureaucracy or offer bribes. They can directly engage with designated authorities and initiate their ventures transparently.”

The Deputy Minister further elaborated on the positive trajectory of Sri Lanka’s economic landscape, including the recovery of the stock market and tourism sector. 

He encouraged foreign investors to leverage this momentum and explore opportunities beyond Colombo by engaging with rural communities to understand untapped potential.

Labour Minister and Economic Development Deputy Minister Prof. Anil Jayantha Fernando reaffirmed the government’s focus on fostering capital formation and value generation, with exports and investments being top priorities. 

He reiterated that a corruption-free environment would facilitate business growth and reduce the gap between savings and investments.

Central Bank Governor Dr. Nandalal Weerasinghe reassured investors that Sri Lanka is now more stable and predictable compared to the past two years. 

Deloitte Sri Lanka and Maldives Head of Strategy, Risk, and Transactions, Ruvini Fernando, presented insights on high-potential investment sectors in Sri Lanka, further reinforcing the country’s appeal as an attractive investment destination.

 With a clear economic vision, policy stability, and a commitment to eliminating corruption, Sri Lanka is actively positioning itself as a premier destination for foreign investments.

Lanka Sugar Company Chief steps down amid wave of resignations

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Lanka Sugar Company Chief steps down amid wave of resignations

March 28, Colombo (LNW): The Chairman of the state-owned Lanka Sugar Company, Rukshan Gunathilaka, has stepped down from his position, marking yet another high-profile departure from a government-appointed post.

Gunathilaka, who took office on October 14, 2024, is the latest official to resign under the current administration.

His successor, Sandamali Chandrasekara, has already been appointed to fill the vacancy, ensuring continuity in the leadership of the company, which plays a key role in Sri Lanka’s sugar industry.

Gunathilaka’s resignation brings the total number of chairpersons who have left their posts under the National People’s Power (NPP) government to eight. Prior to his departure, several key figures heading state institutions had already resigned, raising questions about administrative stability and internal challenges within the government.

Amongst those who previously stepped down are Senesh Dissanayake Bandara, former Chairman of the Sri Lanka Rupavahini Corporation; Ramal Siriwardena, former Chairman of the Sri Lanka Transport Board (SLTB); Monty Ranatunga, former Chairman of the National Housing Development Authority; Dr. Ruwan Wijayamuni, who headed the National Transport Medical Institute; Chinthaka Hewapathirana, former Chairman of the National Youth Services Council; and Dr. Bandula Dileepa Vitharana, who recently resigned as Chairman of the National Transport Commission.

While no official reasons have been disclosed for Gunathilaka’s resignation, the series of high-level departures suggests ongoing shifts within the administration.

The government has yet to address these developments publicly, leaving speculation about the reasons behind the turnover and the potential impact on governance.

Japan Supports Inland Fisheries Development in Sri Lanka with US$3 Million Grant

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Japan Supports Inland Fisheries Development in Sri Lanka with US$3 Million Grant

By: Staff Writer

March 28, Colombo (LNW): In a significant milestone in the partnership between Japan and Sri Lanka will be implementing a self-sustained Culture-based Inland Fisheries project to ensure Food and Nutritional Security and Livelihood Improvements in Rural Communities in Sri Lanka.

 In collaboration with the Food and Agriculture Organization of the United Nations (FAO), the Japanese Government has allocated a grant of US$3 million to strengthen inland fisheries and improve rural livelihoods in Sri Lanka last year .

This initiative underscores Japan’s unwavering commitment to supporting Sri Lanka’s fisheries sector, extending beyond maritime fisheries to bolster inland fisheries development.

With FAO’s commitment to successful implementation, the project is poised to create lasting positive impacts on food security, livelihoods, and resilience in Sri Lanka’s rural communities. Japan reaffirms its dedication to supporting Sri Lanka’s fisheries sector, striving for a future where rural communities prosper, and the fisheries industry thrives

This initiative underscores Japan’s unwavering commitment to supporting Sri Lanka’s fisheries sector, extending beyond maritime fisheries to bolster inland fisheries development.

A 3 million dollar project, funded by Japan and implemented by the UN Food and Agriculture Organization (FAO), aims to strengthen inland fisheries and promote sustainable aquaculture in Sri Lanka.

In the initial phase, an upgraded hatchery and three live fingerling bowsers were launched at the National Aquaculture Development Authority of Sri Lanka (NAQDA) Aquaculture Development Center in Inginiyagala, Ampara. Recently under this project

The upgraded hatchery and the bowsers will enhance the breeding, rearing, and distribution of quality fish fingerlings to inland water bodies, boosting inland fisheries production and ensuring a stable source of nutrition and income for local fisher communities, a joint statement read.

In addition to upgrading the Inginiyagala center, the project is strengthening three other NAQDA Aquaculture Development Centers and an existing community-operated mini fish breeding center, and establishing three new community-operated mini hatcheries in Batticaloa, Anuradhapura, and Monaragala.

“Japan prioritizes human capacity development. Rather than simply providing fish to meet immediate needs, we focus on transferring knowledge and skills in fish farming and sustainable management,” Ambassador of Japan to Sri Lanka Akio Isomata said.

“Through this approach, we hope to empower Sri Lanka to achieve self-sustained growth and build a stable and sustainable future.”

The initiative will benefit about 3,000 inland fishers, hatchery operators, and fish feed producers, and contribute to broader food security and rural economic development. The broader project includes introduction of improved broodstock development, digital integration in inland fisheries, and capacity-building programs for fishers and aquaculture officers.

“Through this initiative, we are not only improving aquaculture infrastructure but also equipping communities with the necessary resources and knowledge to sustain inland fisheries in the long run,” FAO Representative for Sri Lanka Vimlendra Sharan said.

Identification Parade Set for Suspect in Anuradhapura Hospital Sexual Assault Case

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Identification Parade Set for Suspect in Anuradhapura Hospital Sexual Assault Case

By: Ovindi Vishmika

March 28, Colombo (LNW): An identification parade for the suspect involved in the sexual assault of a female doctor at the Anuradhapura Teaching Hospital is set to take place today (28) at the Anuradhapura Magistrate’s Court.

This comes after several delays, including the victim’s absence from the previous court hearings. However, the female doctor is expected to appear in court today for the important procedure.

The identification parade, which was originally scheduled for March 17, had to be postponed twice due to the complainant’s failure to appear. The court has now ensured her participation today, marking a key moment in the investigation.

However,the accused, Nilantha Maduranga Rathnayake, a 36-year-old former Army soldier, is currently in remand custody. He faces charges of sexually assaulting the doctor in the hospital’s residential quarters. During a subsequent search of Rathnayake’s home, police uncovered a live hand grenade, adding a new layer of complexity to the case.

The victim’s mobile phone, which was allegedly taken by the suspect, has not yet been recovered, and investigations are ongoing. Authorities are continuing their efforts under the guidance of Officer-in-Charge Nishani Seneviratne.

The identification parade today will be a critical step in moving the case forward and ensuring that justice is served as this case has drawn significant public attention at its highest level.

Thailand declares state of emergency following powerful earthquake

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Thailand declares state of emergency following powerful earthquake

By: Isuru Parakrama

March 28, World (LNW): Thai Prime Minister Paetongtarn Shinawatra has declared a state of emergency in Bangkok after a massive earthquake struck neighbouring Myanmar, sending powerful tremors across the region and causing widespread panic.

The earthquake, recorded at a magnitude of 7.9 by the China Earthquake Networks Center, occurred at 2:20 pm Beijing Time, with its impact strongly felt in Thailand, China, and other neighbouring countries.

The tremors led to significant structural damage, particularly in Bangkok, where a partially constructed State Audit building in the Chatuchak district collapsed completely, according to reports from the Khaosod news portal.

In response to the seismic event, Thailand’s stock exchange suspended all trading activities for the remainder of the day. The Stock Exchange of Thailand (SET) announced the immediate closure of all markets, including the Market for Alternative Investment (MAI) and the Thailand Futures Exchange (TFEX), citing safety concerns and market instability.

Witnesses in Bangkok described scenes of panic as buildings swayed and people rushed to safety. Yang Wanli, a journalist for China Daily based in the Thai capital, recounted her experience whilst dining at a restaurant. “I was having lunch when the ground suddenly started shaking. It continued for several seconds, stopped momentarily, and then resumed with even greater intensity,” she recalled. She later observed streetlights on an elevated expressway swaying violently.

Authorities are currently assessing the full extent of the damage whilst emergency response teams remain on high alert. No official casualty figures have been released yet, but concerns are mounting over potential aftershocks and further disruptions to infrastructure.

The Thai government has urged residents to remain vigilant and adhere to safety protocols as rescue and relief operations get underway.

Related Stories:

Powerful Earthquake Strikes Myanmar, Sending Tremors Across the Region

NTC Chief resigns, making him third gov official to quit under Subject Minister

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NTC Chief resigns, making him third gov official to quit under Subject Minister

March 28, Colombo (LNW): Dr Bandura Dileepa Vitharana, Chairman of the National Transport Commission (NTC), has officially stepped down from his position, submitting his resignation to the Ministry of Transport today.

His sudden departure adds to a growing wave of resignations from key institutions within the transport sector.

Dr Vitharana, a well-respected academic and a lecturer at the Open University of Sri Lanka in Nawala, had previously served as the head of the Transport Committee for the National People’s Power (NPP).

His tenure at the NTC was marked by efforts to improve regulatory oversight in public transport, but the reasons for his resignation remain unclear.

Notably, Vitharana is the third high-ranking official to resign from a transport-related institution under the purview of Minister Bimal Rathnayake. Earlier, Ramal Siriwardana, Chairman of the Sri Lanka Transport Board (SLTB), and Ruwan Wijayamuni, Chairman of the National Transport Medical Institute (NMTI), also stepped down from their respective posts.

The successive resignations have raised concerns about stability within the sector, prompting speculation about underlying issues that may be driving these departures.

Whilst the Ministry of Transport has yet to comment on the matter, insiders suggest that internal policy disagreements or administrative challenges could be contributing factors.

The resignations come at a time when Sri Lanka’s transport sector is facing increasing public scrutiny over service inefficiencies, fare regulations, and the need for modernisation.

Powerful Earthquake Strikes Myanmar, Sending Tremors Across the Region

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Powerful Earthquake Strikes Myanmar, Sending Tremors Across the Region

By: Isuru Parakrama

March 28, World (LNW): A strong earthquake measuring 6.9 on the Richter scale struck central Myanmar on Friday (28), triggering widespread alarm as tremors were felt across neighbouring countries.

The German Research Centre for Geosciences (GFZ) reported that the quake originated at a depth of 10 kilometres, with its epicentre located near the city of Mandalay.

The seismic event caused significant concern in Thailand’s capital, Bangkok, where hundreds of residents and office workers evacuated buildings in a state of panic.

Witnesses described chaotic scenes as people rushed onto the streets, fearing potential aftershocks.

Reports also indicated that the tremors caused water to spill over from swimming pools in high-rise buildings, underscoring the quake’s intensity.

Whilst there were no immediate reports of casualties or structural damage from Myanmar, authorities are assessing the impact, particularly in Mandalay, a major city with a population of approximately 1.2 million.

Given the shallow depth of the earthquake, experts have warned that even moderate quakes in the region can pose risks to infrastructure, especially in areas with older buildings and limited seismic resistance.

Myanmar, located in a seismically active region along the boundary of the Indian and Eurasian tectonic plates, has experienced devastating earthquakes in the past.

In 2016, a 6.8-magnitude earthquake caused severe damage to ancient temples in Bagan, a UNESCO World Heritage site, highlighting the country’s vulnerability to such natural disasters.

Authorities in both Myanmar and Thailand are closely monitoring the situation, with disaster response teams on standby should further tremors or aftershocks occur.

As assessments continue, regional governments are urging residents to remain vigilant and adhere to safety protocols in case of further seismic activity.

*With inputs from Reuters.

Ex-IGP Deshabandu Tennakoon’s Arrest: What We Know So Far

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Ex-IGP Deshabandu Tennakoon’s Arrest: What We Know So Far

Former IGP Deshabandu Tennakoon Faces Legal Scrutiny Amid Shooting Incident in Weligama

By: Ovindi Vishmika

March 28, Colombo (LNW): Former Inspector General of Police (IGP) Deshabandu Tennakoon has been remanded in connection with a shooting incident that took place near the W15 Hotel in Weligama on December 31, 2023.

Tennakoon, who had been evading arrest for several weeks, surrendered to the Matara Magistrate’s Court on March 19, 2025. His legal troubles have attracted significant national attention, with various political and legal bodies weighing in on the matter.

What Led To His Arrest & Remand?

The incident in question occurred in the Pelena area of Weligama, where a shooting took place in front of the W15 Hotel. An arrest warrant was issued for Tennakoon and seven other officers from the Colombo Crimes Division (CCD) in connection with the shooting. The Criminal Investigation Department (CID) was tasked with locating and arresting the suspects. However, Tennakoon had been evading authorities for several days before his eventual surrender.

The Court of Appeal had earlier dismissed Tennakoon’s writ petition, which sought an injunction to prevent his arrest. On March 17, 2025, the court ordered that the CID take immediate steps to arrest the former IGP and present him before the Matara Magistrate’s Court. The ruling was delivered without a hearing, with the bench comprising Acting President of the Court of Appeal Mohamed Lafar Tahir and Justice Sarath Dissanayake.

Minister of Public Security Ananda Wijepala confirmed Tennakoon’s surrender in Parliament on March 19. The Minister also revealed that the CID had conducted a search at Tennakoon’s residence in Hokandara, where they uncovered a significant cache of liquor and a firearm believed to belong to Tennakoon. A total of 1,009 bottles of alcohol, including both foreign liquor and wine, were seized. Additionally, two mobile phones were recovered, with the Minister suggesting that valuable information would likely be revealed through these devices.

Following his surrender, Tennakoon was remanded until March 20, 2025, and transferred to Angunakolapelessa Prison under special security.Then,the Matara Magistrate’s Court further remanded him until April 3, 2025. The court also planned to hear Tennakoon’s bail application on the same day.

In the wake of these events, the legal proceedings surrounding Tennakoon have been complicated by political dynamics. The National People’s Power (NPP) has filed a no-confidence motion against Tennakoon, with a group of MPs expected to submit the motion to the Speaker of Parliament on March 25.

Deputy Minister Eranga Gunasekara, speaking on behalf of the NPP, emphasized the importance of accountability in public office.

“A people’s government is now in power, and we are committed to using the public mandate to remove Deshabandu Tennakoon from the post of Inspector General of Police, a position to which he was unlawfully appointed,” Gunasekara stated.

Opposition Leader Sajith Premadasa has also expressed his party’s support for any proposals aimed at holding Tennakoon accountable, criticizing his appointment to the position of IGP by former President and former Speaker, whom he claims violated the Constitution.

On the same day, a resolution calling for the establishment of a committee to investigate Tennakoon’s removal from office was handed over to Parliament by 115 Members of Parliament. The motion, submitted under Section 5 of the Removal of Officers (Procedure) Act No. 5 of 2002, seeks to begin an inquiry into Tennakoon’s fitness to continue in office, with the support of a significant portion of the legislature.

Looking Ahead

As the investigation into the Weligama shooting incident continues, it remains to be seen how the legal and political challenges facing Tennakoon will unfold. His case is not only a matter of criminal justice but also a focal point in the broader political discourse surrounding police leadership in Sri Lanka.

The Court of Appeal’s dismissal of Tennakoon’s writ petition and the subsequent developments, including the ongoing investigation into the shooting incident and his alleged involvement in various illicit activities, have ensured that the case will be under close scrutiny for the foreseeable future. With his political and legal future uncertain, the former IGP is set to face further hearings in the coming weeks, and his role in Sri Lanka’s policing will likely continue to be a matter of public debate.

India makes official announcement on PM Modi’s visit to Sri Lanka

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India makes official announcement on PM Modi’s visit to Sri Lanka

March 28, Colombo (LNW): India’s Ministry of External Affairs has officially announced that Prime Minister Narendra Modi will embark on a diplomatic visit to Thailand and Sri Lanka next week, marking a significant step in regional cooperation and bilateral relations.

According to the statement, Modi will first travel to Bangkok from April 03 – 04, 2025 at the invitation of Thai Prime Minister Paetongtarn Shinawatra.

His visit coincides with the 6th BIMSTEC Summit, which Thailand, as the current chair, will host on 4 April. This marks Modi’s third official visit to Thailand, underscoring India’s deepening engagement with its regional partners.

The statement further highlighted that this will be the first in-person meeting of BIMSTEC leaders since the 2018 Kathmandu Summit. The previous summit, held in Colombo in 2022, took place virtually.

The theme for this year’s summit, “BIMSTEC – Prosperous, Resilient and Open,” will guide discussions amongst leaders on revitalising cooperation and fostering stronger economic and security ties within the region.

Following his engagements in Thailand, Modi will proceed to Sri Lanka for a state visit from 4–6 April 2025, at the invitation of Sri Lankan President Anura Kumara Dissanayake.

The visit aims to strengthen bilateral ties and assess progress on collaborative initiatives outlined in the Joint Vision for Fostering Partnerships for a Shared Future, which was formulated during the Sri Lankan leader’s state visit to India.

During his stay, Modi is scheduled to hold high-level discussions with the Sri Lankan President and other senior officials, addressing key areas of economic and strategic cooperation.

He will also meet political leaders and dignitaries, reaffirming India’s support for Sri Lanka’s development agenda. As part of his itinerary, the Indian Prime Minister will travel to the historic city of Anuradhapura, where he is expected to inaugurate several development projects funded through Indian financial assistance.

This will be Modi’s first visit to Sri Lanka since 2019. It follows President Dissanayake’s visit to India, which marked his first international trip after assuming office.

The longstanding cultural, historical, and economic ties between India and Sri Lanka are expected to receive a renewed boost through this high-level engagement.

The Ministry of External Affairs emphasised that Modi’s visit to Thailand and Sri Lanka underscores India’s commitment to its Neighbourhood First and Act East policies, as well as its broader MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) and Indo-Pacific strategic frameworks.

IMF acknowledges Sri Lanka’s economic recovery but warns of lingering vulnerabilities

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IMF acknowledges Sri Lanka’s economic recovery but warns of lingering vulnerabilities

March 28, Colombo (LNW): The International Monetary Fund (IMF) has acknowledged Sri Lanka’s progress in economic recovery, noting that key indicators suggest a positive shift.

However, the global financial body has also cautioned that the nation’s economy remains fragile, stressing the need for continued reforms to ensure long-term stability and debt sustainability.

During the IMF’s weekly briefing, spokesperson Julie Kozack confirmed that the organisation had released the fourth tranche of financial assistance—amounting to $334 million—immediately after the Executive Board approved the Third Review of Sri Lanka’s Extended Fund Facility (EFF) programme.

This latest disbursement brings the total IMF financial support for the country to $1.34 billion.

Kozack elaborated on Sri Lanka’s economic turnaround, stating, “Reforms are beginning to bear fruit, and economic recovery is gaining momentum. Inflation remains low, fiscal revenue collection is improving, and international reserves are continuing to grow.”

She highlighted that Sri Lanka’s economy registered a growth rate of 5 per cent in 2024, marking a significant rebound after two consecutive years of contraction. The IMF expects this upward trend to continue into 2025, further strengthening the country’s economic outlook.

Whilst acknowledging these positive developments, Kozack warned that Sri Lanka is not out of danger yet. “The economy remains vulnerable, and therefore it is critical that reform momentum is sustained to ensure durable macroeconomic stability and debt sustainability,” she emphasised.

The discussion also touched upon Sri Lanka’s ongoing efforts to restructure state-owned enterprises (SOEs), a key aspect of its economic reform agenda. When asked about proposals to list these enterprises on the Colombo Stock Exchange, Kozack refrained from commenting, stating, “I don’t have anything for you on that regarding the SOEs, but we’ll come back to you bilaterally.”

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