May 04, Colombo (LNW): The National Credit Guarantee Institution Limited (NCGIL) which commenced its operations in January, has this week issued the first set of guarantees to three Financial Institutions (FIs) to partly cover the loans approved by them for three Micro, Small and Medium Enterprises (MSMEs).
Under the guarantee program, NCGIL is providing individual guarantee cover to its Shareholder Financial Institutions (SFIs) to encourage them to grant loans for viable projects based on cash flows instead of depending on tangible securities.
This is the first program of this nature operated at national level with the involvement of Government of Sri Lanka (GOSL) and Financial Institutions for supporting Sri Lankan MSMEs who are the backbone of the country’s economy.
NCGIL, a Public Private Partnership between the GOSL and chosen 13 Participatory Financial Institutions (PFIs) was incorporated with the prime objective of providing a solution to one of the common challenges faced by local MSMEs, namely access to finance through the formal banking channels in Sri Lanka.
A US $ 50 million long term funding received by the GOSL from the Asian Development Bank (ADB) has been invested in NCGIL accounting for 90% stake, whilst the balance 10% shareholding with an investment of $ 5.375 million is with 13 leading Financial Institutions including eight Commercial Banks, two Specialised Banks and three Licenced Finance Companies namely Peoples Bank, Bank of Ceylon, Regional Development Bank, Commercial Bank, Hatton National Bank, Sampath Bank, Seylan Bank, National Development Bank, Nations Trust Bank, Sanasa Development Bank, LB Finance, Central Finance and Citizens Development Business Finance.
The program is now on and any MSME (with an annual turnover of less than Rs. 1 billion) who already runs a viable business or has a viable business proposal (start-up) could now apply for a Term Loan from any of the 13 FIs and the FIs can approach NCGIL for a credit guarantee (currently up to 67% of the principal loan amount approved by them) to partially cover their credit risk.
The minimum and maximum size of the Term Loans considered by the SFIs, for CAPEX or Permanent Working Capital requirements, are Rs. 500,000 and Rs. 25 million respectively.
The issuance of the first three guarantees of NCGIL to CDB, Commercial Bank and Hatton National Bank took place recently to partly cover the loans approved by these Financial Institutions to three of their MSMEs engaged in Agri projects.
May 04, Colombo (LNW): A flight operated by SriLankan Airlines from Chennai to Colombo was subjected to an intensive security check on Friday (3 May), following a cross-border alert regarding a suspected individual wanted in India.
The inspection, which delayed a subsequent departure to Singapore, was carried out in full coordination with local aviation and security authorities.
According to an official statement issued by the national carrier, SriLankan Airlines Flight UL 122, operated by Airbus A330-200 aircraft bearing registration 4R-ALS, landed at Bandaranaike International Airport (BIA) at 11:59 AM.
Upon arrival, it was flagged for a comprehensive security inspection after the Chennai Area Control Centre raised concerns about a suspect believed to be onboard the aircraft.
Authorities initiated a full-scale inspection, which included a detailed sweep of the cabin, cargo holds, and luggage compartments.
All passengers were also thoroughly screened in accordance with standard aviation security procedures. Officials have confirmed that the inspection did not uncover any threats, and the aircraft was later cleared for further operations.
However, due to the time required for the security protocols, the next scheduled flight using the same aircraft—Flight UL 308 bound for Singapore—was delayed. Passengers waiting to board were notified of the situation and provided with support by airline staff, including updates on rescheduled departure times.
“SriLankan Airlines places the utmost priority on the safety and security of its passengers and crew,” the airline stated. “We remain committed to upholding the highest standards of aviation safety, and such precautionary actions, while inconvenient, are essential in today’s global threat environment.”
Airport operations continued without further disruption, and security officials assured the public that the situation was handled professionally with no cause for alarm. The airline has since resumed normal operations.
This incident underscores the increasing need for international cooperation in aviation safety. The prompt communication between Indian and Sri Lankan authorities allowed for a timely and controlled response, minimizing risk and ensuring the safety of all onboard.
SriLankan Airlines has encouraged passengers to remain patient in such situations, noting that security-related delays, while unfortunate, are sometimes necessary to ensure safe air travel.
Further investigations regarding the original alert and the identity of the suspect in question are currently underway by Indian authorities.
May 04, Colombo (LNW): Sri Lanka is setting the stage for a major export overhaul as a high-level delegation from the Asian Development Bank (ADB) met with the Export Development Board (EDB) to initiate the formulation of the National Export Development Plan (NEDP) for 2025-2029.
This significant development, launched on 25 April, marks the beginning of an ambitious strategy to revitalize the nation’s export sector and unlock new global opportunities.
The initiative is rooted in the 2025 Budget under the “A Thriving Nation – A Beautiful Life” policy framework, aiming to make exports a cornerstone of Sri Lanka’s economic progress.
A central objective set during the discussions is to boost export revenues to $36 billion by 2030. The NEDP is being crafted as part of a policy-based loan (PBL) program in collaboration with the ADB and the Ministry of Industry and Entrepreneurship Development, with the goal of reshaping Sri Lanka’s place in global trade.
Building upon the foundation of the previous National Export Strategy (NES) 2018-2022, the new plan introduces a more targeted, data-driven approach. It emphasizes technological integration, sustainable trade practices, and regulatory reforms to foster a more resilient and competitive export environment.
Key themes that emerged during the initial meeting include the critical need for export diversification to lessen reliance on traditional sectors, tapping into new global markets, and increasing value-added production across industries.
The ADB and EDB stressed the necessity of aligning all stakeholders — including government agencies, the private sector, and development partners — around a unified export vision.
The NEDP will focus heavily on digital transformation within trade processes, enhancing product and market competitiveness, and facilitating access to international value chains, particularly for small and medium-sized enterprises (SMEs).
ADB representatives highlighted the need for clearly defined leadership from the EDB in overseeing and coordinating the plan’s implementation.
To ensure effective execution, the plan will include the formation of a core implementation team, a structured action plan with measurable milestones, and strong monitoring and evaluation frameworks.
Potential challenges, such as the need for capacity-building, inter-agency coordination, and coherent policies, were acknowledged. Participants agreed that early engagement with stakeholders and continuous communication would be key to fostering trust and ensuring sustained progress.
The EDB reiterated its commitment to the NEDP, recognizing it as a vital component of Sri Lanka’s wider economic reform agenda.
By fostering inclusive growth, enhancing resilience, and promoting sustainable development, the NEDP 2025-2029 is expected to serve as a transformative roadmap for elevating Sri Lanka’s global trade presence over the next five years.
May 04, Colombo (LNW): Sri Lanka’s business confidence is on the decline at present due to significant challenges and uncertainties. The government’s commitment to economic reforms, debt restructuring, and fiscal consolidation is crucial for sustaining a positive trend.
The next few months will be critical in determining whether the BCI continues its negative or upward trajectory or stabilizes in response to evolving economic conditions.
Tariff turmoil shatters business confidence,” business magazine LMD reports, in its soon to be released May edition. In an exclusive release to the Daily FT, the magazine notes that “business sentiment has nosedived, leaving the record-equalling highs of recent months in the rear-view mirror.”
“The LMD-PEPPERCUBE Business Confidence Index (BCI) fell substantially in April – following its record-equalling high of 204 in February – shedding 25 basis points to settle at 172, from 197 in March,” LMD observes.
Despite the decline, however, it explains that the index remains 49 points above its historical median (123) and 28 notches higher than the 12-month average (144). “For perspective, the barometer stood at a lowly 96 at the same time last year,” it adds.
According to PepperCube Consultants, “the free fall in confidence signals a marked shift in business sentiment, primarily driven by external headwinds such as the imposition of US tariffs and growing domestic dissatisfaction with the Budget 2025.”
A spokesperson for the leading magazine says: “As for the direction of the BCI in the near term, much will depend on how the Government navigates the unfolding US-led trade war and delivers on a plethora of Election promises.”
“The outcome of the Provincial Council Elections and the fate of the Sri Lankan Rupee will also be on the watch list of the business community,” he adds.
The BCI reached a six-month high, indicating a positive outlook among business leaders. A majority of business leaders expect higher sales volumes in the coming year, although slightly tempered from February’s peak.
A significant portion of firms are planning to expand their workforce, suggesting a positive outlook for the labor market. The Colombo Stock Exchange saw a record Rs 175 billion in capital raised, indicating investor confidence.
The external debt restructuring process was completed, and the country’s ratings were upgraded, boosting investor confidence. The World Bank projects a revival in domestic demand, which could lead to further positive economic growth.
Despite overall business confidence, investment climate confidence has plummeted to crisis levels. While corporate sentiment is improving, concerns about long-term growth and strategy persist. While inflation is projected to turn positive, it is still below the central bank’s target, and financing pressures will persist.
Sri Lanka faces large T-bill refinancing needs, which could put pressure on the economy.While the government has a strong majority, there are concerns about potential protests and strikes, particularly related to privatization efforts.
May 04, World (LNW): In a move that reeks of audacity, delusion, and dangerous political theatre, US President Donald Trump has once again set social and moral boundaries ablaze—this time by posting an AI-generated image of himself as the Pope.
The digital concoction, shared in the wake of a newly vacant papal seat in the Vatican, is not just an embarrassing act of self-idolisation; it is a cynical exploitation of religious symbolism for political capital and yet another sign of Trump’s relentless campaign to dismantle the norms of democratic and spiritual discourse.
This calculated post—ridiculous in appearance, yet disturbingly effective in impact—goes beyond mere bad taste. It is a grotesque fusion of blasphemy and propaganda, engineered to seduce a base that increasingly mistakes showmanship for sanctity.
By portraying himself as a holy figure, cloaked in papal regalia, Trump is not merely engaging in narcissistic theatre. He is attempting to insert himself into a sacred tradition that represents moral clarity, spiritual humility, and global leadership—values Trump has serially mocked and trampled during and after his presidency.
To appropriate the image of the Pope—particularly during a moment of transition and uncertainty in the Vatican—is to desecrate the universal respect accorded to the papacy across Christian denominations and the wider interfaith world. It sends a chilling message: that no institution, however revered, is immune to being co-opted by Trump’s insatiable need for relevance and domination. This is not just political posturing; it is the weaponisation of faith to serve the petty ambitions of one man.
The image, unmistakably AI-generated, underlines another growing concern: Trump’s enthusiastic embrace of digital manipulation and disinformation. In a post-truth era that he helped define, Trump continues to blur the lines between reality and fabrication, often with a smile and a wink to his followers who either do not know better or, more worryingly, do not care.
By fusing his image with that of the Pope, he is not simply pandering to conservative Catholics—he is exploiting religious reverence to lend legitimacy to his self-declared sanctity.
It is a grim parody of religious imagery, dripping with the hallmarks of authoritarian propaganda. Leaders who see themselves as messianic, above reproach and divinely ordained, often spell danger for democracy.
History offers no shortage of warnings. And yet, here we are—witnessing a man who has faced two impeachments, multiple civil suits, and a barrage of criminal investigations, don the symbolic mantle of the world’s most recognisable religious leader. The image would be laughable were it not so ominous.
This AI Pope post is the latest in Trump’s ongoing campaign to reframe American politics not around policy or principle, but around personality cult and spiritual symbolism. His base is being trained to view him not as a flawed public servant, but as a divine instrument, a prophet misunderstood by the political elite and persecuted by the ‘deep state’. That fantasy is not just delusional—it is corrosive to the foundations of secular democracy.
Trump is not only distorting religion but also corroding the public’s capacity to distinguish between truth and fiction, justice and grievance, democracy and authoritarian spectacle. The use of AI—a technology with vast potential for both benefit and harm—has become, in Trump’s hands, yet another tool for deception. It is part of a broader assault on the institutions that have kept America’s democratic experiment from collapsing under the weight of demagoguery.
America’s founding ideals—pluralism, freedom of belief, a clear separation of church and state—are all insulted by this cheap trick. But perhaps that is the point. Trump has long sought to divide, to enrage, and to inflame. This AI Pope stunt is not a joke; it is a cultural provocation, a calculated gesture aimed at deepening fissures in the national psyche while portraying himself as a victim-saint of an imagined persecution.
For all his claims of devotion and patriotism, Trump’s actions continually reveal a disdain for both the spiritual and democratic legacies he pretends to honour. If democracy is a covenant of shared reality and reason, Trump’s antics are a deliberate effort to tear it up in favour of delusion, spectacle, and blind loyalty.
America, and indeed the wider world, should take this moment seriously. A man who imagines himself Pope is not making a harmless meme—he is signalling a worldview where truth, reverence, and democracy are nothing more than costumes to be worn, mocked, and discarded.
In that vision, there is no room for justice, only power. And in that world, democracy dies not with a bang, but with an AI-generated smirk in white robes.
May 04, Colombo (LNW): President Anura Kumara Dissanayake has taken a firm stance on the recent controversy surrounding the unauthorised parking of buses on the Southern Expressway during the National People’s Power (NPP) May Day mobilisation.
Speaking during a televised interview aired last night, the President denounced the incident, asserting that such conduct should never have occurred and warrants immediate disciplinary action.
The matter drew public attention after a large number of buses, reportedly transporting NPP supporters to Colombo, were found halted along the high-speed expressway, raising significant safety concerns and causing considerable disruption to traffic.
President Dissanayake did not mince his words in criticising the lapse in protocol, declaring that any breach of the law — regardless of political affiliation — must be addressed without hesitation.
He underscored the importance of accountability, stating that responsibility must be shared not only by the bus drivers but also by law enforcement personnel who permitted the action, and by the NPP organisers who facilitated the transport arrangements.
“This is something that must not have happened,” he said, expressing his disapproval of the lapse in coordination and discipline.
As part of a wider internal review, Dissanayake revealed that every bus commissioned for the May Day event had been assigned a dedicated organiser. He confirmed that he had requested a full list of these individuals, particularly those overseeing the buses in question, in order to determine whether they had violated transport regulations or knowingly disregarded lawful instructions.
The President’s reiterated his commitment to uphold the rule of law and maintain public confidence in governance, even within his own political movement.
His response appears aimed not only at addressing the specific incident but also at sending a clear signal that public safety and regulatory compliance are paramount, regardless of political objectives or the scale of public events.
May 04, Colombo (LNW): Sri Lanka’s tourism industry has continued its upward trajectory, welcoming 174,608 international visitors in April 2025, according to new data released by the Sri Lanka Tourism Development Authority (SLTDA).
This figure represents a notable 17.3 per cent increase compared to March 2024, reflecting growing confidence in the country’s appeal as a travel destination.
The latest figures bring the total number of tourist arrivals for the first four months of 2025 to 896,884, signalling steady progress toward recovery following years of disruption caused by the global pandemic and subsequent economic challenges.
Industry stakeholders have welcomed the positive momentum, noting that enhanced marketing efforts, improved infrastructure, and the stabilising political climate have all contributed to the increase in arrivals.
India maintained its position as Sri Lanka’s largest source market in April, accounting for 22.2 per cent of all arrivals, with 38,744 Indian nationals travelling to the island.
The close proximity, cultural ties, and expansion of air connectivity have played a key role in drawing Indian tourists, who continue to explore both coastal and cultural attractions across the country.
The United Kingdom followed as the second-largest source market, with 17,348 arrivals, while Russia contributed 13,525 tourists. Germany accounted for 11,654 visitors, and Australia sent 10,744 travellers to Sri Lanka in April alone.
These figures underline the diverse appeal Sri Lanka continues to hold across key markets in Europe and the Asia-Pacific region.
Tourism operators have reported a noticeable uptick in bookings and travel-related activity, particularly in heritage zones such as Anuradhapura and Sigiriya, as well as beach destinations like Galle and Trincomalee.
The country’s positioning as a year-round destination with offerings ranging from wellness retreats to adventure tourism has further enhanced its reputation among international travellers seeking varied experiences.
Despite the promising numbers, industry experts caution that continued investment in safety, service standards, and environmental sustainability is crucial to ensuring long-term growth.
Additionally, maintaining political stability and enhancing visitor confidence will remain critical as Sri Lanka competes with regional tourism hubs.
Looking ahead, tourism authorities are optimistic that the momentum seen in the first quarter will carry through the rest of the year. Several international roadshows, digital campaigns, and bilateral tourism partnerships are planned in the coming months to tap into emerging markets and encourage repeat visits.
May 04, Colombo (LNW): A major push to eliminate entrenched corruption within Sri Lanka’s Department of Motor Traffic (DMT) has been unveiled, as Transport Minister Bimal Rathnayake announced sweeping measures aimed at restoring public trust in the institution.
The campaign, framed as a zero-tolerance approach to bribery, signals a determined move by the government to tackle one of the most persistent complaints from citizens seeking routine services such as licensing and vehicle registration.
Central to the initiative is the rapid installation of closed-circuit television (CCTV) systems throughout DMT premises. These surveillance measures, expected to be in place within the coming weeks, are intended to deter illicit transactions between the public and staff, while also providing evidence should misconduct occur.
The minister, addressing the public via social media, urged citizens and honest civil servants alike to unite in rooting out what he described as a “cancer” afflicting the institution.
It's launched! CCTVs will be also installed within weeks! Zero Tolerance! No Bribing! (at Department of Motor Traffic). Hope Citizens &Clean officials will fight hand in hand with the Government to eradicate this cancer in DMT within months. pic.twitter.com/WdfyvotKbP
Corruption at the DMT has long been a topic of public frustration, with many accusing officials of demanding under-the-table payments to expedite services that should be delivered freely and fairly.
From issuing driver’s licences to transferring vehicle ownership, routine procedures have reportedly become rife with informal charges, leaving those unwilling to pay at the mercy of endless bureaucratic delays.
By initiating this crackdown, authorities hope to disrupt these entrenched practices and set a new standard for transparency in public service delivery. The minister further noted that this is not merely a cosmetic gesture, but part of a larger institutional reform agenda that includes staff training, internal auditing, and community engagement.
Public response to the announcement has been cautiously optimistic. Advocacy groups and watchdog organisations have welcomed the intervention but remain sceptical about its long-term impact, noting that similar promises in the past have faltered due to weak enforcement and lack of accountability mechanisms.
Some have called for independent oversight to ensure that the surveillance infrastructure is not misused and that real offenders are brought to justice.
The initiative also comes at a time when the government is under pressure to demonstrate tangible improvements in public administration and curb the perception of impunity within state institutions.
With the DMT being one of the most heavily accessed government departments, success here could serve as a model for broader reform across other sectors.
Minister Rathnayake expressed confidence that, with public cooperation and firm political resolve, meaningful change could be achieved within months. He emphasised that citizens themselves play a key role in the transformation, encouraging them to report any misconduct and to refuse participation in corrupt practices, even when faced with inconvenience.
May 04, Colombo (LNW): Sri Lankan police have initiated a formal inquiry into the tragic death of a student from Sabaragamuwa University, following growing concerns that systemic ragging may have played a role in the incident.
The student, whose untimely death was initially reported as a case of suicide, has sparked outrage and renewed national scrutiny over the continued presence of abusive initiation practices within university campuses.
Acting on directives from the Acting Inspector General of Police, the Criminal Investigation Department (CID) has taken over the investigation. As of now, authorities have reportedly recorded statements from at least 20 students, with investigators attempting to establish a clear timeline of events leading up to the student’s death.
Whilst the exact circumstances remain under investigation, preliminary reports suggest that the student may have been subjected to psychological distress stemming from hazing or harassment.
The Ministry of Higher Education has also launched an independent administrative inquiry to assess whether the institution failed to take necessary steps to prevent or intervene in cases of ragging.
Officials have pledged full cooperation with law enforcement and vowed to take disciplinary action should any staff or students be found complicit, either through participation or negligence.
According to students at the university, concerns about ragging have persisted despite past efforts to clamp down on such practices. Whilst orientation rituals have long been a part of campus life in many local institutions, critics argue that some of these activities have evolved into sustained acts of bullying and abuse, often targeting first-year students.
Human rights groups and student unions have condemned the incident, calling for urgent reform and stronger protections for vulnerable undergraduates.
The incident has reignited public calls for a comprehensive review of anti-ragging policies, which, though enshrined in law, are often seen as inadequately enforced. Several lawmakers have expressed concern that many universities have become breeding grounds for unchecked student hierarchies and toxic peer control, often with little accountability.
Authorities are now examining whether any senior students coerced the deceased into acts that may have contributed to mental trauma. Forensic and digital evidence is also being reviewed to understand the social dynamics and possible abuse that the student might have endured.
May 04, Colombo (LNW): A man believed to be at the centre of a high-profile contract killing has been extradited to Sri Lanka, following his arrest in Eastern Europe.
Sujeewa Ruwan, widely known by his alias ‘Loku Pattie’, was repatriated from Belarus under tight security arrangements led by the Criminal Investigation Department (CID), according to police sources.
Ruwan is suspected of being a principal figure behind the assassination of ‘Club Wasantha’, whose real name was Wasantha Perera.
The fatal shooting occurred in May 2024 and sent shockwaves across the island, drawing renewed attention to organised criminal networks that continue to operate both within Sri Lanka and transnationally.
Following months of international coordination, law enforcement officials succeeded in tracking down and detaining Ruwan in Belarus earlier this year. His return marks a significant development in the investigation, which had so far yielded limited leads amid fears that key suspects had fled abroad.
According to senior police officials, Ruwan is thought to have not only been involved in orchestrating the murder but also may possess crucial information about the funding and logistics behind the hit.
Authorities believe the killing was the result of an escalating power struggle within the island’s underworld, possibly linked to rivalries over territory, illicit trade, and longstanding vendettas.
The CID is preparing to interrogate the suspect in the coming days, with a special investigative team tasked with mapping the broader network of individuals who may have assisted or benefited from the assassination.
The victim, Club Wasantha, was no stranger to notoriety, having built a name for himself as both a nightclub owner and a shadowy figure in the criminal underworld. His murder reignited public concern about the nexus between crime, money laundering, and local political protection rackets.
The authorities have remained largely tight-lipped about the precise nature of Ruwan’s extradition, though sources suggest that Interpol cooperation and bilateral assistance from Belarusian officials played a key role in securing his deportation.
With Ruwan now in custody, investigators hope to uncover further details about the motives, financial backers, and potential co-conspirators behind the killing. Security around the suspect remains high, with intelligence reports indicating that individuals connected to the crime may attempt to interfere with the investigation or silence witnesses.
This development has also prompted renewed calls for the government to take stronger action against transnational criminal networks and to invest in more robust mechanisms for international cooperation in criminal justice.
More updates are expected as the interrogation of the suspect proceeds in the days ahead.
