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.
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.
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.“
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.
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.”
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.”
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.
January 01, Colombo (LNW): Cabinet Spokesman and Minister Dr. Nalinda Jayathissa assured the public yesterday (31) that children’s savings accounts with monthly earnings under Rs. 150,000 would not be subject to any withholding tax on interest.
His comments followed inquiries from the media regarding the controversial 10 per cent withholding tax imposed on interest earned from accounts held by children under the age of 18.
The Minister clarified that this tax would only be applicable in cases where the child’s total monthly income, including interest from savings, exceeds the Rs. 150,000 threshold.
In such instances, the interest earned on the savings would be included in the taxable income.
He stressed, however, that this would not affect the majority of children’s accounts, where the interest typically falls below this threshold.
Further addressing concerns raised by journalists, Dr. Jayathissa mentioned that the government was actively working to streamline and ease the process of tax recovery.
“We are developing a new system that will simplify the process of refunding withholding tax, which will come into effect from April 1 of the coming year,” he explained. “This measure will ensure that the public faces minimal challenges when dealing with the Inland Revenue Department.“
Additionally, the Minister pointed out that extensive consultations are taking place with Sri Lanka’s banking sector to ensure that the tax-related processes are made as convenient as possible for account holders.
By coordinating with the banks, the government intends to create a seamless experience for the public, allowing them to manage their tax matters efficiently through banking channels.
Dr. Jayathissa concluded by expressing confidence that these measures would ultimately benefit the public by making tax procedures more transparent, accessible, and straightforward.
January 01, Colombo (LNW): The Ceylon Petroleum Corporation (CEYPETCO) has confirmed a reduction in the price of kerosene, with effect from midnight on December 31.
The revised price sees a decrease of Rs. 5 per litre, bringing the cost of a litre of kerosene to Rs. 183.
This move comes as part of ongoing adjustments to fuel prices in the country, though the CEYPETCO has asserted that no changes will be made to the prices of other fuel varieties at this time.
Specifically, the prices of Petrol Octane 92, Petrol 95 Octane Euro 4, Lanka Auto Diesel, and Lanka Super Diesel 4 Star Euro 4 will remain unchanged.
January 01, Colombo (LNW): As Sri Lanka steps into the year 2025, President Anura Kumara Dissanayake has expressed a hopeful and positive outlook for the country’s future.
Speaking at a special New Year address, he declared that the nation was entering a new chapter of opportunity, where the long-awaited dreams of prosperity and progress were on the verge of being realised.
Reflecting on the milestones of 2024, President Dissanayake was quick to highlight the success of the parliamentary elections, which he saw as a turning point for the country.
“The elections of 2024 have granted us a resounding mandate from citizens across all corners of the nation—North, East, West, and South,” he remarked. “With this overwhelming support, we have not only formed a government with a commanding majority but have also laid the foundation for a profound political transformation, ensuring that the will of the people is truly honoured.”
The President went on to stress the importance of this mandate in facilitating the creation of a new political landscape, one that would foster transparency, accountability, and effective governance.
“This is a clear signal from the people of Sri Lanka that they want a government that works for their welfare and a political environment that is free of corruption and inefficiency,” he added.
Looking forward to the year ahead, the President set out a vision for national development, focusing on key areas he believes are crucial to the country’s success.
Amongst his top priorities was the eradication of rural poverty, which he identified as a major challenge that requires immediate attention.
He further underscored the significance of the government’s “Clean Sri Lanka” initiative, which was launched in tandem with the arrival of the New Year.
“This programme, which encompasses a wide array of social, environmental, and ethical reforms, aims to rejuvenate Sri Lanka and propel it to new heights of dignity and prosperity,” President Dissanayake explained. “By prioritising cleanliness in both our physical and moral landscapes, we are laying the groundwork for a more harmonious society that can grow sustainably in the decades to come.”
Equally important to the President’s vision for 2025 is the country’s digital transformation. In today’s increasingly technology-driven world, he highlighted the need for Sri Lanka to build a robust digital economy, capable of creating new opportunities for innovation, employment, and global competitiveness.
“A thriving digital economy will not only create jobs but will also help lift Sri Lanka into the modern age, making it a key player in the global digital landscape,” he said.
Full Statement:
“As Sri Lankans, we step into 2025 with the dawn of a new era, a time when the dreams of prosperity that our nation and its people have long cherished begin to materialize.
The parliamentary elections of 2024 enabled us to establish a government with a strong majority, earning the trust of people across the North, East, West, and South. With this mandate, we have initiated a transformative political shift, fulfilling our democratic responsibilities to build the good governance our citizens aspire to.
Our primary developmental goals include eradicating rural poverty, implementing the “Clean Sri Lanka” initiative, and building a digital economy. The “Clean Sri Lanka” initiative, launched alongside the New Year, aims to uplift society to greater heights through social, environmental, and ethical revival.
In 2024, we achieved significant economic stability as a nation. With this progress as our foundation, we move forward in 2025 with renewed vision and determination, working towards creating a prosperous nation and ensuring a beautiful life for everyone. I firmly believe this moment marks an exceptional opportunity to inspire new ideals and foster greater unity for the benefit of all.
For the first time in Sri Lanka’s history since independence, we now have the chance to make the dream of a united and developed nation a reality through people-centered governance.
This unparalleled responsibility rests upon all of us, and we fully understand its importance. In 2025, with courage and unwavering commitment, we will strive to regain the victories missed in the past century and bring these dreams to fruition.
Wishing everyone a Happy New Year filled with prosperity, unity, and renewed hope as we strive for peace and progress together.”
