August 08, Colombo (LNW): SJB MP Dr. Harsha De Silva addressed Parliament yesterday, asserting that conditions imposed by the International Monetary Fund (IMF) will be revised under their government.

“A structural change should be made in the agreements signed with the IMF. It can be done, and we will do it under our government,” he stated. He emphasized that measures would be taken to support local entrepreneurs and provide relief by reducing the tax burden on the people.

Dr. De Silva expressed partial agreement with the core principles of the Economic Transformation Act but voiced concerns over certain conditions agreed upon with the IMF. He stressed the necessity of economic reform to recover from the ongoing crisis.

Criticizing the current government’s increase in petrol prices from Rs.150 to Rs.400, he proposed an innovative solution: a program to credit Rs.200 to the bank accounts of individuals based on their income category after they pay Rs.400 per liter. He urged for this idea to be recorded in the Hansard before others could replicate it, clarifying that it would benefit low-income individuals, not those paying income tax.

Highlighting the importance of earning foreign currency to address the nation’s debt, Dr. De Silva announced plans to promote an export-oriented economy. He called for continued support to enhance the economic growth rate achieved in the first quarter of 2024.

Reflecting on past political events, he mentioned that his party did not abandon the country when former President Gotabaya Rajapaksa left. He explained that the then-government did not provide accurate economic data, making it difficult to address the situation effectively.

“Our goal is to distribute benefits among the people by applying new technology and improving local businesses,” he stated, emphasizing the importance of reducing the high cost of living.

Dr. De Silva criticized the government’s plan to impose an 18 percent VAT on food and stressed the need for a revised IMF agreement. He highlighted the potential of achieving 10 percent economic growth, which could make Sri Lanka a developed country by 2046, as opposed to 2075 if current trends continue. He also emphasized the role of digital technology in development and criticized market inefficiencies caused by various mafias, including the rice mafia.

“We are starting the Shakti rice campaign again to support farmers. Despite my appearance, I am committed to strengthening the farming community by providing necessary facilities and technology,” he added.

Dr. De Silva acknowledged President Ranil Wickremesinghe’s role in bringing him into politics and noted their personal camaraderie, despite differences in policies and politics. “Even at the Royal-Thomian match, we meet, drink a beer, and sing a song. There is no problem with that. But there are problems in terms of policies and politics between us,” he concluded.

August 08, Colombo (LNW): President Ranil Wickremesinghe met with a group of undergraduate law students from the Open University of Sri Lanka at the Presidential Secretariat yesterday (06), fostering an educational and interactive experience.

This visit is part of the President’s initiative to provide school and university students with opportunities to explore places of educational value around Colombo, including President’s House, the Presidential Secretariat, the Port City, the Central Bank, and Parliament.

Two hundred and eighty undergraduate law students participated in the field trip. During their visit to the Presidential Secretariat, President Wickremesinghe engaged in a friendly and informative conversation with the students, who had requested an opportunity to meet him.

The President inquired about their educational activities and addressed their questions regarding the Legislature, the Executive, and the Judiciary, providing insights into these crucial aspects of governance.

The visit concluded with a group photo of the President and the students, marking a memorable and inspiring day for the future legal professionals.

President’s Secretary Saman Ekanayake, President’s Legal Advisor Bimba Thilakaratne, and Assistant Director of the Presidential Secretariat Major Nadeeka Dangolla were also present.

August 08, Colombo (LNW): The 12th World Construction Symposium with the Green and Sustainability Awards Night will be held on 9 and 10 August at Taj Samudra, Colombo under the theme of empowering construction industry: towards sustainable development goals”.  .

The Ceylon Institute of Builders (CIOB) and the Building Economics and Management Research Unit (BEMRU), Department of Building Economics, University of Moratuwa, Sri Lanka (UOM) are organizing the symposium.

The World Construction Symposium, which is held annually by the UOM and CIOB, will provide a special forum for researchers and practitioners in the areas of built environment and construction industry related research worldwide to share their knowledge, experiences, and research findings. 

The Ceylon Institute of Builders (CIOB) has been very successfully conducting this symposium since its commencement in 2012. Each year, it has grown and expanded its scope of attendees and contributions to the betterment of Sri Lankan construction. 

With the help of the UOM, this is one of the main events where global and local universities and professionals come together. 

More than a 100 research papers are being submitted from top ranked universities from all over the world. 

CIOB is of the view that these research papers should be entertained and used for the practical use to the benefit of the industry by the industry research units and authorities of the public and private sectors. 

“Furthermore, decision makers of the industry have to seriously think about bringing down construction costs, management inefficiency, and cut down wastages. 

If we attend to these we can save over 25%, and in that case, the Sri Lankan construction cost can remain competitive on par with our neighbouring countries. However, other countries say our construction quality and lifetime is very high and we have almost no failures,” said the CIOB.

The CIOB also looks forward to the implementation of the Roadmap 2023-24 handed over to the President and the construction industry as the local debt restructuring process is underway. JICA and other foreign-funded projects need to be started subsequently. 

The 12th World Construction Symposium with the UOM and the CIOB has planned to conduct the annual Award Ceremony as the concluding event. It aims to convert academic papers and concepts into reality and acknowledge those who have integrated academia into the Sri Lankan construction industry. 

In such a difficult time, the CIOB will also conduct a ‘Green and Sustainable Awards’ evaluated by a panel of prominent industry professionals and academics to recognise efforts towards sustainability in various fields, organisations, projects, and people to appreciate and motivate industry stakeholders.

August 08, Colombo (LNW): A ‘Regional Centre for Maritime Studies’ will be set up in Sri Lanka  through a bilateral agreement between the Governments of Sri Lanka and France.

The French Government has identified Sri Lanka as the most suitable location for this centre, recognising the country’s proactive initiatives in maritime protection as a member of the Association of Indian Ocean countries. 

The proposed centre will be set up at the General Sir John Kotelawala Defence University, with additional support and infrastructure provided by the Trincomalee Naval and Maritime Academy. 

The Cabinet of Ministers at its meeting on Monday approved the establishment of this Regional Centre for Maritime Studies.

This strategic placement leverages Sri Lanka’s geographic and academic strengths to foster regional maritime studies and collaborations.

“The centre aims to disseminate knowledge and coordinate actions based on joint studies, enhancing regional maritime security and cooperation,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.

The proposal to this effect tabled by President Ranil Wickremesinghe in his capacity as Defence Minister was approved by the Cabinet of Ministers.

A few months ago, the French Government proposed the creation of this centre, marking France’s first significant maritime initiative in the South Asian seas. T

his move has sparked considerable debate and speculation about the deeper strategic motives behind this decision.

he initiative, aimed at enhancing maritime security and knowledge dissemination across the Indian Ocean region, will see the centre set up within the General Sir John Kotalawala Defence University. 

The Trincomalee Faculty of Naval and Oceanographic Sciences will provide the necessary support and infrastructure, further cementing Trincomalee’s status as a key strategic maritime hub.

The Council of Ministers has approved a proposal by the President, who also serves as the Minister of Defence, to enter into a bilateral agreement with France for the establishment of this centre. 

This move has raised eyebrows among geopolitical analysts, who suggest that France’s late but strategic entry into the region could signal broader ambitions.

Critics argue that France’s presence in the Indian Ocean could shift the regional balance of power, given the nation’s historical influence and current military capabilities. 

This development comes at a time when maritime security and territorial waters are increasingly becoming focal points of international tension.

August 08, Colombo (LNW): TThe All-Island Grama Niladhari Officers’ Association has announced a two-day trade union action to protest the arbitrary gazetting of the Grama Niladhari Service Constitution.

General Secretary Jagath Chandralal stated that officers will withdraw from their service duties on Monday and Tuesday. However, he assured that this action will not interfere with election activities.

August 08, Colombo (LNW):The Election Commission of Sri Lanka has reported receiving a total of 121 complaints concerning violations of election laws. In response to these allegations, the commission has initiated thorough investigations to ensure the integrity of the electoral process.

1. President Ranil Wickremesinghe has stated that while others only talk about corruption, he has introduced numerous legislations to prevent it. Addressing a meeting with the heads of media organisations today, he said that the Proceeds of Crime Act will also be presented to the Cabinet next week. Wickremasinghe further emphasised that he has never protected anyone accused of corruption, according to the President’s Media Division.
2. A group of Sri Lanka Freedom Party (SLFP) members led by MP Dayasiri Jayasekara has signed an agreement with SJB presidential candidate Sajith Premadasa to support him in the upcoming Presidential Election. SLFP General Secretary Dayasiri Jayasekara and SJB leader Sajith Premadasa signed the relevant Memorandum of Understanding (MoU).
3. The All Ceylon Makkal Congress (ACMC) led by former minister Rishad Bathiudeen has decided to announce the candidate it will support in the upcoming presidential election on August 14. The leader of the ACMC, MP Rishad Bathiudeen, stated that this decision was taken during the party’s Supreme Council meeting last night.
4. A Gazette notification has been issued bringing the Ministry of Justice, Prison Affairs and Constitutional Reforms under the purview of President Ranil Wickremesinghe. This move comes following the recent resignation of Wijeyadasa Rajapakshe from his ministerial portfolios to contest the upcoming Presidential election.
5. President Ranil Wickremesinghe has announced that vehicle imports will be gradually allowed from next year. The decision, according to the President, aims to bolster government revenue through customs duties.
6. The recent resolutions passed at the Sri Lanka Podujana Peramuna (SLPP) Matara District Committee, including support for President Ranil Wickremesinghe in the upcoming election, have been conveyed to the SLPP. Taking to ‘X’, Minister and SLPP MP Kanchana Wijesekera said the SLPP Matara District Committee’s decisions have been communicated to the Party Leaders.
7. The Cabinet of Ministers has approved a proposal by Minister of Sports Harin Fernando on the establishment of futsal indoor stadiums on a commercial scale. As the first move, approval has been granted to construct 02 artificial tracks at Torrington and Sugathadasa sports complex in Colombo under a grant provided by the Government of Pakistan.
8. Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said in Parliament that the country cannot move forward if the agreement reached with the IMF is changed even by a letter or a cent. The Minister said this during the adjournment debate in the Parliament yesterday on the Mid-Year Fiscal Position Report – 2024.
9. The Anunayake of the Malwatte Chapter Ven.Dimbulkumbure Wimaladhamma Thera said that 18 including people who are not known to anyone in the country, have made the ballot paper unnecessarily long by depositing money for the Presidential Election.
10. Sri Lanka recorded a 110-run win in the final ODI of the three-match series against India on Wednesday (Aug 7) and won the series 2-0. This is Sri Lanka’s first ODI series win against India in over two decades. They had last won an ODI series against India in back in 1997 – an year after winning their maiden ODI World Cup.

August 08, Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Showers or thundershowers may occur at several places elsewhere of the island during the evening or night. Fairly heavy showers above 50 mm are likely at some places in Eastern, Uva and Northern provinces.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

August 07, Colombo (LNW): Sri Lanka will restart a subsidy scheme for senior citizens to keep fixed deposit returns at 10 percent a year, closely studying the financial implications as the requires 40 billion rupees a year to bring the interest rate offered to senior citizens for their savings. Minister Bandula Gunawardana said.

Market rates are now starting to fall and the government will top up the rate to keep interest yield at 10 percent, he said.

The subsidies are being promised ahead of elections in September.The subsidy would apply to deposits of up to one million rupees for two years, according to a statement.

The budget impact was not known but if the fixed deposit rate fell to 8.5-pct the balance would be topped up by the subsidy, he said.

Sri Lanka started interest subsidies to keep rates at 15 percent but terminated them after rates cuts triggered currency trouble and stabilization required very high rates.

Pension anomalies of 83,000 retirees would also be solved, he said. The cost to the tax payers is not known, an official said.

State Minister of Finance Ranjith Siyambalapitiya told parliament recently that the 15 percent interest rate offered to senior citizens has now gone down to 8 or 7 percent or even lower in some places.

.“The government must definitely allocate money it. To make it 15 percent, we have to allocate at least 40 billion rupees a year. We now have to pay for previous years too,” he said.

He revealed that the Sri Lankan Treasury owes Rs. 108 billion to the banking sector for the higher interest rates offered on senior citizen deposits, a scheme that was terminated amidst the economic crisis. 

The scheme, which provided elevated interest rates for deposits taken before 2022, has left the Treasury with a substantial liability.

He explained that reinstating the scheme would require significant annual expenditure, estimating at least Rs. 80 billion, to cover the 15% interest rate promised to senior citizens above the age of 60.

. Additionally, efforts to recover the amount withheld from senior citizens earning less than Rs. 100,000 in interest annually through withholding tax have proven impractical, prompting the government to actively seek alternative solutions for providing these withheld amounts to affected individuals.