News

The Government on realizing the success of Enterprise Sri Lanka concessionary loan scheme is to introduce further concessionary loan to widen the schemes enabling the stakeholders to move towards next generation economic activities in their areas of activities stated the Ministry of Finance and Mass Media issuing a press release. 
 
Accordingly, migrant workers will be given up to Rs 10 million concessionary housing loans to be repaid in 15 years with two year grace period, stated the Ministry of Finance and Mass Media issuing a press release.
 
It has been perceived that the dream of many of the migrant workers is to have their own house. But due to the lack of proper guidelines and financial management, it has made it impossible for them. According to the new scheme proposed, those migrant workers who have registered under the Foreign Employment Bureau will have to save a considerable amount of their remittance in a local bank and the 75 % of the interest rate will be borne by the government through Treasury.
 
Another novel scheme introduced is to provide concessionary loan up to Two million rupees to three wheel owners to convert to a safer and comfortable mini taxi service with small cars. The government will bear 75 % of the interest rate and the three-wheel owners, who operate their own three-wheelers and who are above 35 years of age are entitled to this concessionary loan.
 
A proposal made by the Minister of Finance and Mass Media Mangala Samaraweera to expand the already approved loan schemes to cover more areas was approved by the Cabinet of Ministers last week.
 
The Enterprise Sri Lanka concessionary loan scheme introduced under Budget 2017 and 2018 has been a huge success. The self-employed, Women entrepreneurs, small and medium entrepreneurs have so far been registered for various loan schemes up to Rs 65 billion via state and private banks and the loan worth Rs 36 billion have been disbursed to over 34,500 personnel.  Self-employed, farmers and even the journalists are given interest-free from under this.
 
As Sri Lanka is fast reaching a country where its aging population is on the increase the Minister of Finance Mangala Samaraweera has proposed to introduce another loan scheme of providing Rs 10 million with 75 % interest concession to construct elderly care centers as the private sector investment.
 
The newly introduced loan schemes with the previous schemes will be continued in the year 2019 as well and on the proposal made Mangala Samaraweera the Cabinet approval has been granted to allocate Rs 700 million to pay the interest rates to the Bank through which these loans will be channeled. The Treasury has been authorized by the Cabinet to enter into agreements with State and private banks to extend the loan scheme in this year too.
 
The Enterprise Sri Lanka programme inaugurated on June 22, 2018, previously consisted of 16 schemes and the special feature is that the government on behalf of the loan recipient pays either the total interest or part of the interest to the relevant Bank.
 
The Enterprise Sri Lanka scheme offers attractive concessionary financing to stimulate investment and expansion by entrepreneurs, SMEs, and even large business. The loan amount ranges from Rs.50,000 to Rs.750 million. (Ada Derana)

President Maithripala Sirisena who was on a two day working rip to Singapore this week is said to have inquired on the possible repatriation of former Central Bank Chief Arjun Mahendran from Prime Minister Lee Hsien Loong. 

He is also said to have handed over a file of documents relating to the Bond scam case to Prime Minister Loong. 

According to reports this exchange had taken place during the discussion on the Singapore FTA was taking place. 

Sri Lankan Law enforcement says the former Central Bank Chief is believed to be currently residing in Singapore.

Officers of the Jaffna Range Crimes Division arrested three Aava gang members today. The three suspects had been in hiding after attacking two individuals with sharp weapons on January 15 near the Naachchi Amman Kovil, Jaffna. 

Police were also able to recover two swords used in the attack. The suspects identified as Chandrabala Akila Suman (25) from Manipay, Nagaratnam Dilakshan alias Motta Siva (19) from Manipay and Yuvarasa Dilakshan (23) from Aarugalmadam have now been handed over to the Jaffna Police for further investigation.

In a bid to avoid the impending milk powder shortage countrywide owing to the action taken by importer companies to suspend their operations, the government has decided to introduce a pricing formula for imported milk powder within the next two weeks.

This was decided during a special meeting held with the representatives of the Ministry of Finance and the Ministry of Industry and Commerce on the prices of milk powder, the Consumer Affairs Authority (CAA) announced.

Accordingly, the representatives have decided to introduce a pricing formula for milk powder and the CAA has been instructed to take necessary measures in this regard.

This pricing formula is slated to change the prices of milk powder in comparison to the prices of the global market and depreciation of the rupee against the US$.

Several leading Sri Lankan milk powder companies have suspended the clearing of their stocks from the port as well as suspending new orders with their foreign suppliers after discussions with regard to pricing of milk powder held with the CAA and the Treasury ended in a dead lock recently.  

Milk powder companies cannot continue to run their businesses while the authorities resort to delaying tactics rather than taking measures to solve these problems in a prompt manner, importers said. They also warned that they are left with no choice but to stop imports, cancel new orders and to halt the sale of existing stocks of whole milk powder.

There could be a milk powder shortage in the country within couple of weeks if the government does not allow companies to increase the price of a milk powder packet, several milk powder company heads said.

According to them, milk powder companies are incurring a loss of Rs 30 to 40 million per month and they are now compelled close down operations if the government fails to grant them permission to increase the price of milk powder by Rs.100.

Cousin of Opposition Leader Mahinda Rajapaksa and the Former Ambassador to the US Jaliya Chitran Wickramasuriya he is expected to surrender to US authorities at a US District Court on Tuesday (29). According to sources he will be arraigned on a five-count indictment for money laundering, wire fraud and visa fraud violations. 
 
Wickramasuriya is no longer a fugitive from justice in the US, the court documents state, indicating that the former Sri Lankan Ambassador’s lawyers have undertaken to produce him in court on Tuesday.
 
A US Grand Jury indicted Wickramasuriya in May 2018 and the former Sri Lankan ambassador has been a fugitive in the country where he holds permanent residency since October 18, 2018. He continues to evade arrest in Sri Lanka where he faces similar charges pertaining to the purchase of the same property in Washington DC during his tenure as Sri Lankan Ambassador to the US from 2008-2014. 
 
The case marks the first time that a foreign head of mission has been indicted by the US Government. It is also the first time a Sri Lankan Ambassador has been prosecuted in a foreign jurisdiction.
 
Wickramasuriya who was appointed Ambassador by his cousin, President Mahinda Rajapaksa, was indicted by the US District Court in the District of Columbia (Washington DC) on five counts, specifically, on two counts of money-laundering and two counts of wire fraud and one count of visa fraud violation by making false declarations in official US Government documentation in May 2018.

Finance and Media Minister Mangala Samaraweera today called upon all stakeholders including the general public to submit their proposals for the 2019-Budget. 

All proposals should be sent before February 11, the Minister tweeted.

Accordingly, proposals can be sent to Director General, Department of Trade & Investment Policy, Ministry of Finance and Mass Media, The Secretariat, Colombo 01. 

Interested stakeholders can also email their proposals to This email address is being protected from spambots. You need JavaScript enabled to view it.

The Finance Ministry expects to formulate public policies in accordance with the aspirations of the community under the the three main pillars of democracy, reconciliation and development, a ministry spokesperson said.

Samaraweera said that the budget will be performance based and as such, necessary monetary allocations for projects will be made available on the basis of the action plan prepared and submitted by the respective ministries.

Uttara Devi, the Intercity Express train that runs between Colombo and Jaffna Kankasanthurai in the North embarked on its maiden journey today from Colombo Fort with the newly imported Indian power set.
 
The Uttara Devi commenced operations from Colombo Fort station at 6:40 this morning today after President Maithripala Sirisena ceremonially vested the S-13 locomotive power set newly imported from India with the public.
 
Minister of Transport and civil Aviation Arjuna Ranatunga, High Commissioner of India Taranjit Sandhu Singh and Commander of the Army Lieutenant General Mahesh Senanayake were also present at the occasion.
 
The power set has six compartments and can carry 724 passengers. One first class and one second class compartments are air-conditioned.
 
The special feature of the power set is the GPS-based passenger information LCD display indicating speed, location and announcement.
 
The train is scheduled to stop at Gampaha, Polgahawela, Kurunegala, Maho, Galgamuwa, Anuradhapura, Medawachchiya, Vavuniya, Mankulam, Kilinochchi, Palai, Kodikamam and the Jaffna railway stations and runs slow beyond up to Kankesanthurai. (Colombo Page)

The youngest son of Opposition Leader Mahinda Rajapaksa, Rohitha Rajapaksa wed his longtime girlfriend Tatiyana Lee Jayaratne in a ceremony held at the family residence ‘Carlton House’ in Weeraketiya today. 

The wedding ceremony was attended by politicians including Prime Minister Ranil Wickramasinghe. Rohitha had proposed to Tatiyana atop the snow-covered Kilimanjaro mountain last August. 

Despite depending on Sinhala nationalist policies to obtain votes, the marriage of Rohitha to Tatiyana marks yet another interracial marriage in the Rajapaksa family.

The bodies of the two Sri Lankan United Nations peacekeepers killed in Mali following an attack on the convoy they were travelling in, will be flown to Sri Lanka on Wednesday (30). The Army identified those who laid down their lives as Captain H.W.D Jayawickrama of the 11th Sri Lanka Light Infantry, a resident of Polonnaruwa and Corporal S.S Wijekumara of the 1st Mechanised Infantry Regiment from Polpithigama.
 
While the UN peacekeeping mission headquarters in Mali has commenced investigations into the incident, Deputy Spokesman for the Secretary-General, Farhan Haq in a statement attributed to the United Nations Secretary-General António Guterres said he condemns the attack on the troops of the United Nations Multidimensional Integrated Stabilisation Mission in Mali (MINUSMA).
 
“The attacks targeting the UN peacekeepers may constitute war crimes under international law,” he said. The release said that Guterres has called on the Mali authorities to spare no efforts in identifying the perpetrators so that they can be brought to justice soon.
 
The United National Security Council also issued a statement condemning the brutal attack on the Sri Lankan Peacekeepers’ contingent. Members of the Security Council conveyed their condolences to the families of the victims, to Sri Lanka and to MINUSMA, paying tribute to those who laid down their lives. It reaffirmed that terrorism in all its forms and manifestations constitutes a serious threat to international peace and security. They underlined the need to bring the perpetrators, organisers, financiers and sponsors of these reprehensible acts of terrorism to justice. 
 
According to Sri Lanka Army sources, the Army Captain and the trooper were killed and three more injured when the convoy came under an Improvised Explosive Device (IED) attack by a rebel group around 6.30 a.m. on Friday, January 25 near Douentza, Mopti region in Mali. Corporal M.G.S Kumarasinghe of the 1st Sri Lanka Engineers from Panwilathenna, Lance Corporal K.C Pushpakumara of the 1st Sri Lanka Engineers from Kannathota and Lance Corporal C.H.M.S Chandrasekara of the 12th Sri Lanka Engineers from Kekunawa, Maho who sustained injuries in the same IED attack were airlifted for treatment at Gao, Mali. (Sunday Observer)

The Sri Lanka Freedom party district organizers received their letters of appointment from SLFP leader president Maithripala Sirisena on Tuesday. However, many SLFP heavyweights who previously held district organizer posts in the party have been left out as they have aligned themselves with Mahinda Rajapaksa.  It was reported that president Sirisena had briefed the new district organizers on the party reform process.

Colombo - Thilanga Sumathipala

Gampaha - Lasantha Alagiyawanna

Rathnapura - Athula Rahubadda

Kalutara - Mahinda Samarasinghe

Nuwaraeliya - W. Ransinghe

Galle - Shan Wijelal De Silva

Vavuniya - Cader Masthan

Kandy - S.B. Dissanayake

Kegalle - Ranjith Siyambalapitiya

Matara - Wijaya Dahanayaka

Hambantota - Mahinda Amaraweera  

Kurunegala - Dayasiri Jayasekara

Badulla Nimal Siripala de Silva

Batticaloa - H. Hisbulla

Anuradhapura - Duminda Dissanayake

Ampara - Shriyani Wijewickreme

Jaffna/Kilinochchi - Angajan Ramanathan

Matale - Lakshman Wasantha Perera

Two more officers who have served the country to end its long-drawn conflict in 2009 is slated to be awarded the highest military rank of Field Marshal. 

According to sources from the Presidential Secretariat, the President has decided to award the honour of Former Air Force Commander Air Marshal Roshan Gunathilake and Former Navy Commander Admiral Wasantha Karannagoda. 

As the head of the Armed Forces, the President has the power to grant the said ranks. Former Army Commander Sarath Fonseka was promoted to the rank in 2015 by President Sirisena using the powers vested in him.

French, Canadian and Korean Governments have pledged to extend their support towards the development of renewable energy in Sri Lanka for a cost-effective, uninterrupted power supply. 

This pledge was given by the Ambassadors of these three countries when they held discussions with the Minister of Power, Energy and Business Development Ravi Karunanayake this week. 

French Ambassador Eric Lavertu, Canadian High Commissioner David Mckinnon and Korean Ambassador Heon Lee and their respective delegations joined Minister Ravi Karunanayake on Monday (21) and Tuesday (22) for separate one to one meetings held at the Ministry premises for discussions on impending world energy crisis in 2020. 

Minister Ravi Karunanayake and French Ambassador Eric Lavertu at the Ministry of Power and Energy

Minister Karunanayake told the Ambassadors Sri Lanka has limited resources and needs to find a solution to meet the energy demand in the years to come. "We need to find a permanent solution to the problem," he added. 

The envoys said as a government, paying special attention to the infrastructure facilities for the people in a developing country like Sri Lanka is a great achievement.

Minister Karunanayake also pointed out that the government has taken steps to direct its directives towards renewable energy sources for a cost-effective, uninterrupted power supply without being a burden to the consumers. 

The Power and Energy Ministry this week received Cabinet approval for the construction of 150 Mw solar and 60 Mw of wind power plants. 

The proposal takes note that as per country’s electricity generation plan, one-third of the entire necessity is to be generated by non-traditional and alternative renewable energy sources by 2030. 

The new additions are set to be connected to the grid by 2020, under the 2018-2037 Long-Term Generation Expansion Plan prepared by the Ceylon Electricity Board (CEB), the Cabinet proposal presented said.

The Long-Term Generation Plan presented by the CEB was earlier under dispute with the Public Utilities Commission of Sri Lanka refusing to give its approval, opposing the inclusion of coal plants.