News

President Ranil Wickremesinghe has revealed plans to introduce two significant bills aimed at advancing gender equality and empowering women, with both slated for presentation to Parliament in May.

Addressing the National Celebration of International Women’s Day today (Mar 08), the President outlined the key provisions of these legislative initiatives.

According to the President’s Media Division (PMD), under the proposed Women’s Empowerment Act, the establishment of a separate commission is envisaged.

This commission’s primary objective will be to facilitate the advancement and empowerment of women by implementing mechanisms to protect their rights, all in accordance with Constitutional provisions.

President Wickremesinghe also noted that the draft of this bill was published in the Gazette yesterday (Mar 07), marking a significant step towards its realization.

President Ranil Wickremesinghe revealed that over the past 14 months, the Parliament has enacted 42 new laws to facilitate the country’s economic transformation.

Furthermore, the President highlighted the necessity of passing an additional 62 laws through Parliament. He underscored that if this cannot be achieved in the current parliamentary session, the bills will be reintroduced in the subsequent session for approval.

The President made these remarks, during his keynote address at the “What’s New” dialogue on Legal Reforms with young legal professionals.

The ‘What’s New’ project by the Presidential Secretariat under the guidance of President Ranil Wickremesinghe to recognise the need for new legal reforms and the importance of the views of the youth and the new generation was held yesterday (03) at the BMICH.

Additionally, the President launched the ‘What’s New’ Website which was initiated by a group of young lawyers as a social media tool for youth to present suggestions and ideas for a legal renaissance that is essential for Sri Lanka to become a developed country by the year 2048.

President Wickremesinghe also said that in 1977, President J.R. Jayawardena emphasized the significance of introducing new laws to facilitate the transition to an open economy, noting that such legislation was crucial for the country’s rapid economic transformation.

Furthermore, the President stressed the importance of enacting laws that are globally accepted to foster development. He highlighted the government’s efforts to restructure state institutions involved in commercial activities, intending to convert all state corporations into companies and consolidate them under a central entity.

Several key legislative measures are anticipated, including the enactment of a Public Finance Management Act, Public Debt Management Act, Agricultural Modernisation Act, and an Economic Transformation Act. Furthermore, instead of the current Board of Investments and its associated Trade Zones, a new Economic Commission, will be established to oversee economic activities and international trade. This commission will govern both existing and newly established Trade Zones, ensuring cohesive and effective management of economic initiatives and investment infrastructure.

The government also aims to introduce legislation pertaining to tourism, climate change, environmental protection, and the preservation of natural reserves such as Sinharaja, Sripada, Horton Plains, and Wasgamuwa Parks. Furthermore, plans entail the dissolution of the Department of Commerce and the establishment of new international trade centres. These initiatives will be implemented in collaboration with the Ministry of Foreign Affairs to streamline trade activities and foster economic growth.

Highlighting the implementation of laws dating back to 1944 in the education sector, the President underscored the forthcoming introduction of numerous new laws in education.

Despite attempts to obstruct these legislative efforts, the President emphasized the Parliament’s authority once laws are passed, asserting that no one can invalidate or indirectly impede them.

Addressing attempts to curtail Parliament’s authority under the guise of interpretation, the President reaffirmed that ultimate power resides solely within Parliament, as outlined in the 1972 Constitution. While acknowledging the President’s executive powers, he emphasized Parliament’s inability to nullify its own authority.

Furthermore, the President emphasized that any attempts to restrict these laws should be channelled through Parliament for examination by legislative and judicial bodies. However, he underscored the inability to obstruct these laws, emphasizing the imperative to prevent further hardship for the public.

If some are inclined to label these activities as human rights violations, the President emphasized that the foremost human right is the right of the people of the country to live, with the second being the establishment of a promising future for the youth.

President Ranil Wickremesinghe further commented;

“I refrain from detailing the factors contributing to the economic downturn in 2021-2022. However, the underlying issue stems from our prolonged reliance on debt. Our failure to effectively manage this debt led to the collapse of our country, as we found ourselves unable to meet our financial obligations due to a lack of income.

This predicament is not new and predates the tenure of former President Gotabaya Rajapaksa. The trend of borrowing began earlier, and unlike other nations, our loans were often allocated to non-tradable goods. Our reliance on the construction sector primarily focused on highways, limited our ability to derive significant benefits. Despite this, initiatives like the Mahaweli project facilitated the provision of electricity and fostered agricultural development.

It’s crucial for everyone to acknowledge their role in the challenges our country faces; no one is exempt from responsibility. Moving forward, we must collectively address our inability to meet debt obligations. Negotiations are underway to secure a grace period until 2026-2027 for repayment. Additionally, various other measures are being explored to navigate our financial challenges.

In 2022, government revenue accounted for 8.3% of the gross domestic product (GDP). By 2023, we managed to increase it to 10.9%, yet our GDP remained stagnant, showing a decrease of 2%. However, we aim to boost government revenue to 13.1% this year, which should subsequently bolster our GDP. By 2028, we anticipate raising it further to 15.2%, representing a remarkable 175% increase from the initial 8.3%.

In a significant milestone, our primary budget achieved a surplus of 6.7% in 2023, a trend we aim to sustain at 2.3%. Conversely, the budget deficit stood at 10.2% in 2022, a figure we intend to reduce to 3.9% by 2028. Achieving these targets poses significant challenges, but they are essential for our financial stability.

As of 2022, our debt stands at 128% of GDP. By 2032, our goal is to reduce it to 95% of the GDP. We borrowed 35% of GDP by 2022, which we aim to lower to 13% in the coming years. These endeavours are vital for ensuring a sustainable economic future for our nation.

This is the necessary course of action. How do we proceed? The transformation of the country’s economy is imperative. We must transition from a domestic economy to one focused on exports. Currently, we lack the foreign exchange needed for imports. Therefore, shifting to a competitive export-driven economy is essential. Simultaneously, we should embrace a digital and sustainable green economy.

To establish this new economic paradigm, we require new legislation. The European trade system was established during the Dutch colonial period, and elements of the Roman-Dutch legal system still influence our laws today. In 1835, with the arrival of colonial powers, a new phase of economic openness began, accompanied by the introduction of new legal frameworks. Subsequently, the government elected in 1970 implemented a socialist-controlled economy, prompting the enactment of corresponding laws.

In 1977, President J.R. Jayawardena ushered in the open economy era, necessitating the introduction of new legislation. Similarly, for this new economic program, we need to enact pertinent laws.

The government has made significant strides, passing 42 laws in the past 14 months, a remarkable achievement. Now, the challenge lies in presenting the remaining 62 laws. Postponing the parliamentary vote is not an option. Any unfinished business will be carried forward to the next parliament. If we persist with this program, a new legal framework will emerge in the coming years, paving the way for a revitalized economy.

We are in the process of introducing a new law to replace the Port City Law, aimed at establishing an offshore economy. Given the unique nature of this economy, the existing laws of Sri Lanka may not be adequate, and thus, UK commercial laws will apply within the jurisdiction of the offshore economy.

To effectively implement these laws, we recognize the need for a new group of lawyers who are well-versed in international legal standards. It is essential to introduce laws that are globally accepted to foster the country’s development.

Furthermore, we are restructuring government institutions engaged in commercial activities. All government corporations will be reorganized into companies, with their shares consolidated under a central entity. This restructuring aligns with commercial principles and imposes responsibilities akin to those of directors of public companies under the Companies Act. Sanctions can be imposed for any errors made. Additionally, we aim to introduce legislation concerning public-private joint ventures to further facilitate economic progress.

A new Public Financial Management Act is set to be introduced, along with a Public Debt Management Act and an Agriculture Modernization Act, all aimed at achieving specific economic goals. Additionally, an Economic Transformation Act will be enacted to spearhead these objectives, potentially leading to the establishment of an Economic Commission in lieu of the current Board Of Investment.

Furthermore, control over trade zones under the Board of Investment and newly established trade zones will be consolidated under this commission. To bolster domestic productivity, a National Productivity Commission will be established, recognizing the imperative of enhancing local products to remain competitive globally. Simultaneously, the establishment of an Economic and International Trade Institute is underway to further support economic growth. To streamline the legislative process, these initiatives will be presented collectively to the Supreme Court, avoiding the need for separate submissions over time.

Furthermore, legislative efforts will encompass the introduction of a new law governing tourism businesses, as well as the transfer of government property management responsibilities. Additional legislation addressing climate change and environmental conservation is also on the agenda, with a focus on safeguarding vital natural reserves such as Sinharaja, Sripada, Horton Plains, and Wasgamuwa Parks.

Moreover, structural reforms will involve the dissolution of the Department of Commerce, paving the way for the establishment of new international trade centres. These centres will operate in tandem with the Ministry of Foreign Affairs, signalling a concerted effort to revitalize and optimize Sri Lanka’s trade landscape.

Additionally, we are actively pursuing the implementation of new legislation in the education sector. Efforts are underway to consolidate vocational education under a single authority and to establish new technical universities. Likewise, attention is being directed towards reforms in the healthcare sector.

The Education Act of 1944, while historically significant, no longer aligns with the needs and aspirations of our modern society. It is imperative that we enact new laws to usher in a new era of progress and prosperity for Sri Lanka. Our goal is to encourage a society and economy that is resilient and equipped to navigate future challenges effectively.

The decisions we make today will shape the future of our nation. Despite facing considerable challenges, we have made significant strides in revitalizing our country within a remarkably short span of time. By April and May, we anticipate legally resolving the bankruptcy that has plagued our nation. However, it is essential that we honour our financial obligations and fulfil our loan repayment agreements.

The legislative process involves presenting proposed laws to Parliament for consideration. Following parliamentary approval, these laws undergo scrutiny by the Supreme Court before being enacted. Despite some opposition, it is crucial to uphold the integrity of our legal system and safeguard the authority of Parliament. Any attempts to undermine the law or restrict parliamentary powers through dubious interpretations must be resisted.

The authority of the Parliament in our country is founded on the 1972 Constitution, replacing the previous British constitutional framework. Legal precedents such as the cases of Ranasinghe against the Bribery Commissioner and Liyanage against the Queen are considered immutable within this jurisdiction. As a result, in 1970, the government was mandated to establish a legislative body and draft a new constitution. Colvin R. de Silva played a significant role in this process, advocating for the exercise of popular sovereignty through the National Assembly.

Under this arrangement, Parliament wielded executive authority, and the Cabinet was held accountable to Parliament. Additionally, both legislative and judicial powers were vested in Parliament, enabling it to carry out the functions traditionally performed by the courts.

In 1977, Colvin R. de Silva played a significant role in the development of the legal framework. He emphasized the alignment of legal practices with English law principles during this period.

The introduction of the executive presidential system in the 1977 constitution marked a significant change in the governance structure. This shift transferred the executive power of the people to a president. While other aspects remained unchanged, such as universal suffrage and the role of parliament, fundamental rights were also incorporated into the constitution. The responsibility for enacting and upholding these provisions rested with the Parliament.

When the President appoints the Cabinet, their accountability to Parliament remains unchanged. Thus, the power now resides within Parliament, as outlined in the constitution, where Parliament’s authority, fundamental powers, and universal suffrage take precedence. As President, I currently hold executive powers, which can be repealed by Parliament, but the powers of Parliament itself cannot be abolished.

During Mr. Colvin R. De Silva’s tenure in Parliament, the emphasis was on socialism, while Mr. Jayawardena introduced the open economy. Similarly, we are committed to advancing along this trajectory. Both Mr. Colvin R. De Silva and Mr. Jayawardena, who were classmates at Royal College, shared a similar mind-set, recognizing the primacy of parliamentary sovereignty.

Hence, we must proceed in accordance with UK law. Any attempts to impede these efforts can be brought before Parliament for scrutiny by its legislative and judicial branches. These endeavours cannot be obstructed, as it is imperative to prevent further suffering among the population.

In terms of human rights, the foremost right is the preservation of living, followed by securing a promising future for the youth. All other considerations come thereafter. Engage in whatever political endeavours you see fit. However, the imperative for transformation cannot be overstated. Without it, our nation’s future is at stake. This is why I urge your active involvement and contribution.

Source: PMD

State Minister Lasantha Alagiyawanna has been elected as the chairman of the Committee on Public Accounts (COPA).

Meanwhile, SLPP MP Rohitha Abeygunawardena has been elected the chairman of the Committee on Public Enterprises (COPE).

New MPs nominated to the COPA are as Tissa Attanayake, Kabir Hashim, Niroshan Perera, J. C. Alawathuwala, Ashok Abeysinghe, Sivagnanam Shritharan, Hector Appuhamy, M. Udayakumar, Weerasumana Weerasinghe, Dr. Harini Amarasuriya.

Meanwhile, MPs Anura Dissanayaka, Rauff Hakeem, Dilan Perera, Dayasiri Jayasekara, Eran Wickramaratne, Nalin Bandara Jayamaha, S. M. Marikkar, Hesha Withanage, Shanakiyan Rajaputhiran Rasamanickam, Gamini Waleboda, Prof. Charitha Herath have been nominated to serve in the COPE.

(adaderana.lk)

The Samagi Jana Balavegaya (SJB) has stated before the courts that it will file objections requesting to invalidate the injunction issued preventing the suspension of Field Marshal Sarath Fonseka’s party membership and positions held in the party, and from taking disciplinary action against him.

Appearing for the Opposition Leader Sajith Premadasa, President’s Counsel Romesh de Silva communicated this to the Colombo District Court when a petition filed by SJB Chairman Field Marshal Sarath Fonseka in this regard was taken up this morning (04).

Accordingly, the Colombo District Judge Sandun Withana ordered the relevant objections to be taken up for consideration this afternoon.

The Colombo District Court, which considered a complaint filed by Fonsek recently, issued the relevant injunction on Leader of the SJB Sajith Premadasa, its General Secretary Ranjith Madduma Bandara, National Organiser Tissa Attanayake and Treasurer of the party Dr. Harsha de Silva.

Former president Gotabaya Rajapaksa has announced the publication of his book titled “The conspiracy to oust me from the Presidency”.

The book will be available in both English and Sinhala languages at leading book stores from tomorrow (07), he said in a media statement.

The statement said,

Foreign intervention has weighed heavily on Sri Lanka since we won the war against the Liberation Tigers of Tamil Eelam in 2009.

From the time I was elected President in November 2019, certain foreign and local parties were intent on removing me from power.

The entirety of my two and a half year tenure in power was spent combating the Covid-19 pandemic that swept through Sri Lanka and the whole world soon after I took office.

Conspiratorial forces commenced the political campaign to oust me from the presidency at the end of March 2022 after the pandemic had been brought under control and the vaccination campaign had been concluded and just when the economy was beginning to recover.

Today, foreign intervention and the manipulation of internal politics has become a fact of life in Sri Lanka in a manner never experienced in the first sixty years of independence of this country.

The political campaign to oust me brought in a new element into the politics of Sri Lanka which has since independence experienced only peaceful transfers of power following elections.

As such the events of 2022 are fraught with serious implications for the future of this country.

What this book explains is the first-hand experience of an internationally sponsored regime change operation.

As such I believe this book will be of interest not only to Sri Lankans but also to foreigners.

The Public Utilities Commission of Sri Lanka (PUCSL) has approved the revision of electricity tariffs with effect from midnight today (04). The overall tariff reduction is 21.9 percent, the PUCSL said.

PUCSL chairman Prof. Manjula Fernando annoucend this during a press briefing held in Colombo today (04) to deliver its decision on the electricity tariff reduction proposal mooted recently by the Ceylon Electricity Board (CEB).

He said the final decision was reached after studying and reviewed the proposals and cost data submitted by the CEB in this tariff revision, in accordance with the provisions of Section 30 of the Sri Lanka Electricity Act No. 20 of 2009 and the provisions of the Public Utilities Commission of Sri Lanka.

The CEB had proposed to reduce tariffs by 3.4 percent last January and then by 16 percent in a revised proposal presented on February 22. The commission said it decided to reduce the electricity tariffs by 21.9 percent, considering suggestions made during the public consultation and reviews that carried out by the PUCSL of the cost data submitted by the CEB.

According to this tariff revision which will be effective from midnight today, maximum relief has been provided to all consumer categories. Tariffs have been reduced by 33 percent for consumers who consume less than 30 units of electricity in the domestic sector, he said.

Accordingly, the bills of electricity consumers with monthly consumption between 61 and 90 units will be reduced by 30 percent. Those who belong to the category between more than 90 units and less than 180 units will get a 24 percent reduction while 18 percent reduction is given for those who belong to the category of more than 180 units. The PUCSL has decided to reduce the tariffs by 33 percent for religious places.

The tariff for the general-purpose consumer category will be reduced by 23 percent and by 22 percent for government institutions. Also, the tariffs have been reduced by 18 percent for hotel and industry sectors and by 20 percent for street lamps.

According to the new tariff revision, the monthly fixed charge of consumers who use less than 30 units will be reduced from 180 to 150 rupees. The unit price they pay has been reduced from Rs 12 to Rs 8.

The monthly charged of Rs. 360 has been reduced to Rs. 300 for the consumers who are between 31 and 60 units, and the unit price for that category has been reduced from 30 to 20 rupees.

The manner in which the monthly fee and unit fee have been reduced for domestic categories is given below:

The condition has also been imposed on CEB to pay the due payments and arrears of interest to owners of renewable power plants, including roof-mounted solar power plants, before the 31st of this month.

The PUCSL has also imposed conditions on the CEB to prepare plans to achieve the target renewable electricity generation by 2030 and submit them before June 30.

Along with the implementation of this tariff revision, the PUCSL has also imposed 13 other conditions to be implemented by the CEB.

• The future distribution of emerging economy benefits to a larger population.
• Systematic implementation of activities based on a scientific plan.
• Integrity in leadership: Never compromised for power.
• Prioritizing national reconstruction over personal ambitions.
• Politicians’ disconnect: Dreaming of power while ignoring reality.
• A nation rejoices as economic hardships fade away.
• Parliament passes vital Ordinances for government programs.
• Introduction of economic reforms bill to Parliament imminent.

President Ranil Wickremesinghe has asserted that the nation’s economy is experiencing robust growth as a result of the government’s initiatives.

According to the President’s Media Division (PMD), consequently, the President pledged further assistance to the people in the future.

Stressing the methodical and scientific execution of these endeavours, the President emphasized his commitment to truthfulness over political gain.

He clarified that his current endeavours are dedicated to national reconstruction rather than personal power accumulation.

Addressing Parliament today (06), President Wickremesinghe lamented the tendency of certain political factions to prioritize rhetoric over tangible solutions.

He argued that the intricacies of the country’s economic challenges defy simplistic remedies, urging those versed in economic matters to acknowledge this reality. With the government’s strategy yielding tangible results, he urged swift legislative action to cement these gains, signalling the forthcoming submission of the Economic Reforms Act.

In conclusion, President Wickremesinghe urged a collective decision on whether to persist with the current trajectory, which promises economic revitalization, or risk regression to the dire circumstances of eighteen months prior.

President Ranil Wickremesinghe’s full address to the Parliament:

It is widely acknowledged that our country has achieved a certain level of economic stability at present. However, there are individuals who criticize the programs we enact without demonstrating acceptance of them. Despite the apparent strength of the economy, there are accusations that the general populace isn’t experiencing its benefits. Furthermore, there are claims of unnecessary tax burdens on the people, as well as excessive hikes in electricity bills and fuel prices. There’s a commonly held belief that taxes should be collected from the people gently, akin to plucking flowers without crushing them. However, criticism is directed towards us for not adhering to this principle. Yet, it’s important to note that these critics overlook the opportunities available to harvest flowers while crushing them to generate revenue. This lesson is quite profound. Under typical conditions, it’s feasible to extract nectar without damaging the flowers. However, in the intermediate space, this isn’t always possible, as the situation differs significantly.

Today, we find ourselves journeying towards intermediate space, but our path has recently led us across a dangerous economic vine bridge. We find ourselves in a precarious situation due to several factors contributing to the collapse of our economy into bankruptcy. One significant reason is the short-sighted decisions made by past governments. Their failure to implement sustainable economic policies has exacerbated our current challenges. Additionally, various political parties have opposed numerous constructive government initiatives, leading to disruption and hindrance of positive work plans.

The destruction of public property further exacerbates the situation, adding to the economic turmoil we face.

Consequently, our nation requires a structured economic blueprint, a robust financial plan to navigate through these challenges. Despite several attempts to implement such a plan, we’ve struggled to do so consistently due to the lack of continuous opportunities.

I would like to excerpt a segment from an article authored by Dr. Chandima Wijebandara in 1989, published in the Budhusarana newspaper. In the mentioned article, Dr. Chandima Wijebandara discusses the “Kootadantha Sutra”, a teaching expounded by the Buddha. “Development is unattainable without a blueprint. The ‘Kootadantha Sutra’ from the’ Dīgha Nikāya’ explains the vital importance of such plans for development. It illustrates how a government, faced with an anti-government crisis raised by the proletariat in an underdeveloped nation, managed to develop the country through a structured plan. This plan is grounded in state-based economic strategies. Moreover, the sutra reveals that the public thrived not only economically but also enriched themselves in terms of values, fostered positive social relations, and lived contentedly and harmoniously.” We failed to adhere to a scientific and methodical approach like the one outlined. Certain groups obstructed the implementation of such a strategic plan.

Consequently, the ramifications are evident in the country’s current state. It has plunged into bankruptcy, unable to repay loans and withstand the economic pressures. During this period, the entire society, from ordinary citizens to major entrepreneurs, endured severe hardships. Power outages became commonplace, ushering in an era of long queues and scarcity. Countless individuals lost their livelihoods as businesses and industries crumbled. Some even opted to flee the country altogether. The nation found itself engulfed in turmoil, descending into an economic abyss. Amidst these trials, the country teetered on the brink of disorder. Governance faltered, and control slipped away, leading to grave danger not only on an economic front but also in terms of social and political stability. No individual stepped forward to confront the frightening task of reversing this dire situation. Despite invitations extended, all declined the opportunity. None possessed the courage to confront the raging inferno head-on and extinguish it.

Amidst the reluctance of others, I courageously accepted the challenge for the betterment of our country. Venturing into the heart of the crisis, I tirelessly worked to extinguish the flames of adversity. Today, the nation reaps the rewards of those arduous efforts, and I am grateful for the unwavering support of those who stood by me during this exhausting endeavour. We embarked on a methodical journey, collaborating with the International Monetary Fund to devise a comprehensive economic plan. Through the diligent execution of this plan, the nation gradually returned to stability. The burdens eased, and the clouds of distress began to dissipate. Before this esteemed House, I would like to present some economic indicators that vividly illustrate this progress. Our economy, which experienced consecutive contractions for six quarters from 2022 to the second quarter of 2023, began to show signs of recovery from the third quarter of 2023 onwards.

Forecasts from international financial organizations suggest that we are poised to achieve a growth rate of 2-3% this year.

Notably, in 2023, we managed to bolster state revenue by over 50% compared to the previous year. Furthermore, we attained a surplus in the primary account last year. This enabled us to settle all outstanding payments owed to contractors who had rendered services to the government over the past three to four years. In the first eight months of 2022, major state-owned enterprises collectively incurred a staggering loss of Rs. 720 billion. However, in the corresponding period of 2023, we successfully transformed this into a profit of Rs. 313 billion. Despite the closure of numerous businesses amid the economic crisis, the resurgence of the economy has encouraged the establishment of new ventures. In 2022, the Company Registrar recorded the registration of 17,819 companies, a figure that rose to 22,376 in 2023. Additionally, in January 2024, 1,995 new companies were registered. Through coordinated macroeconomic demand management efforts between the Central Bank and the Government, inflation dropped from 70 % in September 2022 to a significantly lower 5.9 % by February 2024.

Interest rates have undergone a significant reduction, dropping from over 30% in 2022 to less than 10 % in 2023. This decrease has brought relief to small and medium-sized enterprises (SMEs) and consumers, particularly as inflationary pressures ease. Moreover, the usable foreign exchange reserves, which stood at less than US$ 20 million in mid-April 2022, have surged to surpass US$ 3 billion. Import restrictions have been lifted, with the exception of private motor vehicles. In a notable milestone, the balance of payments achieved a surplus in the current account for the first time since 1977, during the year 2023. This achievement has led to a depreciation of the US$ from Rs. 363 to Rs. 308 as of yesterday, marking a strengthening of the Sri Lankan Rupee.

The impact of this economic progress is evident throughout society today. How many individuals embark on pilgrimages to Anuradhapura and Siripada from hand tractors to large buses? How many undertake journeys to Talawila and Madu Church for religious purposes? How many indulge in leisurely trips to Nuwara Eliya? How many individuals park their cars on the side of the road, open their trunks, and initiate small businesses due to their inability to repay the loans they obtained? And are they now experiencing a sense of freedom? How challenging is it to secure a seat on a long-distance coach? How many travellers fill the unreserved compartments? How many tourists explore every corner of the country? A nation that once struggled to leave their homes is now traversing freely. Previously, they couldn’t afford to put a drop of oil in their car to rush a sick person to the hospital or accompany a deceased loved one to the cemetery. People faced challenges such as not having gas for cooking at home, leading many to prepare meals outdoors. A nation that, when a child fell ill, would go from house to house in the middle of the night searching for a Paracetamol pill.

However, this situation has undergone a remarkable reversal. There are critics who question the economic progress we currently experience, attributing it to the temporary suspension of loan payments. They argue that once the debt is repaid, the nation will regress into a state of hardship. They describe the current situation as an interval in hell, suggesting that despite the apparent progress, underlying challenges remain unresolved. I’d like to underscore that the criticism lacks a factual basis.

Currently, we are actively engaged in discussions regarding the restructuring of all loans, including domestic and foreign loans. We are optimistic that these negotiations will reach a successful resolution soon. Our goal is to obtain temporary relief from debt defaults from 2023 to 2027. Subsequently, we plan to diligently work towards repaying the loans in the period from 2027 to 2042.

Sri Lanka faces a significant burden of debt. By 2022, the country was slated to repay approximately US$6 billion in foreign debt annually, amounting to about 9.5% of the GDP, a considerable strain for any nation. Through successful negotiations for debt restructuring, we aim to alleviate this burden by reducing the annual foreign debt payments to 4.5% of the GDP, a substantial halving of the previous percentage.

If the current trend of economic growth, as observed in 2022 and 2023, persists, we can anticipate maintaining a high percentage of state income. In such a scenario, servicing the debt would no longer pose a burden on the country.

Currently, we have managed to elevate state revenue to nearly 11% of the Gross Domestic Product (GDP). This increase necessitated the imposition of Value Added Tax (VAT). Undoubtedly, this decision was a bitter and challenging one.

We made the decision to implement such a tax with great reluctance. However, considering the economic ailment we face, there are no other viable options. We must endure this temporary pain for the greater good. The implementation of VAT has bolstered the government’s revenue, demonstrating to the international community our capacity to repay the debt. With the increase in government revenues and the revival of the economy, the rupee has strengthened. The strengthening of the rupee has led to a decrease in the prices of imported goods, including fuel. As a result, all VAT-paying companies are now reaping the benefits of the stronger rupee, which extends to the entire country. Furthermore, we anticipate additional benefits in the future.

So, if we continue our current trajectory with the same vigour, our economy will be in significantly better shape by the end of this year. Additionally, we’ve ceased the practice of using taxpayers’ money to cover the losses of government institutions. Instead, we’re restructuring these institutions and transferring them to investors.

The tax network will be expanded, with the total number of tax files surging to over 1 million in 2023, marking a 130% increase. The practice of printing money has been completely halted.

We’re actively pursuing essential legal reforms to strengthen and modernize the legal framework, systems, and processes, aiming to improve public financial and economic management for the benefit of all.

In a ground-breaking move for South Asia, the Governance Diagnostic Report has been released, and on-going efforts are underway to enhance governance and mitigate corruption risks. We’re also attracting investments and establishing a new institution for this purpose.

Efforts are underway to modernize the agriculture sector, with several foreign countries expressing interest in starting large-scale farms under food security initiatives. We’re gradually unlocking foreign markets for exports, focusing on non-traditional export items.

Our goal is to transform the country into a green and digital economy and establish it as a regional economic and service hub, with plans to make the Port City an international financial hub. However, this can only be achieved if we continue to execute our plan diligently.

The measures we’ve implemented so far have allowed us to provide numerous facilities and concessions to the majority of our citizens. Under the ‘Urumaya’ program, two million families will acquire land ownership, reclaiming inherited land lost over generations.

We’ve tripled social security spending to protect the poor and vulnerable from the economic crisis, benefiting 2.4 million low-income families with “Aswesuma.” Around 4.5 million school children are now covered by the “Suraksha” insurance scheme.

Every school teaching information technology now has smart classrooms, and 100,000 school children have received scholarships through the President’s Fund. The funds allocated to patients from the President’s Fund have been doubled.

Development initiatives have begun in numerous villages across 89 Divisional Secretariat divisions as part of the “Kandukara Dashakaya,” with each regional secretariat allocated Rs.100 million for this purpose. Development activities in constituencies are underway through the decentralized budget, and agricultural modernization initiatives have been launched across 25 Divisional Secretariats.

Tourism is on the rise, benefiting many individuals, and we’re working to further enhance its development. The economy, which had contracted, is now gradually recovering, leading to relief for the people.

We’ve suspended the Parate law for business establishments and offered relief on electricity bills this week. Additionally, we aim to exempt items such as books, school equipment, health equipment, and medicine from the VAT list to continue reducing the VAT rate.

We’re diligently strengthening the economy each day, striving tirelessly to improve the lives of our people and fortify the economy. Our actions are guided by a strategic plan, ensuring a systematic and methodical approach.

Some suggest retail solutions or collecting funds from Sri Lankans abroad, but these are deemed inadequate by those with economic knowledge. Currently, we must decide whether to continue on our current path, reaping the benefits of our economic trajectory, or risk returning to a state of distress.

To sustain our current course, I anticipate presenting the necessary ordinances and regulations to Parliament, including the Economic Reform Act. My actions are not driven by personal popularity or power but by a dedication to the future of the country.

While certain segments of society have faced hardships due to our current practices, we’re striving to uplift the entire society and establish a sustainable economy where growth benefits all. As Professor Henpitagedara Gnanavasa Thero emphasized in 1983, addressing economic problems collectively is key to fostering societal peace and happiness.

Let’s execute our economic plan in this manner to resolve the issues and strengthen the economic practice of uplifting the entire society. I urge all members of this assembly and all Sri Lankan citizens to join us in this righteous journey.

Parliament is in a dilemma whether it can undo the salary hike implemented by the Central Bank for its employees in large proportions amidst fiscal austerity, the Daily Mirror learns.

The Central Bank recently increased the salaries of its employees by proportions of 29.53 percent to 79.97 percent under a triennial pay revision.

It happened when the government instructed all the state institutions to economize its expenses due to financial constraints. With the latest pay hike, the monthly pay of the Central Bank duty governor has been increased to Rs.1.7 million from Rs.974,965.

Following widespread criticism over the exorbitant pay hike, the Central Bank said it would clarify the matter to Parliament.

“In this regard, the Governing Board at its meeting held on 21.02.2024, requested the Governor of CBSL, acting in terms of Section 80 (2) (b) of the Central Bank of Sri Lanka Act No. 16 of 2023, to make a written request to the President in his capacity as the Minister of Finance, through whom the CBSL normally communicates with Parliament, to seek an opportunity to apprise the Members of the Parliament through an appropriate parliamentary committee of the process and rationale pertaining to the recent revision of remuneration of CBSL staff.

The Governor has accordingly made a written request on 22.02.2024. CBSL will explain its position upon being offered the requested opportunity or on receipt of a request for information,” the Central Bank said.

The Business Committee of Parliament, a body headed by Speaker Mahinda Yapa Abeywardena and represented by members from the parties, decided yesterday to summon the Central Bank officials for a meeting on March 5 to inquire into the matter.

Some MPS argue that Parliament has little to do in this regard because the Central Bank is an autonomous body and enjoys powers vested with it in terms of a law passed in Parliament.

However, another section of MPS holds the view that Parliament has the sole discretion to decide on public finance and therefore it can intervene in the Central Bank’s affairs in this regard.

(dailymirror.lk)

Education Minister Susil Premajayantha made a significant announcement that could alter the educational landscape in Sri Lanka.

Speaking at Dharmashoka Vidyalaya, Maharagama, yesterday (04), Minister Premajayantha introduced the Activity Based Oral English (ABOE) programme, set to be implemented for students entering Grade 1 in 2024.

This initiative marks a departure from traditional exam-centric learning methods, aiming instead to foster a holistic educational environment.

A Shift from Competitive to Comprehensive Education

Premajayantha's proclamation underscores a pivotal shift in educational philosophy.

He emphasized that the essence of schooling should not solely focus on exam success but rather on equipping students with a blend of knowledge, attitudes, and practical skills.

This approach aims to prepare children for real-world challenges beyond academic achievements.

The ABOE programme symbolizes this shift, focusing on practical skill acquisition, particularly in English language proficiency.

Addressing the Need for Reform

The call for educational reform in Sri Lanka has been growing louder in recent years, with critics pointing out the inadequacies of a system overly focused on rote learning and competitive exams.

By introducing the ABOE programme, the Education Ministry acknowledges these concerns and takes a step towards creating a more engaging and effective learning environment.

This initiative not only aims to improve English language skills among young learners but also to foster a love for learning and critical thinking from an early age.

Implications and Future Prospects

The introduction of the ABOE programme could have far-reaching implications for Sri Lanka's educational system and its students.

By prioritizing skill-based learning and practical knowledge, Sri Lanka is setting its young learners on a path to becoming more adaptable, innovative, and globally competitive individuals.

While the success of this programme will depend on its implementation and reception by educators and students alike, it represents a hopeful step towards educational excellence and inclusivity.

As Sri Lanka embarks on this journey of educational reform, it is crucial to monitor the outcomes of such initiatives closely.

The ABOE programme has the potential to not only improve English language proficiency among students but also to instill a lifelong passion for learning.

The coming years will reveal the true impact of this bold move, but for now, it offers a promising glimpse into the future of education in Sri Lanka.

-BNN

A significant meeting took place this afternoon (03), between the spiritual leader of the Dawoodi Bohras, His Holiness Dr. Syedna Mufaddal Saifuddin Saheb and President Ranil Wickremesinghe at the official residence of the President on Paget Road.

The Dawoodi Bohra community, numbering approximately one million worldwide, resides across various countries including India, Pakistan, USA, UK, Canada, Sri Lanka and Australia.

Dr. Syedna Mufaddal Saifuddin Saheb engaged in a warm and cordial conversation with President Ranil Wickremesinghe, expressing appreciation for the President’s efforts towards bolstering the economy of Sri Lanka.

During their interaction, Dr. Syedna Mufaddal Saifuddin Saheb brought to President Ranil Wickremesinghe’s attention the forthcoming Bohra Conference scheduled to be held this year in the vicinity of the Bambalapitiya Bohra Mosque.

As a gesture of goodwill, a book documenting various programs and religious services conducted by the Bohra community over the past four years was presented to the President.

Attending the event were a delegation comprising leaders of the Dawoodi Bohras, adding significance to the occasion with their presence.

The no-confidence motion against Speaker Mahinda Yapa Abeywardena was handed over to the Deputy General Secretary of Parliament on Tuesday (March 05).

It was signed by 44 parliamentarians including Opposition Leader Sajith Premadasa, Chief Opposition Whip Lakshman Kiriella and MPs Prof. G.L. Peiris, Rohini Kumari Wijeratne, Hesha Vithanage, Mano Ganesan, Rishad Bathiudeen, M.A. Sumanthiran, S.M. Marikkar, Ranjith Madduma Bandara, Thalatha Atukorale, Vijitha Herath and Chandima Weerakkody.

The no-confidence motion alleges that the Speaker had ignored the Supreme Court’s recommendations pertaining to Sections 13, 17, 20, 33 (6), 34 (1), 35 (1), 21, 22 and 33 of the Online Safety Bill.

Abeywardena is also accused of allowing the Third Reading of the Online Safety Bill to be passed without a vote and disregarding the Chief Opposition Whip’s call for a division at the Committee Stage.

Further, the Opposition MPs pointed out that the Speaker had ‘unconstitutionally and unlawfully’ used his decisive vote to affirm the appointment of IGP Deshabandu Tennakoon when the other members of the Constitutional Council were divided on a tie on the matter. It was reported that four members had voted in favour of the appointment while 2 voted against and 2 others abstained. However, considering the 2 abstentions as votes cast against, the Speaker had used his vote as the deciding vote to go ahead with the appointment.

President Ranil Wickremesinghe underscored the pressing need to address the challenges facing the agricultural sector, affirming a commitment to prioritize the concerns of farmers in the nation’s rebuilding efforts. Emphasizing the imperative of fostering a competitive agricultural industry geared towards crop exportation, the President announced plans for the imminent launch of the country’s most extensive agricultural modernization initiative.

President Wickremesinghe shared these sentiments during his participation at a paddy harvesting event in Galamatiyawa village within the Thambalagamuwa Divisional Secretariat, following an invitation from Trincomalee District Member of Parliament Mr. Kapila Athukorala.

Highlighting the significance of agriculture in the region, where approximately 9,000 acres of paddy cultivation have been undertaken, with 672 acres dedicated solely to Galamatiyawa village during the Maha season.

In a display of unity, residents, irrespective of political affiliation, ethnicity or creed, convened to express their grievances to President Ranil Wickremesinghe. Addressing their concerns, the President promptly directed relevant officials to investigate and provide solutions.

Foremost among the issues raised were the urgent need for a canal to ensure adequate water supply for crop cultivation and the installation of an electric fence to safeguard farmlands from elephant intrusions. In response, President Wickremesinghe disclosed plans for a comprehensive feasibility study to construct a canal, facilitating water distribution across nine tanks from Vendrasan to Puliyuthukulam. Additionally, he instructed officials to install street lights along area 94 to Palam Patar until the electric fence’s construction commences.

Furthermore, the President outlined initiatives to grant freehold deeds to farming families, allocate land to young agricultural entrepreneurs under the Agricultural Modernization Project, and secure ample grazing land for dairy farmers. He urged officials to address these demands promptly and positively.

President Ranil Wickremesinghe further said:

“We have initiated a special program in collaboration with India to develop Trincomalee. In addition to the Trincomalee oil tank complex, there are plans to establish a fuel supply from India via pipeline. Alongside tourism, efforts are underway to create an investment zone to expand employment opportunities. The aim is to elevate the Trincomalee port as a major port in the east and facilitate the exchange of products with South India, thereby contributing to the overall development of the Trincomalee district.

Furthermore, we are focused on developing the agriculture industry, animal husbandry, and fishing industry in the Trincomalee district. Today, we are here to gain insights into developing the agriculture industry in the area and to address the challenges faced by farmers. I have instructed the governor and your member of parliament to provide related reports. These development initiatives are expected to commence by 2025.

It is imperative to enhance the agriculture industry by creating highly efficient agricultural practices. Farmers should be empowered to restore and utilize small tanks, and attention should be directed towards enhancing crop yields. To achieve this, both the government and private sectors will establish agricultural modernization centers and agricultural service centers.

As part of an experimental phase, 25 centers have been selected, one agricultural service center from each district. We are receiving support from the Bill and Melinda Gates Foundation for this initiative, while India has provided technical assistance.

Modern-day youth are inclined towards ‘Smart Agriculture’, necessitating the adoption of new technologies. We aspire to restore the country’s past glory of exporting crops. Unfortunately, post-independence, adequate attention was not given to exports. Hence, we are launching the largest agricultural modernization program soon, with plans in progress over the coming months. Furthermore, we aim to prioritize inland fisheries and tourism in the region.

Under the ‘Urumaya’ program, we are granting freehold deeds for land. This program operates in three parts. This year, freehold land deeds will be allocated initially to licensees such as Swarna Bhumi and Jayabhoomi, who have completed survey work and have no disputes. Concurrently, surveying work has commenced on lands earmarked for surveying, and efforts are underway to resolve land-related disputes. Instructions have been issued to provide a minimum of 500-1000 deeds per day from each divisional secretariat.”

The event witnessed the presence of several distinguished figures, including Ven. Akkaragama Wimalajothi Thera, Governor of the Eastern Province Senthil Thondaman, Chief Secretary of the Eastern Province R. M. P. S. Rathnayake, Trincomalee District Secretary Chaminda Hettiarachchi, and Thambalagamuwa Divisional Secretary J. Sripathi.

Additionally, officials from Eastern Province Line Institutions, representatives of farmers’ organizations and a group of residents including farmers from the area also participated in the event.