During a recent legal proceeding, former President Maithripala Sirisena faced serious allegations related to the accumulation of significant wealth during his time in office. Counsel Sanjeewa Jayawardena, representing the petitioners in 11 Fundamental Rights (FR) petitions associated with the Easter Sunday attack, presented these accusations in the Supreme Court. The wealth report indicated that Sirisena…
Amaranath Thennakoon, Director of the Center for Drug and Alcohol Information, stated that people in Sri Lanka spend around 6 billion rupees daily on arrack and beer. He shared this information during a recent discussion with journalists at the Sarvodaya Institute in Kegalle. Dayarathna Bandara, reported this to Dinamina newspaper, highlighting the significant financial burden…
Chethana Gomis Pakistan has narrowly averted a severe economic crisis by heeding lessons from Sri Lanka’s financial collapse and engaging the International Monetary Fund (IMF) in a timely manner. While Sri Lanka faced controversy and criticism for its early declaration of bankruptcy, Pakistan proactively sought IMF support, securing a staff-level agreement on a 37-month Extended…
In a significant boost reflecting the international confidence in Sri Lanka’s economic reforms, the OPEC Fund has agreed to provide financial assistance of LKR 30 billion (USD 100 million) for the Mahaweli Water Security Investment Project. This support highlights the benefits of Sri Lanka’s successful debt restructuring efforts. State Minister of Finance Shehan Semasinghe announced…
Chethana Gomis Sri Lanka has objected to India’s proposal to explore cobalt deposits in the Indian Ocean. Thus, our country had objected to India’s recent proposal to obtain the necessary right to explore a cobalt deposit that may belong to the jurisdiction of Sri Lanka. Colombo argues that the area India wants to explore for…
Harsha Gunasena Ahilan Kadirgamar (hereinafter referred to as AK), whose colourful academic credentials i.e., bachelor’s degree in electrical engineering, master’s in economics and a doctorate in anthropology would impress anyone, has written an article titled “Kenya to Sri Lanka: Protests, IMF and High Ambition” to the Daily Mirror published on July 1, 2024 (https://www.dailymirror.lk/opinion/Kenya-to-Sri-Lanka-Protests-IMF-and-high-ambition/172-286106). I…
The second phase of the “Aswesuma” welfare benefit program will begin data collection from July 15 to 30, as announced by the Welfare Benefits Board. Following the successful qualification of over 1.8 million individuals in the first phase, an additional 450,924 applications have been received for the second phase. The identification process to determine eligible…
The government has decided to impose taxes on 14 additional sectors, announced State Minister of Finance, Dr. Ranjith Siyambalapitiya. Among these sectors are large-scale private tutoring classes, private schools, private medical service centers, engineering service centers, and mining services. State Minister Siyambalapitiya stated that the Inland Revenue Department will conduct thorough investigations into the income…
Sri Lanka’s government debt stock has seen a notable reduction of 2.76%, amounting to Rs 803.2 billion, as of April 30, 2024. This decrease brings the total debt from Rs 29,150.4 billion on December 31, 2023, down to Rs 28,347.2 billion. A significant reduction was observed in the foreign debt stock, which fell by 9.2%…
Chethana Gomis Extending the principal loan repayment grace period till 2028 will save the country $500 crores. Sri Lanka has also concluded a debt restructuring agreement with International Sovereign Bondholders. Sri Lankan foreign debt amounts to USD 37 billion, comprising USD 10.6 billion in bilateral debt. Regarding accusations from many parties that the Government has…
