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11/04/2024

Cabinet Grants Approval for local students to pursue MBBS at KDU.

11/04/2024

SL law enforcement officials must be held accountable for abuses during protests - Amnesty

Amnesty Interna-tional in a new investigative report released on Tuesday said Sri Lankan law enforcement officials engaged in the violent repression of protests must be held accountable for committing widespread human rights violations.

The report, ‘Ready to suppress any protest’ Sri Lanka: Unlawful use of weapons during protests’, analyses the use of force during policing of 30 protests that took place in Sri Lanka between March 2022 and June 2023. Amnesty International’s research shows a pattern in the unlawful use of tear gas and water cannon and the misuse of batons by Sri Lankan law enforcement officials with video evidence revealing that in at least 17 protests – more than half of those analysed – the conduct of law enforcement officials fell well short of international law and standards on the use of force.

“From the outset, the Sri Lankan police approached the 2022-23 protests assuming that they would be unlawful and violent and that they would need to use force to repress them. The police failed to recognize that people have the right to peacefully protest, and that the authorities have a duty to facilitate and protect protests. Instead, they targeted, chased, and beat largely peaceful protesters,” said Smriti Singh, Amnesty International’s Regional Director for South Asia.

During 2022 and 2023, Sri Lankans called for accountability for the prolonged economic crisis, corruption and human rights violations, in large-scale protests and an occupy movement known as the Aragalaya in Colombo and other cities across Sri Lanka. Amnesty International has documented unlawful use of force against largely peaceful protests that continue to date, including in 2024.

Meanwhile, in the Northern and Eastern provinces of the country, security forces and intelligence agencies regularly carry out surveillance, intimidation, harassment, and obstruction of largely peaceful protests that have continued to take place since 2017 by the relatives of people forcibly disappeared during the internal armed conflict in Sri Lanka.

11/04/2024

SriLankan Airlines elevates ground handling

SriLankan Airlines, the exclusive ground operator at Bandaranaike International Airport (BIA), has initiated a phased upgrade of airport ground support equipment to accommodate the rising influx of flights and travellers transiting through the airport. Recently, the airline acquired three state-of-the-art passenger apron coaches, ensuring optimal comfort for passengers during transfers between the terminal and remote stands.

With airport traffic steadily increasing and nearing pre-pandemic levels, acquiring modern ground support equipment has become an urgent priority for SriLankan Airlines. This investment aims to ensure a seamless end-to-end travel experience for customers.

“It is an exciting time for Sri Lanka’s tourism industry; the number of visitors has doubled over the past year. We are delighted to introduce these modern apron coaches, along with other new ground support equipment, to our services at Colombo airport during this pivotal point. Our commitment to providing our passengers and the passengers of our customer airlines with a reliable and effortless travel experience remains steadfast, as does our dedication to supporting the national tourism strategy. With these incremental advancements, we anticipate substantial transformation in our operations,” stated SriLankan Airlines Senior Manager Airport and Ground Services Deepal Pallegangoda.

The passenger apron coaches, and ground support equipment were procured following a comprehensive and transparent competitive bidding procedure, consistent with all procurement exercises of the airline. The coaches, sourced from China International Marine Containers, represent the latest in comfort and technology. These operational enhancements will empower SriLankan Airlines to elevate both the standard of ground support services and the comfort of passengers at the airport.

11/04/2024

Indra buys 1.2% more of Sampath Bank for Rs. 1.2 b from Prabhash

High networth investor Indra Silva yesterday bought 1.2% additional stake in Sampath Bank for Rs. 1.2 billion from Ayenka Holdings Ltd.

Both Indra and Ayenka are represented on the Board of Sampath Bank via Indra’s son Rushanka Silva and Prabhash Subasinghe respectively.

Indra Silva as at 31 December 2023 held 96 million shares or 8.2% and was the fifth largest shareholder. Ayenka held 116.9 million shares or 9.97% and was the third largest shareholder of Sampath. Dhammika Perera-linked Vallibel One PLC owns 15% and Raynor Silva-linked Phantom Investments holds 10% stake in Sampath.

Yesterday a block of 15 million Sampath Bank shares transacted via a crossing for Rs. 80 each. Overall 17.7 million shares of Sampath traded for Rs. 1.4 billion, accounting for 48% of the turnover. Sampath Bank share price closed at Rs. 81, up by 50 cents from Tuesday.

11/04/2024

Japan extends $ 8.4 m grant to boost health resilient pro-mobility borders at BIA and Colombo Port

The Japanese Government has extended a grant worth $ 8.4 million to supply state-of-the-art scanners to strengthen the capacity of the Bandaranaike International Airport (BIA) in Katunayake and Colombo Port towards health resilient pro-mobility borders.

With the country anticipates a surge in tourist numbers, with over 1.5 million foreign visitors recorded at BIA last year, alongside arrivals via sea ports the project aims to strengthen capacity at monitoring health issues among foreign arrivals.

The project is implemented by the International Organisation for Migration (IOM).

The Japanese Ambassador to Sri Lanka MIZUKOSHI Hideaki presented the first batch of cutting-edge equipment to detect and prevent the spread of epidemics and contagious diseases to Ports, Shipping and Aviation Minister Nimal Siripala De Silva at the BIA yesterday.

It includes; disease-detecting scanners, baggage scanners, full-body scanners, foreign passport scanners and a biometric access control system.

In addition, a smart toilet system comprising 150 units will be installed at BIA, enhancing health and sanitation facilities for travellers.

Ambassador Hideaki reaffirmed Japan’s steadfast support for Sri Lanka’s progress, asserting the enduring friendship between the two countries.

He said the grant was an opportunity to strengthen bilateral ties between Japan and Sri Lanka.

Minister De Silva expressed gratitude for the advanced equipment, acknowledging its importance in safeguarding public health at the country’s main entry points.

11/04/2024

Dullas says four former Presidents should bow out of politics

MP Dullas Alahapperuma yesterday opined the four former Presidents who are in active politics should bow out for their own benefit and for the sake of the people. MP Alahapperuma said former Presidents Mahinda Rajapaksa, Chandrika Bandaranaike Kumaratunga, Maithripala Sirisena and Gotabaya Rajapaksa should keep away from active politics.

11/04/2024

Mahinda mandated to pick Pohottuwa Presidential candidate

Sri Lanka Podujana Peramuna (SLPP) MP Rohitha Abeygunaw-ardane yesterday confirmed that the party’s presidential candidate will be determined by its leader, Mahinda Rajapaksa shortly.

The MP said the decision was reached during the party’s politburo meeting held yesterday. Addressing the media following the meeting, Abeygunawardane clarified that the party’s politburo had determined that the party’s candidate and the declaration of candidacy would solely be made by party leader Mahinda Rajapaksa.

“The politburo decided to delegate the pertinent responsibilities to the party leader,” he noted. The MP said individual MPs will not present their personal views on the matter going forward.

“At an opportune moment, leader Mahinda Rajapaksa will make the announcement regarding our presidential candidate as agreed on by the party and its politburo,” he said.

“Some may persistently inquire about our presidential candidate. However, it will only be announced when we are fully prepared. Until then, speculation is premature,” he added.

Abeygunawardane emphasised that the party membership remains under the stewardship of Mahinda Rajapaksa, highlighting that his opinions hold significant value for both the party and the nation. “There is no division in the party despite the various claims,” he affirmed.

11/04/2024

President assures to empower citizens with basic needs

President Ranil Wickremesinghe reaffirmed his dedication to empowering the people and strengthening the economy by ensuring access to education, land, housing and business opportunities.

“Historically, land rights and housing rights were not granted without cost. However, we aim to change this narrative by empowering our citizens with the rights to education, land, housing, and business. This strategic approach will enable individuals to directly contribute to our nation’s economy, fostering growth and prosperity for all,” he said at an event to mark the distribution of 294 flats among residents of Kajimawatte whose homes were ravaged by a fire in 2010.

10/04/2024

Genie Business Powered by Dialog Finance unveils Cutting-Edge Fintech Solutions for Sri Lankan MSMEs

Genie Business, the ultimate all-in-one fintech platform for Sri Lankan businesses, was launched by Dialog Finance PLC to revolutionize the landscape for Micro, Small, and Medium Enterprises (MSMEs) in the country.

The launch event, held at the Dialog Axiata PLC Head office, was graced by Dr. Nandalal Weerasinghe, Governor, Central Bank of Sri Lanka, Mr. Supun Weerasinghe, Director and Group Chief Executive Officer of Dialog Axiata PLC and other distinguished guests. During the launch event, Genie Business also conducted its ceremonial Tap-to-Pay transaction, exemplifying the simplicity and efficiency of its direct card acceptance solution.

Genie Business›s advanced fintech platform is designed to facilitate seamless transactions for MSMEs. By introducing diverse payment acceptance solutions, the platform empowers businesses to leverage the digital era through their comprehensive range of offerings including Tap-to-Pay, Payment links, E-Store, Internet Payment Gateway, Card Tokenization, Multi Currency Pricing & QR Codes. This platform will connect MSME’s to a digital eco-system, thereby enabling access to new customer segments and opening new channels of engagement through e-commerce and social media platforms. In tandem with these payment acceptance solutions, Genie Business also offers digital lending options to address the critical needs within the MSME sector allowing them to grow their businesses.

Commenting, Mrs. Renuka Fernando, Chairperson of Dialog Finance PLC & Group Chief Digital Services Officer – Dialog Axiata PLC affirmed, “To us at Dialog Finance, Genie Business is beyond a platform, it’s an ethos and a passion to make a difference to the MSME sector of Sri Lanka. We believe that Genie Business is a catalyst for change in this market, designed to digitize and scale the operations of MSME’s. With Genie Business, we are not only facilitating transactions, we are building relationships and paving the way for a future, where no micro, small or medium business is left behind.”

10/04/2024

Colombo stock market mark 10th consecutive day of gain

The Colombo stock market yesterday marked its 10th consecutive gain as investor sentiment remained upbeat though showing signs of waning.

On a choppy day for indices in tandem with profit taking, the benchmark ASPUI finished the day up 42 points or 0.3% whilst the S&P SL20 gained by 3 points. Turnover was Rs. 2.5 billion involving 135 million shares. Foreigners turned net sellers yesterday.

Asia Securities said the market continued its upward momentum for a 10th consecutive session on Tuesday (09), driven by TAP (+4.4%), CALT (+5.0%), VONE (+3.4%), PLC (+3.5%), RCL (+2.5%), AEL (+3.5%), and PARQ (+4.8%).

BREW (+10 points), VONE (+4 points), and RCL (+4 points) were the key index drivers during the session while LIOC (-5 points) ended as the biggest laggard on the ASPI. The breadth of the market remained positive with 129 price gainers and 57 losers.

Market activity continued at healthy levels with turnover led by TAP (Rs. 398mn), COMB (Rs. 150mn), and HAYL (Rs. 109mn).

Foreigners recorded a net outflow of Rs. 7.7mn. Net foreign buying topped in TAP.N at Rs. 48.6mn and selling topped in LALU.N at Rs. 26.1mn.

First Capital said the Bourse remained firmly in the green zone, reflecting its bullish streak for the 10th consecutive session, driven by an increase in retail participation, with trades reaching 19,000 during the day.

Initially, mixed sentiment prevailed, leading to profit booking in selected banking stocks. However, as the day progressed, bullish momentum strengthened supported by active buying in banks and heavyweight index stocks, resulting in 42 points gain to close at 11,962. Moreover, investor interest centered on CALT throughout the day, fuelled by anticipation of a potential dividend announcement. Turnover remained healthy, a 16% increase compared to the month’s daily average, driven by high net worth and institutional investors participating in off-board transactions, contributing 20% to total turnover. Both banking and consumer durables sectors collectively accounted for 40% of turnover, signalling positive market rebound and investor confidence.

10/04/2024

Agripreneurship Villages Project to boost innovations in sector

The Cabinet of Ministers cleared the implementation of the Agripreneurship Villages establishment project, marking the first phase of this ambitious endeavour in 2024.

The significant initiative aimed at revolutionising the agricultural sector will select one village from each of the chosen Divisional Secretariat Areas to serve as the pilot site for Agripreneurship Villages.

“These villages will serve as hubs of agricultural innovation, equipped with state-of-the-art technology and smart solutions to facilitate farmers in adopting modern agricultural practices,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.

He said the primary objective of the project is to create a vibrant youth Agripreneurship community and introduce agri-innovation to rural agricultural areas.

“By encouraging a culture of entrepreneurship and innovation, the project expects to attract young individuals to the field of agriculture and elevate their economic status,” he added.

Gunawardena said through the integration of new technologies and smart solutions, farmers will have access to advanced tools and techniques to optimise crop yields, minimise resource usage, and enhance overall efficiency. In addition, he said the project aligns with broader efforts to modernise the agriculture sector and address youth unemployment and rural poverty by providing young individuals with opportunities for entrepreneurship and economic empowerment in the agricultural sector.

10/04/2024

Sujeewa Mudalige new Chairman at Ambeon as new owners make changes to Board

Top professional Sujeewa Mudalige has been appointed Chairman of Ambeon Capital Plc as new owners made two changes to its Board.

Apart from Mudalige, financial services professional Savanth Sebastian was also appointed as Non-Executive Independent Director.

Paving the way for the appointments, Ambeon Capital Chairman Sanjeev Gardiner and Harsha Amarasekara stepped down.

Last week, nearly 28% stake in Ambeon Capital was acquired by a consortium including cricketing hero Aravinda de Silva for Rs. 1.5 billion or Rs. 8.50 per share.

Yesterday a further 44 million shares traded for Rs. 398 million with Ambeon Capital (TAP) gaining by 40 cents to close at Rs. 9.50.

Ambeon Capital Group has interests in footwear, manufacturing porcelain, investments, property, financial services and IT and related services including Millennium ITESP.

Mudalige counts over 30 years of experience as a Chartered Accountant and recently retired as the Managing Partner of PwC, Sri Lanka.

He currently serves as a Non-Executive Chairman of Mercantile Services Provident Society (MSPS). He is also an Independent Non-Executive Director at National Development Bank PLC, Chemical Industries Colombo PLC and subsidiaries, NSBM Green University, Sherwood Capital Ltd and Mahindra Ideal Finance Ltd. He was appointed as a Commissioner of the Securities and Exchange Commission, Sri Lanka in March 2023. He is also a committee member of the Ceylon Chamber of Commerce.

Mudalige has vast experience as an Audit Committee Chair in both public and private sector organisations.

10/04/2024

NSB continued to prove resiliency amidst challenges

The National Savings Bank (NSB) said yesterday it demonstrated its mettle amidst challenges by recording a Profit after Tax (PAT) of Rs. 7.2 billion for the fiscal year ended December 31, 2023.

NSB said the performance in FY23 was a testament to its adept management and highly skilled workforce in a year which saw the aftermath of pandemic followed by largest economic crisis in post-independence history, and socio-political uncertainties and monetary tightening.

The Banks’ achievement of Rs. 7.2Bn PAT mainly surged by 31% increment of Interest Income. The Bank strategically allocated more than 60% of its customer deposits investing in Government Debt Securities capitalizing on the higher interest rates prevalent in 2022. This prudent investment strategy yielded a substantial interest income of Rs. 137.7Bn which was an upswing of 36%. Interest received through Loans and Advances also grew by 36.3%, an increment of Rs. 23.4 Bn.

Net Gain from trading rose up to Rs. 3.7Bn at the group level which was a 206% increase from last year where they recorded a loss from trading. However, NSB was able to turn around the situation with professional due care and commitment, underscoring NSB’s adeptness in capitalising on market opportunities.

The Bank however, encountered challenges in net fee and commission income, witnessing a 34% decline due to subdued demand for loans and advances amid higher interest rates then prevailed. Fee and Commission Income was mostly contributed from Retail Loans and Corporate Banking. Both lines of business were clogged due to unwholesome micro financial conditions.

Exceeding the growth rate of Interest Income, the Interest Expense of the Bank also increased by 41% year-over-year (YoY). This rise in the cost of funds, particularly from Fixed Deposits which represent the largest portion (81%) of NSB’s deposit base, contributed to a congestion in the positive growth of Net Interest Income due to the lag effect of liability repricing.

Impairment charges of the Bank decreased by 12% in 2023 compared to the same period last year.

10/04/2024

Sri Lanka Insurance posts Rs. 10.6 b pre-tax profit in FY23

Sri Lanka Insurance Corporation (SLIC) said yesterday it concluded the year 2023 with remarkable success, achieving an impressive profit before taxation of Rs. 10.6 billion, reflecting a robust improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, marking a growth of 7.2%.

As of December 31, 2023, Sri Lanka Insurance Life recorded a premium volume of Rs. 21 billion, while Sri Lanka Insurance General recorded a premium value of Rs. 23.1 billion.

Reaffirming its commitment to customers throughout 2023, Sri Lanka Insurance disbursed an impressive Rs. 27.6 billion to policyholders in the form of maturity settlements and combined claim payments in addition to the Rs. 10.4 billion bonus declaration, underscoring the company›s steadfast commitment to honouring its obligations and ensuring the trustworthiness of its investment services. Furthermore, solidifying its strong financial position, SLIC has been able to continuously increase its Asset base and Life Fund over the years.

This year the company was able to increase its asset base to an enormous Rs. 313.3 billion and the Life fund to Rs. 180.8 billion. These achievements came amidst numerous changes that took place within the organization and during challenging economic and social conditions that prevailed in the country.

Securing its number one position for the 5th consecutive year, at the end of 2023 Sri Lanka Insurance Motor Plus remains the market leader recording a claim payout of Rs. 10 billion and a total volume of Rs. 13.5 billion premium value strengthening its market position with a market share of 21%. Sri Lanka Insurance Motor Plus achieved a growth of 6%, which is over 10 times faster than the industry growth average of 0.5% for the motor segment.

Affirming the prudent investment management strategies of the company and further emphasis on SLIC’s commitment towards its policyholders and their well-being, Sri Lanka Insurance outshined its own record to declare the largest Life Insurance bonus in the industry amounting to 10.4 billion for the year 2022 for its policyholders.

10/04/2024

Hambantota International Port pivots with first ever container ship handling

In a landmark move, the Hambantota International Port (HIP) yesterday commenced its inaugural container transhipment service operated by the Mediterranean Shipping Company (MSC).

MV ‘MSC Ingrid’ made her maiden call at HIP, discharging a total of 500 plus TEUs of transhipment containers to be connected to a second carrier, ‘MSC Sky 11’ expected to call at the port on 16 April. The first shipment of containers consigned to the regional multipurpose port on the east west shipping route, originated from the Rotterdam Port and will reach its final destination, Dubai via the second carrier.

Commenting on the port’s historic milestone, China Merchants Group in Sri Lanka Chief Representative and Hambantota International Port Group CEO Johnson Liu said: “We are happy to announce the beginning of Hambantota International Port’s inaugural Container Transhipment service. Launching this new business platform together with MSC is an important breakthrough in the port’s business portfolio, and we are proud to have the world’s largest container carrier as our partner.”

“We are confident our container transhipment service will enhance Sri Lanka’s position in the marine connectivity index for the South Asian region. With MSC’s collaborative partnership, HIPG will now look at expanding our investment in equipment and other infra-structure facilities, enabling us to service larger vessels on the east west shipping route. We plan to make optimal use of HIP’s strategic location, capacity and expertise, to deliver the full potential the port is capable of, doing our part to enhance Sri Lanka’s regional hub status,” Liu added.

The CEO thanked the Minister of Ports, Shipping and Aviation, Nimal Siripala de Silva for the support and cooperation extended to HIP in granting the required approval and giving necessary direction to his officials to facilitate the shipping connectivity between HIP and the Port of Colombo (POC). Through this approval, local importers and exporters would be able to make direct shipments and/or transhipment of cargo to and from HIP to POC and vice-versa.

10/04/2024

Wishing all our readers a joyous Eid Mubarak! May this special day bring you closer to your family and friends, and may your heart be filled with love and gratitude.

09/04/2024

A decade of partnership: Advancing hospitality education

The William Angliss Institute, Australia, in partnership with the Colombo Academy of Hospitality Management (CAHM), marked a significant milestone as they celebrated a decade of accomplishments in tourism, hospitality and culinary education.

As the premier private hospitality management institute in Sri Lanka, CAHM, located at the Malabe campus of the Sri Lanka Institute of Information Technology (SLIIT), not only upholds rigorous standards for hospitality education but also embodies the enduring collaboration between Australia and Sri Lanka.

09/04/2024

Arthur ends 36-year Directorship in Sampath Bank Group but remains last living founder

Arthur Sena-nayake, one of the founders of Sampath Bank resigned yesterday from Sampath Bank group after 36 years of contribution.

During the 36 years he held the post of Director from the inception in 1988 and subsequently as Vice Chairman and Chairman of Sampath Bank between 2008 and 2011.

Yesterday he resigned as the Chairman of Sampath Centre, a subsidiary of the bank.

Among positions held previously within Sampath Bank Group were Chairman of Sampath Leasing and Factoring, Siyapatha Finance, SC Securities.

Sampath Bank was incorporated as a Public Limited Liability Company in Sri Lanka on 10 March 1986 and Senanayake is the last living founder of Sampath Bank.

During his tenure as Chairman of Sampath Bank PLC, the bank was voted Bank of the Year 2009 to 2011 by the Financial Times of London.

During his three-year tenure as its Chairman and thanks to the team he assembled, Sampath bank expanded from 52 to 215 branches countrywide and saw its share price rise from Rs. 65 to Rs. 520.

09/04/2024

President opens first phase of Rs. 5.28 b Kompagngna Veediya flyover

President Ranil Wickremesinghe yesterday inaugurated the flyover spanning the railway line linking Kompagngna Veediya with Justice Akbar Mawatha and Uttarananda Mawatha.

The rest of the construction work of this project is planned to be completed by the month of September, and the estimated amount for the entire project is Rs. 5.28 billion.

The President’s Media Division said it has been observed that nearly three hours of time is wasted daily due to the railway crossing located in Kompagngna Veediya area, which is a very busy commercial city with various institutions including Government offices, hospitals, religious places, restaurants and movie theatres.

In order to avoid the delay, the construction work of this project, which is implemented by the Road Development Authority, is being carried out by Maga Engineering Company.

09/04/2024

Key campaigner welcomes new UK advisory; says major win
Foreign and Comm-onwealth Development Office advice on Sri Lanka has been revised after a major campaign led by UK firm Experience Travel Group.

In January 2024, Experience Travel Group (ETG) organised and led an open letter, published in The Independent.

The signatories warned that FCDO’s official page on Sri Lanka “systematically undermines the travel industry,” and was supported by prominent UK parliamentarians, Sri Lankan travel providers, and celebrities including former cricket star Kumar Sangakkara. The following month Experience Travel Group joined forces with the Association of Independent Tour Operators, to commission polling of 4,000 people across the UK.

The research revealed that three in every four British tourists (74%) would turn down even a free holiday if Foreign Office travel advice suggested a destination was unsafe.

British travellers were more likely to seek out government advice when travelling to Asia, with 73% saying they would do so compared with only 46% making a European trip.

In March, Lord Naseby, Vice Chair of the All Party Parliamentary Group on Sri Lanka, raised the campaign and the polling data in the House of Lords, urging Foreign Secretary David Cameron to revise the advice.

On Saturday the Sri Lankan President’s Media Division announced that the UK advice had been updated owing to the country’s “current economic advancement”. 53,926 UK tourists had visited the country in the first three months of 2024, the Division said.

Experience Travel Group CEO Sam Clark said: “This is a major win for all those who signed up to our public campaign for fairer, more accurate travel guidance on Sri Lanka. Nobody should deny themselves the beauties and cultural riches of this amazing country just because of a moderate risk that exists everywhere. After all the UK itself is no stranger to political protest. If people are deterred from travel on that basis, they would never even leave their own front doors.”

09/04/2024

President urges youth to champion transformative shift in economy

President Ranil Wickrem-esinghe on Sunday underscored a pivotal shift in the country’s economic trajectory led by the youth, noting the importance of propelling the country towards rapid development under their leadership.

Speaking during the ‘Let’s Start with Me’ Kandy District Youth Conference held at the President’s House in Kandy on Sunday, he outlined plans to introduce fundamental legislation essential for establishing a new economic framework, slated for presentation to Parliament in May and approval by June.

Embracing the aspirations of the younger generation, Wickremesinghe stressed the key role of the youth in shaping the country’s economic destiny.

He warned against the stagnation or collapse of the economy and stressed the importance of collective efforts to boost it.

“If we fail to drive the country towards rapid development, its future remains bleak. It all rests upon the youth to determine whether to allow the economy to stagnate, advance it forward, or permit its collapse. If the economic agenda of the current Government is dismissed, the economy of the country risks another collapse. Not everyone possesses the means to depart the country financially. Thus, it is incumbent upon all of us to collectively boost the country’s economy,” he pointed out.

He stressed the need for collaboration among Government Departments and corporations to achieve rapid economic advancement, hinting at potential institutional revisions if necessary.

“We are actively engaged in constructing a new economic model to meet this demand. The foundational laws necessary for this endeavour are anticipated to be presented to Parliament in May and enacted by June. Effecting change in the economy necessitates a corresponding transformation in the country’s legal framework,” he added.

Highlighting the significance of rural development, Wickremesinghe unveiled plans for an agricultural modernisation program aimed at introducing modern farming practices to villages, underscoring the intertwined nature of rural and national economic growth.

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Power Purchase Agreements signed for a 150MW Ground Mount Solar project

Power Purchase Agreements signed for a 150MW Ground Mount Solar project "The Power Purchase Agreements for a 150MW Ground Mount Solar project to be developed at the Solar Energy Park, Gonnoruwa, Hambantota, were signed yesterday afternoon", Power and Energy Minister Kanchana Wijesekera said. #News #BusinessNews #Politics #SocialIssues #GlobalPolitics #Sports #Lifestyle #SocialNews #SportsNews #LifestyleNews #BreakingNews #DailyFTOnline #DailyFT #kanchanawijesekara #solarpower #ceb #groundmountsolar #ppa #powerpurchaseagreement

SriLankan Airlines should show progress within six months: Minister Website: http://www.ft.lk Twitter: https://twitter.com/FT_SriLanka Instagram: https://www.instagram.com/daily_ft Facebook: https://www.facebook.com/dailyft E-Paper: https://www.subscription.lk/ #News #BusinessNews #Politics #SocialIssues #GlobalPolitics #Sports #Lifestyle #SocialNews #SportsNews #LifestyleNews #BreakingNews #DailyFTOnline #DailyFT #srilankanairlines #aviation #nimalsiripaladesilva #unp #ranilwickremesinghe Transcript

Dialogue with opposition on IMF proposals

Dialogue with opposition on IMF proposals Tamil National Alliance (TNA) MP M. A. Sumanthiran stood as the only Opposition member in attendance at the International Monetary Fund (IMF) proposals review meeting for opposition party leaders held at the Presidential Secretariat yesterday. #NewsUpdate #News #SriLanka #DailyFT #LatestNews #NewsAlert #Updates #Ftnews #IMF #TNA