News
Prez should explain why he scrapped time-tested exchange controls – NFF
By Shamindra Ferdinando
President Ranil Wickremesinghe, who is also the Finance Minister, should take immediate steps to restore the provisions of Exchange Control Act (ECA) of 1953 as part of the overall efforts to stabilise the national economy, NFF MP Jayantha Samaraweera told The Island yesterday (09).
The former State Minister said that furthermore UNP leader Wickremesinghe owed an explanation as to why his government introduced the current Foreign Exchange Act in 2017. The Kalutara District lawmaker said that President Wickremesinghe couldn’t remain silent as it was his government that disposed of the Exchange
Control Act of 1953, thereby paving the way for exporters to park export proceeds running into billions of dollars abroad.Responding to queries, MP Samaraweera said that he had raised the accountability on the part of President Wickremesinghe in parliament on March 08.
Acknowledging that though the economic situation had slightly improved over the past several weeks, MP Samaraweera said that Wickremesinghe-Rajapaksa government should take remedial measures to plug the loopholes or face the consequences. “The current Exchange Act introduced during Ravi Karunanayake’s tenure as the Finance Minister is perhaps one of the major reasons for the continuing crisis,” the former JVPer said.
The issue at hand was whether somebody in the yahapalana government benefited by repealing the time-tested exchange control laws, MP Samaraweera asked, underscoring the need to examine this matter carefully. “The possibility of a conspiracy cannot be ruled out. All of us know how the UNP perpetrated Treasury bond scams, twice, in Feb 2015 and March 2016. The new Exchange Control Act was enacted in the wake of Treasury bond scams,” MP Samaraweera pointed out.
Referring to a statement made by Trade Minister Nalin Fernando in Parliament on Wednesday, MP Samaraweera said that the government had lost the wherewithal to meet its basic obligations as it didn’t have foreign exchange.
Now, the UNP leader who created an environment for exporters not only to stash away export proceeds overseas and oversaw the Treasury bond scams, held the finance portfolio, MP Samaraweera said. Wickremesinghe should set a deadline for restoring the old Foreign Exchange Act, the MP said, recalling how the UNP leader publicly acknowledged the need to amend the 2017 Act.
MP Samaraweera told parliament on Wednesday President Wickremesinghe couldn’t afford to turn a blind eye to the declaration made by Justice Minister Dr. Wijeyadasa Rajapakse, PC, early last December on the basis of disclosure made by the US-based Global Financial Integrity watchdog that as much as USD 58 bn were parked overseas.
The MP pointed out that in addition to Minister Rajapakse, Opposition lawmakers Vasudeva Nanayakkara, Wimal Weerawansa and Gevindu Cumaratunga, in Parliament, estimated the stashed amount at over USD 35 bn, MP Jayaweera said. The trio has alleged that the Exchange Control Act No 12 of 2017, enacted during the yahapalana administration, allowed exporters to keep funds overseas.
MP Jayaweera said that President Wickremesinghe should inform the parliament without further delay how he intended to address the issue. “We obtained about USD 4 bn in 2022 from India. On top of that Sri Lanka owes the world as much as USD 53 bn. No one should forget that the situation stabilised to an extent as a result of Sri Lanka halting debt servicing,” MP Samaweera said.
Asked why President Gotabaya Rajapaksa’s government didn’t amend the yahapalana Exchange Control Act, MP Samaraweera said that NFF leader Wimal Weerawansa had taken up the issue with the Cabinet-of-Ministers. However, Basil Rajapaksa, who succeeded Mahinda Rajapaksa as the Finance Minister in June 2021 had dismissed the NFF’s recommendation, MP Samaraweera said, adding that Basil had declared that restrictions would discourage exporters. In fact, General Secretary of the Democratic Left Front (DLF) Vasudeva Nanayakkara proposed the introduction of a ‘QR’ system in 2021 in view of the foreign exchange crisis, MP Jayaweera said. That proposal, too, was rejected by Basil Rajapaksa, he said.
The MP stressed the need to tackle quite a formidable challenge posed by well-organised influential public–private sector partnership engaged in ‘over invoicing’ and ‘under invoicing’, with the blessing of successive governments. That too contributed to the forex crisis, the MP said.
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Sun directly overhead Beruwala, Gurulubadda, Rakwana, Godakawela, Udawalawe and Thanamalwila at about 12:13 noon today (06)
On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 15th of April in this year.
The nearest areas of Sri Lanka over which the sun is overhead today (06th) are Beruwala, Gurulubadda, Rakwana, Godakawela, Udawalawe and Thanamalwila at about 12:13 noon.
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Heat Index at Caution Level in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district
Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 05 April 2026, valid for 06 April 2026.
The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
News
West Asian conflict benefits China-managed H’tota Port
The ongoing West Asia war, triggered by joint Israel-US attack on Iran on 28 Februar, has benefited the China-run Hambantota International Port (HIP).With Iran imposing restrictions on the Strait of Hormuz shipping, in retaliation for unprovoked attack, thereby choking vital shipping routes, particularly for crude oil and refined oil products, HIP situated, along the East-West shipping corridor, has received the anticipated attention.
Soon after the sinking of an unarmed Iranian frigate, just outside Sri Lanka’s territorial waters, in India’s backyard, Indian External Affairs Minister Subrahmanyam Jaishankar categorised HIP as a foreign military base, along with Diego Garcia, Bahrain and Djibouti, where both the US and China maintained major bases.
HIP, in a press release issued on Sunday (05), declared that the Port has significantly expanded its operational capacity, in response to a sharp surge in global shipping volumes, resulting from the West Asia conflict.
The company asserted that the developing situation reinforced its position as a key alternative hub along the East–West shipping corridor.
The port has doubled its Roll-on/Roll-off (RoRo) yard capacity and increased its container yard capacity by 30%, as shipping lines divert operations away from disrupted routes in search of stable and efficient alternatives.
HIP is situated just 10 nautical miles from the main East–West shipping route, allowing vessels to divert with minimal deviation while maintaining schedule integrity.
The Chinese government-owned China Merchant Port Holdings (CMPort) under controversial circumstances acquired controlling interests of the Hambantota port in 2017 during the Yahapalanaya administration. Although the Sri Lankan government repeatedly said that Sri Lanka was paid USD 1.12 bn according to the HIP website CMPort invested $974 mn in the HIP and held 85 percent of the shares.
The 2017 agreement granted CMPort a 99-year lease to develop, manage and operate the Port area. The Supreme Court dismissed a fundamental rights petition filed by lawmaker Vasudeva Nanayakkara pointing out that the original agreements pertaining to the Hambantota port had been signed in 2012 and 2013 during Mahinda Rajapaksa’s tenure as the president when he was a member of the Rajapaksa Cabinet.
The HIP press release quoted CEO of HIP Wilson Qu as having said: “What we are witnessing today is a structural shift in global shipping patterns. At HIP, we have focused on building the capacity and operational agility to respond to such changes. Our ability to scale quickly, combined with our location, allows us to support global shipping lines when reliability becomes critical. Looking ahead, we will continue to invest in infrastructure and capabilities to strengthen Hambantota’s role as a key logistics and transshipment hub in the region.”
The rise in both vehicle transshipment and container volumes has driven yard utilization levels to the highest in HIP’s history, highlighting the scale of ongoing supply chain disruptions and the port’s growing strategic importance in global trade.
To accommodate increased throughput, HIP has rapidly expanded yard space across both cargo segments, enabling it to handle higher volumes while maintaining operational efficiency and minimizing congestion. Expanding capacity within a short time frame in a live port environment presents considerable operational and technical challenges and requires significant investment. However, through close coordination across management, engineering and operational teams, HIP was able to deliver these enhancements in step with rising demand.
The HIP statement added: “The expansion reflects Hambantota International Port’s continued development as a resilient logistics platform in the Indian Ocean, as geopolitical developments reshape established maritime routes and increase demand for alternative hubs. As infrastructure scales in tandem with demand, HIP is increasingly positioned to capture a larger share of regional transshipment volumes while supporting the continuity of global supply chains.”
Amidst the continuing uncertainty caused by war and growing threat to international shipping the Hambantota International Port Group (HIPG) the owning group of HIP recently finalised an agreement to invest USD 108 mn to procure new container handling equipment- six quay cranes, 16 rubber-tyred gantry cranes (RTGs) and 40 trailers, under the initial phase of the port’s Phase II container terminal development.
By Shamindra Ferdinando
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