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President addresses VAT increase and economic stability at industry excellence awards ceremony
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President Ranil Wickremesinghe, on Wednesday night, speaking at the National Industry Awards ceremony, acknowledged the challenging decision to increase the Value Added Tax (VAT) to 18 percent, emphasising the imperative need to maintain economic stability.
National Industry Excellence Awards 2023 was held at the Nelum Pokuna Theatre in Colombo. President Wickremesinghe stressed the importance of leadership built on honesty and transparency with the people.
President Ranil Wickremesinghe went on to announce his intention to propose loan concessions in the upcoming budget, specifically aimed at supporting small and medium-scale industrialists, with the aim of bolstering Sri Lanka’s export-oriented manufacturing sector.
The awards ceremony was held to recognize and honour 300 successful entrepreneurs across various categories, including platinum, gold, silver, and bronze awards, from a pool of over 4,000 industrial entrepreneurs who had competed in 21 major industrial sectors and 61 sub-industrial sectors.
President Wickremesinghe also addressed the challenges faced by industries in 2022, citing issues such as power shortages and difficulties in obtaining bank loans that led to the closure of many businesses. Despite these challenges, he noted the resilience of numerous individuals who managed to revive their industries and achieve success, particularly in the small and medium-scale sector.
The President stressed the importance of addressing ongoing concerns related to bank loans and market access, with a focus on supporting small and medium-scale industries in the upcoming budget.
President Wickremesinghe revealed ongoing discussions with international financial institutions, including the International Monetary Fund (IMF), and creditors to devise comprehensive strategies for revitalizing the nation’s economy.
The President emphasized the significance of consistently increasing income to meet loan repayment commitments and to gain the trust of private and multilateral creditors. He pointed out that a substantial portion of the next year’s budget would be allocated to debt repayment and interest payments, underscoring the paramount importance of safeguarding the country’s currency and fulfilling loan obligations.
President Wickremesinghe also explained the necessity of the decision to raise the VAT to 18 percent, aligning Sri Lanka’s practices with countries like India and Pakistan. He acknowledged that such decisions, while difficult, are essential for the country’s well-being, even if they attract public criticism.
In closing, the President reaffirmed his commitment to rebuilding the nation without reverting to dependency on external support, emphasizing that the path may be challenging, but he is confident that positive results will be achieved in the next two to three years through negotiations with international financial institutions, including the World Bank.
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President Disanayake, Japanese Ambassador discuss bilateral cooperation
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President Anura Kumara Disanayake met with Ambassador of Japan to Sri Lanka, H. E.. Akio ISOMATA, this morning (27) at the Presidential Secretariat.
During the meeting, the Ambassador officially invited President Disanayake to visit Japan and expressed appreciation for the new government’s policy framework.
The Japanese Ambassador stated that efforts have been made to include Sri Lanka in the recently launched security cooperation assistance program by the Government of Japan.
Extensive discussions were held regarding the ongoing and future initiatives of the joint Japan-Switzerland-South Africa program aimed at fostering national reconciliation among the northern communities affected by the 30-year conflict. Additionally, they reviewed the current status of Japanese investments in Sri Lanka.
Furthermore, the current status and progress of digital economic and airport investments were discussed. The Ambassador also reaffirmed Japan’s commitment to supporting Sri Lanka’s Digital Transformation Program, emphasizing the Government of Japan’s intention to invest in port and aviation-related projects, as well as digitalization initiatives in Sri Lanka.
The discussion was attended by Advisor to the President on Economic and Financial Affairs Dr. Duminda Hulangamuwa, Senior Additional Secretary to the President Roshan Gamage, First Secretary & Head of Economics and Development Cooperation Section OHASHI Kenji, and First Secretary & Head of Political Section MURATA Shinichi.
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President meets Senior Naval Officers
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A discussion on Sri Lanka’s current security situation was held on Wednesday (26) at the Presidential Secretariat, under the leadership of President Anura Kumara Disanayake.
During the meeting with senior naval officers, attention was drawn to future security measures concerning the country’s security situation.
Extensive discussions were held on maritime operations conducted to ensure national security, including efforts to curb arms and drug trafficking via sea routes and surveillance missions in deep-sea waters.
Deputy Minister of Defence Aruna Jayasekara, Secretary to the Ministry of Defence Air Vice Marshal Sampath Thuyacontha, Commander of the Navy Vice Admiral Kanchana Banagoda, and several senior naval officers participated in the meeting.
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Govt. to initiate talks on setting up Truth Commission: FM Herath
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UNHRC Session in Geneva:
The JVP/NPP government has expressed its willingness, at the UNHRC in Geneva to initiate talks on setting up a Truth and Reconciliation Commission to investigate acts of violence caused by racism and religious extremism,
Addressing the High-Level Segment of the 58th Regular Session of the United Nations Human Rights Council (UNHRC) in Geneva, Foreign Minister Vijitha Herath said: “The contours of a truth and reconciliation framework, will be further discussed with the broadest possible cross section of stakeholders, before operationalisation to ensure a process that has the trust of all Sri Lankans. Our aim is to make the domestic mechanisms credible and sound within the constitutional framework. This will include strengthening the work towards a truth and reconciliation commission empowered to investigate acts of violence caused by racism and religious extremism that give rise to tensions within Sri Lankan society.”
“The Government has pledged to take tangible steps in the interest of further advancing national unity and reconciliation. The President has proposed to declare a Sri Lanka Day, in line with our vision for a reconciled Sri Lanka and commitment to bridging gaps between communities. We will ensure that the domestic mechanisms and processes, established to address challenges emanating from the conflict, will continue their work in an independent and credible manner, within the Constitutional framework. Domestic institutions, such as the Office on Missing Persons (OMP), Office for Reparations, and Office for National Unity and Reconciliation (ONUR), will be strengthened,” he said.
Minister Herath reaffirmed Sri Lanka’s commitment to human rights, reconciliation, and sustainable development, highlighting the country’s progress and government’s strategies for continued engagement with the international community.
The government is firmly and sincerely committed to working towards a unified Sri Lanka that respects and celebrates the diversity of its people with no division or discrimination based on race, religion, class and caste. We will not leave room for a resurgence of divisive racism or religious extremism in our country. The fundamental and long standing principles of democracy and freedom enshrined in our Constitution will be fully respected and safeguarded while protecting the human rights of all citizens. Every citizen should feel free to practice their religion, speak their language, and live according to their cultural values without fear or discrimination. No one should feel that their beliefs, culture, or political affiliations will make them targets of undue pressure or prejudice. Administrative, political and electoral processes will be activated towards this end.
A number of confidence building measures have also been taken in the last few months towards reconciliation. In November 2024, a number of roads in the Northern Province, including the Palali-Achchuveli main road, were opened for public use, after several decades. The President, during his visit to the North in January this year, made an open invitation to Tamil-speaking youth to be part of Sri Lanka’s police service. The 2025 Budget includes significant allocations to upgrade the libraries throughout the country, including the historical Jaffna library which is a symbol of education and enlightenment for the Tamil community, he said.
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