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SJB belatedly defends 2017 Foreign Exchange Act, rejects Justice Minister’s claim of funds ‘parked’ overseas

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Dr. Rajapakshe and Dr. de Silva

By Shamindra Ferdinando

Top SJB spokesman Dr. Harsha de Silva on Monday (20) dismissed Justice Minister Dr. Wijeyadasa Rajapakshe’s claim that well over USD 56.5 bn had been parked overseas by some exporters.

Dr. de Silva also contradicted claims made by rebel SLPP MPs Vasudeva Nanayakkara, Wimal Weerawansa and Gevindu Cumaratunga on the matter.

The Justice Minister and rebel SLPP MPs have declared that the enactment of Foreign Exchange Act No 12 of 2017 had led to the current situation.

Appearing on the live political programme Salakuna on Hiru, the Colombo District lawmaker said that such accusations were nothing but a joke. One-time Economic Reforms and Public Distribution State Minister de Silva declared that it was nothing but a made-up story.

The SJB lawmaker said so when Hiru anchor Chamuditha Samarawickrema asked whether the Yahapalana government contributed to the current crisis by doing away with the time-tested Exchange Control Act No 24 of 1953. Samarawickrema pressed for an answer pointing out that Harsha de Silva and SJB leader Sajith Premadasa were among 94 MPs who voted for the new law whereas 18 voted against.

A section of the UNP registered SJB as a political party, in early 2020, ahead of the general election held in Aug of the same year.

Governor of the Central Bank Dr. Nandalal Weerasinghe, too, has on several occasions raised concerns over the failure on the part of exporters to bring back proceeds.

Samarawickrema said that according to Minister Rajapakse the actual figure could be as much as USD 100 bn though official records were lower.

Dismissing the Justice Minister’s declarations, MP de Silva questioned the recent claim made by the former President of the Bar Association that export proceeds amounting to USD 8 bn hadn’t been repatriated last year. There was no basis for the Justice Minister’s claim on USD 8 bn as well as the previous declarations on over USD 50 bn being held overseas, MP de Silva said, adding that the total amount of exports were USD 12 bn last year.

Accusing some lawmakers of propagating lies, the former UNPer challenged them to reveal where even USD one bn was held.

Referring to leaked Panama Papers and Pandora Papers beginning April, 2016 and Oct 2021, respectively, MP de Silva said they disclosed the amounts parked overseas. “I won’t say funds hadn’t been parked. Thieves are everywhere. Some under invoice. Others over invoice. There are people who park money abroad. The funds mentioned in Panama Papers are part of the total amount of money stashed overseas.”

MP de Silva firmly denied that Sri Lanka engaged in large scale export business. There was absolutely no basis of claim regarding USD 56.5 bn, MP de Silva said.

Asked whether Justice Minister lied in this regard, MP de Silva insisted that this figure couldn’t be accepted under any circumstances.

Responding to Samarawickrema’s query whether the new law contributed to the bankruptcy, MP de Silva said that it was meant to pave the way for Sri Lankans to set up businesses abroad. The economist said that Sri Lankans should be allowed to invest overseas the way foreign companies did here. The former State Minister named several such investments made by Sri Lankans.

Dr. de Silva dismissed claims that the Capital Account hadn’t been opened. Utilization of funds had to be approved by the Central Bank on a case-by-case basis.

At the onset of the programme, Dr. de Silva said that the SJB accepted the general direction of President Ranil Wickremesinghe’s budget. One-time Wickremesinghe deputy on economic affairs?? during the yahapalana government, lawmaker de Silva said that SJB is comfortable with the budget in spite of concerns.



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Our goal is to build a “Thriving Nation” where a woman can walk without fear or doubt, where her talents are duly recognized, and where she can lead a life of dignity – PM

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Prime Minister Dr Harini Amarsooriya in her message on International Women’s Day 2026 says that the governments goal is to build a Thriving Nation where a woman can walk without fear or doubt, where her  talents are duly recognized, and where she can lead a life of dignity.

The PM’s message:

“I extend my greetings to all sisters and daughters in Sri Lanka and around the globe on the occasion of International Women’s Day.This year, the United Nations has declared the global theme for International Women’s Day as “Rights. Justice. Action. For ALL Women and Girls,” emphasizing the realization of rights, the delivery of justice, and meaningful action for all women and girls.

Women are the true pillar of Sri Lankan society and economy. The role they play within the family and in society has today become a decisive factor in shaping the future of our nation. Through the Government’s policy statement, “A Thriving Nation – A Beautiful Life,” we envision going beyond treating women as mere beneficiaries and recognizing them as active partners in national development, ensuring that they receive the dignity and opportunities they rightfully deserve.

Within our policy framework, special focus has been placed on women. We are committed to recognizing the economic contribution extended by women as housewives, promoting women’s entrepreneurship, and expanding access to the technical and financial support necessary for self-employment alongside strengthening the legal framework required to ensure women’s safety in public transport, workplaces, and within the family environment. Further, we are taking steps to create the environment to increase women’s representation in decision-making bodies at national and regional levels. Special attention is also being given to implementing targeted programmes aimed at improving women’s nutrition, reproductive health, and mental well-being.

Women are not a group seeking sympathy; they are vital social partners endowed with intelligence, resilience, and creativity. Our goal is to build a “Thriving Nation” where a woman can walk without fear or doubt, where her talents are duly recognized, and where she can lead a life of dignity

On this International Women’s Day, I sincerely hope that it marks the beginning of a new era in which the aspirations of all women in our country are realized as they shine before the world.

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Heat Index at Caution Level in the Sabaragamuwa, North-western and North-central provinces and in Colombo, Gampaha, Vavuniya, Mannar, Hambantota and Monaragala districts

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Warm Weather Advisory issued by the Natural Hazards Early Warning Centre of the Department of Meteorology  at 3.30 p.m. on 07 March 2026, valid for 08 March 2026.

Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Sabaragamuwa, North-western and North-central provinces and in Colombo, Gampaha, Vavuniya, Mannar, Hambantota and Monaragala districts

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.

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Lanka tea industry may lose $ 10-15 mn per week from ME war

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The ongoing military conflict in the Middle East has adversely impacted on the Sri Lankan tea industry as the exporters are unable to supply tea to the region. The exporters estimate the revenue loss at about $ 10-15 million per week. The exporters have orders in hand for supply of tea and it is the logistical issues and war risk preventing them fulfilling such orders, the Tea Exporters Association (TEA) said in a statement.

“In order to mitigate the impact on the industry, the tea industry has jointly requested the government to support it in addressing the cash flow issue and consider absorbing a part of the additional freight and insurance charges. It has also requested government intervention to obtain the balance payment of about $ 50 million due on tea shipments already made to Iran under the barter deal,” TEA said on Friday.

The statement said approximately 52% of Sri Lanka’s tea exports reach the affected region mainly coming from the low grown area of the country dominated by tea smallholder farmers. According to 2025 tea export statistics, about 125 million kilograms of Ceylon tea were exported to the Middle East, with an estimated value of USD 750 million. The major importing countries of Ceylon Tea in the region include Iraq, Iran, Libya, Turkey, Saudi Arabia, Syria, and the United Arab Emirates. Though Libya and Turkey can be reached via Africa, the exorbitant freight charges have prevented the buyers in those countries from importing tea at the moment.

The supply routes to Middle East countries go via Strait of Hormuz and Red sea Suez Canal. Although there is no blockade on Suez Canal, due to the war risk both channels are currently not used by the major shipping lines. The tea exports to the region have almost come to a standstill due to the following reasons:

=All major shipping lines suspended their services to the region immediately after the outbreak of the conflict.

=Several seaports in the region were temporarily closed during the initial stages.

= Although a few shipping lines resumed limited operations from March 4, freight charges have

increased significantly by approximately USD 1,800 for a 20’ container and USD 3,000 for a 40’ container.

= Existing insurance coverage obtained by exporters is no longer valid.

=There is a lack of regular and scheduled vessels operating from Colombo to Middle Eastern destinations.

The tea exporters are experiencing serious cash flow constraints, as payments for shipments already

dispatched have been delayed due to the unsettled situation in the region. This has restricted exporters’

buying capacity and that was evident at this week’s tea auction, where overall prices declined by about Rs. 50/ per kg while low grown tea prices declined by about Rs. 75/ per kg.

If the situation continues for few more weeks it will have a serious impact on the tea auction as buyers may curtail the purchase of tea if the outward movements are restricted. This could directly impact on the income of the tea smallholder farmers.

In January 2026, the country earned $ 121.8 million from tea exports compared to $ 112.7 million in January 2025 (a 5% increase). The figures for February 2026 are not yet available but should be either similar to last year or higher. The disruption to tea exports in March will certainly affect the volume and value of the exports though the exact amounts cannot be estimated at this point.

According to the available data Sri Lanka has settled about 95% of its debt to Iran by supplying tea to Iran under the Tea for Oil mechanism. Even if the military conflict comes to an end, Sri Lanka will find it difficult to continue to supply tea to Iran unless a new mechanism is introduced. Under the prevailing US sanctions on Iran, the exporters may not be able to supply tea to Iran outside the barter system. Iran purchases about 11 million kg of tea from Sri Lanka annually under the barter deal.

The situation was discussed with the Minister of Plantation & Community Infrastructure at a meeting held on March 4, 2026.

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