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Dealing with election manifestos, not the business of Central Bank: Governor

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Dr. Nandalal Weerasinghe

By Sanath Nanayakkare

It is the duty of the media to fully convey the policy objectives of the Central Bank to the masses and make them aware of the current status of the economy and the recovery and growth path it is going to take in 2024 and beyond, Central Bank Governor Dr. Nandalal Weerasinghe said yesterday.

He said so responding to a query from The Island whether he thought people would get more excited about the Central Bank’s Policy Statement 2024, or election manifestos which are to be presented by political parties gearing for two major elections this year.

“We don’t deal with election manifestoes at the Central Bank. We present our policy path and objectives to reinforce stability and drive economic growth in the country. It is up to the general public to form an opinion or reach a conclusion through reasoning and information. So it is up to the media to thoroughly convey that information to the people and help them understand the envisaged way forward. Political parties are representatives of different groups of the general public. If the general public as a whole has a real grasp of the economic situation of the country, they will tell their representatives,” This is what we want you to do.” But if you are trying to address a particular group of people, that won’t work. That’s why the media has to play its role in thoroughly taking the message of the Central Bank to all sections of the people,” he said.

The Governor made these comments at the forum where the Central Bank announced its Policy Statement for 2024 after the new Central Bank Act was passed in July last year.

The Policy Statement contained a number of important features including the following:

Policy measures to maintain the financial and operational resilience of the banking sector

Policies to strengthen the broader economy

Management of public debt through effective collaboration with the government

Foreign exchange management

Improved financial intelligence

Regional Development

Efficient management of the Employees’ Provident Fund



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SriLankan Airlines Alerts Customers to Social Media Scams

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18 March 2026; Colombo – SriLankan Airlines wishes to alert customers to social media scams circulating on Facebook, WhatsApp and other platforms, often sent from both known and unknown contacts, featuring fake offers that misuse the SriLankan Airlines name, logo and brand.

 

SriLankan Airlines will never request payments, OTPs, credit card details, bank information or any other financial details via social media channels.

 

Customers are advised to always verify that any promotional offer is linked to the airline’s official website, www.srilankan.com, or shared through the verified social media accounts of SriLankan Airlines, as scammers often use fake links with unusual characters or spellings, or impersonate the airline through fake social media accounts.

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JSL & Fentons Joint Venture to Construct Double Circuit Transmission Line from Mannar Grid Substation to Mullikulam Collection Grid Substation

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Approval has been granted at the Cabinet meeting held on 03-02-2025 to implement the formal procurement procedure to select a contractor for the construction of a 28 km long double circuit transmission line with the capacity of 220 kW, from Mannar Grid Substation to Mullikulam Collection Grid Substation under the Lot B of the Mullikulam Wind Power Transmission Project.

Bids have been invited following the International Competitive Procurement Procedure and five (5) bids have been received.

Accordingly, based on the recommendations submitted by the High-Level Standing Procurement Committee after evaluating the aforementioned bids, the Cabinet of Ministers has approved the resolution furnished by the Minister of Power and Energy to award the contract to the JSL & Fentons Joint Venture – Intend (Jyoti Structure Limited, India and Hayleys Fentons
Limited, Sri Lanka), substantially responsive minimum bidder, for an equal amount of Sri Lankan Rs. 2,269.18 million (without VAT).

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Fuel crunch forces midweek shutdown; courts told to show leniency

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Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the oil crisis continues for another month

Economic pressure likely to push already-strained businesses into a liquidity crunch

By Sanath Nanayakkare

Sri Lanka is slowing to a midweek halt as a deepening fuel shortage has compelled the government to suspend most public sector operations every Wednesday, while courts have been advised to take a lenient view of attendance requirements amid transportation difficulties caused by fuel rationing.

The directive, issued by the Commissioner General of Essential Services, suspends most state functions one day a week until further notice in an attempt to conserve scarce fuel reserves. Authorities have also urged the private sector to adopt a similar arrangement.

Officials say the measure is aimed at reducing commuter traffic into major cities, particularly Colombo, where thousands of public servants travel daily from suburban areas.

Explaining the decision to select Wednesday, officials said declaring Friday a holiday could have effectively denied the public access to government services for three consecutive days when combined with the weekend.

However, the development underscores the fragility of Sri Lanka’s economic recovery as households continue to grapple with rising prices of essential goods.

The impact is already visible on the streets. Long queues have formed outside fuel stations while public buses have been seen overcrowded, with passengers clinging to footboards. Many commuters were also seen attempting to secure rides through the ride-hailing platforms Uber and PickMe, where drivers were demanding higher fares as demand surged.

Recognising these difficulties, the Judicial Service Commission (JSC) has issued a circular instructing judges to take transportation constraints caused by fuel rationing into consideration when making legal determinations.

Judges have been advised to consider the possibility that lawyers, litigants, witnesses and even suspects may be unable to attend court due to limited fuel availability.

While court proceedings are expected to continue, judicial officers have been asked to assess such situations on a case-by-case basis.

The JSC has also directed courts to make greater use of virtual platforms whenever possible. This is expected to apply particularly to proceedings such as extending remand orders, thereby avoiding the need to transport prisoners physically to court.

Authorities believe that conducting such hearings online could significantly reduce fuel consumption associated with prison transport. The temporary measures will remain in effect until further notice.

Meanwhile, officials say special fuel allocations may be considered for critical sectors including tourism, the Colombo Port, agriculture, health services, the plantation industry and public transportation in order to sustain essential services and economic activity.

However, the broader economic outlook remains uncertain. Business leaders warn that companies already burdened with higher taxes, rising operational costs and thin margins could face severe liquidity pressures if global oil prices remain elevated.

Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the conflict involving Iran continues for another month.

Public concern has also been heightened by recent comments from Iranian officials indicating that Tehran has not sought a ceasefire in the ongoing conflict.

For President Anura Kumara Dissanayake, the unfolding fuel shortage is emerging as one of the most serious challenges facing his administration. Although the government has been holding internal consultations, critics say an all-party conference has yet to be convened to formulate a unified national response to the crisis.

Within business circles and sections of the public, questions are increasingly being raised about whether the government possesses the institutional capacity and experience required to manage a prolonged energy shock.

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