News
President outlines his track record since assuming office in 2022
President Ranil Wickremesinghe told Parliament yesterday, making a statement, that he had assumed leadership of the country without any conditions, despite being a sole Member of Parliament from his party.
The President said he expected to conclude all negotiations with external creditors by the middle of this year, and that the ultimate goal of debt restructuring was to reduce the total amount of debt to 95% of the GDP by 2032.
Furthermore, he mentioned that during the first three months of the year, the exchange rate of the US dollar had been brought down to below Rs. 300 and the foreign reserves raised to a value of more than USD 5 billion.
He said a salary increment for government employees could be considered only next year based on the economic growth of 2024 and state income since the current revenue was not sufficient.The President emphasised that achieving a consensus was not solely the responsibility of public representatives in Parliament, and the onus was also on religious leaders, trade unions, professionals, the business community, non-governmental organizations, various opinion leaders, individuals with social influence, and every citizen.
“We anticipate economic growth of at least 3% this year, a forecast supported by multiple domestic and international financial institutions. Inflation has significantly decreased to 1.5%. Additionally, the primary account balance, previously in deficit for several years, turned into a surplus of 0.6% of GDP in 2023.
For the first time in many decades, a surplus in the current account of the balance of payments was achieved in 2023. Furthermore, interest rates decreased substantially, reaching levels as low as 10-13%.
Through a series of reforms, we established financial discipline within the country. Another crucial reform for economic stability was restructuring our debt.
This was a significant consideration for finalising the IMF agreements in September 2022. By December 2022, the total debt as a percentage of GDP had reached 128%, a concerning level. Hence, we devised a debt restructuring program, which was structured into three primary phases.
Over the past couple of years, our government has diligently endeavoured to bring relief to our citizens through the outcomes of our economic recovery initiative. We arranged to directly grant substantial sums of money to economically disadvantaged groups in our country under the “Aswasuma” programme and other relief initiatives. Moreover, allowances granted to kidney patients, the elderly, and individuals with disabilities have been increased by 50%.
Under this programme, economically disadvantaged groups receive more than three times the existing Samurdhi subsidy. In 2024, a total of Rs. 205 billion will be spent for these relief programmes. Relief programs in Sri Lanka trace their origins back to the Second World War. Since then, there has not been such a significant allocation of funds to aid the impoverished.
Over the course of the 2022 Yala season, 2022/23 Maha season, 2023 Yala season and 2023/24 Maha season, our agricultural practices have yielded successful harvests.
The government has contemplated providing a portion of the crops to the impoverished free of charge.
It is imperative to exceed mere economic stabilization and recovery efforts and transition our economy onto a sustainable path. Implementing a formal and swift programme to achieve this transformation is essential.
Advisory for strong winds and rough seas for Multi-day boats in the Bay of Bengal deep sea areas
Issued by the Natural Hazards Early Warning Centre
Issued at 05.00 p.m. 18 September 2026, valid for the next 24 hours.
PLEASE BE AWARE!
The atmospheric disturbance to the North of the Andaman Islands in the Bay of Bengal, is likely to develop into a low pressure area within the next 24 hours.
Due to its influence, wind speed over the Bay of Bengal sea areas will increase during the next few days starting from
tomorrow (19th).
The wind speed in the sea areas marked under the “Advisory” category on the map below will increase to 55-65 kmph at times and those sea areas will be rough or very rough at times.
Navel and fishing communities engaging the activities over this sea area are advised to be vigilant and be attentive to the future forecasts and bulletins issued by the department of Meteorology in this regards.
Text and Pic by Priyan de Silva
Director General of the Commission to Investigate Allegations of Bribery and Corruption (CIABOC) Ranga Dissanayake has questioned whether some promises contained in the National People’s Power (NPP) manifesto, A Thriving Nation – A Beautiful Life, could be fulfilled even if the government wanted to implement them.
Dissanayake raised the issue during a discussion following the release of the third biannual report on manifesto monitoring by the March 12 Movement, at the BMICH, on Wednesday.
He questioned whether the report had taken into account legal and institutional constraints affecting the implementation of certain pledges.
Citing the proposal to establish Anti-Corruption Investigation Offices in each district, Dissanayake said such offices could be established only with the agreement of CIABOC and that amendments to the Anti-Corruption Act would be necessary.
He also referred to the pledge to abolish the Executive Presidency, noting that successive governments had made similar commitments since 1994. He questioned whether there had been adequate consideration of where the powers vested in the Executive President would be transferred if the system were abolished.
On the proposal to establish a Public Prosecutor, Dissanayake questioned whether the Government intended to maintain the office alongside the Attorney General, who currently performs prosecution-related functions.
Executive Director of the Institute for Democratic Reforms and Electoral Studies (IRES) Manjula Gajanayake said Dissanayake’s remarks should be regarded as his personal views and not as Government policy.
Monitoring and Evaluation Consultants M. Thilakarajah and D.D. Mataharaarachchi presented the third-phase findings, covering January to June 2026.
The corruption case filed by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) against former Navy Commander, Admiral of the Fleet Wasantha Karannagoda, and Yoshitha Rajapaksa was set for a pre-trial conference by the Colombo High Court.
The case was taken up before the Colombo High Court on Thursday (17), when the accused, who are currently out on bail, appeared before the court. After considering the submissions made, the court ordered that the case be called for a pre-trial conference.
The CIABOC had filed the case against the accused, alleging that a corruption offence was committed by sending Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, for training at the Royal Naval College in the United Kingdom despite him not having the required qualifications.
Advisory for strong winds and rough seas for Multi-day boats in the Bay of Bengal
Showers in the Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya Districts
Some NPP manifesto promises may be difficult to fulfil – CIABOC DG
Yoshitha and ex-Navy chief Karannagoda’s case fixed for PTC
Court orders probe into Wimal’s rally speech
Court to rule on Dilith’s writ petition on September 30
‘Dates have the highest sugar content to fight Coronavirus’
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