News

President proposes new development bank, Economic Commission

Published

2 years ago

2024/06/20

President

President Ranil Wickremesinghe yesterday (19) announced the establishment of a new development bank to provide financial support to industrialists in Sri Lanka. This initiative will offer industrialists the opportunity to obtain loans at low interest rates, the President declared.

The President also revealed plans to set up an Economic Commission to oversee these activities. A new institution, “Enterprise Sri Lanka,” will also be created to empower small and medium-sized entrepreneurs.

President Ranil Wickremesinghe made this announcement during the inauguration of the International Industry Expo 2024, the first event of its kind in Sri Lanka.

Organized by the Industrial Development Board under the guidance of the Ministry of Industry, and with the support of Industries and Health Minister Dr. Ramesh Pathirana, the exhibition will run from today (20) until June 23 at the Sirimavo Bandaranaike International Conference Hall.

In his address, the President remarked that some individuals have become accustomed to taking every development initiative to court. He emphasized that such actions hinder progress and stressed that the country can only be developed through a consistent national policy.

President Wickremesinghe said: We were a bankrupt nation. However, in the coming weeks, we anticipate shedding this label entirely. Negotiations for the related agreement are also slated for completion in the near future, facilitating smoother dealings with private creditors. These achievements have been realized over the past two years.

Yet, we must not rest on these achievements. Our focus must now shift to debt repayment strategies, as we aim to settle outstanding loans over an extended period, ideally extending until 2042.

Given that we are primarily an import-based economy, we continually need foreign exchange to cover these imports. Without sufficient foreign exchange reserves, we are compelled to resort to taking loans. However, this practice can potentially lead to another economic crisis within the next 15-20 years. Hence, our current focus is on transitioning to an export-oriented economy.

In this shift towards an export-oriented economy, the manufacturing sector plays a pivotal role. This sector needs to evolve into a competitive and digital economy, aligned with our goal of achieving zero carbon emissions and fostering a green economy. These initiatives must guide our efforts moving forward.

Our immediate priority is to enhance the competitiveness of existing industries through strategic plans. Achieving competitiveness cannot happen overnight; neighbouring countries like India, particularly in states such as Tamil Nadu, Telangana, and Andhra Pradesh, have made significant strides in industrial development. It is crucial for us to align and collaborate with these developments. Furthermore, we aim to engage with other global partners to advance these objectives.

Therefore, our primary objective is to ensure our industries attain competitive capabilities. The government is committed to providing all necessary support to facilitate this transformation.

We are currently exploring the establishment of a development bank to facilitate the required funding for this initiative. Back in 1960, we established the DFCC Bank, followed by the founding of the NDB Bank in 1980. Post-privatization, both banks have evolved into major commercial entities in our country. Notably, without these banks, President Premadasa’s success with 200 garment industries would not have been possible. Hence, there is a strong need to initiate a new bank.

This new bank aims to maintain low interest rates. Additionally, an Economic Commission will be instituted to advance these initiatives. Furthermore, we plan to introduce a new entity called Enterprise Sri Lanka to support small and medium-scale entrepreneurs. This institutional framework is designed to assist all industrialists across the country. We aim to progress steadily along this path over the next 5-10 years.

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News

Prime Minister meets delegation from the European External Action Service

Published

8 hours ago

2026/02/12

Priyan

Prime Minister Dr. Harini Amarasuriya met with the representatives of the European External Action Service [EEAS] on Tuesdqy [10 th February] at the Prime Minister’s office.

Welcoming the delegation from the European External Action Service (EEAS), the Prime Minister emphasized the importance of further strengthening and deepening the long-standing partnership between Sri Lanka and the European Union, noting the role of the European Union as a key development and economic partner.

The Prime Minister also expressed appreciation for the timely assistance extended by the European Union to Sri Lanka in response to the recent cyclone, highlighting the EU’s continued solidarity and support during times of need.

Attention was drawn to the need to expand economic cooperation between Sri Lanka and the European Union. The Prime Minister underscored the importance of undertaking necessary legislative and policy reforms to facilitate enhanced economic engagement, trade, and investment.

The delegation was briefed on the ongoing initiatives and reforms being implemented by the new Government aimed at strengthening economic stability, governance, and creating a conducive environment for sustainable growth and international cooperation.

The meeting was attended by the Acting Managing Director for Asia and the Pacific in the European External Action Service, EU co-chair of the Joint Commission, Ms. Paola Pampaloni; EU Ambassador, Head of EU Delegation Ms. Carmen Moreno and the representatives of European External Action Services and Delegation of the European Union, and Additional Secretary to the Prime Minister, Ms. Sagarika Bogahawatta and the officials from the Ministry of Foreign Affairs, Foreign Employment, Tourism Sri Lanka.

[Prime Minister’s Media Division]

Business

Newly appointed ADB Country Director to Sri Lanka and delegation meet PM

Published

11 hours ago

2026/02/12

Priyan

The newly appointed Country Director of the Asian Development Bank for Sri Lanka Ms Shannon Cowlin and the accompanying delegation met with Prime Minister Dr. Harini Amarasuriya on Tuesday [0th of February] at the Prime Minister’s office.

Welcoming the delegation, the Prime Minister extended congratulations to the newly appointed Country Director and acknowledged the long-standing partnership with the Asian Development Bank. The Prime Minister also expressed appreciation for ADB Bank’s continued engagement and support aligned with Sri Lanka’s national development priorities.

The Prime Minister also conveyed gratitude for the timely assistance extended by the ADB in response to Cyclone Ditwah, noting the importance of such support in mitigating the immediate impacts of natural disasters.

The ADB delegation reiterated its readiness to further assist Sri Lanka during the post-cyclone recovery phase, including rebuilding and reconstruction efforts, and emphasized its commitment to the supporting the education sector.

The meeting was attended by OIC / Deputy Director General, SARD Ms. Sona Shrestha, Ms. Cholpon Mambetova Country Operations Head of ADB Sri Lanka Mission Resident, Additional Secretary to the Prime Minister Ms. Sagarika Bogahawatta, Director General of the External Resource Department, Ministry of Finance Samantha Bandara, Director for ADB Division in External Resource Department, Ministry of Finance Ranjith Gurusinghe.

[Prime Minister’s Media Division]

News

School student transport services are being regulated

Published

12 hours ago

2026/02/12

Priyan

A discussion on regulating school student transport services was held on the 09th of February at the Prime Minister’s Office under the patronage of Prime Minister Dr. Harini Amarasuriya, with the participation of officials from the National Transport Commission and the Ministry of Education.

The authority for regulating school student transport has been vested with the National Transport Commission, and as the relevant draft of regulations have already been prepared, discussions were held on the provisions contained in these drafts as well as on new proposals that should be incorporated.

During the discussion, the attention was focused on meeting the emerging needs of transportation arising from the schools, minimizing issues encountered in the transportation of school students by establishing an organized transport mechanism, and deploying the “Sisu Sariya” school transport service in a more efficient and effective manner followed by the new educational reforms process.

Discussions were also held on introducing laws and regulations to systematize the transportation of schoolchildren, prioritizing child protection by preventing reported incidents of abuse and harassment during student transport, and enhancing professionalism among school transport service providers to ensure a responsible and accountable service.

The focus was also emphasized on the need for coordinated action among the Ministry of Transport, Highways and Urban Development, the National Transport Commission, the Ministry of Education, Higher Education and Vocational Education, and the National Child Protection Authority.

The discussion was attended by the Minister of Transport, Highways and Urban Development Bimal Rathnayake, Chairman of the National Transport Commission P. A. Chandrapala, officials of the National Transport Commission, and the officials from the Ministry of Education, Higher Education and Vocational Education.

[Prime Minister’s Media Division]