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Ranil’s manifesto in line with IMF formula

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President Ranil Wickremesinghe yesterday (29) reiterated his commitment to the IMF formula meant to ensure the proper and agreed implementation of the post-Aragalaya economic recovery.

In his presidential election manifesto, President Wickremesinghe, who contests as an independent candidate has said that whatever the other candidates said, the country couldn’t under any circumstances deviate from the IMF programme or agreement with China.

Among the key conditions laid down by the IMF/Official Creditor Committee co-chaired by France, India, and Japan as well as China were the prohibition of printing of money to bridge the budget deficit and maintenance of funds allocated for social security, the President said.

President Wickremesinghe said: “We have agreements in place—let’s follow them and continue on this path.

“This publication is based on the agreements between Sri Lanka and the International Monetary Fund (IMF), as well as with the 17 countries of the Official Creditors Committee, including China, the IMF, the World Bank, and the Asian Development Bank (ADB). We must operate within the framework of these agreements.

“I would like to ask the other candidates if they are prepared to act within this framework and if they are willing to implement these agreements without any amendments.”

President Wickremesinghe launched his manifesto at the Taj Samudra yesterday.

President Wickremesinghe said that the economy would be built on the foundation of four newly introduced Acts namely Central Bank Act, Public Finance Management Act, Public Debt Management Act No 33 of 2024 and Economic Transformation Act. He expressed confidence that the ongoing project was meant to achieve the country’s economic targets by 2048 though the manifesto essentially dealt with the next five years.

President Wickremesinghe assured that every citizen would be given the opportunity to own a plot of land and/or house.

In terms of ‘Urumaya’ project, the President promised continuation of the project till the completion of the issuance of 2 mn plots of land and complete the transfer of government-owned low cost housing units to the public within a period of four years.

President Wickremesinghe assured that the government’s dependence on EPF and ETF would be significantly reduced to pave the way for better investment opportunities both here and abroad.

The UNP leader’s manifesto dealt with all sectors including a comprehensive plan to enhance local milk production capacity, tourism, health sector, electricity and export processing zones.

Wickremesinghe identified special projects for the Northern and Eastern provinces as well as the upcountry region.

Commenting on the challenge posed by corruption, President proposed a series of measures to tackle waste, corruption and irregularities and the full implementation of laws now in place to curb bribery and corruption.

The President also promised to disclose the list of companies that received tax relief.

He repeated that the basic salary of public service employees would be increased by a minimum of 24% for primary-level service categories. For all government officials, salaries would be gradually increased from an average of 24% to 50%, depending on current fiscal feasibility, the manifesto announced.

A cost of living allowance of Rs. 25,000 would remain unchanged for three years and be provided to all government employees for three consecutive years, starting from January 2025, with 2025 being considered the base year, the manifesto announced.

The President declared 100,000 new jobs would be created next year. He explained how he intended to achieve that target with the support growing foreign and local investments.

President Wickremesinghe made a series of proposals to address the grievances of those who fought for the LTTE and issues related to the full implementation of the 13th Amendment to the Constitution. The President declared that the next parliament would be granted the power to deal with the granting of police powers to Provincial Councils. Similarly, the parliament would implement a programme to introduce a new electoral system in line with the recommendations made by the Priyasath Dep Committee.



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AKD warns of far reaching economic consequences of Middle East war

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Anura

President Anura Kumara Dissanayake yesterday called for an immediate and peaceful resolution of the escalating Middle East conflict, warning that the crisis could have far-reaching repercussions on the global economy, including Sri Lanka.

Addressing Parliament, the President stressed that no military conflict benefited humanity, particularly at a time when destructive military technologies were rapidly advancing.

“Any military conflict does not create a favourable situation for any group of people,” he said, urging all parties to make urgent commitments towards peace. “As Sri Lanka, our position is that all parties involved in this war must, as soon as possible, take steps toward a peaceful world.”

He cautioned that Sri Lanka could not remain insulated from the fallout from the conflict, noting that disruptions to global oil and gas supplies, threats to migrant workers in the Middle East, and potential shocks to tourism, remittances, shipping and aviation were real concerns.

A national programme was being formulated to mitigate the impact, he said, adding that its success would hinge on broader international efforts to restore stability, the President said.

Acknowledging public anxiety shaped by past economic hardships, President Dissanayake said social stability could not be ensured through rhetoric alone but required tangible guarantees that citizens would not face another crisis.

While noting that the government had successfully navigated multiple challenges since assuming office, he described the Middle East situation as distinct due to the uncertainty surrounding its duration and outcome.

The government, he said, was closely monitoring developments. The Central Bank had conducted a review with a report on the likely economic impact expected shortly. The Ministry of Finance is also preparing an assessment of the potential effects on public life, alongside measures to ensure the uninterrupted provision of essential services locally and for Sri Lankans overseas.

“The primary responsibility for finding a path out of the crisis rests with the Government,” he said, calling on Parliament and the public to collectively confront the challenge under a unified national plan.

Providing a detailed account of the country’s energy reserves, the President said storage capacity rather than supply remained the key constraint. Excluding the Indian Oil Corporation tanks in Trincomalee, total storage capacity at Kolonnawa and Muthurajawela stands at approximately 150,000 metric tons.

Diesel stocks were currently sufficient for 33 days, with refining contributing around 1,800 metric tons daily. Petrol reserves will last 27 days, with a 35,000 metric ton shipment due on March 7 or 8 expected to extend availability to around 40 days.

Aviation fuel stocks are adequate for 49 days, supported by both daily refining and imports. Scheduled shipments include vessels from RM Parks on March 14, Sinopec on March 17, IOC on March 21 and the Ceylon Petroleum Corporation on March 28.

Crude oil supplies were sufficient to operate the refinery for 26 days, with an additional shipment expected to extend operations by a further 18 days, the President said.

“Because of this, there is no crisis regarding oil,” the President assured Parliament.

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Pope invited to visit Sri Lanka

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President Anura Kumara Dissanayake has invited His Holiness Pope Leo XIV to visit Sri Lanka.

The official invitation was handed over by Minister Bimal Ratnayaka to the Vatican’s Under Secretary for Relations with the States, at the Vatican, yesterday, during the Minister’s official visit to Italy, the President’s Media Division said.

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New Tourism Act to strengthen legal action against visa violators

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The government is in the process of drafting a new Tourism Act to address legal loopholes that currently prevent the prosecution of foreign nationals who engage in unauthorised activities while on tourist visas. Speaking at a certificate awarding ceremony for the Vocational Initiative for Sustainable Ambassadors in Tourism (VISA) project at the Royal Kandyan Hotel, Suranjith Wavita, a member of the Presidential Task Force for Tourism Development, stated that the current Tourism Act No. 38 of 2005 was flawed as it does not prescribe specific punishments, beyond deportation, for such offenders.

Wavita highlighted that a significant number of foreigners, including Chinese nationals, had been deported over the past three months for working as illegal tour guides and engaging in various trading activities. He explained that due to a shortage of Chinese-speaking local guides, travel agents often brought in “Tour Leaders” from abroad on tourist visas, which was a serious violation. The proposed new legislation aimed to empower the Tourist Police Division to arrest and produce such violators, ensuring stricter enforcement than mere deportation.

The new Act is being formulated by a committee of experts, based on various proposals and ideas to make it mandatory for anyone involved in the tourism industry to be registered and properly trained. To facilitate this, the government has already lowered the basic qualifications required for registration, allowing more locals to enter the profession legally and prevent the negative impact of unauthorised operators on the industry’s future.

Discussing the industry’s growth, Wavita noted that Sri Lanka was now aiming for an annual target of three million foreign tourists. He specifically mentioned the success of the 311-km “Pekoe Trail” in the central highlands, which attracts around 500 tourists daily and helps channel tourism income into plantation-based communities.

He also emphasised the importance of environmental protection, noting that since 25% of Sri Lanka’s flora is endemic, some foreigners enter the country with the intention of “biopiracy,” making the role of trained local guides crucial in safeguarding natural resources.

The VISA training project was implemented by the National Cleaner Production Centre (NCPC) and ASSIST, with the support of VFS Global. The event saw the participation of high-ranking officials, including Manpreet Singh Aurora (Senior General Manager, VFS Global), H.C.P. Jayaweera (Director General of National Botanical Gardens), and Samantha Kumarasena (CEO, NCPC).

Wavita concluded by praising the increasing participation of women in the tourism sector, describing it as a vital contribution to both the industry’s progress and the national economy.

By S.K. Samaranayake

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