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Govt. to overhaul internal auditing and financial oversight mechanisms in SOEs

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The government has initiated moves to overhaul the internal auditing and financial oversight mechanisms in State-Owned Enterprises (SOEs), with the Committee on Public Enterprises (COPE) conducting a special workshop for Chief Financial Officers and Internal Audit Officers, representing nearly 300 SOEs.

The programme, organised with the sponsorship of the United Nations Development Programme (UNDP), was held at the Monarch Imperial Hotel, Sri Jayawardenepura, Kotte, as part of efforts to strengthen financial discipline and accountability, within state institutions.

Addressing the workshop, COPE Chairman Dr. Nishantha Samaraweera stressed that a strong internal audit mechanism was vital for the wellbeing of SOEs and said urgent intervention was required to address the disorganised conditions prevailing in the state enterprise sector.

He noted that officials, entrusted with public funds, were expected to maintain a high level of performance and accountability.

Dr. Samaraweera said the latest programme followed an earlier workshop conducted for heads of SOEs and formed part of a broader initiative to reform internal audit and financial management systems across state institutions.

Highlighting the scale of the challenge, he pointed out that with 457 SOEs currently in operation, it was impractical for COPE to summon every institution before the Committee. As a result, steps were being taken to introduce a digital monitoring mechanism to evaluate the performance of SOEs, he said.

During the discussions, participants also proposed strengthening the independence of Internal Audit Officers by making them directly accountable to Ministry Secretaries rather than the heads of respective institutions.

Auditor General Ms. Samudika Jayaratne, addressing the event, stressed that public funds belonged to the people, and must, therefore, be managed responsibly and transparently. She also underscored the importance of maintaining proper financial discipline and effective internal auditing systems to support the state audit process.

Director General of the Department of Management Audit A.P. Kurumbalapitiya delivered a lecture on the role of internal audit units in ensuring public accountability, while former Auditor General and Advisor to the COPE and COPA Committees Sarath Mayadunne spoke on the role of SOEs within Sri Lanka’s public accountability framework.

Director Legislative Services of Parliament M. Jayalath Perera, Internal Audit Officers and Heads of Finance Divisions from SOEs attended the workshop.



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Showers will occur at times in the Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts

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WEATHER FORECAST FOR 16 MAY 2026
Issued at 05.30 a.m. on 16 May 2026 by the Department of Meteorology

According to the today’s latest weather analysis, the low-pressure area located northeast of  Sri Lanka, still persists. The Department of Meteorology is continuously monitoring the behavior, development and path of the system.

Due to the influence of the above system, Showers or thundershowers will occur at times and cloudy skies are expected in the Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts. Fairly heavy showers about 75 mm are likely at some places in these areas. Showers or thundershowers may occur at a few places in the Uva and Eastern provinces after 1.00 pm.

The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.

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Lanka’s eligibility to draw next IMF tranche of USD 700 mn hinges on ‘restoration of cost-recovery pricing for electricity and fuel’

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The International Monetary Fund (IMF) said on Thursday that the completion of Sri Lanka’s combined Fifth and Sixth Reviews, under the Extended Fund Facility (EFF), remains subject to approval by its Executive Board, which is expected to meet in the coming weeks.

Addressing a media briefing, IMF Communications Department Director, Julie Kozack, said IMF staff and Sri Lankan authorities had reached a staff-level agreement on 09 April.

She noted that several prior actions must be completed before the programme can be submitted to the Executive Board, including the restoration of cost-recovery pricing for electricity and fuel, measures to protect vulnerable groups, and the completion of financing assurances.

Upon Board approval, Sri Lanka would gain access to approximately US$700 million in financing, Kozack said.

Responding to a question on whether the government’s fuel subsidy scheme — including the Rs. 100 per litre diesel subsidy — was consistent with the IMF’s pricing framework, Kozack declined to comment directly on the measure. However, she reiterated that the programme requires both cost-recovery pricing reforms and safeguards for vulnerable communities.

Kozack also observed that Sri Lanka had recently faced “two very large shocks”, referring to Cyclone Ditwah and the wider external impact of the Middle East conflict, which, she said, had affected both the economy and the public.

Despite these challenges, she said Sri Lanka’s reform programme was yielding positive results, citing strong fiscal performance in 2025, progress in debt restructuring, 5 percent economic growth, and inflation returning to positive territory following a period of deflation.

She reaffirmed the IMF’s commitment to supporting Sri Lanka’s reform agenda, stressing that the institution continues to work closely with the authorities to sustain economic stability and recovery.

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Sanath Nishantha’s brother sentenced to jail over assault case

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Former Arachchikattuwa Pradeshiya Sabha Chairman, Jagath Samantha, was yesterday sentenced to five-and-a-half years’ rigorous imprisonment by the Chilaw High Court after being found guilty of assaulting the Arachchikattuwa Divisional Secretary.

The court also ordered Samantha to pay Rs. 1 million as compensation to the victim, failing which he will serve an additional 24 months in prison.

The case had originally been filed against former State Minister Sanath Nishantha and his brother Jagath Samantha over the assault incident.

However, following the death of Sanath Nishantha, in a road accident on the Katunayake Expressway, on 25 January, 2024, only Samantha appeared before court for the proceedings.

The verdict was delivered after the High Court considered the evidence and submissions presented during the trial.

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