News
NBFIs shut out of Saubhagya scheme: small, micro businesses suffer
By Senath Nanayakkare
Lower-end businesses and micro businesses are at a clear disadvantage because only the licenced banks have been authorised by existing laws to provide the Saubagya Covid – 19 Refinance Facility, which is much in demand in the difficult economic situation, Krishan Thilakaratne, Director/CEO, Commercial Leasing and Finance PLC told The Island yesterday.
“As a result, small-time business ope13rators have not been able to benefit from these funds,” he said.
“The Monetary Law Act does not include Non-Banking Financial Institutions (NBFIs) as a Participating Credit Institution (PCI). This restricts NBFIs from participating in schemes originated by the CBSL. The recent “Saubaghya” loan scheme is one such scheme in which only the Licenced Commercial Banks participated. This has deprived some SMEs, lower-end SMEs and Micro market clientele, of vital low cost finance. More granular distribution of “Saubaghya” funds through NBFIs to Micro and SME sectors would have created more economic impact and caused a meteoric rise in the country’s GDP. We hope the necessary laws would be amended to correct these fundamental issues and NBFIs are used as financial conduit in government’s developmental programmes in future,” he said.
The Central Bank under the instructions of the government introduced this refinance facility for businesses adversely affected by the COVID-19 outbreak, under the Saubagya (Prosperity) Loan Scheme
Given the high demand for the new facility, the allocated amount of Rs. 50 billion has been increased to Rs. 150 billion and the deadline to submit application has been extended up to August 31.
The regulator approved 3,985 new loan applications amounting to Rs.11,829 million, submitted by licensed banks under this facility during the period 13-23 July 2020. However, NBFIs which play a crucial role in the economy offering their services in urban as well as rural areas by granting micro loans allowing for growth of small entrepreneurs have been left out of this important loan scheme.
News
CoPF Chief steps up pressure on Prez to appoint AG
House Committee, BASL and TISL take common stand
The Chairman of the Committee on Public Finance (CoPF) has found fault with President Anura Kumara Dissanayake for what it calls the inordinate delay in appointing a new Auditor General. CoPF Chairman Dr. Harsha de Silva, in a letter dated Dec. 22 addressed to President Dissanayake, has pointed out that the Office of the AG remains vacant.
The SJBer raised the serious issue with the President close on the heels of the interventions made by the Bar Association of Sri Lanka (BASL) and Transparency International Sri Lanka (TISL).
Dr. de Silva has emphasised that the failure on the part of the President to fill the vacancy is a matter of serious concern. The Constitutional Council has repeatedly rejected the President’s nominee while questioning his suitability.
The following is the text of CoPF Chairman’s letter to the President: ” I wish to respectfully bring to your attention that the Office of the Auditor General has remained vacant since 7 December, following the conclusion of the tenure of the Acting Auditor General on 6 December. At present, there is neither a substantive nor an acting Auditor General in the country, and consequently, the Audit Service Commission remains without a chairman. Given the prevailing circumstances of the country, the continuous absence of this constitutionally mandated post is a matter of serious concern.
Under Article 148 of the Constitution, Parliament exercises full control over public finance. The effective exercise of this control is constitutionally dependent on the continuous functioning of an independent audit mechanism.
Article 154 of the Constitution establishes the office of the Auditor General and mandates the audit of all State institutions and the reporting of such audits to Parliament. The absence of an Auditor General disrupts this mandatory constitutional process. This mandate is further reinforced by Section 3 of tile National Audit Act, No. 19 of 2018.
Moreover, the oversight functions of the Committee on Public Accounts, and the Committee on Public Enterprises in terms of Standing Orders 119, and 120 are directly dependent on audit reports issued by the Auditor General. The continued vacancy therefore materially undermines parliamentary financial oversight.
As the Committee on Public Finance (CoPF) is responsible for reviewing the budget and work programme of the National Audit Office, I consider it my duty, as the Chair of the CoPF, to urge the immediate appointment of the Auditor General.
Accordingly, I respectfully request that urgent action be taken to appoint a suitable, qualified and experienced individual as the Auditor General in accordance with Article 153(1) of the Constitutional, without further delay.”
News
Indian HC and Consulates extend humanitarian assistance to families affected by Cyclone Ditwah
As part of India’s continued assistance to Sri Lanka under ‘Operation Sagar Bandhu’, the Indian High Commission in Colombo, Assistant High Commission in Kandy and Consulate General of India in Jaffna conducted humanitarian assistance distribution drives for families affected by Cyclone Ditwah in different parts of the country, the Indian HC said.
The text of the HC statement: “On 18 December, High Commissioner of India Santosh Jha distributed relief kits among affected families in the Kolonnawa in coordination with All Ceylon Sufi Spiritual Association and among children of Bhaktivedanta Children’s Home ‘Gokulam’ at ISKCON Temple in Colombo. Earlier this month, the High Commissioner also distributed assistance among residents of Nayanalokagama, village specially designated for the visually impaired, and among affected families in Negombo in the Gampaha District.
Between 9 and 19 December, Assistant High Commission of India in Kandy distributed essential food items and supplies among hundreds of affected families in Kandy, Nuwara Eliya and Badulla Districts.
Similarly, the Consulate General of India in Jaffna carried out several distribution drives for affected families in Mannar, Mullaitivu and Kilinochchi, as well as island territories of the Jaffna District.
This assistance is over and above several tonnes of food and relief material handed over by India to the Government of Sri Lanka under ‘Operation Sagar Bandhu’.”
News
Sri Lanka prepares to deploy fresh military contingent under UN command
The passing-out parade of the No. 11 Contingent of the Aviation Unit assigned to the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA) took place on 23 December 2025 at the SLAF Base Katunayake. The Commander of the Air Force, Air Marshal Bandu Edirisinghe, took the salute as the parade was led by Group Captain Asiri Pathirage, the Contingent Commander of the 11th contingent.
The heli-deployment, comprising 22 officers (including two female officers) and 88 airmen (including five airwomen), is scheduled to depart for the Central African Republic in the middle of January.
During the address to the parade, the Commander noted that the United Nations Headquarters has praised the Sri Lanka Air Force contingents stationed in the Central African Republic for their bravery, professionalism and dedication to duty. He emphasized that this accomplishment reflects the trust and confidence placed in the military forces of Sri Lanka by the international community, enhancing the nation’s standing on the global stage. This mission is also anticipated to bring significant economic benefits to the country.
The parade was attended by the Chief of Staff, Deputy Chief of Staff, members of the Air Force Board of Management, officers and airmen of SLAF Base Katunayake and most specifically, the beloved family members of the Aviation Contingent.
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