News
Sumanthiran complains that the man responsible for crisis still in driving seat
By Saman Indrajith
Sri Lankans were a disappointed lot each time Parliament was convened, Tamil National Alliance (TNA) MP, MA Sumanthiran said on Wednesday in Parliament.
Sri Lankans had never been so desperate and they were looking to the parliament today for answers to an unprecedented economic crisis, Sumanthiran said.
“Each time this parliament meets, people expect there will be some change, some forward movement to resolve this crisis. And the people are disappointed because this is a parliament with two thirds of the voters supporting the government,” he said.
The TNA MP said that the government hadabused the people’s trust and further strengthened the Executive Presidency. The President then went on to violate all the promises he had made to the people and rereading the President’s election manifesto in 2019, the “Vistas of Prosperity and splendor” now induced laughter, Sumanthiran said.
“The one very specific proposal that he made, is at page 36 and 37 in the English version of the manifesto. On page 37, Gotabaya very specifically says “income tax will be reduced, economic service charge and withholding tax will be scrapped. A simple value added tax of 8 % will be introduced, replacing both the current VAT of 15 % and the Nation building tax of 2 %, payee tax will be scrapped and personal income tax will be subject to a ceiling of 15 %. 5-year moratorium will be granted on taxes payable by agriculturist and small and medium enterprises” and so on. Huge tax reliefs announced even in his election manifesto – it was an election promise,” the TNA MP said.
At that time, the finance minister of this country, Mangala Samaraweera, stated that if that proposal was implemented Sri Lanka would become like Lebanon and Venezuela. “Samaraweera’s prediction has come true”, the TNA MP said.
“So, one cannot say that there were no warnings. The Finance Minister of the country at that time said this. The Prime minister now wants to set up a parliamentary budget office. During the last Parliament we had that draft and all of that was set up but it was never presented to Parliament. Recently he asked me for the draft and I have sent it to him, and hope that will be done. One of the tasks of the Parliamentary budget office is that, when due for an election somebody makes a promise – an election promise – the Parliamentary budget office will have to immediately calculate the impact of that promise and publish a report saying, this is how it will impact the economy,” he said.
The tax cuts implemented in December 2019 and were the major reason why Sri Lanka was in the current predicament today, Sumanthiran said. It was only after the tax cuts that Sri Lanka’s ratings started falling, and the Central Bank gave confidential reports to caution the government that Sri Lanka would not be able to borrow anymore, the TNA MP said.
“We were shut out of International Financial markets. So, the person who is single handedly responsible for this economic crisis is still the head of government. He is still president, some people are saying, “No. no. don’t look at this Politics – let that be – deal with the economic crisis”… yes of course, to deal with the economic crisis the wrong-doer must be removed. You can’t keep the wrong-doer, the one who is mostly responsible in that chair and deal with the crisis,” he said.
The TNA MP said the President, Prime Minister and Parliament had lost its legitimacy and that there should be an overhaul of the system. However, before that, parliament needed to be dissolved. Sumanthiran said that there should be political stability to resolve the economic crisis, however it was not possible to have stability in a Parliament that had a lot of independent MPs. The Sri Lankan parliamentary system was not geared to deal with a large number of independent MPs, he said.
“Every day of delay in establishing stability costs the country several million dollars. So it must be fixed fast. We are part of a problem, we must say “Yes, we’ll dissolve ourselves”, pass a resolution and request the President to dissolve Parliament. One of the biggest promises given by the President himself in the last address to the Nation was to bring back the 19th amendment. Both the President and the prime minister within the last two weeks have given the country that assurance. But where are you now? You can’t bring back the 19th amendment,” he said.
Prime Minister Dr. Harini Amarasuriya stated that promoting the local industrial sector is one of the key priorities of the Government.
The Prime Minister made these remarks while attending the official opening ceremony of the INCO 2026 Industrial Exhibition on 13 th of March, which is being held for the 20th consecutive year at the BMICH Exhibition Center.
The INCO 2026 Industrial Exhibition, organized by the Institution of Incorporated Engineers, Sri Lanka (IIESL), will be held from March 13 to 15.
Addressing at the event, Prime Minister stated:
“The engineering sector is a key driving force in addressing practical challenges faced by a country while enhancing efficiency and safety. In particular, the contribution extended by exhibitions of this nature encourages the student community to engage in innovation.
The Government has implemented several measures to accelerate the country’s industrial development. Notably, the National Industry Information System (NIIS) has established a centralized digital platform to collect data related to the country’s economic and industrial activities. The Government is also taking steps to provide necessary financial support to industrialists through Revolving Funds.
It is also noteworthy that this year’s exhibition has attracted international participation, creating opportunities for local entrepreneurs to explore new markets and gain exposure to international technologies. With the participation of engineers, students, and entrepreneurs, this exhibition marks an important step toward the country’s industrial future”.
The event was attended by the Chairman of the Export Development Board Mangala Wijesinghe, Chairman of the National Paper Company Limited Upali Rathnayake, President of the Institution of Incorporated Engineers, Sri Lanka Engineer Ananda Gunawardena, along with local and foreign investors, entrepreneurs, and industrialists.
(Prime Minister’s Media Division)
Chief Magistrate draws CB attention to massive drain in foreign exchange through cryptocurrency deals
Colombo Chief Magistrate Asanga S. Bodaragama yesterday observed that loopholes in actions carried out by State financial institutions, under the Foreign Exchange Act, had enabled funds in Sri Lanka to be transferred overseas, through cryptocurrency transactions.
The Magistrate said immediate steps should be taken to curb such activities and to educate the public, and directed that the matter be brought to the attention of the Central Bank of Sri Lanka.
He noted that cryptocurrency transactions carried out, using modern technology without approval from the Central Bank, had taken place without adequate public awareness, adding that incidents of the nature were increasingly being reported before courts.
The Magistrate observed that investigations into such incidents appeared to be confined to court proceedings alone and emphasised that the Central Bank, as the country’s principal financial regulator, together with other relevant institutions, should take appropriate measures and raise public awareness in the interest of the public and the country.
He also said the Criminal Investigation Department and the Central Bank should take steps to educate the public on such financial frauds and introduce a proper mechanism to address the issue.
The court further observed that many individuals had exploited loopholes in the Foreign Exchange Act and related procedures to commit financial fraud, and stressed that the Central Bank should take necessary action upon being apprised of such matters.
The Magistrate made these observations when a case relating to an alleged Rs. 290 million fraud at a well-known private bank was taken up before court yesterday. The suspects are alleged to have fraudulently obtained public funds through cryptocurrency transactions using accounts on Binance.
The Magistrate also directed the Criminal Investigation Department to expedite investigations into the disappearance of Rs. 290 million and report progress to court.Observing that the incident was not an ordinary case, the Magistrate instructed the CID to take prompt action to prevent similar frauds carried out through Binance platforms.
Making further observations, the Magistrate noted that the suspects had been produced before court, over the past three months, in connection with the incident, and stressed that investigations should be completed promptly by gathering all relevant information.
He earlier observed that the case did not involve a minor offence, such as ordinary theft, but a serious matter concerning the fraudulent misappropriation of public funds, through Binance accounts, and emphasised the need for swift action to prevent such crimes.
Nineteen suspects, connected to the incident, had earlier been remanded and subsequently released on bail.
The case was fixed to be called again on 15 May .
The Sri Lanka Computer Emergency Readiness Team (SLCERT) has issued a public advisory urging internet users to exercise caution when engaging with online advertisements in the run-up to the festive season.
Senior Information Security Engineer at SLCERT, Charuka Damunupola, said that several incidents of online scams had already been reported to the organisation during the first two months of this year.
He warned that with the approaching Sinhala and Tamil New Year, the risk of fraudulent advertisements and malicious links, appearing online, was likely to increase, often disguised as discount offers, cash prizes, or special promotional deals.
Damunupola noted that such links frequently redirect users to fraudulent websites designed to harvest personal information and other sensitive data.
He further cautioned that during the Vesak and Poson festive periods, scammers may attempt to collect user data through deceptive schemes promoted under various guises, including campaigns such as ‘Poson Maha Data Dansala.’
SLCERT has, therefore, urged the public to remain vigilant and exercise caution when clicking on unsolicited links or advertisements encountered online.
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