News
CB Governor: Constructions costs kept unconscionably hight
By Rathindra Kuruwita
The cost of construction in Sri Lanka had been high compared to other countries of the region even before the current crisis, and that was because certain industries had managed to limit or prevent imports without boosting productivity, Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe said yesterday, addressing a forum organised by the Ceylon Institute of Builders.
The price of raw materials- tiles, steel, cement, bathware, etc., were too high, he said. That was because some companies had managed to make the government discourage imports with higher taxes, he said.
“As a result, Sri Lankans are not paying market prices for material needed for construction. Everyone is paying extra to protect certain companies. Those in the construction industry have to pay higher prices to purchase the material they need, and the average Sri Lankan has to foot the bill finally. Even before the crisis, Sri Lankans paid a lot more than others, in the region, for housing, and now the numbers are astronomical,” he said.
Dr. Weerasinghe added that the economy must stabilize, and the wages have to rise for the average Sri Lankan to purchase a house.
“We will have to wait some time until the economy stabilizes, and income goes up. Then people will demand housing again, but this will take time. It will also take time for the government to invest in construction. The government needs to invest in construction and must build infrastructure, but this is not a priority right now. The government has been a big player in the construction industry for a long time and the industry leaped forward because of the government involvement. However, this can’t happen until we have fiscal stability and debt sustainability,” he said.
Dr. Weerasinghe said that the government would be able to stabilise the economy next year.
By AJA Abeynayake
The Attorney General informed the Supreme Court on Thursday (27) that Rs. 245 million from the funds obtained from the respondents, as per the verdict delivered on 12 January 2023 by a seven-judge bench led by the Chief Justice, had been paid as compensation to the victims of the Easter Sunday attacks. The case stemmed from fundamental rights petitions filed against the respondents’ failure to prevent the coordinated attacks. To monitor the disbursement of these funds, 13 related fundamental rights petitions were taken up on Thursday before a three-judge bench comprising Chief Justice Murdu Fernando, Justices S. Thurairaja, and A.H.M.D. Nawaz. Representing the Attorney General, Additional Solicitor General Viveka Siriwardena informed the court that Rs. 311 million had been allocated for compensation, of which Rs. 245 million had already been distributed among 412 individuals, including the families of 215 deceased victims.
She further stated that Rs. 65 million from the allocated funds was expected to be used for victims’ medical treatment and for the care of affected elderly individuals.
President’s Counsel Shamil Perera and Sanjeeva Jayawardena, appearing on behalf of Cardinal Malcolm Ranjith, Archbishop of Colombo, and the Bar Association of Sri Lanka, respectively, told the court that they had not yet received detailed reports on the compensation payments.
Chief Justice Fernando asked the Additional Solicitor General why those reports had not been provided to the relevant parties. The Additional Solicitor General responded that the proceedings were focused on monitoring the disbursement of compensation to victims.
The Chief Justice, however, noted that withholding those reports from the petitioners did not align with the objectives of the case. She ordered that the reports be immediately provided to the Cardinal and the other petitioners.The court scheduled the next hearing of the petitions for 21 May.
…. Gnanakka also received Rs. 28 mn
Chief Government Whip Minister Nalinda Jayathissa said on Thursday that the Ranil Wickremesinghe government had spent an additional Rs. 1,125 million as compensation for individuals whose houses were destroyed in 2022.
That was in addition to the Rs. 1,221 million paid to politicians as compensation, Minister Jayatissa said, revealing that an astrologer called Gnanakka from Anuradhapura had received Rs. 28 million in compensation for her Devalaya destroyed by mobs in 2022. (SI)
By Saman Indrajith
During yesterday’s parliamentary session, Prime Minister Dr. Harini Amarasuriya disclosed the expenditure incurred by the state on foreign trips undertaken by Sri Lanka’s Presidents.
Mahinda Rajapaksa’s foreign trips between 2010 and 2014 cost Rs 3,572 million. His successor, Maithripala Sirisena spent Rs 384 million on overseas travel from 2015 to 2019. Gotabaya Rajapaksa spent Rs. 126 million from 2019 to 2022, while President Ranil Wickremesinghe’s foreign travel between 2023 and 2024 cost the state Rs 533 million.
In contrast, the current president, Anura Kumara Dissanayake, had spent only Rs 1.8 million on foreign travel since assuming office in September 2024, the PM said.
The Prime Minister highlighted that the most expensive year for presidential foreign travel during that period was 2013, when Mahinda Rajapaksa’s trips alone amounted to an unprecedented Rs 1,144 million.
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