Connect with us

News

Cabraal: Govt. about to start many investment projects especially related to Colombo Port City, Hambantota 

Published

on

By Saman Indrajith

State Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament, on Friday, that Sri Lanka’s growth prospects were positive, underscored by a stable currency and sound debt repayment capacity.

 Participating in an adjournment debate on the prevailing situation in the country, the Minister said that the government was readying to start investment projects with construction permits and other such support to revive key sectors. 

The Minister said that the government was in the process of putting delayed investment projects on track and construction permits would be given soon to revive the sector. Among the key projects would be the Colombo Port City and Hambantota Port ventures as well as hundreds of multilateral funded projects that had been delayed over the past few years. 

Sri Lanka was in a comfortable position with regards to its debt repayment ability and would not default on its payments, at all, the State Minister said, adding that the external sector had been revised quite substantially over the last one year and the trade balance had also improved largely due to import restrictions that have been in place by the government since early 2020. 

“We are comfortable about our debt payments, and even though there were instances where the rating agencies made remarks which are not complimentary, they have been able to come back and say Sri Lanka would probably be able to maintain an impeccable position vis-à-vis the debt repayment ability.”

The Minister said the government was working out a SWAP arrangement with the Central Bank of another country, which would provide the standby arrangement ensuring that the rupee would stay stable even in the longer term. 

Minister Cabraal said that the country had managed to achieve a positive economic growth of 1.5% during the third quarter of last year despite the many challenges posed by the COVID-19 pandemic.

“We see the rupee has become stable. It was depreciating at the average rate of 6.8 % for the five years under the last government but we have been able to control it effectively and as a result, the depreciation has been limited to just 2.8%, and if not for COVID, we would have seen an appreciation of our currency.”



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Chemmani mass graves: Govt to seek international forensic help

Published

on

ECONOMYNEXT –International assistance for forensic analysis of the remains unearthed at the Chemmani mass grave will be sought when the need arises, Sri Lanka’s Minister of has Justice said after opposition legislators urged the government to seek help.

“We have spoken to embassies, we have made all the local finances necessary for excavation. But when it comes to DNA analysis, depending on the type and nature we will definitely have to go for internationally recognised places,” Harshana Nanayakkara said in response to a query in Parliament.

Nanayakkara said that request for international expertise is dependant on the direction the courts give on what needs to be done, after which they will decide which agency best suits the proceedings.

The minister also recognised that local expertise is lacking in the forensic department, and the need to train local staff with the help of international experts.

Opposition MPs argued that the present need is direct help in forensics from international entities, rather than the longer term need to train the staff on analysis.

Currently, the investigation is in the excavation and exhumation stage, conducted by archaeologist Raj Somadeva and his team.

The existence of the Chemmani mass grave was first brought to light in 1998, during the trial of the rape and murder of schoolgirl Krishanti Kumaraswamy.

In February 2025, construction workers found remains near the Sinthupathy Cemetery, and following investigations ordered by the Learned Magistrate, the mass grave was discovered.

412 bodies have been discovered, with 409 bodies recovered as of 23 June 2026. According to the Office on Missing Persons, this is the 17th recorded mass grave in Sri Lanka.

Continue Reading

News

ADB approves $57.4 million package to boost Lanka’s rooftop solar drive

Published

on

The Asian Development Bank (ADB) has approved a $57.4 million financing package to help Sri Lanka expand access to affordable clean energy and reduce greenhouse gas emissions through a large-scale rooftop solar aggregation and virtual net metering programme.

The financing comprises a $35 million concessional loan, $16.9 million in grants from the European Union and $5.5 million from the Japan Fund for the Joint Crediting Mechanism. With additional contributions from implementing agencies, the total estimated cost of the project is $80.5 million.

Under the Rooftop Solar Aggregation and Virtual Net Metering Project, two state-owned utilities — Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited — will introduce a scalable model to collect electricity generated from large rooftop solar installations and allocate the benefits virtually among eligible consumers.

The initiative will allow consumers to access solar power benefits without having to install individual rooftop solar systems.

ADB Country Director for Sri Lanka Shannon Cowlin said the project would broaden access to affordable renewable energy while strengthening the resilience and inclusiveness of the country’s power sector.

She said the initiative would also support grid modernisation and digital transformation, while creating employment opportunities and encouraging greater participation of women and youth in the clean energy sector.

The project is expected to benefit micro, small and medium enterprises and community organisations that face financial or space constraints in installing their own rooftop solar systems. Through a social compensation mechanism, eligible groups will receive reductions in electricity costs under the virtual net metering system.

The programme will support around 25 megawatt-peak of rooftop solar capacity while strengthening distribution networks, improving digital capabilities and preparing the national grid to accommodate higher levels of distributed renewable energy.

A dedicated training facility will also be established under the project to develop green skills, enhance women’s participation in the sector and build technical expertise in advanced low-carbon technologies.

Continue Reading

News

Bond scam case against Mahendran, Ravi K fixed for July 22

Published

on

The Colombo High Court on Friday ordered that proceedings in the case filed against 11 defendants, including former Central Bank Governor Arjuna Mahendran and former Finance Minister Ravi Karunanayake, over alleged irregularities in the Central Bank bond auction be taken up again on July 22.

The case was called before Colombo High Court Judge Manjula Thilakaratne, who informed court that the Trial-at-Bar bench appointed to hear the matter had not been properly constituted.

Accordingly, the judge directed that the case be recalled on July 22 for further proceedings.

The Attorney General has filed indictments under the Public Property Act against 11 accused, including Mahendran, Karunanayake, Perpetual Treasuries Limited and its directors Arjun Aloysius and Geoffrey Aloysius.

The accused have been charged over alleged irregularities connected to a Treasury bond auction conducted by the Central Bank in March 2016.

Continue Reading

Trending