News

Central Bank urged to save collapsing local industries

Published

4 years ago

2021/10/20

The National Freedom Front (NFF) has requested the immediate intervention of the Governor of the Central Bank Ajith Nivard Cabraal to save micro, small and medium scale industries badly affected by the current economic downturn caused by the Covid-19.

The NFF parliamentary group comprises six members, including one National List.

Industries Minister Wimal Weerawansa, on behalf of the SLPP constituent parties, has warned of steep increase in unemployment, drop in the contribution made by small and medium scale industries to the national economy and the further widening of the gap between the rich and poor.

Party sources told The Island that the NFF had decided to take up the urgent matter because, in spite of repeated promises, those who had been severely affected were yet to receive assistance. Minister Weerawansa has urged the Central Bank to restructure loans obtained by affected industries and also extend the moratorium.

Weerawansa has in a letter dated Oct.18, told Cabraal that according to a survey conducted by the Industrial Development Board, micro, small and medium enterprises suffered serious setbacks. However, of the loans made available through the banking sector, a substantial segment had been disbursed among major players, the Minister said, while pointing out that in other countries in the region more than 50 percent of total loans were made available to micro, small and medium industries.

Unfortunately, here in Sri Lanka they received approximately 15 percent of the total given as loans, the minister said.

Minister Weerawansa said that though industries suffered, almost all state and private banks had recorded much improved performances with significant profits.

The Minister said that following his intervention with the cabinet of ministers, the government agreed on a plan of action to deal with the situation. It would be the responsibility of the Central Bank to implement the agreed proposals, he said.

(SF)

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Cabinet approves import of Maize to meet shortfall

Published

27 mins ago

2026/03/4

Priyan

The Cabinet of Ministers has approved the resolution furnished by the Minister of Agriculture, Livestock, Land, and Irrigation to determine the price of the maize by a committee appointed by the Secretary to the Ministry of Agriculture, Livestock, Land, and Irrigation in the future and to import only the quantity of maize that could not be supplied locally for the production of animal feed, under the supervision of the Department of Animal Production and Health.

Business

Cabinet nod for the removal of Cess tax imposed on imported good

Published

34 mins ago

2026/03/4

Priyan

The Cabinet of Ministers has approved the joint resolution furnished by the President in his capacity as the Minister of Finance, Planning, and Economic Development and the Minister of Industries and Entrepreneurship Development to phase the removal of Cess tax imposed on imported goods under 2,634 combined classification codes identified over 4 years [from 2026 to 2029\.

Latest News

Around 140 people missing after Iranian navy ship sinks off coast of Sri Lanka

Published

47 mins ago

2026/03/4

Priyan

A vessel seen near Galle earlier - the Iranian ship went down around 40 nautical miles off the coast, officials say [BBC]

Around 140 people are missing after an Iranian navy ship sank off the coast of Sri Lanka.

The Sri Lankan navy says around 180 people were on board, with 32 rescued. A spokesman tells the BBC the cause of the sinking is not known

Sri Lanka’s navy has confirmed that it’s rescued 32 people after it received a distress call from Iranian navy ship ‘IRIS Dena’ early this morning.

Budhika Sampath, the spokesman of Sri Lanka’s navy says: “Though it was beyond our waters, it was within our search and rescue region. So we were obliged to respond as per international obligations.”

He adds: “We found people floating on the water, rescued them, and later when we inquired we found that those people are from an Iranian ship.”

He also says that according to the documentation of the ship 180 people are believed to have been on board, although the exact number of missing is unknown.

The spokesman says at the time of launching the rescue operations they did not see the vessel but saw oil patches on the water and floating life rafts.

He also tells the BBC that he rejects the reports of a submarine attack causing the sinking, and that the cause is unknown.

Earlier the secretary of the country’s defence ministry Air Vice Marshal Sampath Thuiyakontha told BBC Sinhala that around 140 people are thought to be missing.

So far, Sri Lanka’s military has not been able to confirm what might have caused the ship to sink.

[BBC]