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Central Bank urged to save collapsing local industries
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)
It has been reported that a Sri Lanka Air Force Bell 212 Helicopter has crashed into the Maduru Oya Reservoir this morning.
Latest News
Heat index is likely to increase up to ‘Caution level’ at some places in Northern, North-central and Eastern provinces and Monaragala and Hambantota districts
Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 4.00 p.m. 08 May 2025, valid for 09 May 2025
The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Northern, North-central and Eastern provinces and Monaragala and Hambantota districts.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.
Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
News
EC asks winners to name heads of majority-controlled LG institutions; bargaining continues in hung councils
Chairman of the Election (EC) Commission R. M. A. L. Ratnayake said yesterday that the EC would direct the political parties and independent groups that have secured absolute majorities in local government bodies to name the heads of those institutions.
The ruling NPP and the Opposition parties are vying for control of the hung local councils including the Colombo MC. Both the NPP and the SJB have offered to coalesce with independent groups to muster majorities.
Ratnayake said that notifications would be sent to the General Secretaries of parties and independent groups that have won local government bodies with a majority of more than 50% of the vote.
The results of the 2025 Local Government election held on Tuesday (6) were released on Wednesday (7).
The NPP won 266 out of 339 local government institutions. The SJB and the Ilankai Tamil Arasu Kachchi won 13 and 37 councils respectively. Independent groups and regional Tamil political parties won the other councils.
However, the winners have failed to secure more than 50% of seats in a majority of the local government institutions.Ratnayake said that the members elected to local government institutions at the ward level would be officially gazetted in the coming days.
The heads of the non-majority councils will be elected by their members. The government and the Opposition are accusing each other of using financial inducements to make some councilors switch their allegiance ahead of the election of the heads of the hung local councils.
The NPP has said it is confident of forming stable administrations in 134 local councils, but the Opposition is of the view that the NPP will not be able to do so in about 186 councils.
PSL moved to UAE amid India-Pakistan tensions
Bell 212 helicopter crashes into Maduru Oya reservoir
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