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CP blames 2022 crisis on JRJ policies

Published

2 months ago

2026/02/23

Weerasinghe

General Secretary of the Communist Party Dr. G. Weerasinghe has said the national economy nosedived in 2022 due to three factors. The depletion of the country’s foreign exchange reserves was the main factor caused by the huge chronic trade deficit blamed on the import/export policy implemented through the free/liberal/open trade policies implemented since 1978.

The second factor that led to the economic crisis was the steep decline in state revenue caused by the wrong tax policy followed by successive governments since 1978 by slashing direct taxes, giving tax concessions, imposing tax restrictions, and granting tax amnesties, especially to multinational corporations. Despite sucy concessions, Sri Lanka had not received substantial foreign investment did not receive

The third reason was the huge trade deficit and the gradually collapsing state revenue, which required more and more loans to be taken. Governments obtained loans from loans from lage private financial companies. in addition to institutions such as friendly countries, the International Monetary Fund, and the World Bank. Among those who provided such loans to the Sri Lankan governments were eight Sri Lankan financial companies.

Dr. Weerasinghe said so addressing the inaugural session of the CP’s national congress that commenced on 20 February in Colombo.

Dr. Weerasinghe said that the three basic policies, namely the import/export policy that caused the loss of dollars, the tax policy that caused the loss of rupees, and the debt-building policy, especially the borrowing policy of international/national moneylenders, are all policies that arose from the so-called open economy/free trade economic strategy introduced to the country in 1978.

At the onset of his speech, the founding leaders of the CP, including Dr. S. A. Wickramasinghe, Pieter Keuneman, Rev. Udakendawala Sri Saranankara Thero, A. Vaidialingam, P. Kandiah and M. G. Mendis were remembered with great respect.

Dr. Weerasinghe said: “In Sri Lanka, we tried implementing these policies for almost 50 years – since 1978. Our infant industries, which were being built behind state protection and with assistance from the socialist countries, were destroyed. We became a market for the products of the Global North. We borrowed from the Global North’s banks to afford to buy products made by the Global North’s industries. Eventually, an economic crisis erupted in the country and it exploded.”

“When we all came together in 1935 and founded the Sama Samaja Party, and later the Communist Party, one of their main objectives was to win sovereignty – national independence. After going through various stages in the fight for national independence, we became a Republic in 1972 and completed political independence. But a question has arisen as to whether we have true political freedom today in 2026. This question has emerged so strongly in the wake of the economic crisis that erupted in 2022.

“The free market system was introduced to the world by neoliberal leaders in the late nineteen-seventies. This system was based on the views of economists who were marginal after World War II, but became more powerful following the crisis of capitalism in the nineteen-seventies. The policies of these economists were accepted by the political leaders of the United States, Britain, and Europe. These leaders then intervened in the Global South to enforce these ideas and policies.

“The main aspects of the free market system introduced to the world were: Free trade, Free movement of finance, Restriction of state intervention in the economy and expansion of the role of the private sector

“The result of these policies are that everything is determined by a handful of private international monopolies in the so-called free market. The richest 1% get richer while the poor get poorer. The rich 1% decides how the social wealth is invested, and the poor have no voice. This system was forced upon developing countries, often by military dictatorship or authoritarian governments.

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“Let’s move forward together in unity to build a country where all labour is valued, rights are protected, and equality prevails” -PM

Published

18 hours ago

2026/05/1

Priyan

Prime Minister Dr Harini Amarasuriya in her May Day message called upon the working people in Sri Lanka to move forward together in unity to build a country where all labour is valued, rights are protected, and equality prevails.

The full text of the PM’s message:

The history of the Sri Lankan labour movement is a remarkable journey, shaped over decades by the blood, sweat, and sacrifices made in the pursuit of rights, justice, and dignity.

Beginning with the printers’ strike of 1893, the working people of this country emerged as an organised force. Through the trade union movement led by A. E. Goonesinha and the emergence of the Lanka Sama Samaja Party, the voice of labour gained political strength. The Railway Workers’ Strike of 1923 and the public service strike of 1947 reaffirmed that the true ’driving force’ behind the country’s economic and social transformation was its working people. I respectfully acknowledge the invaluable contributions of workers in the plantation sector, ports, railways, and across both the public and private sectors, whose dedication laid the foundation for many of the labour rights we benefit from today.

As we commemorate International Workers’ Day with dignity once again, we pay tribute to all working people across the world, including the heroic workers who sacrificed their lives in the struggle for an eight-hour workday in Chicago in 1886. This year’s May Day holds special significance as it is being celebrated under a government built through the power of the people, in honour of the entire working community of Sri Lanka.

Granting due respect to labour and safeguarding the rights of all working people are core policy commitments of our government. Accordingly, we remain dedicated to creating a fair and safe working environment by expanding existing services and implementing new programmes aimed at improving the living standards of working people.

Ensuring fair and equal access for all citizens is a fundamental objective of the government. Following that, it is our responsibility to create an environment in which everyone can lead a dignified professional life. Establishing a national social protection system that recognises unpaid labour and guarantees social security for unpaid labours is among the foremost priorities of our government.

On this May Day, we must reaffirm the importance of moving forward together in unity to build a country where all labour is valued, rights are protected, and equality prevails. With the strength and dedication of all working people, may we soon achieve the vision we all share: “A Thriving Nation – A Beautiful Life

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Heat Index at Caution Level at some places in the Northern, North-central, Eastern, Sabaragamuwa and North-western provinces and in Monaragala district during the day time

Published

23 hours ago

2026/05/1

Priyan

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 30 April 2026, valid for 01 May 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, Eastern, Sabaragamuwa, and North-western provinces and in Monaragala district during the day time.

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

USD 2.5 mn fraud probe: Interdicted MoF official found dead at home

Published

23 hours ago

2026/05/1

Thilina Walpola

An Assistant Director of the External Resources Department (ERD) of the Ministry of Finance, interdicted pending an investigation into the diversion of US$2.5 million in Treasury funds to a rogue account was found dead at his residence in Kuliyapitiya.

The deceased has been identified as Ranga Nishantha, 50.

Police said the officer had been found in the garden of his house and they believed that the officila had committed suicide. However, investigators have not ruled out other possibilities, and inquiries are continuing.

The official was interdicted along with three other senior Finance Ministry officials over a cyber-enabled financial fraud.

Those interdicted include a Director and an Assistant Director from the ERD, as well as a Director and an Additional Director General from the Public Debt Management Office (PDMO).

Police sources said that the CID had on two occasions asked Nishantha to make a statement in connection with the ongoing investigation, but he had failed to comply.

Police said the CID probe into the alleged cyber fraud is continuing, with investigators examining the circumstances surrounding the diversion of funds through compromised communication channels.Kuliyapitiya Police said further investigations were underway to establish the exact cause of death.