News

Economic levers alone not sufficient to stimulate global economic recovery – President

Published

4 years ago

2022/10/1

Unlike the financial crisis of 2008, the economic levers alone were insufficient to stimulate global economic recovery in 2022 as what had led to the current crisis was the consequences of evolving geopolitics, President Ranil Wickremesinghe said on Thursday at the ADB’s 55th annual meeting.

“The Ukraine war on one side and the US-China rivalry, spurred on by military, trade and political differences, on the other side, are key contributors to this breakdown in cooperation. Added to the geopolitical rivalry are the droughts, floods and pandemic which are still present in Asia. All these challenges are compounded by the absence of global leadership – a time when the global economy is stuttering. As this global rivalry intensifies into a new cold war, which will determine a new global power balance by 2050, the inability of the major countries to give leadership to the mitigation of the global climate change crisis is becoming more apparent,” he said.

Unless these issues are addressed, the developing nations of Asia are facing a bleak future, he said. Surging inflation, tighter monetary policies, decline in European output, weakening of exports is leading to weaker economic prospects for South Asia and East Asia is the current reality, he said.

Wickremesinghe said Asia is witnessing new alliances cutting across the geopolitical rivalries to mitigate global climate change further highlighting the absence of a common approach on this subject that is vital for our existence. The geopolitical rivalry to determine the contours of the Asian power balance by the mid-century has resulted in the inability of the major countries to give leadership to overcoming the key crises that are threatening the prosperity of the region.

“The resolution of these major economic and environmental issues is unfortunately interwoven with the global geopolitical crisis. As they say in many of our countries, when the elephants fight, it is the grass that is crushed. This is the predicament of many of our member countries. Therefore, we must overcome the geopolitical rivalries to address the major threats to our existence, otherwise we will all fail leading to instability in our region reminiscent of Europe after World War I. On the other hand, our ability to successfully meet these challenges will lead to remarkable progress in raising the living standards of our people through the rise of the economies of our member countries,” he said.

Supply chain shocks created by the Covid pandemic, prices of global commodities mainly food, fuel and fertiliser skyrocketing due to the Ukraine war has led to stuttering the growth of middle class and has resulted in further insecurity amongst the vulnerable communities in the Indian Ocean region, the President said.

“As a result of these shocks, there has been a spike in sovereign debt distress across emerging markets. The growth targets, both in East Asia and South Asia, have been revised downward. If this is not promptly addressed, it risks creating contagion of debt distress that threatens growth and financial stability across all economies. Countries with pre-existing economic vulnerabilities, including Sri Lanka, are the most affected. Therefore, creditors and debtor nations must work collectively in an equitable manner to ensure economic and financial stability across the region and indeed the world,” he said.

Wickremesinghe said that these developments on the global stage have further aggravated the self-inflected economic crisis in Sri Lanka resulting in a political outburst that led to a change in Government. However, the present administration has stabilized the economy and many countries and stakeholders are keenly monitoring how we resolve this crisis, he said. The President said that many nations are keenly watching developments in Sri Lanka to see how the country works with all stakeholders to resolve this crisis.

“We are well aware that the evolution of Sri Lanka’s economic crisis includes both domestic policy elements as well as external shocks. It follows that the resolution of the crisis also requires both domestic efforts and the support of external partners. It is incumbent upon Sri Lanka and our creditors and partners to set an example of how collaborative and good faith action can result in sustainable and equitable solutions to sovereign debt issues,” he said.

Sri Lanka has already undertaken major macroeconomic policy reform measures, Wickremesinghe said. Sri Lanka has now reached a Staff-Level Agreement with the International Monetary Fund on a four-year programme supported by the Extended Fund Facility. The programme is aligned with the commitment of the Government to implement an ambitious and comprehensive package of reforms that will help restore the sustainability of our public finances, addressing external imbalances, and restarting Sri Lanka’s growth engine through structural reforms and improvements in governance.

“Amidst major economic stress, Sri Lanka is undertaking an unprecedented fiscal effort as part of our commitment to restoring the country’s debt sustainability. It is our hope and expectation that Sri Lanka’s creditors, and all stakeholders, will support us in these efforts to restore our debt sustainability and help put the country back on the path of inclusive and sustainable economic growth,” he said.

All News Advertisement

News

Steps are being taken to provide accommodation facilities for 16,000 university students – Prime Minister

Published

10 hours ago

2026/09/10

Priyan

Prime Minister Dr. Harini Amarasuriya stated that accommodation facilities will be provided for 16,000 university students through the new university hostel construction programme, and that steps have also been initiated to formulate a comprehensive policy on university student accommodation.

The Prime Minister made these remarks on Wednesday (09 September) in Parliament while responding to questions raised in Parliament.

The Prime Minister stated:

“The University Grants Commission allocated Rs. 376 million in 2025 and Rs. 453 million in 2026 for the renovation of university hostels. The Ministry of Education, Higher Education and Vocational Education allocated Rs. 400 million in 2026 for hostel renovations and Rs. 1,500 million for the construction of new hostels in 2026. All these funds are from domestic allocations. We are implementing these hostel projects without resorting to borrowing. At the same time, allocations have been made through the 2025 and 2026 Budget Estimates for the construction of new hostels under foreign loan financing. These include Rs. 321 million allocated in 2026 for hostels under the Wayamba Urban Development Project, funded through the Saudi Development Loan.

Under the project to establish the Faculty of Medicine at Sabaragamuwa University of Sri Lanka, Rs. 331 million has been allocated under the Saudi Development Loan for the construction of a hostel.

A further Rs. 10.46 million has been allocated for the renovation of hostels under the Wayamba Urban Development Project. Accordingly, Rs. 466 million was allocated for 2025 and Rs. 662.46 million for 2026.

A total of 55 new hostels are scheduled to be constructed during 2025 and 2026 and in the period ahead.

The number of students expected to benefit from these accommodation facilities is 16,000. The University Grants Commission is currently formulating an overall policy on accommodation facilities for students of Sri Lankas state universities. The policy also includes guidelines relating to private student accommodation.

There are instances where university students obtain accommodation in privately operated hostels or rented houses. However, there have been no guidelines governing such accommodation. Until now, there have been no established guidelines regarding charges or minimum standards that should be maintained. We are now in the process of developing guidelines to ensure the safety of students and to prevent them from being subjected to economic exploitation.

The proposed policy is currently being reviewed by the state universities under the purview of the University Grants Commission. The programme will be implemented by the University Grants Commission in direct collaboration with state universities, and there are currently no plans to involve local authorities.

The objective of this policy is to ensure fair, transparent, safe, affordable, accessible and inclusive accommodation facilities for students. In particular, we intend to address the accommodation requirements of university students with disabilities through this programme.

The policy also recognises that students who are unable to obtain university hostel accommodation may obtain accommodation in registered private hostels.

Under the proposed provisions relating to private hostels, minimum standards are expected to be introduced covering accommodation facilities, sanitation, safety, accessibility, affordability and student welfare. The provisions also include arrangements for the fair allocation of accommodation, with particular priority given to students with disabilities; the establishment of a committee to oversee private student hostels; regular inspections; and necessary action against hostels that fail to comply with the required standards. Following consideration of observations and recommendations received from the universities, the draft policy will be revised and subsequently submitted for the process of finalisation.

Of the 55 hostels, priority has been given to universities located away from urban areas. We commenced this project with two hostels at the University of Vavuniya. Accordingly, priority has so far been given to universities such as the University of Vavuniya, the University of Jaffna – Kilinochchi Campus, the South Eastern University, the Uva Wellassa University and the Sabaragamuwa University, where the accommodation issue is particularly acute. Another aspect being considered under the accommodation policy is the limited availability of private accommodation in all parts of the country. Therefore, we are also considering the possibility of constructing additional hostels through a public-private partnership arrangement. For example, the Government could provide land under an agreed arrangement to facilitate the construction of additional accommodation facilities. Discussions are currently being held with the universities regarding this matter”.

Prime Minister Dr. Harini Amarasuriya further stated that steps are also being taken to look into hostel facilities and student welfare activities at vocational training centres, as well as at the Ocean University of Sri Lanka and the University of Vocational Technology.

[Prime Minister’s Media Division]

News

Published

20 hours ago

2026/09/10

Sahan Weerasooriya

GL / Harshana

Opp. lashes out at Justice Minister for disparaging remarks about CLA

By Shamindra Ferdinando

The Joint Opposition yesterday (09) tore into Justice and National Integration Minister Harsha Nanayakkara over some disparaging remarks about the Commonwealth Lawyers Association (CLA) in Parliament on Tuesday (08).

The Convenor of the Opposition grouping, former Law Professor Peiris questioned Minister Nanayakkara’s declaration that the CLA was a private club that granted membership on payments received. Emphasising that the CLA consisted of those in the legal profession in Commonwealth countries, Prof. Peiris told the weekly media briefing at the Flower Road Office of former President Ranil Wickremesinghe that the views expressed by the organisation couldn’t be discarded under any circumstances.

Prof. Peiris dealt with Nanayakkara’s response to the CLA’S concerns about several issues, including the composition of the five-member panel of judges. “How could Minister Nanayakkara dismiss concerns raised by CLA on the basis of the paid-membership of the organisation?” Prof. Peiris asked. If membership became an issue, the government would have to reconsider Sri Lanka’s UN membership, the ex-External Affairs Minister said, pointing out that the country had to make regular payments to retain membership of other UN agencies, as well.

Prof. Peiris said that indefensible attacks on international organisations could cause irreparable damage to the country. Appreciating the CLA’s report on the Supreme Court proceedings on the 01 and 02 September, Prof. Peiris stressed the importance of what he called total transparency in the judicial process. He said that whatever the outcome of a particular legal process, it couldn’t be done behind the backs of the public.

Referring to legal processes regarding the 6th Amendment and 13th Amendment, in 1983 and 1987, respectively, Prof. Peiris said, on both occasions the then Chief Justices Neville Samarakoon and S. Sharvananda constituted benches consisting of all Supreme Court judges.

But, the incumbent CJ Preethi Padman Surasena, in spite of the majority of petitioners demanding all available 13 justices to hear the case, decided to leave out those on the seniority list from second position to fourth position.

The government got offended because the CLA pointed that out for the whole world to take notice, Prof. Peiris said. The former parliamentarian noted that the CJ hadn’t even give a reason for declining the widespread call to involve all available 13 judges. According to him, there had been instances where CJ’s appointed seven justices to hear a particular case. Prof. Peiris cited the 2018 bench of seven judges that heard the petitions against President Maithripala Sirisena over the dissolution of Parliament and a panel constituted in 2023 to hear the 2019 Easter Sunday carnage that claimed the lives of 270 people.

The issue at hand is that the five-member panel of judges hadn’t been selected on the basis of seniority, Prof. Peiris said, once the SC determination was sent and released through the Speaker, they would meticulously examine that to make their position known to the people. Prof. Peiris said that what they really wanted to know was that if seniority hadn’t been the basis for selection what the criterion was.

News

Sri Lanka reiterates its territory won’t be used against India

Published

20 hours ago

2026/09/10

Sahan Weerasooriya

Indian Defence Minister Rajnath Singh listening attentively to President Dissanayake (pic courtesy PMD)

The Indian Defence Ministry in a statement issued yesterday (09) quoted President Anura Kumara Dissanayake as having assured visiting Defence Minister Rajnath Singh that Sri Lanka would never allow its territory to be used for activities inimical to India’s security interests.

The text of the Indian press release: “Visiting Indian Defence Minister Rajnath Singh called on President Anura Kumara Dissanayake in Colombo on September 09, 2026. The two leaders held substantive discussions on issues covering the entire spectrum of the multi-faceted partnership between the two nations, characterised by traditionally warm relations and mutual trust.

The two sides reaffirmed that as civilisational twins, close neighbours and maritime partners, India and Sri Lanka would continue to work together for their development and welfare of the people while working jointly to ensure the safety, security, peace and prosperity of the region. The senior Indian Minister conveyed greetings on behalf of Prime Minister Narendra Modi and underlined that the citizens of the two countries share deep friendship based on strong historical & civilisational links and people-to-people exchanges.

Extending a warm welcome to Mr. Singh, President Dissanayake recalled his interactions with PM Modi and reiterated that Sri Lanka would never allow its territory to be used for any activities inimical to India’s security interests.

President Dissanayake expressed his gratitude for the relief assistance provided by India as part of Operation Sagar Bandhu during Cyclone Ditwah and the comprehensive rehabilitation package extended by New Delhi to facilitate reconstruction and rehabilitation work across different parts of the island. The powerful Indian Defence Minister emphasised that as a closest friend and neighbour of Sri Lanka, India considered it not a favour, but a responsibility to provide assistance as the first responder and would continue to do so in the future as well.

Both leaders virtually inaugurated three Bailey Bridges constructed by the Indian Defence Forces. The two sides also exchanged MoUs on upgradation of L70 Guns for the Sri Lankan Air Force, and cooperation between National Cadet Corps (NCC) & National Defence Colleges (NDC) of both the countries. The MoU on Upgradation of six L70 guns for the Sri Lankan Air Force falls under a Government of India grant. The upgradation of these air defence guns will significantly strengthen the air defence architecture of critical assets in Sri Lanka. These air defence guns were earlier provided to the Sri Lanka Air Force by India.

The MoU on academic cooperation between NDC, India and NDC, Sri Lanka will facilitate knowledge sharing which will be a significant step in further strengthening the academic bonds between both the sister institutes. The MoU on NCC cooperation will formalise the NCC youth exchange programme between India and Sri Lanka. This exchange programme provides a valuable opportunity for NCC cadets from multiple countries across the world to come to New Delhi every year and participate in NCC events.”