News
Govt. says selling state assets only way to build reserves and prevent crippling shortages
By Rathindra Kuruwita
Cabinet spokesman Minister Bandula Gunawardena yesterday (06) said Sri Lanka wouldn’t be in a position to be part of the international trading system unless it boosted its foreign reserves by selling some of its assets. Gunawardena, who also holds media and transport portfolios said so at yesterday’s post-Cabinet press briefing.
Responding to a query about the government’s decision to divest vital national assets, the Minister said that if Sri Lanka did not shore up its reserves to the tune of over three billion dollars, international companies would not accept the letters of credit given by Sri Lankan banks.
President Ranil Wickremesinghe, in his capacity as the Finance Minister, has proposed privatising of several state enterprises including Sri Lanka Insurance and Sri Lanka Telecom.
“Former President Chandrika Bandaranaike Kumaratunga sold a number of state owned enterprises. If we don’t increase our reserves, to over three billion USD soon, we will have problems importing fuel, and other essential items. Last week, Fitch again reduced our rating. No matter who governs Sri Lanka, they will all face the same problem. We need to build our reserves,” the Minister said.
Minister Gunawardane said that the need of the hour was to sell some assets and boost Sri Lanka’s reserves.
“China, India, Vietnam, and Malaysia are attracting a lot of investors. Only we have failed to do so, and we need to think why this is. Even our entrepreneurs are leaving for other countries. We need to change the way we think, if we want to attract investors to Sri Lanka,” he said.
President Anura Kumara Disanayake has appointed Acting Ministers for four ministries before his departure on an official state visit to Vietnam.
The appointments cover three ministries under the President’s purview — the Ministry of Defence, the Ministry of Digital Economy and Ministry of Finance, Planning and Economic Development as well as the Ministry of Foreign Affairs, Foreign Employment and Tourism, which comes under the purview of Minister Vijitha Herath, who is accompanying the President on this official visit.
Accordingly, the following Acting Ministers have been appointed:
Minister of Labour and Deputy Minister of Economic Development, Dr. Anil Jayantha Fernando, has been appointed as Acting Minister of Finance, Planning and Economic Development.
Deputy Minister of Digital Economy Eranga Weeraratne, has been appointed as Acting Minister of Digital Economy.
Deputy Minister of Defence Aruna Jayasekara, has been appointed as Acting Minister of Defence.
Deputy Minister of Foreign Affairs and Foreign Employment Arun Hemachandra, has been appointed as Acting Minister of Foreign Affairs, Foreign Employment and Tourism.
[PMD]
Gen. Nakatani, Minister of Defense of Japan paid a courtesy call on Prime Minister Dr. Harini Amarasuriya, at Temple Trees today [May 4].
The discussion took place in the spirit of long-standing bilateral friendship and focused on strengthening cooperation between Japan and Sri Lanka, particularly in the areas of defense and regional security. Minister Nakatani extended his congratulations to the Prime Minister on behalf of the Government of Japan and reaffirmed Japan’s commitment to collaborative efforts in ensuring peace and stability across the Indo-Pacific region.
He also emphasized Sri Lanka’s strategic importance in maritime security and regional connectivity.
Prime Minister Amarasuriya expressed appreciation for Japan’s continued support through development partnerships, especially via the Japan International Cooperation Agency (JICA). She reiterated the government’s commitment to transparency, economic reform, and national transformation.
The Prime Minister also shared the government’s vision for evolving the role of Sri Lanka’s security forces to include responsibilities such as climate response, humanitarian assistance, and maritime protection. The meeting further explored opportunities in trade, investment, and tourism, with both parties agreeing to deepen engagement across five key sectors.
The Ambassador of Japan to Sri Lanka, and senior officials from both governments participated in the meeting.
[Prime Minister’s Media Division]
President Anura Kumara Disanayake departed for Vietnam.
The visit is taking place at the invitation of the President of Vietnam from May 4 to 6, 2025.
During the visit, President Disanayake is scheduled to hold bilateral discussions with both the President and the Prime Minister of Vietnam. He will also meet with the General Secretary of the Communist Party of Vietnam and other senior officials.
On May 6, the President will attend the official opening ceremony of the United Nations Vesak Day celebrations in Ho Chi Minh City as the Chief guest and will also deliver the keynote address.
In addition, the visit is expected to include the signing of several bilateral agreements and engagement with the Vietnamese business community to further enhance economic cooperation between the two countries.
Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, along with a delegation of senior government officials, is accompanying the President on this important visit.
[PMD]
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