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Justice Minister: SL has lost billions of dollars due to lax controls since 2017
By Saman Indrajith
Justice Minister Dr. Wijeyadasa Rajapakshe told Parliament yesterday that over 53.5 billion US dollars that should have been received by the country for its exports for the past 12 years had been held in foreign countries. “This has been revealed by the recent Global Integrity Report by the US. This has happened by the time of assuming of duties by the incumbent Governor of the Central Bank. I have information that after assuming duties he had called on top 100 exporters and asked for details and reports of their volumes of export and incomes. Only 57 exporters responded and of them too the majority have provided the Central Bank with false information or concealed the true figures. This is a serious issue because our outstanding loans for that year amounted to about USD 41 billion. The amount being held in foreign countries as payments for exports due to this country was USD 53.5 billion,” the Minister said.
Minister Rajapakshe said that the unfortunate situation had been created by the fraudulent exporters making use of the loopholes in the foreign exchange law. “Prior to 2017, we had the Exchange Control Act, which had strict provisions and regulations controlling the outflows and inflows of foreign exchange. Even during the times of the Sirimavo Bandaranaike government a special Foreign Exchange Commission was set up to investigate the errant businessmen who resorted to misinvoicing. I can recall how some businessmen who were found guilty were imprisoned. Some died in the prisons. In 2017, the Foreign Exchange Act was
introduced. It relaxed many strict rules and punishments or did away with some of them. Making use of these holes of the regulatory net, many exporters have shifted export proceeds overseas. We either need to amend these laws or to bring in new laws to prevent this because this is one of the main reasons for the economic crisis we are facing today,” the Minister said, adding that all other countries had strict rules preventing mis-invoicing. “We have informed the Finance Ministry of this need,” he said.
SJB MP Champika Ranawaka said that the amount of money lost by Sri Lanka annually was equal to its balance of payments deficit. “This is done by both exporters and importers. This misinvoicing could either be overinvoicing or underinvoicing. The amount that we lose annually is over 20 percent of our total foreign trade,” Ranawaka said.
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Advisory for Severe Lightning issued to the Western and Sabaragamuwa provinces and Galle and Matara districts
Advisory for Severe Lightning Issued by the Natural Hazards Early Warning Centre at 12.30 noon 12 March 2026 valid for the period until 11.00 p.m. 12 March 2026
Thundershowers accompanied with severe lightning are likely to occur at some places in the Western and Sabaragamuwa provinces and in Galle and Matara districts after 2.00 p.m.
There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities.
A Van Allen Probe spacecraft weighing more than 1,300lb (600kg) is expected to re-enter Earth’s atmosphere almost 14 years after its launch, Nasa says.
The spacecraft is projected to re-enter around 19:45 EDT (23:45 GMT) on Tuesday the US Space Force predicted, according to Nasa, though there is a 24-hour margin of “uncertainty” in the timing.
The Van Allen Probe A, which launched in 2012, is expected mostly to burn up as it travels through the atmosphere, though some components may survive.
The space agency said there is a one in 4,200 chance of being harmed by a piece of the probe, which it characterised as “low” risk.
The spacecraft and its twin, Van Allen Probe B, were on a mission to gather unprecedented data on Earth’s two permanent radiation belts.
It was not immediately clear where in Earth’s atmosphere the satellite is projected to re-enter. The BBC has contacted Nasa for further detail.
Nasa and the US Space Force have said they will monitor the re-entry and update any predictions.
The mission, which was originally designed to last two years, went on for almost seven. It ended after the spacecrafts ran out of fuel and were no longer able to orient themselves toward the Sun.
The probes flew through rings of charged particles trapped by Earth’s magnetic field from 2012 to 2019, in order to study how particles were gained and lost, per Nasa.
Those rings, called the Van Allen belts, shield Earth from cosmic radiation, solar storms and streaming solar wind, which are harmful to humans and can damage technology.
The mission made significant discoveries, including the first data that show the existence of a transient third radiation belt, which can form during times of intense solar activity, Nasa said.
Van Allen Probe B is not expected to re-enter the Earth’s atmosphere before 2030.
[BBC]
Prime Minister Dr. Harini Amarasuriya visited the International Rice Research Institute (IRRI) headquarters in Los Baños, Laguna, Philippines, on 11 March 2026, and held bilateral discussions with Yvonne Pinto, Director General of IRRI, focusing on strengthening cooperation in the field of rice research and sustainable agricultural development.
During the meeting, discussions centered on rice cultivation in Sri Lanka, including the key challenges faced by Sri Lankan paddy farmers. The Prime Minister highlighted issues affecting the sector such as productivity constraints, climate-related impacts, and the need to support farmers through improved agricultural practices and technological innovations.
Both sides also discussed the importance of introducing modern techniques and research-driven approaches to rice cultivation in order to enhance productivity and ensure long-term food security. In this regard, IRRI shared insights on ongoing global research initiatives aimed at improving rice varieties, strengthening climate resilience, and promoting sustainable farming practices.
The discussion further focused on the potential for expanded collaboration between Sri Lanka and IRRI, particularly in areas such as research partnerships, knowledge sharing, and capacity building for Sri Lankan agricultural institutions and farmers. The Prime Minister emphasized Sri Lanka’s interest in strengthening cooperation with IRRI to support the development of the country’s rice sector and to improve the livelihoods of paddy farmers.
The visit reaffirmed the importance of science-based agricultural innovation and international collaboration in addressing food security challenges and enhancing sustainable rice production in Sri Lanka.
(Prime Minister’s Media Division)
Advisory for Severe Lightning issued to the Western and Sabaragamuwa provinces and Galle and Matara districts
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