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New investment company will be established to manage state assets – President
President Ranil Wickremesinghe announced plans to establish a new investment company that will manage state assets, ensuring that the rights of the people are protected. He also stated that new laws would be introduced to support this initiative. Additionally, the President highlighted the potential for new investments that will generate assets and help create a structured retirement planning system.
These remarks were made during a ceremony in Colombo today (02), where the President participated in the launch of a new retirement insurance system for the elderly through the SANASA Movement. During the event, President Wickremesinghe also symbolically handed over six new insurance policies for senior citizens.
The President noted that he took control of the country during an economic collapse, made difficult decisions to rebuild it, and emphasized that without the people’s patience, Sri Lanka could have faced a fate similar to Bangladesh today.
President Wickremesinghe further elaborated;
The United National Party government, appointed in 1977, opened the country’s economy, prompting various groups to establish new institutions and businesses. It was during this time that Mr. P.A. Kirivandeniya initiated the SANASA Movement, leading to the constitutionalization of the program. The proposal for the equitable distribution of production and resources among all citizens, initially suggested by Dudley Senanayake and J.R. Jayewardene in 1962, was also incorporated into the constitution, encouraging organizations like the SANASA Movement to flourish and significantly contribute to the Sri Lankan economy.
In the 21st century, the economy expanded differently from the 20th century, with the rise of small businesses, particularly in the three-wheeler industry and the tourism sector. However, in 2022, Sri Lanka’s economy collapsed. I assumed leadership during this time of economic instability, and without the patience of the people, the country could have descended into chaos.
If people had taken to the streets to govern the country, Sri Lanka could have faced the same fate as Bangladesh today. Rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the International Monetary Fund (IMF). At one point, buying a vehicle, a house, or modern appliances seemed like an unattainable dream for many. However, we have overcome those challenging times, and with the economy now stabilized, the people’s purchasing power has increased, which in turn is expected to fuel the growth of small businesses and attract investors.
We have also initiated a program to grant “rights” to the people, starting with the decision to issue freehold deeds to secure land rights. As part of this effort, two million freehold deeds are being distributed. Additionally, we have launched a program to provide Colombo urban flats to people free of charge, and plans are in place to create estate villages in the upcountry, offering each family a plot of seven perches. This process of transferring “rights” to the people is progressing rapidly.
Additionally, there is a focus on providing subsidized housing loans to low-income earners. Traditionally, the funds from the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) were used to purchase bonds. However, under our current program, government spending has been reduced, and plans are in place to increase state revenues. As revenues grow, the need to use provident fund money for bond purchases will diminish. We are in discussions to redirect these funds towards investment opportunities, and we intend to consult with trade unions and employers on this matter.
There are also plans to establish a National Wealth Fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare. This initiative will help secure the “rights” of the people.
The SANASA Movement is already engaged in such a social investment program, and various service cooperative societies are also implementing similar methods. To support these efforts, new laws will be required, drawing inspiration from existing legislation in countries like Denmark and Sweden. These laws will also address investments and retirement plans.
Young entrepreneurs entering the new digital economy should explore opportunities in the entertainment industry. By modernizing agriculture and fishing, we can drive effective economic growth. However, before anything else, I want to emphasize that the SANASA Movement is a steadfast partner in this journey. It serves as a protective umbrella in the rain and a roof over your head. We are committed to continuing our support for this movement.
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Chemmani mass graves: Govt to seek international forensic help
ECONOMYNEXT –International assistance for forensic analysis of the remains unearthed at the Chemmani mass grave will be sought when the need arises, Sri Lanka’s Minister of has Justice said after opposition legislators urged the government to seek help.
“We have spoken to embassies, we have made all the local finances necessary for excavation. But when it comes to DNA analysis, depending on the type and nature we will definitely have to go for internationally recognised places,” Harshana Nanayakkara said in response to a query in Parliament.
Nanayakkara said that request for international expertise is dependant on the direction the courts give on what needs to be done, after which they will decide which agency best suits the proceedings.
The minister also recognised that local expertise is lacking in the forensic department, and the need to train local staff with the help of international experts.
Opposition MPs argued that the present need is direct help in forensics from international entities, rather than the longer term need to train the staff on analysis.
Currently, the investigation is in the excavation and exhumation stage, conducted by archaeologist Raj Somadeva and his team.
The existence of the Chemmani mass grave was first brought to light in 1998, during the trial of the rape and murder of schoolgirl Krishanti Kumaraswamy.
In February 2025, construction workers found remains near the Sinthupathy Cemetery, and following investigations ordered by the Learned Magistrate, the mass grave was discovered.
412 bodies have been discovered, with 409 bodies recovered as of 23 June 2026. According to the Office on Missing Persons, this is the 17th recorded mass grave in Sri Lanka.
News
ADB approves $57.4 million package to boost Lanka’s rooftop solar drive
The Asian Development Bank (ADB) has approved a $57.4 million financing package to help Sri Lanka expand access to affordable clean energy and reduce greenhouse gas emissions through a large-scale rooftop solar aggregation and virtual net metering programme.
The financing comprises a $35 million concessional loan, $16.9 million in grants from the European Union and $5.5 million from the Japan Fund for the Joint Crediting Mechanism. With additional contributions from implementing agencies, the total estimated cost of the project is $80.5 million.
Under the Rooftop Solar Aggregation and Virtual Net Metering Project, two state-owned utilities — Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited — will introduce a scalable model to collect electricity generated from large rooftop solar installations and allocate the benefits virtually among eligible consumers.
The initiative will allow consumers to access solar power benefits without having to install individual rooftop solar systems.
ADB Country Director for Sri Lanka Shannon Cowlin said the project would broaden access to affordable renewable energy while strengthening the resilience and inclusiveness of the country’s power sector.
She said the initiative would also support grid modernisation and digital transformation, while creating employment opportunities and encouraging greater participation of women and youth in the clean energy sector.
The project is expected to benefit micro, small and medium enterprises and community organisations that face financial or space constraints in installing their own rooftop solar systems. Through a social compensation mechanism, eligible groups will receive reductions in electricity costs under the virtual net metering system.
The programme will support around 25 megawatt-peak of rooftop solar capacity while strengthening distribution networks, improving digital capabilities and preparing the national grid to accommodate higher levels of distributed renewable energy.
A dedicated training facility will also be established under the project to develop green skills, enhance women’s participation in the sector and build technical expertise in advanced low-carbon technologies.
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Bond scam case against Mahendran, Ravi K fixed for July 22
The Colombo High Court on Friday ordered that proceedings in the case filed against 11 defendants, including former Central Bank Governor Arjuna Mahendran and former Finance Minister Ravi Karunanayake, over alleged irregularities in the Central Bank bond auction be taken up again on July 22.
The case was called before Colombo High Court Judge Manjula Thilakaratne, who informed court that the Trial-at-Bar bench appointed to hear the matter had not been properly constituted.
Accordingly, the judge directed that the case be recalled on July 22 for further proceedings.
The Attorney General has filed indictments under the Public Property Act against 11 accused, including Mahendran, Karunanayake, Perpetual Treasuries Limited and its directors Arjun Aloysius and Geoffrey Aloysius.
The accused have been charged over alleged irregularities connected to a Treasury bond auction conducted by the Central Bank in March 2016.
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