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New investment company will be established to manage state assets – President

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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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“May this sacred Poson Festival illuminate every heart with compassion, loving-kindness and wisdom”- President

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Presiden Anura Kumara Dissnayake in his Poson Day message wished that this sacred festival illuminate every heart with compassion, loving-kindness and wisdom

The President’s Poson Day message:

“The arrival of Arahat Mahinda Thera marked the beginning of Sri Lanka’s emergence as a centre of Theravada Buddhist philosophy and tradition. That momentous event, which gave rise to both a spiritual awakening and a far-reaching social transformation, extended far beyond its religious significance and laid the foundation for a more advanced cultural, social and political order throughout the country.

Buddhism not only established a strong foundation for the nation to flourish but also brought about a transformation in education. By turning temples into centres of learning and monastic education, it fulfilled a vital social role as a hub of knowledge, fostering a profound spiritual renaissance among the people. Moreover, it inspired remarkable developments in architecture, painting, irrigation engineering, building design, wood carving and other artistic traditions, elevating our nation to a position of distinction and pride before the world.

As the present-day heirs to such a glorious and noble heritage, we all bear an inescapable responsibility to revive the values and moral principles that are gradually fading from society and to work together towards building a civilised State. In this endeavour, we are already engaged in the struggle to restore civility across all spheres of public life, including Parliament and State institutions.

No nation can achieve genuine progress without an ethical foundation. The Cūḷa Hatthi Padôpama Sutta, expounded by Arahat Mahinda Thera, underscores the importance of gradual training and disciplined development. By re-establishing on Sri Lankan soil the proud legacy of the civilised society that came with Buddhism, let us join hands with unwavering determination to build a modern and enlightened State founded upon the ethical, social and environmental values that our nation so urgently requires.

I therefore invite all citizens to unite in this noble endeavour with strength and conviction.

May this sacred Poson Festival illuminate every heart with compassion, loving-kindness and wisdom”.

 

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LAWASIA warns against ad hoc initiative to increase judges’ retirement ages

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T.L Yap

The Law Association for Asia and the Pacific (LAWASIA) has backed the campaign by the Bar Association of Sri Lanka against the government’s effort’s to extend the retirement ages of judges of the Superior Courts.

T.L Yap, President of LAWASIA, in a statement dated 26 June, has expressed concern over the NPP government’s move in the wake of President Anura Kumara Dissanayake’s recent statement in Parliament on the delay in making the appointments.

The text of the statement: “LAWASIA shares the concern expressed by the Bar Association of Sri Lanka (BASL) on 25th May 2026 in a letter to His Excellency the President of Sri Lanka regarding the prospect of the Government of Sri Lanka introducing an amendment to the Constitution which would increase the retirement age of the Judges of the Court of Appeal and the Supreme Court.

LAWASIA supports the sentiments expressed by BASL in its letter of 25 May, namely: “Extending the retirement age of the sitting Judges of these Courts at this point of time is likely to be viewed by the public as a blatant attempt to interfere with the judiciary… The independence of the Judiciary and the public confidence reposed in it, are indispensable pillars of the rule of law and the democratic framework of (Sri Lanka).

In that regard it is of paramount importance that the Judiciary must not only remain independent in fact but also must be seen by the public to be wholly independent, impartial, and free from even the slightest perception of influence, favour, accommodation, or impropriety”

The Constitution of Sri Lanka recognizes the independence of the judiciary and its importance in preserving and maintaining the rule of law. The retirement age of senior judges is presently fixed by Article 107(5) of the Constitution. Constitutional amendment in any jurisdiction is a serious matter which must not be undertaken lightly. LAWASIA’s principal concern is that the proposed constitutional amendment has the appearance of an ad hoc initiative without adequate public consultation. This in turn has the potential to undermine public confidence in the judiciary.

An independent, competent and respected judiciary is the cornerstone of any democracy. LAWASIA has long advocated the fundamental importance of this principle.

The essence of LAWASIA’s formal position in relation to the independence of the judiciary lies in the Beijing Statement of Principles on the Independence of the Judiciary in the LAWASIA Region, adopted at the Conference of Chief Justices held in Beijing in 1997 and subsequently signed by 32 Chief Justices from across the Asia-Pacific.

The Beijing Statement in essence emphasizes the fundamental importance of the independence of the judiciary, and comments on a range of related issues including the objectives of the judiciary, the appointment of judges, the tenure of judges, judicial conditions and the relationship between the judiciary and the executive.

Endorsing the concerns raised by another international organization, the Commonwealth Lawyers Association, LAWASIA accordingly calls upon the authorities in Sri Lanka to:

• refrain from proceeding with the proposed constitutional amendments seeking to increase the

retirement age of members of the Judiciary;

• resist piecemeal and ad hoc amendments to the Constitution of Sri Lanka.

• adhere to due process of consultation and stakeholder engagement in constitutional reform;

• desist from taking any steps which would undermine confidence in the Judiciary and

irreparably diminish the independence of the judiciary; and

• ensure adherence to the rule of law and respect for the independence of the judiciary.

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Countrywide drug bust:7, 300 youths arrested

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A total of 7,300 young people, below the age of 21, had been arrested on suspicion since the launch of the nationwide ‘Ratama Ekata’ anti-drug operation, DIG in charge of the Police Narcotics Bureau, Ashoka Dharmasena, told The Island yesterday.

DIG Dharmasena said the suspects included about 150 females under the age of 21. He added that more than 214,000 suspects had been taken into custody since the commencement of the national anti-narcotics operation.

The operation was launched with the primary objectives of disrupting the supply of narcotics across the country, reducing the demand for illegal drugs and rehabilitating those addicted to narcotic substances, he said.

DIG Dharmasena said law enforcement authorities had so far seized more than 15,000 kilogrammes of narcotics, including cannabis, during the ongoing operation.

He also noted that police had achieved considerable success in intercepting narcotics smuggled into the country by sea, contributing significantly to efforts to curb the illicit drug trade.

The Police Narcotics Bureau said the nationwide operation would continue as part of the government’s broader strategy to dismantle drug trafficking networks and minimise the social impact of narcotics.

by Norman Palihawadane ✍️

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