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Nine percent interest per annum up to 2026 for ETF members reasonable

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-State Minister of Finance

by PRIYAN DE SILVA

State Minister of Finance, Ranjith Siyambalapitiya says the interest rate of 9% per annum the Employees Trust Fund has guaranteed for its members until 2026 is reasonable; the Central Bank may reduce interest rates further.

Siyambalapitiya said that the interest rates offered by the ETF were 9% in 2018, 8% in 2019 and 2020, 7.25% in 2021 and 8.25% in 2022

The minister said so at the launch of the Nipunatha Saviya scholarship scheme held at the Department of Labour auditorium on Tuesday (19).

Under the new scheme, children of ETF members who sat the GCE A/L) examination in 2022 are eligible to apply for Rs 25,000 to follow one of the 54 courses recommended by the ETF Board.

The courses have been recommended by the ETF Board based on a study of the present local and foreign skilled labour requirement.

The State Minister pointed out that of the 260,000 to 300,000 students who sat the GCE A/L examination each year, only about 40,000 gained university admission and even those who graduated from universities found it difficult to secure suitable employment.

The state minister said that in addition to employees of any state or private sector organisation, self-employed persons and migrant workers could contribute to the Fund on their own and obtain membership.

The Employees’ Trust Fund was established on 1st March 1981 under the provisions of ETF Act No. 46 of 1980. The fund is administered by the Employees’ Trust Fund Board and at present the ETF Board is under the purview of the Ministry of Finance, Economic Stabilization & National Policies.



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Prime Minister Dr Harini Amarasuriya meets Foreign Secretary of the United Kingdom

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Prime Minister Dr Harini Amarasuriya currently undertaking an official visit to London, United Kingdom, to participate in the 43rd Commonwealth of Learning (COL) Board of Governors Meeting 2026  held a bilateral meeting with the Yvette Cooper MP, Foreign Secretary of the United Kingdom ON Wednesday [20]. The Prime Minister was accompanied by Sri Lanka’s High Commissioner to the United Kingdom, Nimal Senadheera, along with officials from the Sri Lankan High Commission.

During the meeting, the Prime Minister conveyed Sri Lanka’s appreciation to the United Kingdom for the support extended in the aftermath of Cyclone Ditwa, including ongoing rebuilding and recovery assistance. The Prime Minister also commended the United Kingdom’s support in facilitating increased bilateral trade and exports for Sri Lanka.

The Prime Minister briefed the UK delegation on Sri Lanka’s recent economic developments and policy priorities, the Government’s commitment to advancing human rights and reconciliation, as well as Sri Lanka’s positive growth trajectory.

The two sides also exchanged views on current global geopolitical developments, challenges in the energy sector, and the importance of enhancing regional connectivity and long-term energy security.

Both sides also emphasised the importance of strengthening structured academic mobility frameworks while ensuring fairness, clarity, and integrity within migration systems.

They also reaffirmed their commitment to further strengthening bilateral cooperation between the two countries in areas of mutual interest.

[Prime Minister’s Media Division]

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Suspects involved in sureties controversy granted bail

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Kapila Chandrasena

Airbus bribe case:

Colombo Additional Magistrate Lahiru Silva yesterday (20) granted bail to Mohamed Riswan and Mohamed Irshan, who allegedly received money to stand as sureties for the late former SriLankan Airlines CEO, Kapila Chandrasena. They were identified as residents of Sanchi Arachchi Watta, situated next to the Hulftsdorp court complex.

Chandrasena was found dead at his brother-in-law, Aravinda De Silva’s residence, at No. 38, Pedris Road, Kollupitiya, on 8 May.

The Magistrate also granted bail to B. A. Tissa and Perumal Ganesh, who arranged for Riswan and Irshan to stand as sureties for Chandrasena, who is under investigation for allegedly receiving a USD 2 million bribe through his wife to facilitate an Airbus deal. They, too, residents of Sanchi Arachchi Watta, were granted bail on two personal bail of Rs. 500,000 each.

Airbus had to pay USD 4 billion in penalties after admitting it had paid huge bribes to secure contracts in 20 countries. Sri Lanka is among them.

The Magistrate directed that the Grama Niladhari should certify their residence and the relevant certificates submitted to court and to establish the financial status of those who stood as sureties for the four persons.

The court was told that Mohamed Riswan and Mohamed Irshan obtained 17 Grama Niladhari certificates from January till May 2026. On the basis of a statement recorded from Keselwatta Grama Niladhari S. Nilantha Silva police informed court that the first suspect had obtained 10 certificates and the second person seven.

Fourth suspect Ganesh had first met those who stood as sureties, on 05 May, in the court premises and struck the deal. Crime OIC of Keselwatta Police, Sub Inspector K.W.D. Anuruddha, told court that Mohamed Riswan, Mohamed Irshan and B. A. Tissa hadn’t even known who Chandrasena was and were not related to him in anyway, according to investigations. Police requested that the four persons be further remanded.

The Magistrate granted them bail and set the next hearing for 25 June.

Legal sources said that such illegal practices were rampant, and in this particular case the Court Registrar should have been able to see that the sureties were very much unlikely to be relatives of Chandrasena.

By Shamindra Ferdinando

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Steps underway to safeguard Sri Lanka’s maritime heritage

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The government has initiated a major conservation drive to protect its fragile northern marine ecosystems, with top government officials pledging stronger action against environmental degradation, destructive fishing practices, and Illegal, Unreported and Unregulated (IUU) fishing in the country’s northern seas and adjacent islands.

A high-level discussion chaired jointly by Deputy Minister of Environment Anton Jayakody and Deputy Minister of Defence Aruna Jayasekara was held on Tuesday (19) at the Ministry of Environment to formulate an integrated strategy aimed at safeguarding Sri Lanka’s maritime heritage and accelerating marine conservation initiatives.

Senior naval officers, top environment officials, conservation experts, and representatives from several state agencies attended the meeting, which focused heavily on the declaration of new Marine Protected Areas (MPAs) in the Northern Province.

Among those present were Secretary to the Ministry of Environment K.R. Uduwawala, Chairman of the Marine Environment Protection Authority Samantha Gunasekara, Director General of the Coast Conservation and Coastal Resource Management Department Prof. Turny Pradeep Kumara, Conservator General of Forests Palamakumbura, officials of the Department of Wildlife Conservation, and senior ecologists from International Union for Conservation of Nature.

Officials stressed that the protection of Sri Lanka’s northern marine zone was essential not only for biodiversity conservation but also for sustaining the livelihoods of fishing communities and strengthening the country’s maritime standing internationally.

A major concern raised during the meeting was the increasing ecological destruction caused by IUU fishing activities. Ministers warned that such unlawful practices posed a severe threat to marine biodiversity and the economic stability of local fishermen.

The discussion also focused on intensifying surveillance operations and strengthening law enforcement mechanisms to combat destructive fishing methods, including dynamite fishing, unauthorized spearfishing, and the use of banned fishing gear that continue to devastate coral reef ecosystems and endangered marine species.

Attention was also drawn to governance and infrastructure shortcomings within fishing harbours, with officials identifying the lack of proper management systems and formal regulatory mechanisms as major vulnerabilities contributing to environmental degradation.

As part of the proposed conservation strategy, several islands and surrounding marine zones in the Northern Province have now been identified for official declaration as Marine Protected Areas.

Authorities clarified that the establishment of MPAs would not undermine the livelihoods of local communities but instead promote sustainable fishing practices while opening new opportunities for eco-tourism development.

Officials said these protected marine zones could eventually be developed into internationally recognised eco-tourism destinations, generating fresh economic opportunities for the Northern Province while enhancing Sri Lanka’s environmental credentials globally.

The meeting further highlighted that the declaration of new MPAs would reinforce Sri Lanka’s commitment to international biodiversity conservation obligations and demonstrate the country’s role as a responsible custodian of the Indian Ocean’s marine resources.

A proposal was also made to establish a multi-sectoral working group comprising representatives from the Ministries of Tourism, Fisheries, Defence, Environment, and Justice to implement a coordinated mechanism for the protection of coastal and marine resources under the leadership of the Ministry of Environment.

Officials described the initiative as another significant milestone in Sri Lanka’s broader journey towards building a sustainable biosphere and ensuring long-term environmental security for future generations.

By Ifham Nizam

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