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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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Former first lady Shiranthi Rajapaksa arrested by CIABOC

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Former first lady Shiranthi Rajapaksa, wife of former President Mahinda Rajapaksa was  produced before the Hulftsdorp court, after  being  arrested by officers of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and produce

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U.S. Navy ship USS Tulsa arrives in Colombo for replenishment visit

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The U.S. Navy ship USS Tulsa (LCS 16) arrived at the Port of Colombo this morning, 7 October 2026 for replenishment purposes.

The visiting ship was welcomed by the Sri Lanka Navy in accordance with naval traditions.

The 127.7-metre-long platform is a Littoral Combat Ship commanded by Commander BM Wanier. Commissioned on 16 February 2019, USS Tulsa has since been in service with the US Navy.

The ship previously made a port call in Sri Lanka on 27 August 2025.

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Fuel crunch looms

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Govt. tells fuel distributors to maintain stocks to ensure uninterrupted supplies

by Saman Indrajith and Norman Palihawadane

The government had instructed private fuel distributors to maintain minimum stocks and ensure uninterrupted supplies to the market, Energy Minister Anura Karunathilaka told Parliament yesterday (06).

Karunathilaka said the Ministry of Energy Secretary had notified the relevant companies of the requirement, following a reduction in supplies by some private distributors, amid higher international fuel prices.

The Minister said private companies had informed the government that they were facing losses because international prices had risen while fuel was being sold, locally, at prevailing prices. As a result, some companies had reduced the volumes released to the market.

The reduced supplies had increased the burden on the Ceylon Petroleum Corporation (CPC), whose share of the diesel market had risen from about 54% to 82%, the Minister said.

“The CPC currently holds an 82% share of the market,” he said, adding that it had increased its supplies, compared with February, to compensate for the reduction by private distributors.

Karunathilaka said the government could not, under the existing agreements with private companies, specify the quantities they should supply to individual filling stations. However, it could require them to maintain minimum stocks in the country.

The Minister said the Energy Ministry had already instructed companies that had failed to maintain the required stocks to take steps to prevent supply disruptions.

The Minister attributed the queues reported at some filling stations to reduced supplies from private distributors, as well as normal variations in fuel distribution. He also said demand for CPC fuel had increased because private companies generally did not provide fuel to dealers on credit, while the CPC offered a three-day credit facility.

“We expect that, as the Ceylon Petroleum Corporation takes on this additional burden, the problem will ease to some extent by Wednesday or Thursday,” Karunathilaka said.

He said instructions had also been issued to increase supplies to CPC filling stations. A special discussion on the issue is scheduled for today (07), with officials of the Energy Ministry and CPC expected to participate,

along with President Anura Kumara Dissanayake.

Meanwhile, Petroleum Dealers’ Association officials have called for an early solution to the supply issue. Association Chairman D.V. Shantha Silva said queues had been reported at many filling stations, mainly those operated by private distributors.

He said the situation was not due to an overall shortage of fuel, but was linked to reduced orders by Lanka IOC, Sinopec and R.M. Parks amid concerns over losses incurred on fuel sales.

The Ceylon Petroleum Private Tanker Owners Association has urged motorists to refrain from panic buying, saying there was no nationwide disruption to fuel supplies.

The government earlier increased fuel prices and introduced a per-litre diesel subsidy following concerns raised by distributors over rising international prices.

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