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NPP aims to pass 2025 budget by early next year, focuses on sustainable economic growth

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Professor Fernando

By Saman Indrajith

It is not feasible to form a new government following the 14 November General Election and pass a budget in 2024 itself, according to the Head of the NPP’s Economic Council, Professor Anil Jayantha Fernando.

Speaking during a televised interview on Thursday (26), Professor Fernando said the budget would most likely be presented and passed in January 2024.

“After the formation of a government in November, the NPP plans to introduce a supplementary estimate for a three-month period. However, we intend to pass the 2025 budget within those three months,” he explained.

Prof. Fernando highlighted the small size of the Sri Lankan economy, adding that unless it expands in a sustainable manner, the people of Sri Lanka will continue to suffer.

“Other than those who have profited through illegal or unjust means, most people in the country are not faring well. We need to grow the economy so that all Sri Lankans can benefit,” he said.

When asked about the NPP’s plans to improve the conditions of the bottom 20 percent of Sri Lankans, who possess only five percent of the nation’s wealth, Professor Fernando said that even the lowest earners would be able to comfortably meet their basic needs once the economy expands sustainably.

Responding to a question on whether retaining the Secretary to the Treasury, Mahinda Siriwardana, and the Governor of the Central Bank of Sri Lanka (CBSL), Dr. P. Nandalal Weerasinghe, was a signal that the NPP values stability and adherence to the IMF programme, Professor Fernando stressed that the NPP has always maintained that it would not destabilise the economy.

“There has been a systematic campaign of misinformation about the NPP, aimed at convincing people that we are misguided adventurers who would destabilise the country. Unfortunately, some have believed this. The NPP has always taken a long-term view. Our priorities are stabilising the economy, guiding the country out of its debt burden, and ensuring sustainable economic growth,” he said.

Professor Fernando reiterated that the party has always sought a better deal with the International Monetary Fund (IMF) in relation to debt sustainability analyses (DSAs). However, if renegotiations prove lengthy or costly, the party would adhere to the existing DSA. “This is clearly stated in our manifesto. NPP leader Anura Kumara Dissanayake has publicly affirmed this numerous times. Despite this, our detractors have spent considerable resources trying to convince people that we would withdraw from the IMF agreement,” he noted.

The IMF has set several targets for Sri Lanka, including increasing tax revenue to 15 percent of GDP, maintaining a primary surplus of 2.3 percent of GDP from 2025, and reducing the public debt-to-GDP ratio to below 95 percent by 2032.

“We have a say in how we achieve these targets. There are various ways to increase revenue, manage expenditure, and build reserves. The Ranil Wickremesinghe government relied solely on taxation, which is not sustainable. We cannot depend on a single revenue stream,” he concluded.



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Elders’ home devastated by fire was a ‘house of horror’: Witnesses

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Death toll rises to 12: Director remanded

Some residents were allegedly chained

Police have come under public pressure to investigate allegations of inhumane treatmenf the residents at an elders’ home in Batagoda, which was also reportedly used as a care centre for persons with special needs, following a devastating fire that has so far claimed 12 lives.

Eyewitnesses who were among the first responders told the media that several residents had been chained inside rooms at the Senehase Kedella Elders’ Home when the fire broke out on Wednesday. They claimed that rescue efforts were hindered as iron chains could not be removed, and that some residents died while being restrained.

Authorities have not yet verified these claims, and Police said investigations are continuing.

Police spokesman ASP F.U. Wootler, contacted for comment, said there were rumours to that effect, but the Police were not in a position to verify the claims until a report from the Government Analyst was received. He said eight survivors with burn injuries were being treated in hospital.

Meanwhile, the Director of the facility had been arrested and was due to be produced before the Horana Magistrate’s Court, Police said adding that he was remanded till June 11.

The death toll from the fire has risen to 12 as of Thursday morning following the recovery of additional charred remains during ongoing forensic examinations at the site. Six others sustained serious injuries and are being treated at the Horana Base Hospital.

Police said 72 residents were inside the facility at the time of the blaze. Of them, 10 died inside the building, seven were injured and hospitalised, while 51 were rescued and relocated.

Survivors were initially housed at Batagoda Junior School before being transferred with Army assistance to another branch of the same care network in Galpatha.

A magisterial inquiry was conducted on Thursday morning. Horana Magistrate Lakmini Vidanagamage visited the scene. The burnt remains were examined and removed under judicial supervision.

Separately, allegations have emerged that residents were required to pay an admission fee of Rs. 75,000, along with a monthly charge of Rs. 35,000 to the centre. Police have not commented on these claims.

The director was taken to the scene as part of ongoing investigations, while forensic experts continue examinations to determine the cause of the fire, which remains undetermined.Anguruwatota Police are conducting investigations.

 By Norman Palihawadane and Nishan S Priyantha

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CERT : AI-generated videos depicting Prez, PM lure public into financial scams

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Sri Lanka CERT has issued a public warning over the circulation of artificial intelligence (AI)-generated videos falsely depicting President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya and several other prominent personalities to promote fraudulent investment schemes online.

According to complaints received by the national cyber security agency, the videos have been created using deepfake technology and are being used as part of attempts to defraud members of the public through financial scams.

The images of famous sports personalities and other public figures have also been misused in the deceptive content.

The agency has warned that similar AI-generated material has been used to spread false information relating to investment opportunities, employment offers, as well as matters concerning the country’s economy and tax policies.

According to Sri Lanka CERT, the videos are being widely shared across online platforms and frequently contain links urging viewers to make investments in return for purported profits.The agency has cautioned that these links may redirect users to fraudulent websites designed to steal personal information, financial data and money from unsuspecting victims.

Sri Lanka CERT has urged the public to exercise extreme caution when encountering such content online and advised against clicking on suspicious links or sharing personal information through unverified websites.

“The public should remain vigilant and avoid becoming victims of false information and online fraud schemes,” the agency said.

Sri Lanka CERT has also encouraged internet users to verify information through official sources before acting on any investment, employment or financial offers circulated via social media or other online platforms.

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New tax law comes into force

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Speaker Dr Jagath Wickramaratne endorsing the certificate on a Bill (File)

Speaker Dr Jagath Wickramaratne on Wednesday endorsed the certificate on the Inland Revenue (Amendment) Bill, bringing the legislation into force as the Inland Revenue (Amendment) Act, No. 11 of 2026, Parliament sources said.

The Bill, which amends the Inland Revenue Act, No. 24 of 2017, was passed by Parliament on May 19.

The new law introduces a series of reforms aimed at modernising tax administration procedures, improving compliance and enforcement mechanisms, enhancing the accuracy of tax calculations and deductions, and strengthening transparency within the tax system.

The amendments also support broader economic policy objectives and include measures designed to reinforce anti-money laundering safeguards.Among the key provisions of the Act is the mandatory use of Taxpayer Identification Number (TIN) certificates for specified high-value financial transactions.

The legislation also introduces revisions to the calculation of taxable income, clarifies tax exemptions applicable to certain projects and business entities, and expands the scope for information disclosure to relevant authorities.

The amendments are expected to improve the efficiency of tax administration while facilitating greater accountability and regulatory oversight.With the Speaker’s endorsement of the certificate, the Inland Revenue (Amendment) Bill has now become law as the Inland Revenue (Amendment) Act, No. 11 of 2026.

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