Business
Opposition parties seek to derail Economic Transformation Bill, risking return to economic crisis – State Minister for Finance
State Minister for Finance, Shehan Semasinghe stated that only those wishing to plunge the country back into an economic crisis would oppose the Economic Transformation Bill.
He emphasized that while the current government is focused on an optimistic economic outlook, the opposition groups are driven solely by political motives.
State Minister Semasinghe made these remarks during a press conference at the Presidential Media Centre on Thursday (30), themed ‘Collective path to a stable country’.
The State Minister for Finance further stated,
The Economic Transformation Bill aims to increase productivity and ensure equal opportunities for all citizens of Sri Lanka, while also enhancing infrastructure. It is expected to generate job opportunities, foster economic growth, and expand the competitive market through innovative exports.
However, some individuals, lacking understanding of the bill, are making various claims. It is those who wish to plunge the country back into an economic crisis, that are opposing the bill alleging that its goals are unattainable. While the current government remains optimistic about the country’s economic prospects, opposition groups are driven purely by political motives.
It is well-known that the absence of a targeted legal framework has contributed to our economic decline, a lesson we must heed.
The bill proposes reducing the country’s debt burden from 128% of the Gross Domestic Product in 2022 to 95% by 2032. Similarly, the government’s gross money supply, which was 34.6% in 2022, should be reduced to 13% by 2032. The foreign debt servicing ratio, 9.6% in 2022, is targeted to drop to 4.5% by 2027. We are committed to embedding these goals into the country’s legal framework to establish a sustainable economy.
Additionally, the bill aims to achieve an economic growth rate exceeding 5% after 2027, recovering from a decline to -7.8% in 2022. Unemployment, which was 4.7% in 2022, is expected to be maintained below 5% by 2025.
Moreover, in 2022, the labour force participation rate for women was 32.1%. Our goal is to increase this to at least 40% by 2030 and 50% by 2040.
Additionally, the current account balance, which was at -1.9% in 2022, is targeted to be maintained at 1% by 2025. The export of goods and services, which was 21% in 2022, will be increased to 40% by 2025 and 60% by 2040 through the Economic Transformation Act.
Foreign direct investment, which was 1.6% in 2022, is expected to reach at least 5% by 2030. Our aim is to make direct investment account for 40% of the country’s exports of goods and services by 2030.
The primary balance of our country is a key factor in the International Monetary Fund’s economic stabilization program. We aim to shift the primary balance from -3.7% in 2022 to +2.3% by 2025 and maintain it at 2% beyond 2032.
Additionally, government revenue, which was 8.3% of GDP in 2022, is targeted to exceed 15% by 2025. This increase will ensure the uninterrupted provision of essential services to the people.
Moreover, the reform process has heightened the impact on poor and vulnerable populations. Our goal is to reduce multidimensional poverty to below 15% by 2027 and to 10% by 2035.
It is the government’s responsibility to implement the necessary reforms and programs outlined in the Economic Transformation Act, and we are committed to fulfilling this mandate without hesitation.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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