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Opposition parties seek to derail Economic Transformation Bill, risking return to economic crisis – State Minister for Finance

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State Minister for Finance, Shehan Semasinghe addressing the press conference held at the Presidential Media Centre on Thursday (30)

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.



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Steps leading to the achievement of SL’s national interest in IOR

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Prof. Nobukatsu Kanehera: ‘Rulesbased order violated.’

Sri Lanka needs to build awareness, effective policies and encourage regional multilateral frameworks to develop a multi-pronged approach to secure its national interest and safeguard regional stability in the Indian Ocean Region (IOR), as the region together with its seabed have become an area of strategic competition, former Assistant Chief Cabinet Secretary to former Japanese Prime Minister Shinzo Abe, Prof Nobukatsu Kanehara said.

“The Indian Ocean has been a maritime highway for millennia, with Sri Lanka being a midway point of the flow of trade, culture, technology and intellectual progress, Prof Kanehara said at the 4th Pathfinder Foundation Sri Lanka Indian Ocean Security Council Conference held recently at the Cinnamon Grand Hotel. The forum was presided over by Pathfinder Foundation Sri Lanka Chairman Ambassador (retd.) Dr. Bernard Goonetilleke.

The forum’s purpose was to obtain expert commentary regarding the need for Sri Lanka to ‘up its game’ in the IOR.

Abe said that from the 1870s onwards, the Indian Ocean had become the global communications highway, with the British Empire laying submarine cables from Aden to Mumbai, linking Europe to South Asia.

‘Since then, with the passage of time, Ceylon, and later Sri Lanka, has seen the bulk of the global digital communications umbilical laid through its maritime domain of influence, with over a dozen such cables laid over the island’s Exclusive Economic Zone (EEZ) thus far, he said.

Prof. Kanehera added: ” With the rise of Artificial Intelligence (AI) and increasing digitisation, such submarine cables have become critical strategic infrastructure for the island nation as well as the region.

‘This timely conference came as world powers rushed to secure critical minerals needed to maintain a technology edge over rivals, both militarily and economically, disrupting the longstanding rules-based order, especially at sea and in trade.

‘The lack of cognition regarding how to understand and navigate the return to a near Cold War era strategic competition in the Indian Ocean, and increasingly in the sub-surface domain and the seabed, among Sri Lanka’s policy making community, bureaucrats and public leaves the economically weakened island nation more vulnerable to geopolitical coercion, shocks and tug-o-war, which will likely increase in the coming decade.’

By Hiran H Senewiratne

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Automobile Association of Ceylon donates towards Disaster Relief Support Fund

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Automobile Association of Ceylon (AAC) donated Rs. 25 Million towards the Disaster Relief Support Fund to assist the Ditwah Cyclone victims.

A donation was handed over to Dr. S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka by Dhammika Attygalle, President – AAC at the Presidential Secretariat on the 19th February 2026 in the presence of Executive Committee members.

Dhammika Attygalle President AAC (third from Left) handing over the cheque to Dr S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka.

In the picture L-R Lasitha Gunaratne- EXCO Member – AAC, Devapriya Hettiarachchi – Secretary -AAC, P H Liyanage, P B Kulatunga & Indunil Udaya – Members of the EXCO – AAC

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‘Sri Lanka’s first AI-powered digital trainer for Banca partners’

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A few highlights from the NAVI Launch event.

HNB Assurance PLC recently introduced NAVI, The Digital Trainer, a new AI-powered training companion designed to support its banca staff with instant, reliable access to knowledge, whenever they need it. The solution was unveiled at Partnership Life, the company’s annual forum dedicated to celebrating the performance of its Partnership Channel.

Built to make learning simpler and more accessible, NAVI is a voice-enabled AI chatbot that helps banca staff quickly find product information, policy details, and process-related guidance by drawing from a centralized knowledge bank. Whether on the go or at the point of customer interaction, NAVI ensures that answers are never out of reach.

Sharing his thoughts, Sanesh Fernando, Chief Business Officer / GM – Partnership Channel at HNB Assurance, opined, “With NAVI, our intention is to make learning a part of everyday conversations. By combining chat and voice capabilities, we are making it easier for our officers to learn on demand and perform with greater confidence.” He further noted that it is this continuous focus on meaningful innovation that has consistently set HNB Assurance apart within the bancassurance space. “Solutions like NAVI reflect the way we think and operate as a Partnership Channel. This commitment to enabling our partners and bancassurance officers through practical, forward-thinking initiatives has been a key driver in our journey, one that has seen us being recognized as the Best Life Bancassurance Provider for five consecutive years, while also delivering strong and sustained growth year after year.”

Commenting on the launch, Suneth Jayamanne, Chief Information Officer / GM of HNB Assurance, said, “We see NAVI as a support system rather than a piece of technology. Our Bancassurance officers operate in fast-paced environments and having instant access to the right information can make all the difference. NAVI is about helping our people feel more prepared, more confident, and more connected to the knowledge they need to serve customers better.”

The launch of NAVI was marked by an engaging reveal featuring an AI-generated avatar that introduced the digital trainer and its capabilities, symbolizing a shift towards a more intuitive and people-friendly approach to learning.

As HNB Assurance continues to expand its Partnership Channel, innovations such as NAVI highlights the company’s focus on building strong, well-supported partnerships, blending technology with a deep understanding of how people learn, and work.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 79 branches. HNBA is a Life Insurance company with a rating of ‘A’ (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘A’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.

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