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Proposed laws set to introduce structural changes, will be presented to Parliament in May – President

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President Ranil Wickremesinghe participating at the “Let’s Start with Me”  Kandy District Youth Conference held at the President’s House, Kandy on Sunday (07) stated that the legislation pertaining to the establishment of the new economy will be presented to Parliament in May and approved by June.

Elaborating further, the President said:

“If we fail to drive the country towards rapid development, its future remains bleak. It rests upon the youth to determine whether to allow the economy to stagnate, advance forward, or allow it to collapse.

If the economic agenda of the present government is shelved, the economy of the country risks another collapse. Not everyone possesses the financial means to leave the country.  Thus, it is incumbent upon all of us to collectively bolster the country’s economy.

The youth express dissatisfaction with the prevailing economic framework within the country and are clamouring for change. We are actively engaged in drawing up a new economic model to meet this demand. The  laws necessary for this endeavour are to be presented to Parliament in May and enacted by June, effecting change in the economy necessitates a corresponding transformation in the country’s legal framework.

The collaboration of all government departments and corporations is essential in steering the nation towards rapid economic advancement. If achieving this objective proves challenging, a revision of institutional structures becomes imperative.

Furthermore, the country’s economy cannot develop without parallel development in rural areas. Every prosperous nation has bolstered its rural agricultural economy. Hence, we have initiated the agricultural modernization program to introduce modern agricultural practices to villages. In light of this, it falls upon the youth to determine whether to embrace change and drive forward or remain inert.

When the United National Party (UNP) assumed power in 1977, President J.R. Jayawardene urged the youth to lead the nation forward, stating, “If you are prepared to take on this task, I am here to provide the requisite guidance.”

In response, the youth actively engaged in the electoral process and drove the United National Party (UNP) to victory. Subsequently, President J.R. Jayawardene initiated the Mahaweli Program, originally slated for a 30-year timeline, but was accomplished within a decade, providing the nation with essential electricity. During his tenure, two trade zones were established. Building on these initiatives, President R. Premadasa launched 200 garment factories nationwide, bolstering the rural economy.

As youth, we advocated for these programs during that period. Today, if the youth are ready, let us embark on this journey together. Efforts are underway to enact the necessary legislation to establish a new economy. Let us introduce the Economy Restructuring Act and commence this initiative. Additionally, endeavours are being made to introduce new fiscal legislation to regulate government finances.

Despite women comprising the majority of the country’s population, their representation in the workforce remains insufficient.

Consequently, we are introducing two new bills aimed at safeguarding women’s rights. These initiatives will be presented to Parliament in May. We anticipate that these measures will catalyse significant change within the country. I extend an invitation for you to join us in this endeavour for change.

I will not tolerate any party attempting to deceive you with falsehoods. I acknowledge your concerns, and it is imperative to emphasize that these new laws are intended to address those very issues.”

Below are a few of the queries raised by the youth and the responses by the President:

Question:
Mr. President, we have witnessed the implementation of various ordinances in our country. Moreover, the recently established Jana Sabha appears to be a promising initiative. However, it appears that the establishment of Jana Sabhas has slowed down. Could you provide some insight on this matter?

President’s response:
The Jana Sabha initiative is indeed commendable. Currently, only a few have been initiated on a trial basis. It’s crucial that the public conducts themselves in a manner that avoids complications during the formalization of public gatherings. There are several challenges to address, such as the selection of members. It is imperative that we engage in discussions with the Ministry of Local Government to resolve these issues before proceeding further. If it’s not feasible to address these challenges this year, we aim to restart the Jana Sabha initiative next year.

Question:
We have observed shortcomings in the provision of ‘Aswesuma’ benefits. We aspire for all impoverished families to receive these benefits.

President’s response:
The government has initiated measures to address these deficiencies, particularly by scrutinizing eligibility criteria for providing such benefits. Plans are underway to computerize this program by 2025, aiming to extend these benefits to 2.4 million families. The Aswesuma program was launched to provide assistance to all disadvantaged individuals across the country.

Question:
There are insufficient job opportunities for young individuals who have completed vocational training. Could you please elaborate on the steps taken regarding these trainees?

President’s response:
Amidst the economic crisis, some individuals unfortunately lost their jobs. However, the country is gradually emerging from this financial turmoil. Particularly with the expansion of investment opportunities, numerous new job openings are being generated.

Labour and Foreign Employment Minister Manusha Nanayakkara, State Ministers Lohan Ratwatte, Anuradha Jayaratne, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, UNP General Secretary Palitha Range Bandara, former MP K.K. Piyadasa, and United National Party’s Chairman Lakvanitha Peramuna Shanthini Kongahage attended the event.



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Removing monk’s robes matter for Sangha to decide: Mahanayake Theras

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Ven. Gnanasara

The Mahanayaka Theras of all Nikayas have protested against Bodu Bala Sena (BBS) General Secretary Ven. Galagodaaththe Gnanasara Thera, who is serving a prison sentence for contempt of court, being produced before court in civilian attire.

In a letter to the Commissioner General of Prisons, the Mahanayaka Theras have said they were surprised and concerned by the decision to remove the monk’s robes.

The letter has been signed by Most Ven. Thibbotuwawe Sri Siddhartha Sumangala Thera of the Malwatu Chapter, Most Ven. Warakagoda Sri Gnanarathana Thera of the Asgiri Chapter, Most Ven. Karagoda-Uyangoda Maithri Murthi Thera of the Amarapura Maha Nikaya and Most Ven. Makulawe Sri Wimala Thera of the Ramanna Maha Nikaya.

The Mahanayaka Theras have said they respect the Constitution and the judicial process, but maintained that removing a monk’s robes or ending his status as a member of the Buddhist Order is a matter that should be decided by the Maha Sangha.

They have said the relevant Sangha Council has not determined that Ven. Gnanasara Thera committed a Parajika offence or any other offence warranting his removal from the Buddhist Order.

The Mahanayaka Theras have also referred to Regulation 550 of the Prison Standing Orders, which they say stipulates that convicted prisoners should not be taken to court in prison uniform and should be allowed to wear the type of clothing they normally wore before their conviction. In the case of a Buddhist monk, they have said, this means his monastic robes.

They also referred to the United Nations Standard Minimum Rules for the Treatment of Prisoners, which provide for prisoners taken outside prison to be allowed to wear their own clothing or other unobtrusive clothing.

The Mahanayaka Theras have requested the Commissioner General of Prisons to allow Ven. Gnanasara Thera to wear his robes when appearing in court and to maintain his status as a monk while he remains in prison.

Prisons authorities have said that the clothing decision was made under prison regulations, and the Prisons Department has stated that prisoners serving sentences of more than three years are required to wear prison-issued clothing when produced before court.

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NDB fraud Rs 60mn more than reported

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The Committee on Public Finance has said that the actual losses suffered by the NDB bank are much more than what was initially reported. When compared with the initial disclosure made by NDB on 6 April 2026, the reported amount of the fraud had increased by Rs. 0.4 billion, from Rs. 13.2 billion to Rs. 13.6 billion, the committee said.

When compared with the amount disclosed by NDB on 26 June 2026, based on the interim report dated 22 June 2026, the additional amount of fraud is Rs. 60 million.

The has committee issued the following statement: The Committee on Public Finance recently summoned officials of the Central Bank of Sri Lanka to Parliament to inquire into the financial irregularities identified at NDB Bank and the final audit report relating to the matter.

The Committee meeting, chaired by Member of Parliament Dr. Harsha de Silva, discussed irregularities identified in NDB Bank’s financial statements, shortcomings in the audit process, and the relevant audit reports.

The meeting was attended by Deputy Ministers Chathuranga Abeysinghe, Dr. Kaushalya Ariyaratne, and Nishantha Jayaweera, as well as Members of Parliament Attorney-at-Law Rauff Hakeem, Ravi Karunanayake, Ajith Agalakada, Nimal Palihena, Wijesiri Basnayake, M.K.M. Aslam, Champika Hettiarachchi, and Attorney-at-Law Lakmali Hemachandra.

The Committee also focused on the findings of the investigation conducted by the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAAMB), as well as the findings revealed through the investigation conducted by Deloitte Touche Tohmatsu India LLP. In particular, the Committee inquired into the failure of the external auditors to identify irregularities in NDB Bank’s financial statements.

The accountability of senior management with regard to corporate governance and risk management in relation to the financial irregularities was also discussed.

As a significant proportion of NDB Bank’s shares are held by institutions representing public and state funds, the Committee also considered the potential impact of such financial irregularities on public funds and the general public.

The Committee also discussed the progress made by LankaPay in establishing a centralized fraud monitoring system to prevent fraud within the financial system. The need to strengthen fraud monitoring systems at the individual bank level to monitor transactions carried out within each bank was also emphasized.

Accordingly, the following observations are included in the final audit report concerning the financial irregularities at NDB Bank:

1. The audit covers the period from 1 April 2016 to 31 March 2026. The audit report specifically identifies the financial impact arising from fraudulent transactions amounting to Rs. 13,639,664,684 (Rs. 13.6 billion).

2. According to the disclosure made on 29 September 2026, the financial impact arising from the fraudulent transactions is as follows:

· Rs. 1.5 billion for the period prior to 1 January 2025;

· Rs. 9.6 billion during 2025; and

· Rs. 2.5 billion for the quarter ended 31 March 2026.

3. Compared with the initial disclosure made by NDB on 6 April 2026, the reported amount of the fraud has increased by Rs. 0.4 billion, from Rs. 13.2 billion to Rs. 13.6 billion. Compared with the amount disclosed by NDB on 26 June 2026, based on the interim report dated 22 June 2026, the additional amount of fraud is Rs. 60 million.

4. The final audit report has also confirmed the previous disclosures that no customer accounts were affected as a result of the fraud incident.

5. The report has identified several governance failures at NDB relating to the processing of CEFT transactions, user-level activities within the Core Banking System, and the management of user credentials and access information. In addition, shortcomings have been identified in several operational areas, including transaction monitoring, daily account reconciliation, financial compliance, internal audit, branch network management, and operational risk management.

The audit report has made comprehensive recommendations to strengthen the control mechanisms, governance structures, and processes relating to the above-mentioned activities of the bank.

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President orders review of laws on treatment of imprisoned monks

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President Anura Kumara Dissanayake has ordered the formation of a committee to review the laws and regulations on how Buddhist monks serving prison sentences are treated, including the procedures that apply when they are taken out of prison.

He revealed this at a special meeting with Maha Sangha representatives held yesterday (8) at the Presidential Secretariat. The meeting was called after concerns were raised over how Ven. Galagoda Aththe Gnanasara Thera was treated when he was taken from prison to court.

The committee will recommend amendments to existing laws and, where needed, new prison standing orders and regulations. Its members will be drawn from the Attorney General’s Department, the Ministries of Justice, Public Administration, and Buddha Sasana, Religious and Cultural Affairs, and the Department of Prisons, including the Commissioner General of Prisons. It has been given two weeks to review the current legal provisions and submit its recommendations. The President added that any changes specific to Buddhist monks would be made in consultation with the Maha Sangha.

Outlining the legal background, the President said prison administration was governed by the Prisons Ordinance of 1877, along with the regulations and standing orders issued under it. That framework mostly addressed prisoners in general, he said, and had few provisions dealing specifically with Buddhist monks.

The meeting was attended by senior Maha Sangha members representing the Siyam, Amarapura and Ramanna Nikayas, along with Minister of Buddhasasana, Religious and Cultural Affairs Hiniduma Sunil Senevi and Minister of Justice Harshana Nanayakkara.

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