News
SJB to renegotiate with IMF immediately after Premadasa’s victory – Eran
… pledges public sector reforms and SoE overhaul
The SJB will initiate renegotiations with the IMF immediately after Sajith Premadasa assumes the presidency, said SJB Parliamentarian Eran Wickramaratne, while addressing a gathering of bankers on Monday (16) evening.
Wickramaratne stated that the SJB would not wait until the conclusion of the general election to begin ensuring macroeconomic stability, which he described as a key responsibility of any government. He emphasised the importance of professionals taking up roles in governance and administration, noting that he and Karu Jayasuriya were among the few professionals from the corporate sector to enter politics.
“Unlike in other countries, Sri Lankan politicians typically do not come from a professional background. Many seek power but lack work experience, having never held a paid job or run their own business. How can a country thrive if such individuals are elected?” Wickramaratne asked.
Drawing a comparison to India, he referenced the former Indian Finance Minister, Manmohan Singh, who was brought into politics from his role as a civil servant in New York. Singh’s decision to float the exchange rate sparked accusations from the Opposition that he was seeking to gain personally from his foreign currency savings. In response, Singh publicly declared his assets, including his foreign currency account, and donated all income from these accounts to a government fund. This, Wickramaratne highlighted, built immense confidence in Singh and his policies—something Sri Lanka needs from its public servants and professionals to advance the country.
Wickramaratne further addressed the misperception that politicians are solely responsible for corruption, pointing out that, over the past few years, Local Government Institutions have operated without political leadership, yet corruption remains entrenched. “Can anyone get their building plans approved without bribing the relevant officials? Can they secure a permit to fell a coconut tree from a divisional secretary’s office or obtain a police clearance report without paying something?” he questioned, noting that public frustration with the civil service has reached a boiling point. He suggested that institutional corruption is deeply ingrained within the public sector, and without significant reforms, another public uprising (Aragalaya) could occur.
Wickramaratne stressed that the SJB intends to implement structural changes within the public service to ensure its independence.
Regarding State-Owned Enterprise (SoE) reforms, he stated that under the new SJB government, private sector involvement or public-private partnerships (PPP) would be introduced to major SoEs, while others would be shut down as part of their reform strategy aimed at rationalising public expenditure.
COPF final report on USD 2.5 mn cyber fraud recommends action against all responsible
The US$2.5 million loss incurred during Sri Lanka’s foreign debt repayment to Australia was a clear case of a cybercrime and theft, Committee on Public Finance (COPF) Chairman Dr. Harsha de Silva told Parliament yesterday.
Presenting the COPF final report on the cyber fraud, Dr. de Silva said the incident amounted to a serious financial crime and called for a comprehensive investigation, by law enforcement authorities, to identify and prosecute all those responsible.
The report revealed serious governance, procedural and operational failures that enabled the fraudulent transfer of public funds, while recommending sweeping reforms to strengthen cybersecurity, financial controls and public debt management systems.
According to the report, officials of the Treasury and the Central Bank bore responsibility for governance lapses that contributed to the failures. It also highlighted the fact that the Ministry of Finance was operating an outdated Microsoft Exchange Server after security support had ended, while basic safeguards, such as multi-factor authentication, had not been implemented.
The COPF said suspicious payment instructions linked to debt repayments involving India, the United Kingdom, Germany and Belgium had also been detected, preventing further losses. However, the US$ 2.5 million fraud materialised only in the repayment transaction involving Australia.
The report has noted that officials had failed to verify lender email domains, relied on unverified email communications and lacked adequate internal controls, allowing the fraud to continue for months.
Although the investigation uncovered system-wide weaknesses across several institutions, only four mid-level Finance Ministry officials had been suspended so far, the report said.
The COPF has recommended a special audit of the foreign debt repayment process, strengthened cybersecurity measures across state institutions, updated financial regulations and improvements to public debt management systems.
by Saman Indrajith
News
Opposition signs no-confidence motion against Justice Minister for dereliction of duty over Negombo Prison deaths
Opposition Leader Sajith Premadasa, together with Opposition MPs, yesterday signed a No-Confidence Motion (NCM) in Parliament against Justice Minister Harshana Nanayakkara.The move comes in response to the unrest at the Negombo Prison, where both prison officers and inmates were killed.
Opposition members said the Minister had failed to fulfill his responsibility and accountability regarding their safety.According to the Opposition group, the NCM seeks to hold the Minister directly accountable for lapses in ensuring protection within the prison system.
The Attorney General yesterday informed the Supreme Court that the government has decided to review the legality of agreements entered into by the previous administration to hand over the country’s electronic visa issuance operations to private companies.
Additional Solicitor General Viveka Siriwardena, appearing for the Attorney General, made the submission when the Supreme Court took up the fundamental rights petitions filed by former MPs President’s Counsel M.A. Sumanthiran, Patali Champika Ranawaka, and Rauff Hakeem, challenging the previous Cabinet’s decision to outsource the e-visa system.
The petitions were heard before a three-judge bench, comprising Chief Justice Preethi Padman Surasena and Justices Achala Wengappuli and Arjuna Obeyesekere.
The Additional Solicitor General informed court that the current Cabinet had appointed a subcommittee to examine the legality of the agreements with the private companies and requested time to report on its findings, stating that the review was still underway.
President’s Counsel Sumanthiran, appearing as one of the petitioners, told the court that although the present government had indicated its intention to cancel the transaction, the petitioners wished to proceed with the case.
He noted that members of the current Cabinet had been named as respondents in the petitions.The Supreme Court directed the petitioners to issue notice on the members of the current Cabinet, named as respondents, and fixed September 29 for further proceedings.
History takes centre stage as Mandhana, Harmanpreet fifties steer India
Spain leave it late to book semifinal date with France
Showers will occur in the Sabaragamuwa, Western and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts
US$ 2.5 mn cyber heist exposes system failures
Opposition signs no-confidence motion against Justice Minister for dereliction of duty over Negombo Prison deaths
AG informs SC of e-visa agreement review
‘Dates have the highest sugar content to fight Coronavirus’
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