News
SLPP rebels propose amendments to 2017 Foreign Exchange Act to overcome financial crisis
By Shamindra Ferdinando
The economy was in such a precarious situation that the Wickremesinghe-Rajapaksa government couldn’t further delay the restoration of the relevant provisions of the 1953 Foreign Exchange Act to compel the private sector to bring back export proceeds, rebel SLPP MP Prof. G.L. Peiris said yesterday (30).
Referring to a spate of declarations made by Justice Minister Dr. Wijeyadasa Rajapakshe, both in and outside Parliament, Prof. Peiris emphasised the urgent need to amend the 2017 Foreign Exchange Act enacted by the Yahapalana administration to discard the tried and tested law that existed since 1953. Altogether 94 MPs voted for the new Bill whereas 18 voted against. The rest skipped the vote.
The former minister dealt with the issue at the weekly media briefing held at the SLPP rebels’ office at Nawala.
Prof. Peiris explained how tangible measures, if taken to amend the Yahapalana Foreign Exchange Act, could help the government to ease pressure on the Treasury. “People do not have to be further burdened in a bid to bridge the Budget deficit. The government shouldn’t hesitate to pressure exporters to bring back export proceeds by amending the 2017 Bill,” Prof. Peiris said, warning the government of dire consequences if it failed to act immediately.
The academic alleged that the country was paying a very heavy price for the deliberate failure on the part of the government to collect taxes and tax concessions granted to those near and dear to the powers that be.
Prof. Peiris asked whether the Treasury and the Inland Revenue Department deliberately allowed influential private sector persons to skip paying taxes. Referring to statements issued by MP Patali Champika Ranawaka and Minister Wijeyadasa Rajapakshe, Prof. Peiris said that the IRD and the Excise Department pathetically failed to meet revenue targets.
The former minister said that the overall failure of revenue collection apparatus consisting of IRD, Excise and Customs to meet revenue targets over the years had contributed to the developing economic crisis and the powers that be were yet to take remedial measures.
Prof. Peiris said that massive fraud perpetrated by liquor manufacturers with the connivance of the interested parties is a case in point. The former minster discussed how the Treasury suffered heavy losses and how two liquor manufactures were allowed to continue without paying what they owed the Excise Department.
Prime Minister Dr. Harini Amarasuriya participated in a high-level dialogue titled “Tourism as Soft Power and Diplomatic Capital” held at the Euronews Hub, Piz Buin Davos, on the sidelines of the World Economic Forum on January 20.
The session explored how tourism functions as a strategic instrument of diplomacy by strengthening international trust, cultural exchange, and regional cooperation through mobility and people-to-people engagement. The Prime Minister shared the panel with Mr. Kuban Omiraliyev, Secretary General of the Organization of Turkic States and Mr. Meshari Alnahar – CEO Aseer Investment Company, Saudi Arabia.
Addressing global trends, the Prime Minister emphasized that Sri Lanka is an example of hope, recovery and resilience in a world of conflict demonstrating how tourism can play a critical role in a changing global environment particularly amid climate shocks, geopolitical instability, and uneven economic recovery. She noted that tourism is not only an economic sector but also a vital diplomatic bridge that supports livelihoods, builds relationships and connects people.
Drawing on Sri Lanka’s recent experience, she highlighted the country’s strong tourism recovery despite multiple crises, including the impact of Cyclone Ditwah. Transparent crisis management and strategic engagement with international partners helped sustain visitor confidence, resulting in record tourist arrivals even in challenging circumstances.
The Prime Minister also underscored the importance of green and climate friendly tourism infrastructure and underlined that Sri Lanka welcomes long term investment in tourism. She pointed out that tourism supports millions of jobs worldwide and that inclusive policies are essential to ensure fair opportunities, particularly for women and vulnerable communities.
[Prime Minister’s Media Division]
During an operation conducted in the dark hours of 20 Jan 26, the Sri Lanka Navy seized two (02) Indian fishing boats and apprehended seven (07) Indian fishermen while they were poaching in Sri Lankan waters, off Kovilan, Jaffna.
The seized boats and Indian fishermen was to be handed over to the Fisheries Inspector of Myliddy, Jaffna for onward legal proceedings.
Prime Minister Dr. Harini Amarasuriya participated in a series of high-level bilateral meetings on January 20 on the sidelines of the 56th Annual Meeting of the World Economic Forum in Davos-Klosters, Switzerland.
The Prime Minister attended a productive bilateral meeting with Mr. Jozef Síkela, European Commissioner for International Partnerships. During the discussion, both sides focused on strengthening Sri Lanka–EU cooperation and advancing mutual interests.
Prime Minister Amarasuriya also met with Mr. Masato Kanda, President and Chairperson of the Board of Directors of the Asian Development Bank (ADB), at the WEF Congress Centre. The meeting provided an opportunity to discuss ongoing engagement and future collaboration between Sri Lanka and the ADB.
In addition, the Prime Minister held discussions with Mr. Hassan El Houry, Chairman of Menzies Aviation, where opportunities for collaboration in aviation services and connectivity were explored.
The Prime Minister also participated in a high-level dialogue at the Global Tourism Forum held at the Euronews Hub, Piz Buin, Davos, as part of the World Economic Forum engagements.
Dr. Anil Jayantha, Minister of Labour, and the Deputy Minister of Finance were also present at these meetings.
[Prime Minister’s Media Division]
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