News
Sri Lanka in sorry plight thanks to IMF, says FSP Education Secretary
By Rathindra Kuruwita
In the early 1990s, Sri Lanka had signed an international agreement undertaking to allocate six percent of its GDP for education, at a time when state revenue accounted for around 23 percent of GDP, Education Secretary of the Frontline Socialist Party (FSP) Pubudu Jayagoda said.
Jayagoda told The Island that in the 1970s, state revenue made up over 50 percent of the country’s GDP.
“Now, revenue has plummeted to around 12 percent, and a few years ago, it dropped to below 10 percent. The same individuals responsible for this decline are now lamenting the lack of funds for health and education,” Jayagoda remarked.
He attributed the decline in revenue to decisions made by successive governments to refrain from engaging in economic activities.
“In 1998, IMF representatives arrived in Sri Lanka and instructed the Chandrika Bandaranaike government to review taxes on foreign investors. This caused our state revenue to collapse. Ironically, the same IMF is now urging the government to increase state revenue to 15 percent of GDP. It’s absurd—the IMF’s advice reduced revenue to nine percent, and now they’re asking us to boost it,” he said.
Jayagoda added that the IMF had recently held a Zoom meeting on Sri Lanka.
“During the meeting, the IMF representatives insisted that international trade should face no barriers. They also advised against measures to protect domestic small and medium-sized enterprises, while advocating for the liberalisation of education, healthcare, and welfare programmes. Furthermore, they called for reforms to labour laws,” he explained.
The FSP Education Secretary warned that if Sri Lanka complied with these recommendations, its industries would collapse, leading to the loss of millions of jobs. Sri Lanka’s current crisis is a direct result of diligently following IMF recommendations, and that the country’s future looked bleak if it continues to heed IMF advice, Jayagoda added.
The Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to instruct the Legal Draftsman to prepare a draft bill to amend the State Mortgage and Investment Bank Law No. 13 of 1975
By Cabinet decision dated 2025-12-01, policy approval was granted to amend the definition of the term “animal” in the Animals Act No. 29 of 1958 by including, pigs, goats, and sheep, in addition to cattle and buffaloes, within the interpretation section of the act.
In accordance with the said approval, the Legal Draftsman has drafted an Amended Bill in all three languages, and the clearance of the Attorney General has also been obtained.
Accordingly, the Cabinet of Ministers has approved the
resolution furnished by the Minister of Agriculture, Livestock, Land and Irrigation to publish the draft Amendment Bill in the Government Gazette and thereafter to submit the same to the Parliament for its concurrence.
News
Cabinet approves establishment of a ‘Trust’ to carry out the management of the Jaffna Thiruvalluvar Cultural Centre
The Jaffna Thiruvalluvar Cultural Centre, comprising 11 floors, has been constructed with the assistance of the Government of India with the objective of serving as a hub for cultural activities in Sri Lanka and expanding bilateral cooperation for the promotion, preservation, and fostering the cultural heritage of Jaffna.
In accordance with the approval granted at the Cabinet meeting held on 2022-02-21, a Joint Management Committee has been appointed to make decisions relating to the affairs of the said cultural centre, in terms of the Memorandum of Understanding signed for the operation of the Jaffna Thiruvalluvar Cultural Centre.
According to the provisions of the aforementioned MOU, upon completion of the construction of the project, the cultural centre should be transferred to the Jaffna Municipal Council through the Government of Sri Lanka.
Following such transfer, the relevant parties have reached an agreement to establish a ‘trust’ for carrying out the management activities of the centre. The Attorney General’s clearance has been received for the draft trust deed prepared for that purpose.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Buddhasasana, Religious and Cultural Affairs to establish the trust to continue the management activities of the Jaffna Thiruvalluvar Cultural Centre
Eshan Malinga keeps getting them in the second half
State Mortgage and Investment Bank Law No. 13 of 1975 to be amended
Animals Act No. 29 of 1958 amended
Cabinet approves establishment of a ‘Trust’ to carry out the management of the Jaffna Thiruvalluvar Cultural Centre
Prime Minister Keir Starmer under pressure as ministers quit, 80 MPs urge him to resign
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