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Sri Lanka’s BRICS Bid: A strategic move to boost economic growth and non-aligned diplomacy

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Ramindu Perera

By Rathindra Kuruwita

India’s involvement with China in BRICS is a boon for Sri Lanka, as it helps the country address concerns from Western nations about its potential inclusion in the organisation, Ramindu Perera, senior lecturer at the Open University Law Faculty and a member of the Federation of University Teachers Association (FUTA), told The Island yesterday (24).

Perera pointed out that while India had border disputes with China, it still collaborated with the Chinese on economic matters.

“India is now a key ally of the United States, which approaches South Asia through India. However, India remains a BRICS member and maintains close economic ties with China and Russia. India recognises the economic shift taking place in the East and seeks to capitalise on it. This position is advantageous to Sri Lanka,” he stated.

Perera also said that Sri Lanka has formally begun the application process to join BRICS and the New Development Bank this week. President Anura Kumara Dissanayake has written to his Russian counterpart, Vladimir Putin, expressing Sri Lanka’s interest in BRICS membership, while Foreign Minister Vijitha Herath has sought the support of his BRICS counterparts.

“This decision to join BRICS was not made by the National People’s Power (NPP) government alone. The previous Cabinet had approved the decision, and the NPP is merely continuing that policy,” Perera explained.

He emphasised that Sri Lanka has submitted its BRICS application with India’s official endorsement, ensuring all necessary diplomatic bases have been covered. “This signals to the West that, while we are joining BRICS, we have no intention of fostering conflict. In fact, we can position this as a continuation of our long-standing non-alignment policy, demonstrating that we are not interested in aligning with competing geopolitical blocs but instead seek to work with all for the country’s benefit,” he added.

Perera noted that when BRICS was established in 2009 with Brazil, Russia, India, China, and South Africa, many were sceptical about its chances of success due to internal conflicts between some member nations. However, as BRICS demonstrated its effectiveness, numerous nations from the Global South have expressed interest in joining the group.

“Countries like Iran, Egypt, Ethiopia, and the United Arab Emirates have recently joined BRICS. Over 30 others, including Sri Lanka, Indonesia, and Argentina, have shown their desire to join the organisation,” Perera said.

The New Development Bank, formerly known as the BRICS Development Bank, while not yet as established as the World Bank, has already funded several projects. One criticism of the World Bank, he mentioned, is its voting system, which allocates votes based on a member’s share of the Bank’s capital stock. “Since the US and EU countries have contributed the most to the World Bank’s capital stock, they hold more voting power. The World Bank has been accused of operating according to the interests of these nations. In contrast, the New Development Bank’s constitution grants each member country only one vote. Furthermore, the World Bank’s loans often come with conditions that have been criticised by developmental economists,” he noted.

Perera expressed confidence that Sri Lanka is likely to secure BRICS membership.

He further stressed the urgency of economic growth as Sri Lanka faces the need to begin repaying its foreign debt by 2028. To achieve this, the country requires capital to develop strategic sectors, which is essential for sustainable debt repayment. “The agreement we reach with BRICS could assist in securing some of that capital. We must remember that BRICS is composed of rapidly developing economies, and being part of it could also help us attract investments,” he said.

The IMF has mandated that Sri Lanka’s government income must reach 15 percent of GDP by 2028. Without economic expansion, the state will struggle to increase its tax revenue, Perera concluded. “We must not think of BRICS as a jaunt against World Bank, the IMF or our agreements with foreign debt holders. Working with BRICS should be seen as complementing our overall economic strategy,” Perera said.



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Joint programme between President’s Fund and Janashakthi Foundation to expand healthcare facilities for children

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(Pic PMD)

A special collaboration between the Presidents’s Fund and the Janashakthi Foundation, aimed at expanding healthcare facilities available to children under the age of 18, was launched on Wednesday (06) morning.

Implemented under the theme “Building a Healthier Today for a Winning Tomorrow”, this national initiative has been introduced through the joint efforts of the President’s Fund and the Janashakthi Foundation with the objective of reducing the financial barriers associated with children’s healthcare.

Under the President’s Fund, only a portion of the medical expenses incurred by a patient is generally covered. However, under this new collaboration, the Janashakthi Foundation will provide either an equivalent amount or the remaining balance of the treatment cost, whichever is lower.

Speaking on the occasion, Secretary to the President’s Fund and Senior Additional Secretary to the President,  Roshan Gamage, stated that the present Government had taken steps to decentralise and digitalise the operations of the President’s Fund, thereby transforming it into a truly people-centric fund. He noted that this had reinforced public confidence in the Fund’s transparency, accountability and effectiveness and added that the collaboration with the Janashakthi Foundation had further strengthened this process.

Gamage further stated that close and meaningful coordination with the private sector would help enhance healthcare assistance provided to children and minimise the gap between the financial aid available and the actual cost of essential medical treatment.

Also addressing the gathering, Managing Director and Group Chief Executive Officer of the Janashakthi Group, Ramesh Schaffter, stated that difficulties in accessing medical treatment constitute a major obstacle preventing children from progressing towards a better future.

He further stated that the collaboration seeks to reduce that obstacle by extending support to children who are in urgent need of assistance, thereby laying the foundation for future generations to face tomorrow with greater confidence.

Under this programme, applicants seeking additional financial assistance are required, when applying to the President’s Fund, to duly complete and submit a consent form authorising the secure sharing of their information with the Janashakthi Foundation.

The identification of children requiring financial assistance, verification of their information and approval of funds will continue to be carried out by the President’s Fund.

Under this initiative, payments will generally be made to the guardians of children following the completion of treatment. However, in cases involving emergency treatment and treatment conducted overseas, payments will be made in advance.

Applicants submitting medical assistance applications to the President’s Fund from 15 May 2026 onwards will be eligible to apply for additional funding from the Janashakthi Foundation.

The event, held at the Hilton Colombo, was attended by J.M. Wijebandara, Director General of Legal Affairs at the Presidential Secretariat and Advisor to the President (Legal Affairs); C.T.A. Schaffter, Founder and Chairman Emeritus of the Janashakthi Group; Gamika De Silva, Group Chief Marketing Officer; Dilshan Wirasekara, Deputy Chief Executive Officer of the Janashakthi Group; as well as officials of the President’s Fund and the Janashakthi Foundation.

President’s Media Division (PMD)

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Maldivian President concludes state visit to Sri Lanka

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The President of the Republic of Maldives, Dr. Mohamed Muizzu, departed Sri Lanka on Wednesday morning (06) from the Bandaranaike International Airport, Katunayake, concluding a successful state visit to the country.

The visit by the Maldivian President and his delegation further strengthened the longstanding friendship and cooperation between the Maldives and Sri Lanka, while delivering a range of mutual benefits to the peoples of both nations.

This marked President Muizzu’s first state visit to Sri Lanka, during which several mutually beneficial areas of cooperation were agreed upon, underscoring the success of the visit.

Minister of Science and Technology, Krishantha Abeysena, Minister of Youth Affairs and Sports , Sunil Kumara Gamage, Member of Parliament Oshani Umanga, along with senior officials of the Ministry of Foreign Affairs, were present at the airport to bid farewell to the Maldivian President, the First Lady and the accompanying delegation.

(President’s Media Division)

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Govt. draws flak over Rs. 500 mn excess Aswesuma payments

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Close on the heels of the USD 2.5 mn theft from the Treasury, the Welfare Benefits Board has reported payment of nearly Rs 500 mn in excess to Aswesuma beneficiaries.

Public action group ‘Free Lawyers’ has raised the latest fiasco to come to light with Speaker Dr. Jagath Wickramaratne, while requesting that the Parliament, in line with its constitutional obligations, initiate an inquiry.

The letter, dated 06 May, signed by Maithree Gunaratne, PC, Attorney-at-Law Athula de Silva, and Rajith Keerthi Tennakoon, on behalf of ‘Free Lawyers’, has alleged that some of the Aswesuma beneficiaries have been paid twice while others received the additional/extra payment.

Responding to The Island queries, Tennakoon said that sheer negligence on the part of those responsible for public finance was shocking.

Alleging that the NPP government seemed to be operating outside basic rules and regulations pertaining to public finances, the former Governor asked the Speaker whether the wrongful Aswesuma payments had been made due to political appointments made at the expense of the experienced and competent staff. (SF)

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