News
Sumanthiran asks why CB not publishing annual reports on timely basis
presents private member’s Bill to amend EPF law
Tamil National Alliance (TNA) MP M.A. Sumanthiran presented a private member’s Bill to the Bills Office to amend the Employee Provident Fund Act No. 15 of 1958 (as amended) this week.
He said that his Bill comes at a time when the country needs to seriously undertake economic reform. Part of that economic reform is the independence of the CBSL but also accountability of CBSL, he said.
Given below is the TNA MP’s statement on his Bill:
“The EPF is Sri Lanka’s largest fund, and all private sector (formal) workers are mandated to keep their retirement funds in the EPF. The EPF fund is managed by the Central Bank of Sri Lanka. As of 2019, there are 19.4 million accounts with the EPF, almost as many as the entire population of this country. Currently, even after an 80% depreciation of the Sri Lankan rupee, the EPF should be holding close to USD 10 billion in retirement savings of the hardworking Sri Lankan people. That is around 3.5 trillion rupees, in my estimate.
“More than the entire expected revenue of the government, for 2023. I don’t have precise figures, and must resort to estimates, because the EPF has been extremely irresponsible in publishing even its annual reports. Until November, the latest annual report available was for 2016. After we brought up this issue, during the Budget debates, they suddenly published the annual reports up to 2019. Why is the Central Bank not capable of publishing the annual reports, on a timely basis?
“Does this institution have the kind of management and accountability that people can trust? The Bond Scam from 2015 where the company Perpetual Treasuries, connected to the then Central Bank governor, bought a series of bonds, at low prices, allegedly using insider information, and then allegedly dumped these bonds on the EPF. As a result of the bond scam, forensic audits were ordered and the published forensic audits, in 2019, revealed that the EPF is exploited for private profit and manipulation of the bond market and share market to the detriment of Sri Lankan workers.
“The EPF Act, in its current form, requires that under section 5 (1) (h) the Monetary Board must provide, each year, information on each investment that it has made. This is to be done yearly and shared with the Minister, through the annual report. Not only has the EPF management (the Central Bank) failed to do that, it has refused to comply with RTI requests, even after the RTI Commission has had held that it should disclose information.
This Act is to increase the frequency of disclosure and add more clarity to the disclosures that will be required from the EPF, since it is presently not complying with the existing laws. Therefore, the amendment seeks to give clear requirements for (a) timely and regular disclosure; and (b) ensuring that the content disclosed provides sufficient information on the EPF to ensure accountability of the fund and safeguard the savings of workers. This amendment seeks to mandate better disclosure of information through the annual report (Section 5(1)(i)) and information on each purchase and sale of bonds/assets by the EPF (Section 5 (1)(h)) from an accountability perspective.”
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Teacher recruitment examinations will be conducted in accordance with the relevant court decisions – PM
Prime Minister Dr. Harini Amarasuriya stated that the forthcoming two teacher recruitment examinations will be conducted in accordance with the relevant court decisions pertaining to the ongoing legal proceedings and further noted that, taking into consideration the requests received, steps have been taken to make a request to Court’s approval to revise the conditions of the effective date of degree completion.
The Prime Minister made these remarks while addressing a meeting held at Monaragala Royal College to brief education authorities of the Monaragala District on the new education reforms.
Under the new education reforms, Smart Boards will be provided to 132 schools in the Monaragala District as part of the program to equip secondary schools with modern technology. As a symbolic step under this initiative, Smart Boards were presented to 10 secondary schools under the Prime Minister’s patronage. This program is being implemented with the intervention of the Digital Task Force operating under the Prime Minister’s Office. It was also emphasized that a new digital policy, formulated with special attention to child protection, will be introduced in April.
As part of her visit to the Monaragala District on the 13 th of February, the Prime Minister observed the implementation of the new learning methodologies introduced for Grade One under the new education reforms. She visited Kumbukkana Sri Shanmugam Tamil Maha Vidyalaya and Maduruketiya Maha Vidyalaya in Monaragala to observe the educational activities of Grade One students.
Considering the increase of student numbers and the development of infrastructure facilities, the Prime Minister also approved a proposal submitted by the School Development Society to rename Maduruketiya Maha Vidyalaya as Monaragala Dharmaraja Maha Vidyalaya.
Teachers briefed the Prime Minister that the new education system, supported by revised workbooks and activity-based learning methods, has proven to be effective, with students participating enthusiastically.
Addressing education officials further at the meeting held at Monaragala Royal College, the Prime Minister stated:
“Although this will not provide a complete solution to the existing teacher vacancies, these examinations can offer considerable relief. According to the Court’s previous determination, the effective date of degree completion had been set as 30.06.2025. However, considering numerous requests and following the cabinet approval we have sought Court’s consent to revise this date. We will act in accordance with the decision granted.
Funds allocated for school infrastructure must be utilized transparently and in line with proper planning, and progress must be reported accordingly. We cannot move forward by dividing ourselves along national, provincial, rural, or urban lines. As education authorities, you must make swift and accurate decisions based on correct data.
Further, discussions are already underway within the Piriven Committee of the Ministry of Education to develop Piriven education and to address the issues faced by Piriven teachers.”
The event was attended by the members of the Maha Sangha, Uva Province Governor Attorney-at-Law Kapila Jayasekara, Deputy Minister of Trade and Commerce R.M. Jayawardhana, Member of Parliament Ajith Agalakada, Uva Provincial Education Secretary Nihal Gunarathne, and several officials from the education sector.



[Prime Minister’s Media Division]
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Low-pressure area is likely to form over the southeastern Bay of Bengal around 15th February
Special Weather Bulletin issued by the Natural Hazards Early Warning Centre of the Department of Meteorology
Issued at 10.30 a.m. on 13 February 2026
A low-pressure area is likely to form over the southeastern Bay of Bengal around 15th February.
The general public are requested to be attentive to the future forecasts and bulletins issued by the Department of Meteorology in this regard
News
Sajith points to irregularities in coal procurement deals
Opposition and Samagi Jana Balawegaya (SJB) Leader Sajith Premadasa has claimed that all five coal shipments, imported recently for the Lakvijaya Coal Power Plant, in Norochcholai, were of substandard quality.
The remarks were made on Thursday during a meeting of the Sectoral Oversight Committee on Infrastructure and Strategic Development at the Parliament complex, which summoned senior officials from the Ceylon Electricity Board (CEB), the Public Utilities Commission of Sri Lanka (PUCSL), and the Lanka Coal Company to discuss the controversial coal imports.
Premadasa raised concerns over the tender process, highlighting a lack of transparency and deviations from the original procurement plan for the country’s key 900-megawatt power plant. He noted that although the order for 2,500 tonnes of coal was issued in April, deliveries were delayed due to the May monsoon season.
The Opposition Leader criticised the shortened tender timeline, which was reduced from the standard 42 days to just 21, and demanded that reports approving the tender, technical instructions, and conditions for both previous and current coal tenders be submitted to Parliament.
Premadasa also questioned the qualifications and experience of the suppliers selected by the government, asking whether responsibility for the nation’s primary electricity production had been entrusted to an unsuitable company.
He also emphasised the coal specifications, stating that the net NCP value should be 5,900 and requested reports if the supplied coal failed to meet that standard. Premadasa asked whether coal had been added to boilers before test results were received, whether samples had been sent to India for testing, and requested the corresponding reports.
In addition, he sought clarity on potential financial losses exceeding one million rupees, reductions in the annual coal requirement due to extra coal burning, and any boiler damage caused by substandard coal.
The Opposition Leader called for a full investigation into the tender process, including a forensic audit, noting that prior questioning through the Sectoral Oversight Committee had already highlighted deficiencies in procurement procedures.
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