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Wajira says new tax formula meant to consolidate economy

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MP Wajira Abeywardena addressing the media at Sirikotha on Tuesday (03) Pic by Nimal Dayaratne

UNP lawmaker Wajira Abeywardena yesterday (03) claimed that the proposed new tax structure would be beneficial to the ordinary people.

The National List MP warned that holding of Local Government polls as scheduled before March 20 would be detrimental to the ongoing efforts to stabilise the economy. The former minister said so addressing the media at ‘Sirikotha’ where he lambasted the Opposition for demanding Local Government polls.

MP Abeywardena said that further printing of currency notes to conduct proposed election would undermine ongoing efforts to stabilize troubled economy. The former Galle District MP succeeded Ranil Wickremesinghe after the latter was elected by a majority vote in parliament to complete the remainder of Gotabaya Rajapaksa’s five-year term as the President.

Lawmaker Abeywardena alleged that though President Ranil Wickremesinghe promised to adopt system change proposed by youth, the Opposition was continuing with the old strategies meant to destabilize. Underscoring the pivotal importance of implementing the new tax formula at least for some period, that would be crucial to reviving the national economy.

The MP expressed confidence that the runaway inflation could be controlled by implementing the new tax formula. Led by the Government Medical Officers’ Association (GMOA) , professionals are up in arms against the new tax structure which they alleged would influence many families to leave the country.

The UNPer questioned the need for Local Government polls at this juncture as it wouldn’t cause change of government and may result in further burden on hapless public.

The former minister said that those who had been trying to undermine the government conveniently forgot how President Wickremesinghe took tangible measures to restore supply of essential items within weeks after he assumed the presidency. President Wickremesinghe brought an end to untimely deaths at various fuel and gas queues across the country.

In spite of continuing economic problems, President Wickremesinghe’s government was working overtime to improve the situation and stabilize the country in 2023, the MP said, while explaining specific measures taken by the government after the UNP leader assumed presidency in July 2022 (SF)



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Free 14 day visa extension for visitors unable to depart Sri Lanka

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The Department of Immigration and Emmigration has decided effective from 28th February 2026,  to grant a free fourteen  (14) day visa extension to all tourists who are unable to leave Sri Lanka  due to flight cancellations.

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Maldives Coast Guard Ship Huravee arrives in Colombo

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The Maldives Coast Guard Ship Huravee arrived at the Port of Colombo for replenishment purposes on 02 Mar 26. The visiting ship was welcomed by the Sri Lanka Navy (SLN) in compliance with time-honoured naval traditions.

The ship is a 48.9m long Offshore Patrol Vessel which is commanded by Lieutenant Colonel Ahmed Nafiu Mohamed.

Meanwhile, the ship’s crew is scheduled to visit several tourist attractions in the city of Colombo, during their stay in the island.

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AKD warns of far reaching economic consequences of Middle East war

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Anura

President Anura Kumara Dissanayake yesterday called for an immediate and peaceful resolution of the escalating Middle East conflict, warning that the crisis could have far-reaching repercussions on the global economy, including Sri Lanka.

Addressing Parliament, the President stressed that no military conflict benefited humanity, particularly at a time when destructive military technologies were rapidly advancing.

“Any military conflict does not create a favourable situation for any group of people,” he said, urging all parties to make urgent commitments towards peace. “As Sri Lanka, our position is that all parties involved in this war must, as soon as possible, take steps toward a peaceful world.”

He cautioned that Sri Lanka could not remain insulated from the fallout from the conflict, noting that disruptions to global oil and gas supplies, threats to migrant workers in the Middle East, and potential shocks to tourism, remittances, shipping and aviation were real concerns.

A national programme was being formulated to mitigate the impact, he said, adding that its success would hinge on broader international efforts to restore stability, the President said.

Acknowledging public anxiety shaped by past economic hardships, President Dissanayake said social stability could not be ensured through rhetoric alone but required tangible guarantees that citizens would not face another crisis.

While noting that the government had successfully navigated multiple challenges since assuming office, he described the Middle East situation as distinct due to the uncertainty surrounding its duration and outcome.

The government, he said, was closely monitoring developments. The Central Bank had conducted a review with a report on the likely economic impact expected shortly. The Ministry of Finance is also preparing an assessment of the potential effects on public life, alongside measures to ensure the uninterrupted provision of essential services locally and for Sri Lankans overseas.

“The primary responsibility for finding a path out of the crisis rests with the Government,” he said, calling on Parliament and the public to collectively confront the challenge under a unified national plan.

Providing a detailed account of the country’s energy reserves, the President said storage capacity rather than supply remained the key constraint. Excluding the Indian Oil Corporation tanks in Trincomalee, total storage capacity at Kolonnawa and Muthurajawela stands at approximately 150,000 metric tons.

Diesel stocks were currently sufficient for 33 days, with refining contributing around 1,800 metric tons daily. Petrol reserves will last 27 days, with a 35,000 metric ton shipment due on March 7 or 8 expected to extend availability to around 40 days.

Aviation fuel stocks are adequate for 49 days, supported by both daily refining and imports. Scheduled shipments include vessels from RM Parks on March 14, Sinopec on March 17, IOC on March 21 and the Ceylon Petroleum Corporation on March 28.

Crude oil supplies were sufficient to operate the refinery for 26 days, with an additional shipment expected to extend operations by a further 18 days, the President said.

“Because of this, there is no crisis regarding oil,” the President assured Parliament.

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