News
“A comprehensive international dialogue essential to address global challenges in 2024” – President
President Ranil Wickremesinghe delivering the opening speech at the ‘Berlin Global’ Dialogue in Berlin, Germany, today (28), expressed the need for a comprehensive dialogue between Western nations and China, the United States of America and China and the European Union and China, as a critical component of a robust international plan capable of addressing the global challenges anticipated in 2024.
The President also highlighted that initiatives such as the ‘Belt and Road’ have led to increased scrutiny of countries like Sri Lanka, potentially impacting the economic prospects of nations in the Global South. Nevertheless, he emphasized that Sri Lanka has a history of engaging with countries like the United States, India, and China, making such interactions a familiar and essential part of international relations.
During the subsequent round table discussion, President Ranil Wickremesinghe also expressed gratitude for the support received from India and Bangladesh in addressing Sri Lanka’s recent economic challenges.”
President Wickremesinghe underlined the contrast between advanced economies, which possess buffers and reserves to weather these shocks, and developing nations that lack such resources. He emphasized that this disparity was the starting point for the sovereign debt crisis.
The President cautioned that without immediate corrective measures, the world could be on the brink of another crisis. He acknowledged that many developing countries are burdened with substantial debt, highlighting the inadequacy of existing mechanisms like the IMF to address this new situation. He shared Sri Lanka’s experience when declaring bankruptcy, which led to a halt in foreign funding and triggered a political crisis.
News
Presidents’ Entitlements Act No. 4 of 1986 and the Parliamentary Pensions Law, No. 1 of 1977 to be amended
In par with the “Pohosath Ratak – Lassana Jeewithayak” (A wealthy country – a beautiful life) policy declaration presented to the public by the current government, the citizens have given a mandate to the government to repeal the special benefits given to the former Presidents and their families and to cancel the pension provided to the Members of Parliament 05 years after their tenure.
Accordingly, the Cabinet of Ministers approved the proposal submitted by the Minister of Justice and National Integration to instruct the Legal Draftsmen to formulate 02 draft bills to amend the Presidents’ Entitlements Act No. 4 of 1986 and the Parliamentary Pensions Law, No. 1 of 1977; so that cancelling the special benefits granted to former Presidents and their families as well as cancelling the pension of the Members of Parliament will be possible.
As proposed in the budget speech for the year 2025, the government has decided to implement a special fixed deposit scheme for senior citizens.
Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by the President in his office as the Minister of Finance, Plan Implementation and Economic Development to implement the proposed special fixed deposit scheme as follows:
• To implement this scheme for fixed deposits opened within the period from 01.07.2025 to 31.12.2025 by Sri Lankan citizens of age 60 years or more.
• The period of the fixed deposit is 12 months (one year) and, the maximum deposit value is rupees one million.
• Payment of the higher value from the value when a 3% of additional annual amount to the average weighted fixed deposits rate (AWFDR) or the value when a 3% addition is made to the declared fixed deposit interest rate.
• Allocation of rupees 30 billion for payment of interest relief for this whole programme
News
Contract for consultation services for modernizing services of the Department of Meteorology awarded to Asian Disaster Preparedness Center, Thailand
The Cabinet of Ministers has approved the proposal presented by the Minister of Agriculture, Livestock, Land, and Irrigation to award the consultation services contract for the modernization of services of the Department of Meteorology under the Climate Resilience Mitigation Multi-Stage Approach (CResMPA) to the Asian Disaster Preparedness Center in Bangkok, Thailand, based on the recommendations of the Consultation Procurement Committee appointed by the Cabinet of Ministers
Presidents’ Entitlements Act No. 4 of 1986 and the Parliamentary Pensions Law, No. 1 of 1977 to be amended
Elderly citizens to get 3% more interest for FDs
Contract for consultation services for modernizing services of the Department of Meteorology awarded to Asian Disaster Preparedness Center, Thailand
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