News
Cabraal dismisses critics and predicts 5% growth this year
By Saman Indrajith
The country was expected to maintain an economic growth rate of 5 percent in the current year, according to the fiscal policy maintained by the Government, Money and Capital Market and State Enterprise Reforms, State Minister Ajith Nivard Cabraal said in Parliament on Tuesday.
Cabraal said that even the tourism industry could be revived before the year end, boosting the economy for the benefit of the public. He was participating in the Adjournment Motion by JVP MP Anura Kumara Dissanayake on the economic situation in the country.
The State Minister, who is a former Central Bank Governor, said that the Opposition wanted the government to seek assistance from the International Monetary Fund (IMF) to find solutions, but there were alternatives that had to be tried first.
Cabraal said that some people only spoke of diseases. However much they exaggerated them, no change happened and they could not find a cure. A fiscal analysis was given by the Central Bank ever fortnight and it made everything clear. However, the member who moved the motion spoke of loans, the Minister said.
Minister Cabraal said that some politicians had expected the government to default on loan repayment in 2020. But they had been disappointed when the government honoured its obligations. Then they dreamt the government would fail to repay loans in 2021, and they were disappointed again.
They were now hoping and praying that the government will fail to service debt in 2022, or 2023.
“But they are in for another big disappointment,” the State Minister said.
Cabraal said the same group of politicians who wanted the country to fail on the economic front had spread rumours that the government would not be able to purchase COVID-19 vaccines. They had been disappointed once again. The government had been able to buy vaccines due to the proper fiscal management practised by its leaders.
The State Minister said that those who moved the Adjournment Motion couldn’t understand the fact that the indebtedness in 2005 when Mahinda Rajapaksa took over the government had been 91 percent of the state revenue and it had been reduced to 71 percent when he handed over it to the yahapalana government. He added that the national debt of USD 24 billion was increased to USD 35 billion during the yahapalana government, which the JVP had supported.
Latest News
Advisory for Severe Lightning issued to the Western, Sabaragamuwa, Central, North-western, North-central, Southern, Uva provinces, and Mannar, Vavuniya, Ampara, Batticaloa districts
Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre
Issued at 12.00 noon 21 April 2026 valid for the period until 11.30 p.m. 21 April 2026
Thundershowers accompanied with severe lightning are likely to occur in the Western, Sabaragamuwa, Central, North-western, Northcentral, Southern, Uva provinces, and in Mannar, Vavuniya, Ampara, Batticaloa districts after 1.00 p.m.
There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities
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Six Foreign Envoys Present Credentials to President Dissanayake
Two High Commissioners, three Ambassadors and an Apostolic Nuncio-designate of the Holy See presented their credentials to President Anura Kumara Dissanayake at the Presidential Secretariat this morning (20).
The ceremony, held at 10.00 a.m., followed the formal order of precedence, with the envoys representing Papua New Guinea, Somalia, Luxembourg, the Holy See, Pakistan and Kuwait.
Accordingly, diplomats who presented their credentials were:
01. Vincent Sumale, High Commissioner-designate of Papua New Guinea (Based in New Delhi)
02. Abdullahi Mohammed Odowa, Ambassador-designate of Somalia (Based in New Delhi)
03. Christian Biever, Ambassador-designate of Luxembourg (Based in New Delhi)
04. Monsignor Andrzej Józwowicz, Apostolic Nuncio-designate of the Holy See
05. Major General (Retd) Nayyar Naseer, High Commissioner-designate of Pakistan
06. Saleh Mubarak Al-Sarawi, Ambassador-designate of Kuwait
Following the presentation of credentials, the President engaged in a cordial discussion with them. The Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, and the Secretary to the President, Dr Nandika Sanath Kumanayake, were also in attendance.
News
Rs 13 bn NDB fraud: Int’l forensic audit ordered
The National Development Bank PLC (NDB), in consultation with the Central Bank, will soon appoint an international firm to conduct a comprehensive forensic audit into the Rs 13.2 billion bank fraud, currently being investigated by the Criminal Investigation Department (CID).
Controversy surrounds the failure on the part of relevant authorities to detect the massive scam that certain employees started perpetrating in mid-2024.
Declaring that day-to-day developments, relating to the NDB PLC, were under scrutiny, the Central Bank said that the NDB, in consultation with CBSL, was in the process of finalising arrangements to engage a leading international firm, with experts from overseas, to conduct a comprehensive forensic audit into the incident.
The Central Bank stated: “The scope of this audit will apart from matters directly related to the commission of this fraud, also fully address and assess any failures on compliance with regulatory requirements on control, oversight and governance during the period in which the fraudulent transactions took place. The forensic audit is expected to commence shortly, and its progress, including any interim findings as well as the final report, will be submitted directly to CBSL who will directly engage with the auditors to the extent considered necessary during the audit.
In parallel, CBSL has directed NDB to take immediate and expeditious measures to strengthen its internal controls and governance processes, with particular focus on addressing identified lapses. NDB has also been required to commission an independent third-party review to assess the adequacy and effectiveness of its policies, procedures, systems, and internal controls.
NDB continues to meet all regulatory requirements relating to capital and liquidity. CBSL remains in close and continuous engagement with the Board and management of NDB, as well as other relevant stakeholders, and stands ready to take any further measures necessary to safeguard the interests of depositors and ensure the stability of the financial system. There is no evidence of any other regulated financial institution suffering any loss arising from the incident at NDB and the public are requested not to be misled by any statements to the contrary made in various fora.”
NDB board directors include Sujeewa Mudalige – former Managing Partner of PwC / Past President of CA Sri Lanka, Hasitha Premaratne – Managing Director of Brandix Group, Shanil Fernando – founding member of Virtusa Corporation and Co-Founder of Sysco Labs, Bernard Sinniah – former Managing Director of Citibank and Kasturi Chellaraja – former Group CEO of Hemas Holdings PLC.
The external auditors of NDB Bank PLC is Ernst & Young.
Meanwhile, the Committee on Public Finance (CoPF) that recently met under the Chairmanship of Member of Parliament Dr. Harsha de Silva observed, with serious concern, that there appear to have been considerable lapses in corporate governance at the bank, deficiencies in supervision by the relevant departments of the Central Bank of Sri Lanka, and undue delays in the reporting of material information.
The Committee firmly underscored that such shortcomings are unacceptable and directed that immediate corrective measures be undertaken. It further emphasised that it will continue to closely monitor this matter and exercise stringent oversight to ensure full accountability, transparency, and the safeguarding of public confidence in the financial system.
The NDB issue was dealt with when the Governor of the Central Bank Dr. Nandalal Weerasinghe, along with members of the Governing Board, the Monetary Policy Board, and senior officials, attended the meeting as part of the Central Bank’s statutory presentation to Parliament conducted once every four months.
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