News
Cabraal gives lesson in finance to Opposition Leader
By Saman Indrajith
Opposition leader Sajith Premadasa’s questions on the management of the government reminded him of a person that drives recklessly knocks down a person and then queries from the latter what happened, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday told Parliament.
“The Yahapalana government, where the opposition leader was a powerful minister, brought the economy to its knees and is now asking us to rectify the issues they created,” the Minister said.
Minister Cabraal said that the former government obtained USD 6.9 billion in loans and sovereign bonds at an interest of 7.8 percent. “With USD 6.9 billion, six harbours the size of Hambantota harbour could have been built. The funny thing is that many local and foreign institutions kept mum about your reckless loan taking. During the time of our government prior to 2015, we borrowed only USD 5.5 billion for the entire nine year period. The debt was at 91 percent of the GDP when we took the office and we brought it down to 70 per cent of the GDP. During the period of the yahapalana government from 2015 to 2019 it has been increased to 86 percent. So some of the questions are asked from us now, you should have raised them in the cabinet during the time of the yahapalana government. One such question is as to how to bring down those debts.”
Cabraal added that during the previous government very few investment opportunities came in. There was a difference of opinion between the rating institutes such as Fitch and Moodys and the government.
“In my view and in the view of the government, it is surprising to note that the Fitch ratings assessment had ignored several key proposals included in the government budget proposals 2021 with regard to deficit financing in the period ahead. We have set out various ways explaining how the debt deficit would be financed. Obviously they have ignored it and so has the opposition leader. As indicated in the Budget 2021 the government has adopted a novel approach in relation to foreign financing while enhancing the effectiveness of already secured financing channels aimed at reducing the share of foreign financing in the budget deficit over the medium term. In 2014, the total debt, if you break it down into foreign debt and local debt, it was 40 percent foreign debt and the local debt was 60 percent, but by 2019 as a result of the various measures taken by the yahapalana government that ratio had changed to 50 percent foreign and 50 percent local. So we inherited huge risk with regard to foreign debt. That was their making but we will deal with it,” the Minister said.
USS Canberra of the United States Navy departed the island on 14 Jun 26, following a successful replenishment port call. The Sri Lanka Navy extended a traditional naval farewell to the departing vessel at the Port of Colombo.
During the ship’s stay, the Commanding Officer of USS Canberra called on the Commander Western Naval Area at the Western Naval Command Headquarters
News
The use of local organic Agricultural products in the Bakery Industry will strengthen both local farmers and the tourism industry – PM
Prime Minister Dr. Harini Amarasuriya stated that the use of local organic agricultural products in bakery production would provide significant support to both local farmers and the growth of the tourism industry.
The Prime Minister made these remarks while addressing the Annual meeting of the All Ceylon Bakery Owners’ Association, held at the Shangri-La Hotel, Colombo, on Friday (12 June).
The Prime Minister stated,
“At a decisive moment when the country is moving towards a new phase of economic transformation, I believe that the bakery industry has the potential to become a key driver of the national economy, rather than remaining limited to flour-based products alone.
The food production must be mainly considered the quality and safety of food. Therefore, instead of focusing solely on taste, we should introduce nutritious and healthy products to the market that are free from artificial flavourings and colourings.
By using ingredients such as rice flour, finger millet, foxtail millet, green gram, and indigenous tubers to create value-added products, the bakery industry has the opportunity to capitalize on the growing global trend towards health-conscious diets.
The use of local organic agricultural products in food prepared for foreign tourists will provide substantial benefits to local farmers while also contributing to the growth of the tourism industry. At the same time, the government remains committed to strengthening local entrepreneurs by reducing challenges related to the importation of raw materials, providing concessionary loans for new technologies, and offering the technical assistance required to meet international standards.
The government has already launched programmes through the Ministry of Industries to provide the necessary training and market linkages to help small and medium-scale bakery owners develop and expand their businesses”.
The occasion was attended by the Deputy Minister of Industries Chathuranga Abeysinghe, President of the All Ceylon Bakery Owners’ Association N.K. Jayawardana, and a number of members of the Association were also present at the event.
Prime Minister’s Media Division
Prime Minister Dr. Harini Amarasuriya met with a delegation from the UNICEF on Friday (June 12) at Temple Trees to discuss ongoing efforts to support the recovery of the education sector following the impact of Cyclone Ditwah.
Discussions focused on the implementation of activities outlined in the report titled “Cyclone Ditwah Education Emergency Response Plan: Phase 1 Progress Updates (January–April 2026).” The meeting provided an opportunity to review the progress achieved during the initial phase of the response and to discuss future interventions aimed at supporting children and schools affected by the disaster.
The Prime Minister and the UNICEF delegation also exchanged views on strengthening collaboration to ensure the continuity of education and the well-being of affected children.
The UNICEF delegation included Emma Brigham, UNICEF Representative, Begona Arellano, Deputy Representative, and other UNICEF officials.
(Prime Minister’s Media Division)
USS Canberra departs Colombo
The use of local organic Agricultural products in the Bakery Industry will strengthen both local farmers and the tourism industry – PM
Prime Minister meets with UNICEF delegation
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