News
Cash-strapped govt. seeks Indian lifeline: Basil to visit New Delhi
By Shamindra Ferdinando
Declaring that Sri Lanka was experiencing the worst ever post-independence economic crisis, Foreign Minister Prof. G.L. Peiris yesterday said Finance Minister Basil Rajapaksa’s forthcoming visit to New Delhi might give the country an opportunity to explore ways and means of overcoming the overwhelming challenges.
Prof. Peiris, who is also the Chairman of the ruling SLPP, emphasised that the Finance Minister’s visit was meant to seek not only loans but also wider cooperation on a range of other matters, including investment, trade and tourism.
Addressing the regular weekly SLPP briefing at its Battaramulla party office yesterday (22), Prof. Peiris said Indian High Commissioner in Colombo Gopal Baglay and Sri Lankan High Commissioner in New Delhi Milinda Moragoda had made arrangements for Minister Basil Rajapaksa’s visit.
Minister Rajapaksa is scheduled to meet Indian Premier Narendra Modi, Foreign Secretary Harsh Vardhan Shringla and other officials.
Both Prof. Peiris and SLPP General Secretary Attorney-at-Law Sagara Kariyawasam strongly argued against repeated calls led by the main Opposition Samagi Jana Balavegaya (SJB) for seeking the assistance of the International Monetary Fund (IMF).
Prof. Peiris asserted that the IMF wasn’t the only solution but one of the alternatives whereas lawmaker Kariyawasam asked whether any country had benefited from such a course of action.
Referring to the unprecedented crisis triggered by Covid-19 eruption in early 2020, Prof. Peiris said there were external factors, and current challenges couldn’t be taken in isolation. Emphasising that Sri Lanka maintained friendly relations with all foreign governments, Prof. Peiris explained the special relations Sri Lanka was having with India.
Finance Minister Rajapaksa on 12 Nov. presented Budget 2022. He declared that the government was confident that the country would not default on its debts and would work to improve its foreign exchange reserves. “Sri Lanka has never defaulted in its history and that record will be maintained,” Minister Rajapaksa assured.
The Indian High Commission in Colombo has repeatedly stated that Sri Lanka would receive priority in line with India’s ‘neighbourhood first policy’ widely described as Premier Narendra Modi’s signature foreign policy initiative that sought to develop better relations with the country’s neighbours.
Prof. Peiris also briefed the media on the status of the drafting of the new Constitution undertaken by an expert committee, and the Parliamentary Select Committee handling electoral reforms. The SLPP Chairman said that the government was going ahead with the process in spite of other issues at hand and confident of bringing the project to a successful conclusion. Prof. Peiris said that a new Constitution was a long felt need. The public expected electoral reforms as all accepted the need for far reaching changes.
Quad member India is a major investor in Sri Lanka. Recently, India has reached agreement with Sri Lanka as regards the proposed West Container Terminal (WCT) against the backdrop Sri Lanka reneging previous tripartite agreement involving India and Japan to develop the East Container Terminal (ECT) amidst stiff opposition from port unions. The Quad security alliance comprises the US, Japan, Australia and India.
Representatives from the ’The Ceylon Chamber of Commerce’ met with Prime Minister Dr. Harini Amarasuriya on Wednesday [24th of June] at the Parliament premises.
During the meeting, discussions focused on the Sri Lanka Economic and Investment Summit 2026 (SLEIS 2026), which is scheduled to be held on 12 and 13 October 2026. Attention was also given to digitalization initiatives, the introduction of digital technologies in schools under new education reforms, and the transformative role of Artificial Intelligence (AI) in Sri Lanka’s education sector.
Representatives of the Chamber noted that the summit would serve as an important platform for encouraging both local and foreign investment, while also contributing to the shaping of the country’s future economic policies.
The meeting was attended by Krishan Balendra, Chairman of The Ceylon Chamber of Commerce; Vinod Hirdaramani, Deputy Vice Chairman; Shiran Fernando, Secretary General and Chief Executive Officer; Aliki Perera, Deputy Secretary General and Chief Operating Officer; and Anagi Rodrigo-Weerasekera, Chief Economist and Head of Economic Intelligence, along with several other representatives.
[Prime Minister’s Media Division]
A discussion to review the progress of the housing project under which 4,700 houses are being constructed for the Malayagam community with Indian assistance was held this afternoon (24) at the Presidential Secretariat under the chairmanship of the Chief of Staff to the President, Prabath Chandrakeerthi.
Under this housing programme, 2,026 houses are to be provided to families identified by the National Building Research Institute (NBRI) as being at disaster risk. The remaining houses are expected to be allocated to eligible workers residing in the plantation sector.
Accordingly, the houses will be provided to Malayagam community families living on estates belonging to 22 Regional Plantation Companies, as well as estates under the State Plantations Corporation, Janawasama and Elkaduwa Plantations.
For the construction of each house, the Government of India has allocated Rs. 2.8 million, while the Government of Sri Lanka has contributed Rs. 400,000.
During the discussion, Chandrakeerthi instructed officials to ensure that the housing project is completed before the end of this year. He further directed that land identified for the construction of houses be released without delay and that the National Building Research Institute provide the necessary reports to identify suitable land for the project.
The housing project is being implemented jointly by the Ministry of Plantation and Community Infrastructure, the National Housing Development Authority, the State Engineering Corporation and the Plantation Human Development Trust.
Among those present were Additional Secretary (Development) of the Ministry of Plantation and Community Infrastructure, K. S. Wijayakeerthi; Director General (Engineering), N. D. N. Pushpakumara; Director General (Planning), W. A. K. S. Damayanthi; the Secretary General of the Planters’ Association; and officials from the National Housing Development Authority, the State Engineering Corporation, relevant institutions and plantation companies.
(PMD)
It has been reported that Attorney at Law Rakitha Rajapakshe, the son of former Minister of Justice Wijeyadasa Rajapakshe, has been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) over alleged links with the underworld.
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