News
CB Governor stresses need to assist crisis-hit construction industry
Governor of the Central Bank Dr. Nandalal Weerasinghe on Friday (14) emphasized the importance of promoting a sustainable and cost-effective construction industry in the country, highlighting key challenges and opportunities in the sector.
Speaking at ‘Construction Expo 2025’, Dr. Weerasinghe underscored the need for Sri Lanka to align with global trends in sustainable construction, integrating cost-effective energy solutions and eco-friendly building practices.
“I must say my views here are not necessarily as Governor of the Central Bank of Sri Lanka, but as a person looking at this construction industry and how this can be developed and what the issues are. Sustainability in construction is essential, not just for new projects but also for existing buildings,” he noted.
Dr. Weerasinghe acknowledged that the construction sector has been one of the hardest-hit industries due to multiple economic pressures in recent years including the decline in public investments, high material costs and the industry being dependent on government projects.
The CBSL Governor, who acknowledged that the government faced fiscal constraints, limiting infrastructure spending and delaying payments to contractors, said that however, the outstanding arrears had now been settled.
“Government did not have space to spend money for public investment, especially construction that had a significant impact on the industry in the last couple of years, plus the government inability to pay the arrears for a long period. That was an issue we all recognize that has been one of the adverse impacts the industry had in the past”, he expressed.
“Also the cost of materials went up significantly, partly because of foreign exchange shortages. As a result, the shortage had shot up the prices of construction materials, as well as depreciation of the currency, high interest rates, finance costs, and other factors. We all recognize that it had an adverse impact on the industry. It’s one of the worst affected industries because of all these factors.”
The Prime Minister, Dr. Harini Amarasuriya, paid a solemn visit to the Embassy of the Vatican in Colombo today (25) to offer condolences on behalf of the Government and the people of Sri Lanka on the passing of His Holiness Pope Francis.
During the visit, Dr. Amarasuriya signed the book of condolence, expressing deep sorrow over the demise of the beloved spiritual leader and extending heartfelt sympathies to the Catholic community both in Sri Lanka and around the world:
The Prime Minister was received by the Archbishop Brian N. Udaigwe, Apostolic Nuncio of the Apostolic Nunciature, the Vatican Embassy in Colombo and other officials.
[Prime Minister’s Media Division]
President Anura Kumara Disanayake conducted an inspection tour of Kandy city on Thursday (24) night to inspect the progress of the “Siri Dalada Wandanawa” and the related issues that have emerged.
The President held an urgent meeting with relevant officials to address the issues related to sanitation facilities for devotees visiting Kandy to venerate the sacred tooth relic
Agriculture, Livestock, Land and Irrigation Minister K.D. Lalkantha, Diyawadana Nilame of the Sri Dalada Maligawa Nilanga Dela Bandara , Acting Inspector General of Police Priyantha Weerasuriya, Army Commander Lieutenant General Lasantha Rodrigo, Governor of the Central Province Prof. Sarath Abeykoon, Kandy District Secretary Indika Udawatte and others participated in this meeting.
[PMD]
A Sri Lankan delegation met with US Trade Representative Ambassador Jamieson Greer on the 22nd of April, 2025 at the US Trade Representative Office in Washington D.C.
The Sri Lankan delegation, on the instructions of President Disanayaka, who is also the Minister of Finance, handed over the originals of communications addressed to US Trade Representative Ambassador Greer
The delegation updated Ambassador Greer on the challenges that Sri Lanka has faced in the past and the steps that are being taken by the Government of Sri Lanka to overcome future challenges and move towards full economic recovery. The delegation also highlighted the prompt and positive commitment of the Government of Sri Lanka to work with the US Government in reducing the trade deficit, and lowering tariff and non-tariff barriers.
Ambassador Greer acknowledged the proposals made by the Sri Lankan government and expressed hope that an agreement can be reached soon between the two countries to ensure fair and equitable trade relations.
Later on that day, the Sri Lankan delegation met with the USTR delegation appointed by Ambassador Greer lead by Assistant United States Trade Representative, In-charge of South and Central Asia, Brendan Lynch along with Director In-charge of South Asia, Emily Ashby to discuss further the appeal made in writing by Sri Lanka to the US. The two sides agreed to continue the discussions with the objective of finalizing a bilateral trade agreement between the two countries. Both sides expressed the desire to finalize the agreement in the shortest possible time period.
The Office of the U.S. Trade Representative (USTR) is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries. The head of USTR is the U.S. Trade Representative, a Cabinet member who serves as the president’s principal trade advisor, negotiator, and spokesperson on trade issues.
[PMD]
PM pays condolence to pope Francis at the Embassy of the Vatican in Colombo
President conducts an inspection tour of Kandy city
Sri Lankan delegation meets with US Trade Representative
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