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CP blames 2022 crisis on JRJ policies

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Weerasinghe

General Secretary of the Communist Party Dr. G. Weerasinghe has said the national economy nosedived in 2022 due to three factors. The depletion of the country’s foreign exchange reserves was the main factor caused by the huge chronic trade deficit blamed on the import/export policy implemented through the free/liberal/open trade policies implemented since 1978.

The second factor that led to the economic crisis was the steep decline in state revenue caused by the wrong tax policy followed by successive governments since 1978 by slashing direct taxes, giving tax concessions, imposing tax restrictions, and granting tax amnesties, especially to multinational corporations. Despite sucy concessions, Sri Lanka had not received substantial foreign investment did not receive

The third reason was the huge trade deficit and the gradually collapsing state revenue, which required  more and more loans to be taken. Governments obtained loans from loans from lage private financial companies.  in addition to institutions such as friendly countries, the International Monetary Fund, and the World Bank. Among those who provided such loans to the Sri Lankan governments were eight Sri Lankan financial companies.

Dr. Weerasinghe said so addressing the inaugural session of the CP’s national congress that commenced on 20 February in Colombo.

Dr. Weerasinghe said that the three basic policies, namely the import/export policy that caused the loss of dollars, the tax policy that caused the loss of rupees, and the debt-building policy, especially the borrowing policy of international/national moneylenders, are all policies that arose from the so-called open economy/free trade economic strategy introduced to the country in 1978.

At the onset of his speech, the founding leaders of the CP, including Dr. S. A. Wickramasinghe, Pieter Keuneman, Rev. Udakendawala Sri Saranankara Thero, A. Vaidialingam, P. Kandiah and M. G. Mendis were remembered with great respect.

Dr. Weerasinghe said: “In Sri Lanka, we tried implementing these policies for almost 50 years – since 1978. Our infant industries, which were being built behind state protection and with assistance from the socialist countries, were destroyed. We became a market for the products of the Global North. We borrowed from the Global North’s banks to afford to buy products made by the Global North’s industries. Eventually, an economic crisis erupted in the country and it exploded.”

“When we all came together in 1935 and founded the Sama Samaja Party, and later the Communist Party, one of their main objectives was to win sovereignty – national independence. After going through various stages in the fight for national independence, we became a Republic in 1972 and completed political independence. But a question has arisen as to whether we have true political freedom today in 2026. This question has emerged so strongly in the wake of the economic crisis that erupted in 2022.

“The free market system was introduced to the world by neoliberal leaders in the late nineteen-seventies. This system was based on the views of economists who were marginal after World War II, but became more powerful following the crisis of capitalism in the nineteen-seventies. The policies of these economists were accepted by the political leaders of the United States, Britain, and Europe. These leaders then intervened in the Global South to enforce these ideas and policies.

“The main aspects of the free market system introduced to the world were: Free trade, Free movement of finance, Restriction of state intervention in the economy and expansion of the role of the private sector

“The result of these policies are that everything is determined by a handful of private international monopolies in the so-called free market. The richest 1% get richer while the poor get poorer. The rich 1% decides how the social wealth is invested, and the poor have no voice. This system was forced upon developing countries, often by military dictatorship or authoritarian governments.



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Krrish case against Namal: Summons issued to two Indians

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The Colombo High Court yesterday directed that summons be issued to two Indian witnesses in the case filed against SLPP MP Namal Rajapaksa over the controversial Krrish project transaction, following the procedure laid down by the Judicial Service Commission for summoning foreign witnesses.

High Court Judge Nadee Aparna Suwandurugoda issued the order when the Criminal Investigation Department (CID) informed court that efforts to contact the two witnesses had been unsuccessful.

The judge ordered that steps be taken to serve the summons in accordance with the established legal procedure applicable to witnesses residing overseas.

The Attorney General has filed the case alleging that MP Namal Rajapaksa committed an offence under the Prevention of Money Laundering Act by receiving Rs. 70 million from the Indian company Krrish, purportedly for promoting rugby in Sri Lanka.

The case was filed over the alleged misuse of funds received in connection with the Krrish project deal. The prosecution has claimed that the payment was obtained under the pretext of supporting rugby development. it alleged that the transaction amounted to a violation of the law.

The Colombo High Court in May ordered that the trial be taken up on July 7, following the conclusion of the pre-trial conference last month.

The court is expected to consider evidence from several witnesses during the proceedings, including the two Indian nationals for whom summons were ordered yesterday.

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Kelaniya emerges as highest ranked Lankan uni in Times Higher Education Sustainability Impact Ratings

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The University of Kelaniya has emerged as the highest-ranked university in Sri Lanka in the Times Higher Education Sustainability Impact Ratings 2026, securing a position in the global 401–600 band.

The achievement marks a significant milestone for the university’s ongoing efforts towards sustainability and excellence in higher education, with the ranking recognising its contributions through teaching, research, community engagement and institutional practices.

The ranking was based on evidence submitted by the University of Kelaniya and its research output during 2024 and 2025. The university recorded particularly strong performances in several United Nations Sustainable Development Goals (SDGs), including No Poverty (SDG 1), Gender Equality (SDG 5), Clean Water and Sanitation (SDG 6), and Partnerships for the Goals (SDG 17).

The Times Higher Education Sustainability Impact Ratings, formerly known as the THE Impact Rankings, is the only global university ranking system that evaluates institutions based on their contribution towards achieving the United Nations Sustainable Development Goals.

The 2026 edition assessed 1,646 universities from 116 countries and territories, measuring their performance across all 17 SDG categories as well as overall sustainability performance.

The University of Kelaniya’s recognition as the leading Sri Lankan university in the rankings highlights its commitment to integrating sustainability principles into academic activities, research initiatives and social responsibility programmes.

University authorities said the achievement reflects the institution’s continued focus on addressing global challenges through education, innovation and partnerships while contributing towards sustainable development at national and international levels.

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Dayasiri calls for independent investigation into coal imports

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SJB Kurunegala District MP Dayasiri Jayasekera yesterday alleged serious irregularities in the tender process for the supply of coal to Sri Lanka for the 2026/2027 period and called for an independent investigation into the matter.

Addressing the media in Colombo, Jayasekera asserted that the tender process had once again become controversial, with allegations that UAE-based Potentia FZCO had been allowed to qualify despite failing to meet key tender requirements.

The MP alleged that questions had arisen regarding the conduct of certain senior officials of the Lanka Coal Company and members of the Bid Evaluation Committee (BEC). He maintained that the transparency and fairness of the procurement process had been compromised.

Jayasekera said the tender procedure required all bidders to demonstrate an annual turnover of at least US$100 million for each of the preceding three consecutive years. However, he claimed that Potentia FZCO had provided evidence of such turnover for only two years, while the third year’s submission consisted of unaudited management accounts that had not been independently certified.

He alleged that another mandatory requirement, maintaining a minimum working capital of US$30 million, had not been met. According to Jayasekera, the company had shown only about US$4 million in working capital and had included nearly US$29 million expected to be received from the Lanka Coal Company for previous supplies in order to satisfy the requirement.

“The purpose of the working capital criterion is to establish the supplier’s independent financial strength, not future receivables,” he said.

Jayasekera also referred to a petition filed by Potentia FZCO before the Court of Appeal challenging the cancellation of an order for the supply of an additional 225,000 metric tonnes of coal under a previous contract. He noted that the petition had been dismissed by the Court of Appeal in June this year.

The MP stressed that Sri Lanka’s electricity generation depended heavily on uninterrupted coal supplies and that any weaknesses in the financial capacity of suppliers could pose a risk to the country’s energy security.

He called on the authorities to provide an immediate explanation and ensure a transparent investigation into the allegations. However, Jayasekera acknowledged that the claims relating to the tender evaluation process and the company’s qualifications remained allegations that required proper verification.

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