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Hand over economic management to independent technocrats: SJB MP

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By Sanath Nanayakkare

Samagi Jana Balavegaya MP Patali Champika Ranawaka said in Colombo recently that managing the economy of the country should be handed over to a group of independent technocrats.

“The general public and the business people are growing increasingly less confident about the capacity of the political leadership to pull the country out of the current economic crisis. So, the situation calls for the government to turn over the management of the economy to a group chosen through a process that emphasises their relevant skills and proven performance to put the economy back in shape,” Ranawaka said.

The MP said that such technocrats needed to be truly independent and need not just serve the interests of popular politics because if a sovereign default happens, all Sri Lankans, those who voted for the government and those who didn’t, would have to face grave repercussions.

Ranawaka made these comments at an Advocata forum themed, “A National Consensus for Economic Reforms.

Ranawaka said that Sri Lanka has got into a precarious financial situation today where it can’t raise enough capital either in the domestic market or in the international capital market.

“In the next eight months, we have to honour commitments on International Sovereign Bonds and Sri Lanka Development Bonds worth nearly USD $ 3 billion with only USD $ 1.5 billion cash in hand. In this backdrop, Sri Lanka runs the risk of a default and potential bankruptcy at some point. Even if the authorities begin talks on renegotiating and rescheduling of our foreign loans, that would technically mean declaring bankruptcy. When Prime Minister Mahinda Rajapaksa asked the government of India to postpone Sri Lanka’s debt by three years, that also tantamount to acknowledging bankruptcy. If the country hits bankruptcy, it will have a negative impact across the board. It won’t be easy recovering after a default and bankruptcy. It could lead to multiple defaults. Defaults by Argentina on its foreign debt as well as the debt crisis in Greece led to a loss of confidence in their economies. They haven’t recovered fully. They may recover for some time and they falter again. Elections were held in Greece from time to time to resolve the economic issue. Masses elected leaders from the left, centre and right in the political spectrum, but nothing has worked meaningfully. The economic malaise has dragged on for 10 years in Greece. Argentina is no different. If a sovereign debt default occurs in Sri Lanka, we may face a similar situation. It would be unwise to think that when the situation aggravates, it would help the Opposition to come to power. Whoever comes to power, would have to bear the same pain and pressure, so a sovereign default must be averted,” he said.

He said that the government is still not serious about this serious situation.

“Our concern is whether political leaders and responsible authorities are paying the issue the attention it deserves. This crisis can’t be solved by providing each Grama Niladhari division with Rs. 3 million to spend on building rural infrastructure. If a default happens, its negative spillover could see the loss of thousands of jobs triggering a social explosion. The racial and religious tensions which are under wraps could flare up again and foreign investors would try to capitalise on the situation. A fine example for this is; about six months ago the Urban Development Authority put up more than 50 strategic national properties for sale under what was called ‘Selendiva’. It was said that USD 5 billion would be raised from its proceeds. Nevertheless no buyer has made any bids to date. We are often told that USD 3.6 billion is coming from Oman, USD 2.5 billion is coming from some other country and so on. But these have not materialised yet. Why? Everyone has realis-ed that Sri Lanka is on its way towards bankruptcy. And investors know that they can buy these assets for five million dollars once that happens. It is very clear that nobody is coming to buy these assets right now. There are no friends left here for us. In 2019, during our administration, we arranged four investments for the much hyped Port City and the foundation stones were laid. I can tell you that those investments or anything else won’t come to Port City next year. All countries in the world are experiencing varying degrees of volatility and instability as the virus has again plunged the world back into uncertain territory. No friends have been left for us in the midst of it.

“So coming to a national consensus on structural reforms needed to get out of the economic crisis is critical right now. It’s up to the government to show the right signals that it is ready to move along the correct political and fiscal path to get the support of everyone to do it,” he said.



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President chairs 2027 Pre-Budget talks on Agriculture Ministry

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A discussion to review the progress of projects being implemented under the 2026 budget allocations for the Ministry of Agriculture, Livestock, Land and Irrigation, and to consider the Ministry’s budgetary requirements for 2027, was held on Tuesday (07)  morning  at the Presidential Secretariat under the chairmanship of President Anura Kumara Dissanayake.

During the meeting, the progress of projects implemented in 2026 by institutions under the Ministry, including the Department of Agriculture, the Department of Agrarian Development, the Department of Export Agriculture and the Institute of Post-Harvest Technology (IPHT), was reviewed individually. Attention was also focused on institutions requiring restructuring to enhance efficiency and effectiveness.

The President instructed that all irrigation projects maintained by various institutions, departments and local authorities should be regulated through a single district-level unit. He also directed that irrigation rehabilitation projects being implemented across the island be comprehensively mapped.

Emphasising the need to maximise the utilisation of funds allocated under the 2026 Budget, the President instructed officials to further promote concessionary bank loan facilities available to young entrepreneurs in the agriculture and industrial sectors.

The President also instructed officials to submit a report containing proposals for the integrated and systematic management of extension services currently operating under various ministries. He further highlighted the importance of holding separate discussions on individual subject areas to ensure seamless coordination between the Provincial Councils and the Central Government.

The President also directed officials to submit new proposals and projects aimed at promoting export agricultural crops and increasing the value of related products.

The meeting also reviewed projects launched in recent years with foreign loan assistance. As many had exceeded their scheduled completion dates, the President instructed officials to expedite their completion. He further emphasised that, in future, no project financed through foreign loans should be approved without a clear understanding of its intended outcomes.

It was also noted that the Government had incurred a significant financial burden due to the failure to complete certain projects initiated in previous years within the stipulated timeframe. Accordingly, it was decided to review projects that had not been completed on schedule.

The discussion also highlighted the importance of replacing outdated projects and programmes that have continued for many years without delivering tangible results with more productive agricultural programmes.

Minister of Agriculture, Livestock, Land and Irrigation K.D. Lalkantha; Minister of Labor and Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando; Deputy Minister of Agriculture and Livestock Namal Karunaratne; Deputy Minister of Land and Irrigation Aravinda Senarath; Secretary to the President Dr Nandika Sanath Kumanayake; Secretary to the Treasury and Ministry of Finance, Planning and Economic Development, Dr.Harshana Suriyapperuma; Senior Additional Secretary to the President Kapila Janaka Bandara; Secretary to the Ministry of Energy and Senior Additional Secretary to the President Russell Aponsu; Secretary to the Ministry of Agriculture, Livestock, Land and Irrigation D.P. Wickramasinghe; and officials of the Ministry of Finance, Planning and Economic Development and the Ministry of Agriculture, Livestock, Land and Irrigation were also present at the discussion.

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Committee Appointed to investigate unrest at Negombo Prison

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A Committee of Inquiry was appointed on Tuesday (07) by Secretary to the President Dr Nandika Sanath Kumanayake, with Cabinet approval, to conduct a comprehensive investigation into the unrest that occurred at Negombo Prison on 5 and 6 July and to report on the circumstances that led to the incident.

The Committee is chaired by retired Supreme Court Judge Priyantha Fernando. Its other members are Additional Solicitor General and President’s Counsel Milinda Gunatilake and President’s Counsel Mohan Weerakoon. Senior Assistant Secretary to the President K.L.D. Asela has been appointed Secretary/Convener of the Committee of Inquiry.

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“Badhu Shakthi 2026” National Tax Week begins

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The inaugural ceremony of “Badhu Shakthi 2026” (“බදු ශක්ති 2026”) National Tax Week, organised by the Revenue Administration Reform and Modernisation Unit of the Presidential Secretariat with the objective of strengthening State revenue generation and accelerating the country’s future development process, was held on Monday (06) morning  at the Presidential Secretariat under the patronage of Speaker Dr Jagath Wickramaratne.

“Badhu Shakthi 2026” is a year-round national programme aimed at transforming the negative public perception of taxation into a positive one while fostering a culture of voluntary tax compliance. To mark its commencement, a National Tax Week will be observed across the island from 6 to 10 July.

A nationwide media and public awareness campaign will be conducted in parallel, including the distribution of leaflets and a range of promotional activities designed to educate the public directly and encourage greater tax compliance.

Addressing the inaugural event, Speaker Dr Jagath Wickramaratne stated that “Badhu Shakthi 2026” is not simply a tax collection campaign but a national initiative aimed at cultivating responsible citizens who love their country.

Further elaborating, the Speaker said:

“Today marks a significant milestone in our country’s future development and economic stability. The strength and sustainability of any sovereign nation depend on its economic independence. Taxation is one of the key instruments for strengthening State revenue and driving national development.

However, taxation has long been viewed negatively by many people. That perception was largely shaped by those responsible for collecting taxes and by successive administrations. When people develop a sense of national responsibility, their attitudes begin to change. For many years, taxes were regarded as a burden. History has shown us that tax evasion occurred on a significant scale, and it must be acknowledged, however reluctantly, that such practices often enjoyed political patronage.

In the past, the public had little understanding of how their tax contributions were utilised. Taxpayers lacked a clear vision of the benefits derived from the taxes they paid. The present Government has succeeded in changing this situation by fostering a more positive public attitude towards taxation. I wish to pay tribute to all taxpayers who contribute towards the Government’s national development agenda.

Today, people have confidence that the taxes they pay are being put to good use. Expressways, highways and power infrastructure projects are now being implemented using domestic funds. There is a sense of pride among the public that construction of the Kandy Expressway has commenced without obtaining loans from any external source. Cabinet approval has also been granted to commence work on the Kurunegala–Galewela Road.

Today, Sri Lanka has grown stronger as a nation capable of financing development activities through domestic resources rather than relying on foreign borrowing.

In ancient times, the country’s great stupas, reservoirs and irrigation networks were built through the collective contribution of the people. Likewise, Sri Lanka can become a prosperous and developed nation only through collective effort. The taxes collected today are being utilised for the welfare of the people. This was clearly demonstrated when the Government allocated Rs. 500 billion in response to Cyclone Ditwah. In addition, substantial benefits are now being provided to the public through the President’s Fund. Educational assistance is being extended to schoolchildren across every corner of the country. All of these initiatives are being financed through domestic resources.

It is essential that the public are made aware of the real benefits derived from tax revenue and of the development projects being implemented. This will strengthen public confidence in the transparent use of tax revenue. The primary objective of this national programme is to broaden the country’s tax base, improve tax compliance, reduce tax evasion and foster a positive attitude towards taxation. If everyone pays their fair share of taxes, the tax burden borne by others can be reduced.

We do not build a beehive with a single bee. It is created through the collective effort of thousands of bees, making it a remarkable achievement. Likewise, ‘Badhu Shakthi 2026’ is not merely a tax collection campaign. It is a national movement to cultivate responsible citizens who love their country. I extend my sincere appreciation to everyone who has dedicated themselves to making this important initiative a success.”

Labour Minister and Deputy Minister of Finance and Planning Anil Jayantha Fernando:

Labour Minister and Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando said that a proper understanding of taxation among citizens would enable Sri Lanka to make greater progress towards economic and social transformation.

He noted that while individuals naturally pursue their own personal goals and aspirations, many of these objectives cannot be achieved in isolation. The success of any society depends on cooperation and collective effort.

He further stated:

“Today, paying taxes has become a much simpler process. As a result, tax collection is now carried out more efficiently and systematically. At the same time, the Government recognises its responsibility to ensure that tax revenue collected fairly is managed prudently and utilised for the benefit of society. If the Government fails to demonstrate sound financial discipline, people will lose confidence and become reluctant to pay taxes. This was evident in the past.

Accordingly, the Government has introduced a tax administration system founded on strong fiscal discipline. We will not tolerate fraud, corruption or waste. If we are to rebuild this country, every citizen must contribute willingly and with a sense of national responsibility. This should not be driven solely by legal obligation. We are confident that the people of Sri Lanka will fulfil this responsibility.”

Deputy Minister of Economic Development Nishantha Jayaweera, Director General of Customs Wimal Liyanagama, Director General of Excise M.B.N.A. Premaratne, and Commissioner General of Inland Revenue Rukdevi Fernando also addressed the gathering.

Among those present were Director General of Public Relations to the President Dharmasiri Gamage, senior officials of the Presidential Secretariat, the Ministry of Finance, Sri Lanka Customs, the Department of Excise, the Inland Revenue Department, as well as taxpayers and other invited participants.

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