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Minister: Govt. lays foundation for economic stabilisation

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By Shyam Nuwan Ganewatta

The government has successfully laid the groundwork for economic stabilisation, Labour Minister and Deputy Minister of Economic Development, Professor Anil Jayantha Fernando, announced on Thursday (26) during a press conference.

Speaking at the Presidential Media Centre, Professor Fernando stated that the economy is steadily stabilising, as evidenced by official indicators and growing public confidence.

He further highlighted that the government has allocated the necessary funds for the next four months through a vote on accounts. He added that the government decided to uphold the agreement signed by the previous administration with the country’s International Sovereign Bond (ISB) holders to avoid prolonging the negotiation process.

Addressing concerns regarding the withholding tax, Professor Fernando remarked, “It is incorrect to say the government has imposed excessive taxes through the withholding tax. The government is not introducing additional income taxes. Instead, we aim to broaden the tax base and enhance efficiency in tax collection. The most effective approach is to tax at the source. Tax collection must follow fair mechanisms, and we have increased the withholding tax to ensure those with substantial deposits contribute appropriately.”

During the same briefing, Deputy Minister of Finance and Treasury, Harshana Suriyaaratchi, stressed that there would be no further extensions to the suspension of the Parate Execution Law beyond 21 March 2025.

According to data from the Central Bank, 99% of borrowers with loans below Rs 25 million have agreed to renegotiate their loans with banks, with a 12-month grace period to be implemented. Relief measures have also been introduced for businesses with loans below Rs 25 million. Additionally, borrowers with loans between Rs 25 million and Rs 50 million have been granted a nine-month extension, while other borrowers have been provided with a six-month grace period.

The government has been engaging with stakeholders to develop long-term solutions to these challenges, rather than relying solely on extending the suspension of the Parate Execution Law.



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Death toll rises to 607, missing persons reduce to 214 at 1800hrs today (5)

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The situation report issued by the Disaster Management Centre at 1800hrs today (5th December) confirms that 607 persons have died due to the adverse weather conditions while the number of missing persons has reduced to 214.

The number of persons affected topped the 2 million mark (2,082,195).

 

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Sri Lanka Navy takes delivery of Ex-USCGC DECISIVE

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The Sri Lanka Navy (SLN) formally took delivery of the EX- United States Coast Guard Cutter, USCGC DECISIVE, provided by the United States to SLN, at a ceremony held at the United
States Coast Guard Yard in Baltimore on 02 Dec 25. The event was also attended by the Commander of the Navy, Vice Admiral Kanchana Banagoda.

The ship formally joined the SLN fleet on 02 December under the pennant number P 628 and the main mast of the ship will fly the National Flag effective from that date.

Aiming to strengthen and develop partnerships to overcome common challenges in the maritime domain, the U.S. Coast Guard has previously provided 03 ships to SLN and they are currently patrolling island waters under the names of ‘Samudura’ (P 621), ‘Gajabahu’(P 626), and ‘Vijayabahu’ (P 627).

As an extension of partnership ties that bring value to each other’s services, Ex-USCGC DECISIVE was transferred as the fourth ship to be handed to SLN.

Ex-USCGC DECISIVE, a ‘B-Type Reliance Class 210-foot Cutter’, measures 64m in length, and having endurance of 6000 NM at cruising speed. Further, she has been designed for a
crew of 100 and is equipped with weapons and machinery.

The ship which was used by the U.S. Coast Guard has rendered exceptional service during her tenure by curbing illegal activities, including smuggling of narcotics in U.S. waters.

Sri Lanka inherits an Exclusive Economic Zone (EEZ) that is seven times larger than the landmass. In such a backdrop, the Navy is determined to deploy this vessel in wide-ranging
operations that include the conservation of marine resources in the region and the search and rescue of naval and fishing communities in distress. Thereby, the Navy will be able to utilize
this vessel efficiently in the future to achieve the national aspiration, while ensuring safe and secure seas for all economic affairs.

The formal handing over – taking over ceremony was also distinguished by the presence of the Deputy Chief Acquisition Officer and Director of Domain & Integration Services U.S. Coast
Guard,  James L. Knight, Deputy Assistant Secretary of War for South and Southeast Asia, Dr. Andrew Byers, the Ambassador of Sri Lanka to the United States, Mahinda Samarasinghe, Commanding Officer designate of P 628, Captain Gayan Wickramasuriya as well as a group of officials from the Embassy of Sri Lanka in United States and the State Department
of the United State

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486 dead, 341 missing, 171,778 displaced as at 0600hrs today [05]

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The situation report issued by the Disaster Management Center at 0600hrs today [5th December] confirms that 486 persons have died and another 341 persons are missing after the devastating weather conditions in the past week.

171,778 persons have been displaced and have taken refuge at 1,231 safety centers established by the government.

 

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