News
New investment company will be established to manage state assets – President
President Ranil Wickremesinghe announced plans to establish a new investment company that will manage state assets, ensuring that the rights of the people are protected. He also stated that new laws would be introduced to support this initiative. Additionally, the President highlighted the potential for new investments that will generate assets and help create a structured retirement planning system.
These remarks were made during a ceremony in Colombo today (02), where the President participated in the launch of a new retirement insurance system for the elderly through the SANASA Movement. During the event, President Wickremesinghe also symbolically handed over six new insurance policies for senior citizens.
The President noted that he took control of the country during an economic collapse, made difficult decisions to rebuild it, and emphasized that without the people’s patience, Sri Lanka could have faced a fate similar to Bangladesh today.
President Wickremesinghe further elaborated;
The United National Party government, appointed in 1977, opened the country’s economy, prompting various groups to establish new institutions and businesses. It was during this time that Mr. P.A. Kirivandeniya initiated the SANASA Movement, leading to the constitutionalization of the program. The proposal for the equitable distribution of production and resources among all citizens, initially suggested by Dudley Senanayake and J.R. Jayewardene in 1962, was also incorporated into the constitution, encouraging organizations like the SANASA Movement to flourish and significantly contribute to the Sri Lankan economy.
In the 21st century, the economy expanded differently from the 20th century, with the rise of small businesses, particularly in the three-wheeler industry and the tourism sector. However, in 2022, Sri Lanka’s economy collapsed. I assumed leadership during this time of economic instability, and without the patience of the people, the country could have descended into chaos.
If people had taken to the streets to govern the country, Sri Lanka could have faced the same fate as Bangladesh today. Rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the International Monetary Fund (IMF). At one point, buying a vehicle, a house, or modern appliances seemed like an unattainable dream for many. However, we have overcome those challenging times, and with the economy now stabilized, the people’s purchasing power has increased, which in turn is expected to fuel the growth of small businesses and attract investors.
We have also initiated a program to grant “rights” to the people, starting with the decision to issue freehold deeds to secure land rights. As part of this effort, two million freehold deeds are being distributed. Additionally, we have launched a program to provide Colombo urban flats to people free of charge, and plans are in place to create estate villages in the upcountry, offering each family a plot of seven perches. This process of transferring “rights” to the people is progressing rapidly.
Additionally, there is a focus on providing subsidized housing loans to low-income earners. Traditionally, the funds from the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) were used to purchase bonds. However, under our current program, government spending has been reduced, and plans are in place to increase state revenues. As revenues grow, the need to use provident fund money for bond purchases will diminish. We are in discussions to redirect these funds towards investment opportunities, and we intend to consult with trade unions and employers on this matter.
There are also plans to establish a National Wealth Fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare. This initiative will help secure the “rights” of the people.
The SANASA Movement is already engaged in such a social investment program, and various service cooperative societies are also implementing similar methods. To support these efforts, new laws will be required, drawing inspiration from existing legislation in countries like Denmark and Sweden. These laws will also address investments and retirement plans.
Young entrepreneurs entering the new digital economy should explore opportunities in the entertainment industry. By modernizing agriculture and fishing, we can drive effective economic growth. However, before anything else, I want to emphasize that the SANASA Movement is a steadfast partner in this journey. It serves as a protective umbrella in the rain and a roof over your head. We are committed to continuing our support for this movement.
News
Plans for 2026 on the journey towards a digital economy Under President’s review
A discussion to review the progress of projects implemented under the Ministry of Digital Economy in 2025 and to examine new projects planned to be implemented under the 2026 budgetary allocations was held on Monday (19) morning at the Presidential Secretariat under the patronage of the Minister of Digital Economy, President Anura Kumara Dissanayake.
Special attention was paid to the plans and progress of programmes to promote a cashless economy.
Accordingly, an extensive discussion was held on the progress of projects planned by the Government to promote a cashless economy in Sri Lanka, including the digitalisation of government institutions, promotion of QR transactions, establishment of a Cloud infrastructure centre, a national programme to provide high-speed broadband facilities, provision of single-window facilities, the digital identity card project and the project to digitalise payment of traffic spot fines.
Noting that much of the economic activity of rural communities remains in the informal sector, the President emphasised the need to formally document these activities and stressed that this is essential when formulating future economic and development plans.
The performance, progress and future plans of institutions under the Ministry of Digital Economy, including Sri Lanka CERT, the Data Protection Authority and the Telecommunications Regulatory Commission (TRC), were also reviewed.
The current status and new recruitments of the GovTech institution, established to implement the Government’s digitalisation programme, were also discussed.
Deputy Minister of Digital Economy, Eranga Weeraratne, Secretary to the President, Dr. Nandika Sanath Kumanayake, Senior Presidential Adviser on Digital Economy, Dr. Hans Wijayasuriya, Senior Additional Secretary to the President, Roshan Gamage, Secretary to the Ministry of Digital Economy, Varuna Sri Dhanapala, senior officials of the Ministry and heads of institutions under the Ministry also participated in the discussion.
News
Power sector reforms: CEB trade unions threaten strike
A simmering confrontation between the government and the powerful Ceylon Electricity Board (CEB) trade unions intensified yesterday, with the latter signalling continued industrial action, even as authorities moved decisively to prevent any disruption to electricity supply.
The dispute centres on the government’s determination to restructure and unbundle the CEB under amendments to the Electricity Act, a reform drive officials describe as unavoidable to curb losses, strengthen governance and stabilise the national power sector. This has also been a long-standing demand of international donors, particularly the International Monetary Fund and the World Bank.
Some 24 CEB unions, including powerful engineers’ and workers’ organisations, have rejected the move, warning that the proposed restructuring could weaken institutional coordination, undermine job security and eventually place additional pressure on consumers.
Union representatives said work-to-rule campaigns and other limited forms of industrial action would continue, despite electricity services being declared an essential service — a legal measure that effectively curtails full-scale strike action.
“These reforms are being imposed without proper consultation. Decisions taken in haste could have serious consequences for grid stability and public confidence,” a senior union official told The Island.
The government, however, has adopted a firm posture, cancelling all categories of leave for CEB staff and directing management to ensure uninterrupted operations across generation, transmission and distribution.
A senior official at the Power and Energy Ministry said the administration would not allow labour unrest to jeopardise electricity supply, stressing that energy security was central to economic recovery.
“Electricity is a critical public service. Any attempt to disrupt supply will be dealt with firmly,” the official said.
Engineers’ unions have separately cautioned that restructuring without a clearly articulated technical and regulatory framework could compromise long-term planning and system reliability, though they have stopped short of calling for an outright shutdown.
Despite ongoing discussions between union leaders, CEB management and government representatives, there is no indication of an early resolution, raising the prospect of a prolonged standoff at one of the country’s most strategically important state institutions.
The dispute unfolds amid Sri Lanka’s IMF-backed reform programme, under which state-owned enterprises — particularly in the energy sector — are under increasing pressure to reduce losses and ease the burden on public finances.
Analysts warn that sustained unrest at the CEB could complicate reform timelines and dent investor confidence, even as the government seeks to signal policy resolve.
A retired CEB top official said: “For now, while major strike action remains legally constrained, the confrontation has once again placed the power sector at the centre of national debate, with consumers and businesses watching closely for any fallout.”
By Ifham Nizam ✍️
News
Dumbara Prison being expanded to accommodate nearly 30,000
Of over 37,000 held in country’s prisons, nearly 27,000 are suspects
Dumbara Prison built to accommodate 699 persons is now being expanded to hold 2,900 persons. At the moment, Dumbara Prison holds 2,246 men and women – a staggering 1,547 individuals more than its maximum capacity. Of the 2,246 persons held there, 107 are females.
This was revealed when Justice and National Integration Minister Harshana Nanayakkara responded to a query posed by Samagi Jana Balawegaya (SJB) lawmaker Chamindrani Kiriella, in Parliament yesterday (20).
The Kandy district SJB MP raised a spate of questions regarding the current status of prisons with the focus on how the NPP government intended to address the growing congestion within prisons.
The Minister explained that a major building project was now underway to expand Dumbara Prison, situated at Pallekelle, to accommodate 2,500 men and 400 women.
According to Attorney-at-Law Nanayakkara, the proposed Dumbara Prison complex would include 102 housing units for prison personnel.
The Parliament was told that the entire project would cost the taxpayer a staggering Rs 4.3 bn and that Engineering Consultants (Pvt.) Limited (ECL) was responsible for planning and supervision.
The project was progressing and by January 4, 2026, a substantial part of the complex had been built and 2146 inmates already accommodated.
The Minister said that the facility was to accommodate those who were previously held at Nuwara and Bogambara Prisons.
Of some 37,761 held at various prisons, about 27,000 were suspects, the Parliament was told.
MP Kiriella urged Minister Nanayakkara to consider an arrangement, similar to that of South Africa where those languishing in prisons, due to the inability to pay fines, received the required financial assistance from a special fund created for that purpose.
While appreciating the SJB’ers proposal, Minister Nanayakkara said that during 2025, 17,000 persons hadn’t been remanded as part of the government response to overcome overcrowding in prisons. They were being held under supervision, the Minister said.
Minister Nanayakkara said that the primary reason for the congestion was the significant number of those remanded on narcotics-related charges. Of the over 37,000 held in prisons about 30,000 were those who had been arrested on narcotics-related offences, the Minister said. According to the Minister, delay on the part of the Government Analyst’s Department in furnishing relevant reports had created a crisis and action was being taken to recruit 82 persons to that Department. The idea was to establish a system to secure GA reports within three months, the Minister said.
By Shamindra Ferdinando ✍️
-
Editorial3 days agoIllusory rule of law
-
News4 days agoUNDP’s assessment confirms widespread economic fallout from Cyclone Ditwah
-
Business6 days agoKoaloo.Fi and Stredge forge strategic partnership to offer businesses sustainable supply chain solutions
-
Editorial4 days agoCrime and cops
-
Features3 days agoDaydreams on a winter’s day
-
Editorial5 days agoThe Chakka Clash
-
Features3 days agoSurprise move of both the Minister and myself from Agriculture to Education
-
Features2 days agoExtended mind thesis:A Buddhist perspective
