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.
Latest News
Advisory for Severe Lightning for the Western and Sabaragamuwa provinces and Galle and Matara districts
Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre at 12.00 noon 07 February 2026 valid for the period until 11.00 p.m. 07 February 2026
Thundershowers accompanied with severe lightning are likely to occur at some places in the Western and Sabaragamuwa province and in Galle and Matara districts.
There may be temporary localized strong winds during thundershowers.
The general public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities.
News
INS GHARIAL departs island
The Indian Naval Ship (INS) GHARIAL which made a port call in Colombo, departed the island on 06 Feb 26.
The Sri Lanka Navy bade a customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s port call, the crew took a sightseeing tour of key attractions in Colombo.
The visit also featured the handover of ten temporary Bailey Bridges, which were brought by INS GHARIAL, in coordination with the High Commission of India in Sri Lanka.
News
Stop the collection of funds from parents at school level for Smart Boards — PM
Prime Minister Dr. Harini Amarasuriya stated that the Ministry of Education has already commenced the distribution of Smart Boards required for the new education reforms, and that the collection of funds from parents at school level for this purpose must be stopped immediately. She further emphasized that no decision has been taken to curtail free education or to close the Jayewardenepura Faculty of Dental Sciences.
The Prime Minister made these remarks in response to a question raised in Parliament on Thursday [05th February] by the Leader of the Opposition, Sajith Premadasa.
Elaborating further, the Prime Minister stated,
“Although the Leader of the Opposition has not traditionally upheld free education as a policy, I appreciate your stance on the matter at this juncture. However, I urge that questions should not be raised based on social media content or unverified rumours in Parliament. No decision has been taken to curtail free education or to close the Jayawardenepura Faculty of Dental Sciences. The Medical Faculty of the Wickramarachchi University of Indigenous Medicine had commenced operations without regulatory approval and had introduced course work, resulting in students being placed in a vulnerable situation. Necessary action is currently being taken based on the recommendations of a report submitted by an expert committee appointed to examine the issue. This this is not a political decision, but one guided by expert opinion”.
“Arrangements are underway to distribute the required Smart Boards to schools during this year, and there is no need to collect funds from parents for this purpose. If any such collections are taking place, they must be stopped immediately. The Secretary to the Ministry of Education has already issued a directive instructing schools not to collect funds from parents”.
“The subject Information Technology will not be taught as a separate subject for Grades 1 to 5. However, recognizing the need to prepare students for a globally advancing technological world, discussions have been initiated based on expert advice on how to provide age-appropriate technological awareness to students. Decisions will be made after carefully considering child protection concerns and expert recommendations. The curriculum-related decisions will not be made politically, but by subject experts.
Based on the requests made by the universities and higher education institutions recruitment for essential academic vacancies is currently being carried out under the Cabinet approval. Although thirty years have passed since the establishment of the teacher service, further measures are required to enhance its quality. Existing issues relating to teacher promotions, considering the practical difficulties in evaluation processes and non-compliance with service minute provisions are being addressed alongside other challenges. The government is presently focused on formulating a systematic plan to ensure quality education.”
Responding to a question raised by the Member of Parliament Kader Mastan, the Prime Minister stated,
“Several programmes have been introduced based on government policy decisions to fulfill the basic needs of schoolchildren. These include the provision of school textbooks, uniforms, and the “Suraksha” health insurance scheme. Additionally, voucher schemes have been introduced to support the purchase of sanitary products for girls in Grades 6 to 13. Midday meals are also being provided for primary school students, and financial assistance is extended to students who pass the Grade 5 Scholarship Examination but do not receive bursaries. The Ministry of Education is in the process of gathering further information with the intention of expanding these programmes”.
The Prime Minister also announced that the 2025 G.C.E. Ordinary Level Examination is scheduled to be held from February 17 to 26. Although this period coincides with the observance of Ramadan, relevant authorities have confirmed that it will not pose an obstacle to the conduct of the examination. Furthermore, it has been decided to hold the Grade 5 Scholarship Examination and the G.C.E. Advanced Level Examination before August each year, and the G.C.E. Ordinary Level Examination in December. From 2026 onwards, efforts will be made to conduct examinations in accordance with this revised annual examination calendar.
[Prime Minister’s Media Division]
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