News

Prez assures energy supplies for the time being

Published

1 month ago

2026/03/12

President Anura Kumara Dissanayake arrives at the Chamber of Lankan Entrepreneurs (COYLE) for its 2026 Annual General Meeting in Colombo on Tuesday afternoon (10). (Pic courtesy PMD.)

… but current assessment won’t be valid if Gulf war continues for more than two months

President Anura Kumara Dissanayake said that though continuous energy supply could now be assured it would be only possible to forecast and guarantee this reliably for a maximum period of two months. If the Middle East war continued beyond this two-month window, predictions based on current assessments would no longer hold, the President said.

President Dissanayake made these remarks addressing the Chamber of Lankan Entrepreneurs (COYLE) 2026 Annual General Meeting held in Colombo Monday afternoon (10). This year’s Annual General Meeting was held under the theme “Bridging Generations, Building Futures”.

“The President noted that although internal shocks have been overcome, the country is currently facing an external shock due to the war situation in the Middle East. Since the beginning of March, the price of a barrel of crude oil has increased by about 42 per cent, creating significant uncertainty in the global market. He added that uncertainty can also be observed in consumer behaviour in Sri Lanka, citing as an example the increase in diesel sales from 4,500 kilolitres on 1 March to 10,500 kilolitres by 3 March.

President Anura Kumara Dissanayake pointed out that while the crisis in 2022 arose due to a shortage of US dollars, the current situation is a supply crisis caused by disruptions in supply chains. He stated that this challenge can be overcome if everyone responds collectively rather than individually. He further noted that the government has established an “Economic Monitoring Committee” to address the crisis and is holding discussions with friendly countries to maintain supply chains.

However, at present we are facing an external shock. The war situation in the Middle East is disrupting the supply of goods and services. The world is interconnected through markets. In such an interconnected global system, any shock arising in one sector affects us as well. Therefore, the key question is how we withstand these external shocks.

At the beginning of March, a barrel of crude oil was priced at approximately USD 70. It has now risen to around USD 100, representing an increase of roughly 42%. Oil prices continue to fluctuate significantly, creating a climate of uncertainty worldwide. This situation has impacted all nations, generating economic pressures and in some cases, social strain. It is important to note that citizens are not to be blamed for these challenges. The consequences of fuel and gas shortages have been experienced directly by the population. In response, citizens have been lining up at fuel stations. Sales of diesel began with 4,500 litres on the first day of March and increased to 10,500 litres by 3 March.

Petrol sales initially rose from around 4,000 kilolitres to approximately 9,000 kilolitres, but have now fallen back below 6,000 kilo litres. Therefore, it is important to emphasise that no individual can remain safe or unaffected in isolation. If everyone collectively takes responsibility and acts together to address this challenge, it is only through such shared effort that we can overcome it for the benefit of all.

These external shocks are exerting a tangible impact on us, which has necessitated an increase in fuel prices. Approximately 47% of our fuel market is controlled by external entities, which makes it essential to establish trust with them. At the same time, it is important to bring fuel availability back to normal consumption levels. The recommendation is that, through collective effort, we should work together to reduce further for the benefit of all.

This is an era in which technology and science have given unprecedented power to warfare. As a result, it is impossible to predict the impact of such advanced military operations over the long term. Short-term forecasts are possible, but if the conflict continues beyond that period, no one can reliably predict the outcomes. Therefore, assurance can be provided that energy supply will be maintained over the next two months, however, prices may fluctuate. I am neither an owner of an oil well nor a representative of any oil company. These actions are not undertaken for personal profit. However, as a government, there is a responsibility to ensure an uninterrupted supply of energy.

All necessary measures have been put in place to manage internal pressures effectively. We have been able to address these domestic challenges, but confronting external shocks will require additional time. We are currently navigating a path of recovery and progress, which naturally entails encountering certain pressures. However, these challenges are being carefully managed and efforts are on-going to mitigate their impact. It is essential that everyone collectively faces these pressures, acting with consideration not only for oneself but for the welfare of the entire community. Consequently, some adjustment to consumption patterns is necessary. Unlike stable economies, nations facing global crises cannot rely solely on habitual consumption practices. In times of crisis, restraint and prudent economic behaviour are indispensable. I urge everyone to adopt a degree of moderation and participate in careful economic practices. By doing so collectively, we can successfully navigate this crisis and emerge stronger. “

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Advisory for Severe Lightning issued to the Western, Sabaragamuwa, Central, North-western, North-central, Southern, Uva provinces, and Mannar, Vavuniya, Ampara, Batticaloa districts

Published

2 hours ago

2026/04/21

Priyan

Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre
Issued at 12.00 noon 21 April 2026 valid for the period until 11.30 p.m. 21 April 2026

Thundershowers accompanied with severe lightning are likely to occur in the Western, Sabaragamuwa, Central, North-western, Northcentral, Southern, Uva provinces, and in Mannar, Vavuniya, Ampara, Batticaloa districts after 1.00 p.m.

There may be temporary localized strong winds during thundershowers. 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

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Six Foreign Envoys Present Credentials to President Dissanayake

Published

3 hours ago

2026/04/21

Priyan

Two High Commissioners, three Ambassadors and an Apostolic Nuncio-designate of the Holy See presented their credentials to President Anura Kumara Dissanayake at the Presidential Secretariat this morning (20).

The ceremony, held at 10.00 a.m., followed the formal order of precedence, with the envoys representing Papua New Guinea, Somalia, Luxembourg, the Holy See, Pakistan and Kuwait.

Accordingly, diplomats who presented their credentials were:

01. Vincent Sumale, High Commissioner-designate of Papua New Guinea (Based in New Delhi)

02. Abdullahi Mohammed Odowa, Ambassador-designate of Somalia (Based in New Delhi)

03. Christian Biever, Ambassador-designate of Luxembourg (Based in New Delhi)

04. Monsignor Andrzej Józwowicz, Apostolic Nuncio-designate of the Holy See

05. Major General (Retd) Nayyar Naseer, High Commissioner-designate of Pakistan

06. Saleh Mubarak Al-Sarawi, Ambassador-designate of Kuwait

Following the presentation of credentials, the President engaged in a cordial discussion with them. The Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, and the Secretary to the President, Dr Nandika Sanath Kumanayake, were also in attendance.

News

Rs 13 bn NDB fraud: Int’l forensic audit ordered

Published

13 hours ago

2026/04/21

Thilina Walpola

The National Development Bank PLC (NDB), in consultation with the Central Bank, will soon appoint an international firm to conduct a comprehensive forensic audit into the Rs 13.2 billion bank fraud, currently being investigated by the Criminal Investigation Department (CID).

Controversy surrounds the failure on the part of relevant authorities to detect the massive scam that certain employees started perpetrating in mid-2024.

Declaring that day-to-day developments, relating to the NDB PLC, were under scrutiny, the Central Bank said that the NDB, in consultation with CBSL, was in the process of finalising arrangements to engage a leading international firm, with experts from overseas, to conduct a comprehensive forensic audit into the incident.

The Central Bank stated: “The scope of this audit will apart from matters directly related to the commission of this fraud, also fully address and assess any failures on compliance with regulatory requirements on control, oversight and governance during the period in which the fraudulent transactions took place. The forensic audit is expected to commence shortly, and its progress, including any interim findings as well as the final report, will be submitted directly to CBSL who will directly engage with the auditors to the extent considered necessary during the audit.

In parallel, CBSL has directed NDB to take immediate and expeditious measures to strengthen its internal controls and governance processes, with particular focus on addressing identified lapses. NDB has also been required to commission an independent third-party review to assess the adequacy and effectiveness of its policies, procedures, systems, and internal controls.

NDB continues to meet all regulatory requirements relating to capital and liquidity. CBSL remains in close and continuous engagement with the Board and management of NDB, as well as other relevant stakeholders, and stands ready to take any further measures necessary to safeguard the interests of depositors and ensure the stability of the financial system. There is no evidence of any other regulated financial institution suffering any loss arising from the incident at NDB and the public are requested not to be misled by any statements to the contrary made in various fora.”

NDB board directors include Sujeewa Mudalige – former Managing Partner of PwC / Past President of CA Sri Lanka, Hasitha Premaratne – Managing Director of Brandix Group, Shanil Fernando – founding member of Virtusa Corporation and Co-Founder of Sysco Labs, Bernard Sinniah – former Managing Director of Citibank and Kasturi Chellaraja – former Group CEO of Hemas Holdings PLC.

The external auditors of NDB Bank PLC is Ernst & Young.

Meanwhile, the Committee on Public Finance (CoPF) that recently met under the Chairmanship of Member of Parliament Dr. Harsha de Silva observed, with serious concern, that there appear to have been considerable lapses in corporate governance at the bank, deficiencies in supervision by the relevant departments of the Central Bank of Sri Lanka, and undue delays in the reporting of material information.

The Committee firmly underscored that such shortcomings are unacceptable and directed that immediate corrective measures be undertaken. It further emphasised that it will continue to closely monitor this matter and exercise stringent oversight to ensure full accountability, transparency, and the safeguarding of public confidence in the financial system.

The NDB issue was dealt with when the Governor of the Central Bank Dr. Nandalal Weerasinghe, along with members of the Governing Board, the Monetary Policy Board, and senior officials, attended the meeting as part of the Central Bank’s statutory presentation to Parliament conducted once every four months.