News
Rating downgrades discourage investors – JVP
JVP MP Dr. Harini Amarasuriya, yesterday, said investors were discouraged by the continuous downgrading of the country’s credit ratings.
Speaking at an event in Colombo, MP Amarasuriya said import costs had increased as the country was going through a forex crisis. The President’s agricultural policy had been a disaster and that in the coming months, the government would have to import large volumes of food.
Amarasuriya added that Sri Lanka’s relations with other nations had deteriorated and that too would have an adverse impact on the country.
Dr. Amarasuriya said that international rating agencies were independent and that their ratings were very important for investors to make decisions.
“Investors don’t consult Ajith Nivard Cabraal before investing. Besides, in other countries, it is economic experts, not politicians, who become Central Bank Governors,” she added.
News
Purchase of 600 buses for intercity / long distance services of the Sri Lanka Transport Board
A budget provision of Rs. 14,400 million has been allocated to the Sri Lanka Transport Board for the purchase of 600 new standard buses with 49-54 seats under the Government Investment program in the year 2026.
After allocation of said provisions, ‘the Road Safety Plan -2025-2026’ has been introduced.
Under the aforementioned plan, the buses used for passenger transport have been identified as safe vehicles. Accordingly, the minimum specifications of the buses suitable for intercity and long-distance services have been identified. According to these specifications, Delux model (air-conditioned) buses should be used for the intercity and long-distance services.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Acting Minister of Transport,
Highways, and Urban Development to take further steps to purchase more comfortable Deluxe model (air-conditioned) buses rather than the standard model new 600 buses for which provisions have already been allocated.
News
Protection of Historical, Cultural, and Traditional Intellectual Property related to the Kandy Esala Perahera
The Committee on Development and Intellectual Property of the World Intellectual Property Organization (WIPO) has initiated a project called “Promotion of Festival Tourism Development
through Intellectual Property.” The objective of this project is to increase the capacity of cultural festival organizers in the beneficiary countries to use intellectual property rights for the development of festival tourism while respecting local traditions and cultural heritage.
It has been identified the appropriateness to submit a project proposal for the protection of historical, cultural, and traditional property rights related to the Kandy Esala Perahera, comprising traditional art models and knowledge that have been passed down through the centuries.
Accordingly, the Cabinet of Ministers has approved the resolution submitted by the Minister of Trade, Commerce, Food Security, and Cooperative Development to appoint a committee comprising all relevant parties under the co-partnership of the
Minister of Trade, Commerce, Food Security, and Cooperative Development and the Minister of Buddhism, Religious Affairs, and Cultural Affairs to prepare and submit the relevant project proposal aimed at protecting intellectual property rights of the historical, cultural, and traditional identity and values of Kandy Esala Perahera, with special attention toward ‘Protection of Publication Rights’ and ‘Trademarks and Brand Names.
News
Development of roads which are not under the Road Development Authority
The Road Development Authority is responsible for the construction, rehabilitation, improvement, maintenance, and management of the national highway systems, which include A and B grade roads, expressways, and related bridges.
Requests have been made by District Coordination Committees and other institutions to take necessary steps to take over the roads that are not under the management of the Road Development Authority and other authorities, that require urgent rehabilitation by the Road Development Authority.
60 roads that are under the Provincial Councils and other Local Government Institutions have been identified.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Transport, Highways, and Urban Development to appoint a committee of officials comprising representatives from the following institutions to forward the recommendations relevant to the rehabilitation of the aforementioned roads.
• Ministry of Finance, Planning, and Economic Development
• Ministry of Transport, Highways, and Urban Development
• Ministry of Public Administration, Provincial Council, and Local Government
• Finance Commission
• A Chief Secretary to a Provincial Council
• Department of Management Services
• Road Development Authority
• A General Manager of a Provincial Road Development Authority
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