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SL ready to accommodate regional head office of China Dev. Bank close to Port City

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Finance Minister Basil Rajapaksa on Tuesday (31) told the Speaker of the Parliament of the People’s Republic of China, Li Zhanshu, that Sri Lanka was ready to facilitate the establishment of the regional headquarters of the China Development Bank in the vicinity of the Colombo Port City.

Rajapaksa also asked Zhanshu to help facilitate a USD 1.5 billion fiscal transfer between the two Central Banks to overcome the current economic challenge. This transfer had been delayed due to some technicalities, he said. The Minister also called for expanded access to industries such as garments, tea and gems to enter the Chinese market under the Sri Lanka-China Free Trade Agreement.

Earlier the Speaker of the Parliament of the People’s Republic of China assured his Sri Lankan counterpart, Mahinda Yapa Abeywardena that the Chinese government would help Sri Lanka overcome the challenges posed by the economic downturn and COVID-19.

Zhanshu made this statement at the first diplomatic meeting between the high-profile delegation of the Parliament of the People’s Republic of China and the Parliament of Sri Lanka.

Deputy Speaker Ranjith Siyambalapitiya, Leader of the House and Minister of Education, Dinesh Gunawardena, Minister of Finance Basil Rajapaksa, Minister of Foreign Affairs Prof. G.L Peiris, Minister of Youth & Sports Namal Rajapaksa, State Minister of Regional Cooperation Tharaka Balasuriya, Secretary-General of Parliament Dhammika Dasanayake and Prof. Rohan Gunaratna represented Sri Lanka.

The Speaker sought the assistance of the Government of China in overcoming the economic challenges posed by the current COVID situation. Zhanshu assured full support.

Speaker Abeywardena highlighted that the Sri Lanka – China bilateral relations have grown from strength to strength since the establishment of formal diplomatic relations in 1957. He also thanked China for the unwavering support Sri Lanka had received to protect its sovereignty, promotion of economic prosperity, and in the sphere of international diplomacy.

China has donated 3 million vaccines and supplied 18 million in total, which has been instrumental in the vaccination drive Sri Lanka has undertaken.

Speaker Abeywardena also invited Chinese MPs to visit Sri Lanka. The Speaker of China said that they would visit Sri Lanka as soon as the COVID situation is resolved.

Meanwhile the Speaker of the Parliament of the People’s Republic of China said China would provide investment facilities for other investments, including the Colombo Port City Project. He assured that as Sri Lanka was a close friend of China, he would extend his fullest support to the Sri Lankan economy. Zhanshu said that once the COVID situation had settled the two countries could exchange delegations to facilitate those processes.

Yang Zhenwu, Secretary General of the NPC Standing Committee, Li Fei, Chairman of the NPC Constitution and Law Committee. Chairman of the NPC China-Sri Lanka Friendship Group, Zhang Yesui, Chairman of the NPC Foreign Affairs Committee, Hu Xiaoli, Deputy Secretary General of the NPC Standing Committee, Song Rui, Director of the Research Office of the General Office of the NPC Standing Committee, Wu Jianghao, Assistant Minister of Foreign Affairs (former Ambassador of China to Sri Lanka) represented China during the discussion.



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COPE discovers fake documents covering drug imports in 2022/23

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The Parliamentary watchdog Committee on Public Enterprises (COPE) has found that there were fake documents regarding the importing of medicines under the emergency procurement system in 2022 and 2023.

This was revealed during a COPE meeting held at Parliament probing the transactions of the National Medicine Regulatory Authority (NMRA).

NMRA CEO Saveen Semage told the committee that several fake documents have been found due to the lack of registration of medicines.

Stating that six such fake documents were found last year alone, Semage said he had recorded statements regarding each of the documents with the Financial Crimes Investigation Division.

He revealed that, however, no investigations have been conducted yet into the incidents.

“We have documents with confessions from a woman accepting that fake documents had been made. However, a statement has not even been recorded from that woman yet,” he said.

Meanwhile, COPE member MP Asitha Niroshana Egoda Vithana also revealed that the highest number of waive-off registrations (WOR) for medicines had been obtained in 2022 and 2023.

He said 656 such WORs had been obtained in 2022 and 261 in 2023, adding that this proves that discrepancies have taken place during the emergency procurement of medicines during these periods.

Furthermore, Deputy Director General of the Medical Supplies Division of the Health Ministry, Dr. G. Wijesuriya said discussions are underway on allowing the State Pharmaceutical Corporation (SPC) to directly import essential medicines.He pointed out that it was essential to take a policy decision in this regard as a solution to mitigate such discrepancies.

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Batalanda report tabled in parliament, forwarded to AG

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Bimal Ratnayake

The Batalanda Commission report was tabled in Parliament on Friday by the Leader of the House and Transport Minister, Bimal Ratnayake.

Minister Ratnayake announced that the government has decided to forward the report to the Attorney General for legal advice. Additionally, a Presidential Committee will be appointed to provide guidance and recommendations on how to proceed with the findings of the report.

Ratnayake said that the Cabinet of Ministers, along with President Anura Kumara Dissanayake, has made a policy decision to take necessary action in response to the report. He reassured the public that steps are being taken to ensure that such a dark chapter in the country’s history is never repeated.

Minister Ratnayake said that a two-day debate on the Batalanda Commission report will be scheduled in Parliament at an appropriate time, allowing for a detailed discussion on the report’s findings and recommendations.

The report, which will be printed in all three official languages—Sinhala, Tamil, and English—will be made available to the public in the near future. Ratnayake confirmed that printed copies would be provided to members of Parliament as well as the general public for their review.

The Leader of the House further revealed that there are 28 evidence volumes associated with the commission’s work, which will be submitted to Parliament at a later date for further scrutiny.

Ratnayake said that as entire country concerned of the Batalanda Commission’s findings, the government’s commitment to addressing the issues raised and preventing future atrocities stands clear. The next steps, including legal action and policy recommendations, will be shaped by expert advice and informed parliamentary discussions, he said.

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CB Governor stresses need to assist crisis-hit construction industry

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Governor of the Central Bank Dr. Nandalal Weerasinghe on Friday (14) emphasized the importance of promoting a sustainable and cost-effective construction industry in the country, highlighting key challenges and opportunities in the sector.

Speaking at ‘Construction Expo 2025’, Dr. Weerasinghe underscored the need for Sri Lanka to align with global trends in sustainable construction, integrating cost-effective energy solutions and eco-friendly building practices.

“I must say my views here are not necessarily as Governor of the Central Bank of Sri Lanka, but as a person looking at this construction industry and how this can be developed and what the issues are. Sustainability in construction is essential, not just for new projects but also for existing buildings,” he noted.

Dr. Weerasinghe acknowledged that the construction sector has been one of the hardest-hit industries due to multiple economic pressures in recent years including the decline in public investments, high material costs and the industry being dependent on government projects.

The CBSL Governor, who acknowledged that the government faced fiscal constraints, limiting infrastructure spending and delaying payments to contractors, said that however, the outstanding arrears had now been settled.

“Government did not have space to spend money for public investment, especially construction that had a significant impact on the industry in the last couple of years, plus the government inability to pay the arrears for a long period. That was an issue we all recognize that has been one of the adverse impacts the industry had in the past”, he expressed.

“Also the cost of materials went up significantly, partly because of foreign exchange shortages. As a result, the shortage had shot up the prices of construction materials, as well as depreciation of the currency, high interest rates, finance costs, and other factors. We all recognize that it had an adverse impact on the industry. It’s one of the worst affected industries because of all these factors.”

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