News
SLIC gets new Chairman
Sri Lanka Insurance Corporation (SLIC) yesterday announced the appointment of Nusith Kumaratunga as the new Chairman, from 18th of October 2024. Kumaratunga assumed official duties on 22nd October 2024.
The SLIC statement: “A seasoned professional with extensive experience in finance, management, and entrepreneurship, Mr. Kumaratunga brings a wealth of knowledge and expertise to the leadership of Sri Lanka’s largest and most established insurance provider.
Kumaratunga is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, having obtained his membership in 1997. He is also a member of the Institute of Certified Management Accountants of Sri Lanka. In addition, he holds a B.Sc. Special Degree in Estate Management and Valuation from the University of Sri Jayewardenepura.
Hailing from Matara, Kumaratunga is an alumnus of St. Servatius College, where his leadership abilities were nurtured from a young age. He began his professional career with the globally recognized audit firm PricewaterhouseCoopers in 1995, laying the foundation for a distinguished career in finance and management.
In 2000, Kumaratunga founded his own audit firm, Nusith Kumaratunga & Co., which has grown into a highly respected entity, specializing in audit services, tax planning, business advisory, and management consultancy. His firm is known for supporting small and medium enterprises (SMEs), offering critical guidance on financial management and business growth.
Over the years, Kumaratunga has contributed significantly to the development of SMEs in Sri Lanka. He has served as a key resource person for the Ceylon Chamber of Commerce’s World Bank-funded SME Development Facility Project and has conducted training programs across the country to empower entrepreneurs. His expertise has also been sought by institutions such as the Industrial Development Board, the Institute of Chartered Accountants of Sri Lanka, and various financial institutions.
In addition to his professional achievements, he has been actively involved in advising on taxation and economic policies in Sri Lanka. His commitment to supporting the business community and fostering economic growth has been a hallmark of his career.
As Chairman of Sri Lanka Insurance Corporation, Kumaratunga is expected to steer the company towards continued success and innovation, ensuring that SLIC remains at the forefront of the insurance industry in Sri Lanka.”
News
Showers will occur at times in the Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts
WEATHER FORECAST FOR 16 MAY 2026
Issued at 05.30 a.m. on 16 May 2026 by the Department of Meteorology
According to the today’s latest weather analysis, the low-pressure area located northeast of Sri Lanka, still persists. The Department of Meteorology is continuously monitoring the behavior, development and path of the system.
Due to the influence of the above system, Showers or thundershowers will occur at times and cloudy skies are expected in the Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts. Fairly heavy showers about 75 mm are likely at some places in these areas. Showers or thundershowers may occur at a few places in the Uva and Eastern provinces after 1.00 pm.
The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.
News
Lanka’s eligibility to draw next IMF tranche of USD 700 mn hinges on ‘restoration of cost-recovery pricing for electricity and fuel’
The International Monetary Fund (IMF) said on Thursday that the completion of Sri Lanka’s combined Fifth and Sixth Reviews, under the Extended Fund Facility (EFF), remains subject to approval by its Executive Board, which is expected to meet in the coming weeks.
Addressing a media briefing, IMF Communications Department Director, Julie Kozack, said IMF staff and Sri Lankan authorities had reached a staff-level agreement on 09 April.
She noted that several prior actions must be completed before the programme can be submitted to the Executive Board, including the restoration of cost-recovery pricing for electricity and fuel, measures to protect vulnerable groups, and the completion of financing assurances.
Upon Board approval, Sri Lanka would gain access to approximately US$700 million in financing, Kozack said.
Responding to a question on whether the government’s fuel subsidy scheme — including the Rs. 100 per litre diesel subsidy — was consistent with the IMF’s pricing framework, Kozack declined to comment directly on the measure. However, she reiterated that the programme requires both cost-recovery pricing reforms and safeguards for vulnerable communities.
Kozack also observed that Sri Lanka had recently faced “two very large shocks”, referring to Cyclone Ditwah and the wider external impact of the Middle East conflict, which, she said, had affected both the economy and the public.
Despite these challenges, she said Sri Lanka’s reform programme was yielding positive results, citing strong fiscal performance in 2025, progress in debt restructuring, 5 percent economic growth, and inflation returning to positive territory following a period of deflation.
She reaffirmed the IMF’s commitment to supporting Sri Lanka’s reform agenda, stressing that the institution continues to work closely with the authorities to sustain economic stability and recovery.
News
Sanath Nishantha’s brother sentenced to jail over assault case
Former Arachchikattuwa Pradeshiya Sabha Chairman, Jagath Samantha, was yesterday sentenced to five-and-a-half years’ rigorous imprisonment by the Chilaw High Court after being found guilty of assaulting the Arachchikattuwa Divisional Secretary.
The court also ordered Samantha to pay Rs. 1 million as compensation to the victim, failing which he will serve an additional 24 months in prison.
The case had originally been filed against former State Minister Sanath Nishantha and his brother Jagath Samantha over the assault incident.
However, following the death of Sanath Nishantha, in a road accident on the Katunayake Expressway, on 25 January, 2024, only Samantha appeared before court for the proceedings.
The verdict was delivered after the High Court considered the evidence and submissions presented during the trial.
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