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SLPP dissidents ask govt. to bring back USD 35 bn ‘parked’ overseas

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underscore need to amend Exchange Control Act

By Shamindra Ferdinando

MP Gevindu Cumaratunga, who represents the SLPP dissidents, yesterday (27) alleged that the incumbent government was yet to bring enough pressure to bear on those who had parked as much as USD 36 billion overseas to bring the money back.Cumaratunga said the government’s failure to amend the Exchange Control Act No 12 of 2017 should be examined against the backdrop of President Ranil Wickremesinghe’s Budget proposal to draw more loans in 2023.

The leader of the civil society group Yuthukama, Cumaratunga, who represents the Uththara Lanka Sabhagaya, one of the breakaway factions of the ruling SLPP, said that two of his colleagues, Vasudeva Nanayakkara and Wimal Weerawansa, had, during the ongoing Budget debate, had raised the issue of forex stashed away overseas.

Cumaratunga said that he couldn’t comprehend why the government delayed making it mandatory for exporters to bring back much required foreign exchange.Responding to The Island queries, lawmaker Cumaratunga emphasised that though the vote on the Second Reading of the Budget was approved on Nov. 22, with a majority of 37 votes, it failed to address even the basic issues. Cumaratunga was among 84 MPs who voted against the Budget whereas it received the backing of 121 lawmakers.

The other Yuthukama MP in Parliament Anupa Pasqual, now a State Minister, voted for the Budget.The parliament couldn’t absolve itself of the responsibility for taking immediate measures to amend the Exchange Control Act No 12 of 2017, the MP said, pointing out in terms of Article 148 that dealt with public finance this issue should have been addressed long ago.

Cumaratunga was not an MP at the time the Yahapalana administration introduced that controversial legislation.The first-time entrant to Parliament said that the government was on its knees before the International Monetary Fund (IMF) for USD 2.9 bn spread over a period of four years, whereas exporters deliberately denied the country more than 10 times that amount in much needed forex.

Addressing the Parliament during the debate on the Budget, lawmaker Cumaratunga questioned the role played by the then Finance Minister Ravi Karunanayake in introducing the questionable piece of legislation.  Cumaratunga slammed Foreign Minister Ali Sabry, PC, who previously held the Finance portfolio for ignoring the contentious issue of massive amount of money ‘parked’ overseas by exporters.

Declaring that Sabry hadn’t been involved with the then Joint Opposition following the 2015 change of government, lawmaker Cumaratunga questioned the circumstances under which the prominent President’s Counsel entered politics. The activist asked whether it was fair to accommodate Sabry on the SLPP National List in return for his role as leading lawyer for Gotabaya Rajapaksa, and his current role.

During two speeches in Parliament, MP Cumaratunga dealt with several contentious issues, including an alleged move to deprive farmers of their land. The outspoken MP warned the government of dire consequences of a decision regarding state land that was to be taken soon, while appealing for Premier Dinesh Gunawardena’s intervention.

Referring to a steep increase in the allocation made to the President at the 2023 Budget, MP Cumaratunga said that the President received Rs 2,467 bn last year, Rs 3,044 bn this year and a staggering Rs 7,888 bn next year.

Appreciating a significant drop in the allocation made for the Premier, MP Cumaratunga said that the ministerial staff received Rs 132 bn last year, Rs 217 bn this year and Rs 263 bn next year. Such allocations should be studied taking into consideration the state of the national economy, lawmaker Cumaratunga said, alleging that the Budget didn’t reflect the actual situation.

The MP said that having received the executive presidency, through a vote in Parliament on July 20, to complete the remainder of Gotabaya Rajapaksa’s five-year term, the UNP leader was pursuing an agenda contrary to what he preached as Premier (May 12-July 13, 2022).

Referring to statements made by Wickremesinghe during that period pertaining to the then proposed 21st Amendment to the Constitution, MP Cumaratunga questioned the rationale in the President holding onto the Finance portfolio. The MP said as Premier Wickremesinghe continuously expressed the view that the President shouldn’t hold any Cabinet portfolio. The MP said that they were of the view that the President should hold the Defence portfolio. Having vowed to strengthen Parliament, President Wickremesinghe could justify his role as the Finance Minister. The President holds several other ministerial portfolios for want of an agreement with the SLPP pertaining to sharing of portfolios.

Referring to the Budget declaration that the government intended to procure Rs 1,000 bn in loans and settle loans amounting to Rs 440 bn, MP Cumaratunga said that the bottom line is the increase in debt. “Aren’t we getting further embroiled in a debt trap?” he asked.

MP Cumaratunga strongly criticized the government for planning to open Mahaweli lands to outsiders. The declaration that profit-making Sri Lanka Telecom and Sri Lanka Insurance would be privatized, on the pretext of restructuring, came under fire by the MP, who also expressed serious concerns over the proposed privatization of Hilton as well as profit-making sections of SriLankan Airlines.



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Heat Index at ‘Caution level’ at some places in the Western, Sabaragamuwa, Southern and North-western provinces and in Monaragala and Mannar districts

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. on 11 March 2026, valid for 12 March 2026.

The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at
some places in the Western, Sabaragamuwa, Southern and North-western provinces and in Monaragala and Mannar districts.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well.

For further clarifications please contact 011-744649

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Power sector reforms jolted by 40% pay hike demand

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Nusith Kumaratunga

The government’s sweeping electricity sector restructuring programme ran into fresh turbulence yesterday, with authorities warning that meeting a 40 percent salary increase, demanded by striking power sector unions, could push electricity tariffs up by nearly 100 percent.

Chairman of the National Transmission Network Service Provider (NTNSP), Nusith Kumaratunga, issuing the warning at a media briefing, said the additional salary burden would significantly escalate operating costs in the newly formed power sector companies.

According to Kumaratunga, granting the 40 percent salary increase would raise the monthly wage bill by about Rs. 1.8 billion, amounting to nearly Rs. 22 billion annually, placing enormous pressure on the already fragile financial position of the electricity sector.

“If that additional burden is passed on to consumers, electricity tariffs may have to increase by close to 100 percent,” he said.

The briefing was organised by the management of the successor companies created following the restructuring of the Ceylon Electricity Board (CEB).

Kumaratunga said electricity sector trade unions had presented 64 demands in the wake of the restructuring exercise.

“Out of the 64 demands, 62 have already been agreed to,

while the remaining two have been referred to President Anura Kumara Dissanayake for discussion,” he said.

He explained that the majority of the demands related to the continuation of privileges previously enjoyed by employees under the CEB structure.

“During the initial round of discussions itself, the boards of directors agreed to 59 of those demands,” he noted.

Among the concessions already granted was the continuation of bonus payments, similar to those previously paid by the CEB, at least temporarily, until a performance-based incentive system is introduced.

The management had also agreed to grant an allowance of Rs. 11,000, in addition to the existing cost-of-living allowance, bringing the average additional monthly benefit to around Rs. 17,000 per employee, he said.

Kumaratunga stressed that management had approved all demands that could be granted at the ministerial level.

However, he said the proposed 40 percent salary increase would be difficult to justify, particularly at a time when other segments of the public service were not receiving similar benefits.

He also revealed that unions had requested that a 25 percent salary adjustment, granted to senior executives in 2024, be extended to all employees, with retrospective effect from January 1, 2024.

Granting such a request would require amending an existing Cabinet decision, which the boards of directors of the newly established companies do not have the authority to do, Kumaratunga explained.

He pointed out that the newly created electricity sector companies had only commenced operations on Monday, and their work had already been disrupted by the ongoing trade union action.

“It is difficult to understand why the strike continues when the vast majority of demands have already been addressed,” he said.

However, the Ceylon Electricity Board Engineers’ Union clarified that the 40 percent salary increase was not their primary demand.

Union representatives said that the electricity sector employees were originally due for a salary revision in January 2027, but the ongoing restructuring had raised concerns that the scheduled increase might not materialise.

“That is why we requested at least a reasonable percentage increase in order to secure some form of salary revision,” a senior electrical engineer said.

The dispute comes at a critical moment as the government presses ahead with the unbundling of the CEB into separate generation, transmission and distribution entities, a reform programme, officials say, is aimed at improving efficiency and attracting investment to Sri Lanka’s troubled power sector.

However, the restructuring has been strongly opposed by trade unions, which argue that the reforms could undermine employee security and weaken state control over a strategic national utility.

With industrial action continuing and tariff hikes looming as a possibility, the confrontation between the government and electricity sector unions appears set to intensify in the coming days.

By Ifham Nizam

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UN scientific research ship here amidst ban on such vessels

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The United Nations-flagged vessel R/V Dr. Fridtjof Nansen

A UN vessel arrived in Colombo yesterday (11) to conduct a month-long marine scientific survey in Sri Lanka’s Exclusive Economic Zone (EEZ). This is the first foreign scientific research vessel here since President Ranil Wickremesinghe banned such visits on January 1, 2024, for a period of one year. However, the ban remains in place with the NPP government yet to announce its new decision on the issue.

The following is the text of statement issued by the Foreign Ministry yesterday: “On the invitation of the Government of Sri Lanka, the United Nations-flagged vessel R/V Dr. Fridtjof Nansen, under the Food and Agriculture Organisation (FAO), is scheduled to arrive in Sri Lanka today to conduct a marine scientific survey in Sri Lanka’s Exclusive Economic Zone (EEZ) in collaboration with the Ministry of Fisheries, Aquatic and Ocean Resources and the National Aquatic Resources Research and Development Agency (NARA).

R/V Dr. Fridtjof Nansen supports countries in collecting critical scientific data for sustainable fisheries management and in understanding how climate change is affecting marine ecosystems. The survey, spanning 32 days, will focus on assessing marine living resources and marine ecosystems, providing updated scientific data that will support Sri Lanka’s sustainable fisheries management and ocean governance. During the mission, scientists will undertake a range of activities, including hydro-acoustic surveys to estimate the biomass and distribution of key fish stocks in Sri Lankan waters; assessment of marine pollution levels; and biodiversity monitoring.

An important component of the programme is capacity building. The mission will bring together Sri Lankan scientists from NARA and other national institutions with international experts, promoting scientific collaboration and knowledge exchange.

Sri Lanka previously hosted the R/V Dr. Fridtjof Nansen in 2018, when the vessel conducted a comprehensive survey of Sri Lanka’s continental shelf and upper slope, in collaboration with national institutions. Earlier, Nansen surveys were also carried out in Sri Lankan waters in 1978–1980, reflecting a long-standing scientific partnership under the Nansen programme.

Sri Lanka’s participation in this survey reflects the country’s continued commitment to sustainable fisheries, marine ecosystem protection, and international scientific cooperation in the Indian Ocean region.”

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