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State Minister Dr. Godahewa explains govt economic strategy

Published

5 years ago

2020/11/24

State Minister Dr. Nalaka Godahewa told the parliament on Saturday (21) the government launched a pragmatic programme to lift millions of people from poverty. The minister said that when one member of a family under extreme poverty received a permanent employment opportunity, the entire family achieved some degree of economic stability. The 100,000 jobs programme aimed to achieve that objective. Rs. 4,000 grant for vocational trainees also aimed to give opportunities for the youth of poor families, the minister said.

Dr. Godahewa said: “At the time of the 2015 regime change, I was serving as the Chairman of Securities and Exchange Commission of Sri Lanka which regulates Colombo Stock Market. Generally, Stock market is considered to be the barometer of any economy. Because investor confidence and stock market indices have a direct correlation. Typically the market slumps when investor confidence shatters.

During the post war period between 2010 and 2015, market capitalization of Colombo stock market jumped by 535% and as a percentage of GDP it increased from 11% to 36%. All Share Price Index (ASPI) gained 255% during that period. Colombo stock market had even won accolades as the most promising and sustainable stock market in Asia.

The IMF in its report dated 29 June 2014 identified Sri Lanka as one of the fastest growing economies of Asia. International rating agency Moody’s in July 2014 stated that the strength of the Sri Lankan economy is reflected in its increasing per capita income and global competitiveness index rating.

By this time Sri Lanka was holding Asia’s 1st or 2nd positions in almost all key economic indicators. In 2014 GDP grew by 6.8%. Total GDP (Gross Domestic Product) in 2014 was US Dollars 80 Billion and Central Bank of Sri Lanka (CBSL) forecast was Sri Lanka GDP to reach USD 163 Billion by 2020. Per Capita Income of US Dollars 3,654 in 2014 was anticipated to reach USD 7,500 by 2020.

Unfortunately the ones, who are trying to teach us economic management sitting in the opposition benches today, are the same people who came to power in 2015 January. The opposition had similar arguments and criticisms before 2015 as well. But when they came to power, as a group they proved how incompetent they are. Economic growth slumped year after year.

2015 it came down to 5%

2016 it further reduced to 4.5%

2017 3.9%

2018 3.1%

2019 2.1 %

Though we anticipated per capita income to reach US Dollar 7,500 by 2020, it stagnated at USD 3,852 by end of 2019. GDP Per Capita didn’t even gain by US Dollar 50 in 2019.The first finance minister of the Yahapalana government Ravi Karunanayake in 2019 made a public statement that the country was heading towards bankruptcy. With that kind of economic collapse and a trend, the economic growth rate would have been a negative figure with or without Coronavirus pandemic.

Unfortunately, it is such a team of losers who are trying to teach us economic management today in this parliament.

The reasons for their failures are obvious. They didn’t have a common vision or a program as it was just an unholy coalition consisting of ad hoc political groups formed merely to defeat Mahinda Rajapaksa.

Our government’s approach to economic management is completely different. We have a clear economic vision. That is people centric economic policy articulated in His Excellency President’s “Vision for Prosperity and Splendor” framework.

A National budget should be formulated based on a government policy framework. Yahapalanaya had 10 policy statements for their 5 years. Budget speeches were prepared based on the serving finance minister’s will but not based on any stipulated economic policy.

One has to first read the “Vision for Prosperity and Splendor” policy framework in order to understand the crux of this budget that we are debating. Then it would become a no-brainer to understand the concepts behind these budget proposals.

I would like to elaborate a bit more on this.

Vision for Prosperity policy statement has a 10 pillar policy framework. What are those 10 policies?

Priority to national security

Friendly, non-aligned foreign policy

An administration free from corruption

New constitution that fulfills people’s wishes

Productive citizenry and vibrant human resources

People centric economic development

Technology based society

Development of physical resources

Sustainable environmental management

10.

Disciplined , law abiding and value based society

If these budget proposals are thoroughly analyzed, one could realize that the due attention has been paid to all ten areas. Each and every budget proposal is allied to one or more policies.

If I take a simple example, the increasing of retirement age in the private sector to 60 years comes under “a productive citizen” policy. Re-forestation programme and 2 million trees planting along the roadways come under “Sustainable Environmental Management” policy. Rs.20,000 million allocation for national security is due to its utmost importance. Allocations of Rs. 10,000 million for technology parks and Rs. 8,000 million for digital infrastructure are based on our “Technology based society” policy. 100,000 kilometers of rural road construction with an investment of Rs. 20,000 million and allocation of Rs. 8,000 million for improving rural schools is due to our priority policy for the “Development of physical resources”.

Since we are debating national budget proposals, for a moment let’s explore what is meant by people centric development. After receiving a historic mandate, His Excellency in his inaugural speech in this parliament articulated 4 priority areas of his economic policy.

Firstly, finding solutions for the eradication of poverty

Secondly, creating equal opportunities for everyone to prosper

Thirdly, ensuring an administration free from corruption

Fourthly, encouraging and strengthening local entrepreneurship

In some cases the reason for poverty is the landlessness and in turn, their inability to cultivate economic crops. As outlined by the President in his address to the nation yesterday, the objective of giving one acre each for 20,000 families is to achieve this objective. Everyone should have an opportunity to prosper in a people centric economy and it is the responsibility of the government to remove roadblocks for the same. Higher education doors should be opened to all youth and we should create a conducive environment to produce more and more entrepreneurs amongst them.

That’s why we have paid special attention to expand the capacities and reform curriculums in universities and vocational training institutes in this year’s proposals. City campuses are being initiated based on these objectives. This budget has provisions to increase the intake for vocational training institutes from 100,000 to 200,000.

Today many countries have leveraged technology to uplift the productivity of the government. Hence a special attention has been paid in this budget to foster the technology usage in the government sector. Online tax administration process and e-filing of corporate taxes are good examples.

Private sector has a vital role to play in the economic development process. This budget has several proposals to uplift the local entrepreneurs. Special tax concessions have been granted for agriculture and fisheries sectors. Students who enroll for vocational training are encouraged to start a business by offering Rs. 500,000 loan at concessionary interest rates.

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Mechanism to be established involving university academics and experts for Education Reforms – President

Published

31 mins ago

2026/01/22

Priyan

President Anura Kumara Dissanayake stated that the Government is taking steps to establish a comprehensive mechanism, supported by an appropriate legal framework, to bring together university academics, experts and all relevant parties in order to resolve issues arising during the implementation of education reforms.

The President made these remarks during a discussion with the Federation of University Teachers’ Associations (FUTA) held on Wednesday (21) morning at the Presidential Secretariat.

During the discussion, FUTA members emphasized the challenges encountered while trying to implement educational reforms through a framework established by the National Institute of Education, in line with the current laws and regulations.

They further emphasized that while their association acknowledges the need for new education reforms, the urgency of such reforms is greater for students in rural schools than for those in urban schools.

The Federation of University Teachers’ Associations further stated that they appreciate the decision taken by the Government, under the leadership of the President, to address the issues arising from education reforms and affirmed their readiness to contribute to this process.

As a continuation of the previous discussion, proposals addressing the challenges faced by academics within the university system, along with possible solutions, were presented to the President. In response, the President emphasized that the Government would take all possible measures to safeguard the university system and strengthen education.

The discussion also covered proposed amendments to the Universities Act.

President Anura Kumara Dissanayake noted that, in the aftermath of the recent disaster, the Government has been effectively implementing a nationwide rebuilding programme, addressing economic stability, development and all critical sectors. The President also called upon university academics to actively support these reconstruction efforts.

The meeting was attended by Minister of Ports and Civil Aviation, Anura Karunathilaka, as well as representatives of the Federation of University Teachers’ Associations, including its President, Prof. P. R. Weerathunga, Vice President M. A. M. Sameem and Secretary Charudaththe Ilangasinghe.

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New integrated framework to bring all stakeholders together to safeguard and rebuild Central highlands – President

Published

36 mins ago

2026/01/22

Priyan

President Anura Kumara Dissanayake stated that the isolated functioning of institutions responsible for construction and land management, agriculture, livestock and environmental conservation has posed challenges in restoring the Central Highlands, which were devastated by Cyclone Ditwah. The President further noted that efforts are underway to establish a new integrated framework, bringing together all relevant parties to swiftly safeguard and rebuild the Central Highlands

The President made these remarks during a discussion held on Wednesday (21) at the Presidential Secretariat with representatives from the Asian Development Bank (ADB), the United Nations Development Programme (UNDP) and relevant government and private sector institutions, focusing on securing the Central Highlands and restoring forest plantations.

It was emphasized that nearly 4,000 landslides have occurred in the Central Highlands due to Cyclone Ditwa and that prolonged unauthorized construction, cultivation activities and lack of proper maintenance have contributed to this situation. The discussion also stressed the urgent need for a national policy to secure the Central Highlands and ensure its preservation for future generations.

The discussion also addressed the need for an Authority empowered under the relevant legislation to oversee these activities and President Anura Kumara Dissanayake instructed officials to expedite the implementation.

Representatives from the Asian Development Bank (ADB) and the United Nations Development Programme (UNDP) emphasized the necessity of maintaining a dedicated financial fund for these initiatives and confirmed their full support to Sri Lanka for the restoration of the Central Highlands.

Representatives who attended included Country Operations Head, ADB Sri Lanka Resident Mission, Cholpon Mambetova, Senior Agricultural and Natural Resources Specialist at the ADB Sumith Pokhrel and Assistant Project Officer Krishanthi Dabare, UNDP Resident Representative in Sri Lanka Azusa Kubota and programme representatives Wageesha Gunasekara and Sugandhi Samarasinghe.

Also participating were Commissioner-General of Essential Services and Secretary to the Ministry of Plantation and Community Infrastructure, Prabath Chandrakeerthi, Secretary to the Ministry of Housing, Construction and Water Supply, Engineer L. Kumudu Lal Bogahawatta along with senior officials from the relevant Ministries and heads of other government and private institutions.

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ICC T20 World Cup Trophy tour in Sri Lanka launched under President’s patronage

Published

43 mins ago

2026/01/22

Priyan

The official tour showcasing the ICC T20 World Cup trophy, which will be jointly hosted by India and Sri Lanka in 2026, was formally inaugurated on Wednesday (21) at the Presidential Secretariat under the patronage of President Anura Kumara Dissanayake.

The trophy will be displayed in several major cities across the island from Wednesday 21st until Saturday 24th, over a period of four days. Cricket fans will have the opportunity to see the golden trophy up close during the Sri Lanka vs England One-Day International match at the R. Premadasa International Stadium in Colombo.

Subsequently, plans are in place to take the trophy to the cities of Kandy, Dambulla and Jaffna, providing cricket enthusiasts in those regions as well with the opportunity to take commemorative photographs with the World Cup trophy and view it. The primary aim of this tour is to generate excitement and build spectator interest in the lead-up to hosting a World Cup tournament in the country.

The ICC Men’s T20 World Cup is scheduled to be held from 7th February to 8th March 2026 co-hosted by Sri Lanka and India. This World Cup is the largest tournament Sri Lanka will host since the T20 World Cup held in 2012.

The tournament schedule was revealed on 25th November 2025 in India, where the International Cricket Council (ICC) selected the R. Premadasa International Stadium in Colombo, the Pallekele International Stadium and the Colombo SSC Ground as the venues for matches in Sri Lanka.

Accordingly, 8 matches are scheduled at the R. Premadasa International Stadium, 5 matches at the Colombo SSC Ground and 7 matches at the Pallekele International Stadium.

Twenty countries are set to participate in this tournament. Twenty matches of the tournament are scheduled to be held in Sri Lanka, with all matches involving the Pakistan team to be played in Sri Lanka. Furthermore, a special feature is that if the Pakistan team qualifies for the semi-finals and the final, Sri Lanka will also host those two matches.

In that event, the final will be held at the R. Premadasa International Stadium in Colombo, increasing the number of matches scheduled for Sri Lanka to 22.

Apart from the host nations Sri Lanka and India, Test-playing nations England, South Africa, New Zealand, Pakistan, West Indies, Bangladesh, Ireland, Zimbabwe and Afghanistan will be represented in this tournament. Additionally, the United States of America, Canada, Italy, the Netherlands, Namibia, Nepal, Oman and the United Arab Emirates are the other contributing countries.

The T20 World Cup to be held in Sri Lanka at the beginning of 2026 can be considered an excellent opportunity to deliver effective value to the country’s economy, tourism industry, sports development, international promotion and society.

In particular, the arrival of teams, media groups and thousands of spectators, including foreign tourists, will generate significant foreign exchange earnings for the country. It is also expected to create short and long-term employment opportunities in various sectors including hotel and food & beverage businesses, transport services and technical and operational services.

By Sri Lanka hosting this tournament, long-term benefits such as increased opportunities for new investments as Sri Lanka is recognised worldwide as a tourist destination, the identification of Sri Lanka as a year-round sports tourism hub and the strengthening of Sri Lanka’s international profile leading to an enhancement of the country’s value, will be attained.

Minister of Youth Affairs and Sports, Sunil Gamage, Deputy Minister of Sports, Sugath Tilakaratne, Director General of Sports, S. Achchudan, Sri Lanka Cricket President, Shammi Silva along with the Executive Committee and a group including Sri Lanka’s T20 World Cup team captain Dasun Shanaka and Head Coach, Sanath Jayasuriya were also present at the occasion.