News

Stop excessive money printing to avert a far worse crisis – SJB

Published

4 years ago

2021/11/6

‘The only way prices can be controlled is not by gazette or emergency rule, but via the market itself’

In principle price controls fail, and they create shortages and black markets. The only way prices can be controlled is not by gazette or emergency rule, but via the market itself, says top Samagi Jana Balavegaya spokesman and economist Dr. Harsha de Silva.

Issuing a statement in the wake of the government doing away with price control, Dr. de Silva has said: “To do so, the reason why prices are increasing must be determined. Is it a temporary increase due to a supply shortage, say a drought or flood or is it because aggregate demand has increased due to increased money supply? The answer will depend on what is causing prices to rise.

“In the case of Sri Lanka, the massive expansion of money is the cause for continuous increase in prices or inflation. This is the reason for the rapid depreciation of the currency as well. The only short-term solution to reduce this excessive rate of money growth is to stop excessive money printing. If monetary accommodation is continued inflation could turn into hyperinflation and further depreciation of the currency leading to serious social unrest.

“However, the reality is that much of the population cannot bear the increasing costs. It is not a secret that middle-class families have had to cut down on expenses. The situation among the low-income families is a lot worse. People have had to give up meals. It is the responsibility of the government to ensure people don’t starve due to the total mess up of the economy by the politicized Central Bank that continuously ran its printing press a la modern monetary theory that was bound to fail. It is imperative that an income support mechanism be implemented for the most vulnerable immediately. This can be implemented via the Samurdhi scheme even though it is nowhere near ideal.

“Beyond the short term and in a more stable macroeconomic environment, we need to be more productive. For instance, accurate information on weather, better use of technology, application of right amounts of fertiliser, efficient storage and logistics would help improve the supply of agricultural produce. Similarly, the productivity must increase in manufacturing and services.

“In the meantime, the government must correct market failures by appropriate regulation to foster competition in the market. Take for instance the rice market. While there is more than enough paddy harvested there is a huge shortage of rice. That is because the rice manufacturing market has been captured by a few big millers and competition has been wiped out. The way to correct that market failure is to empower the hundreds of SME rice millers by providing them working capital and get their supply into the market. Instead, the government has now decided to import rice to control the prices. This wrong policy will make the problem worse, from market failure to government failure. When imports are stopped, all the SME millers would be out of business the big players will completely dominate the market.

“The SJB believes in a social market economy where competition will be encouraged with necessary amount of regulation to maintain a stable market. We will ensure that all parties to a transaction, the firm or the investor, the worker or the farmer and the regulator or government would together arrive at sustainable equilibrium so that longer term growth with equity could be maintained. However, given that the economy is in such dire straits, the truth must be told to the public that there is no free lunch and we as a nation will have no option but to work hard to a plan. And that plan will call for significant economic reforms and integrating Sri Lanka with global production networks. The resulting export-led growth, as opposed to the current import-substitution led growth, would significantly elevate living standards of our people while allowing for sufficient funding to provide safety nets for those in need.”

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Navy seizes a consignment of narcotics and apprehends 06 suspects in offshore operation

Published

2 hours ago

2026/03/8

Priyan

Answering to the call of the national mission ‘A Nation United,’ the Navy has tightened its grip on the island’s maritime boundaries.

Striking deep in the southern waters, a successful naval mission
resulted in the seizure of a local fishing trawler and six (06) suspects, foiling a major drug smuggling attempt.

The intercepted trawler, carrying 02 suspicious sacks, and suspects were escorted to the Dikowita Fisheries Harbour today (08 Mar 26).

A specialised inspection conducted by the Police Narcotic
Bureau (PNB) confirmed that the sacks contained more than 102kg of heroin and over 900g of cocaine.

The detection was inspected on-site by the Deputy Minister of Defence, Major General Aruna Jayasekara (Retd), alongside the Commander of the Navy, Vice Admiral Kanchana Banagoda.

Speaking on this occasion, the Deputy Minister emphasized that under the guidance of the President and the supervision of the Ministry of Defence, the Tri-Forces, Police, and intelligence
agencies have intensified the “A Nation United” national mission, leaving no stone unturned.

He noted that during 2025, the tri-forces and police, in coordination with domestic and international agencies, conducted numerous successful operations. Notably, the Navy seized over 75 billion rupees worth of narcotics.

Despite national disasters and the escalating global conflicts
and growing reports of vessel distress in Sri Lankan waters, the Sri Lanka Navy stands vigilant around the clock, tirelessly fulfilling its critical mission in alignment with international maritime conventions.

Accordingly, the Deputy Minister commended, on behalf of the President, the Navy’s vital role in ensuring public safety and protecting the youth from drugs.

Adding further, he declared drug trafficking has become a major menace, stressing that all of society, not just authorities, must help eradicate it. He urged traffickers and dealers to quit the trade, noting that drugs cannot enter the country by sea or air. Addicts were also urged to do away with the habit, as a huge amount of money is spent on their rehabilitation.

The Deputy Minister further stated that the toxic drugs seized will remain in highly secure custody until the conclusion of legal proceedings, and arrangements have been made to destroy a large quantity of toxic drugs and case exhibits for which legal proceedings have been completed.

He also emphasized that law enforcement agencies have been granted the opportunity to operate independently. Accordingly, the public was urged to provide information regarding drug
traffickers via the hotline numbers 1818 and 1997.

Additionally, the event acknowledged the responsible journalism carried out by media institutions and journalists in raising public awareness about the drug menace.

The multi-day fishing trawler, along with the haul of narcotics and 06 suspects was handed over to the Police Narcotic Bureau for further investigation and legal proceedings.

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Our goal is to build a “Thriving Nation” where a woman can walk without fear or doubt, where her talents are duly recognized, and where she can lead a life of dignity – PM

Published

14 hours ago

2026/03/8

Priyan

Prime Minister Dr Harini Amarsooriya in her message on International Women’s Day 2026 says that the governments goal is to build a Thriving Nation where a woman can walk without fear or doubt, where her talents are duly recognized, and where she can lead a life of dignity.

The PM’s message:

“I extend my greetings to all sisters and daughters in Sri Lanka and around the globe on the occasion of International Women’s Day.This year, the United Nations has declared the global theme for International Women’s Day as “Rights. Justice. Action. For ALL Women and Girls,” emphasizing the realization of rights, the delivery of justice, and meaningful action for all women and girls.

Women are the true pillar of Sri Lankan society and economy. The role they play within the family and in society has today become a decisive factor in shaping the future of our nation. Through the Government’s policy statement, “A Thriving Nation – A Beautiful Life,” we envision going beyond treating women as mere beneficiaries and recognizing them as active partners in national development, ensuring that they receive the dignity and opportunities they rightfully deserve.

Within our policy framework, special focus has been placed on women. We are committed to recognizing the economic contribution extended by women as housewives, promoting women’s entrepreneurship, and expanding access to the technical and financial support necessary for self-employment alongside strengthening the legal framework required to ensure women’s safety in public transport, workplaces, and within the family environment. Further, we are taking steps to create the environment to increase women’s representation in decision-making bodies at national and regional levels. Special attention is also being given to implementing targeted programmes aimed at improving women’s nutrition, reproductive health, and mental well-being.

Women are not a group seeking sympathy; they are vital social partners endowed with intelligence, resilience, and creativity. Our goal is to build a “Thriving Nation” where a woman can walk without fear or doubt, where her talents are duly recognized, and where she can lead a life of dignity

On this International Women’s Day, I sincerely hope that it marks the beginning of a new era in which the aspirations of all women in our country are realized as they shine before the world.

Latest News

Heat Index at Caution Level in the Sabaragamuwa, North-western and North-central provinces and in Colombo, Gampaha, Vavuniya, Mannar, Hambantota and Monaragala districts

Published

14 hours ago

2026/03/8

Priyan

Warm Weather Advisory issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. on 07 March 2026, valid for 08 March 2026.

Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Sabaragamuwa, North-western and North-central provinces and in Colombo, Gampaha, Vavuniya, Mannar, Hambantota and Monaragala 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 011-7446491.