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Sri Lanka's financial security at risk - Sajith Premadasa
Opposition Leader Sajith Premadasa claims that approximately $2.5 million meant for a foreign debt repayment has allegedly been diverted by a hacker using fraudulent information. He stated that the incident raises serious concerns about the government’s financial management, pointing to weaknesses within key institutions including the Finance Ministry, the Treasury, and the Central Bank.Mr. Premadasa emphasized that if such a large sum could be misdirected through false verification processes, it signals a major threat to the country’s financial security and could even evolve into a broader national security issue.The remarks were made while addressing the media after visiting religious sites in Kataragama, where he also highlighted the need for a transparent and independent investigation into the incident.He further questioned how a hacker could gain access to funds allocated for foreign debt servicing and called for accountability, stressing the importance of a proper verification system to prevent such breaches in the future.
Unlocking Sri Lanka's economic success: Harnessing the power of ...
Opinion By Dr. Ravinthirakumaran Navaratnam The economic success or stagnation of a country depends on factors such as strong institutions, effective governance, economic policies, education, infrastructure, and resource management. Geography plays a role, with resource-rich nations having an advantage, but mismanagement can lead to stagnation. Education and skill development create a productive workforce, while modern infrastructure and technology drive economic efficiency. Political stability and investor-friendly policies attract growth, whereas corruption and instability hinder progress. Colonial history also influences development, with some nations overcoming past disadvantages while others struggle with lingering economic disparities. Sri Lanka’s economy has been facing severe challenges, including a high debt burden, foreign exchange shortages, inflation, slow economic growth, and rising unemployment. The country’s debt crisis led to a sovereign default in 2022, making debt restructuring a top priority. Foreign reserves remain low, limiting the ability to import essential goods such as food, fuel, and medicine. Inflation, although moderating, continues to impact the cost of living, reducing the purchasing power of ordinary citizens. Economic growth has been sluggish, with contractions in key sectors such as tourism, manufacturing, and agriculture. Additionally, structural weaknesses, including an oversized public sector and inefficient state-owned enterprises, have contributed to fiscal instability. Political and social unrest have further weakened investor confidence, making economic recovery even more challenging. As of March 17, 2025, Sri Lanka is experiencing a period of economic stabilisation and growth following the severe crisis of 2022. The government has implemented significant reforms, leading to budgetary discipline, a bullish stock market, and improved credit conditions. The economy is projected to grow by 5% in 2025, with a primary budget surplus of 2.3% of GDP, aligning with International Monetary Fund (IMF) programme targets. Tourism has seen a resurgence, contributing to economic recovery. The government is also focusing on digital transformation, allocating LKR 3 billion towards digital investments and aiming to generate US $15 billion in revenue through the digital economy by 2030. However, challenges remain, including the need to boost tax compliance, better target social welfare, and manage capital spending to maintain fisca...
Late President Premadasa commemorated on 30th death anniversary
An event to commemorate the 30th death anniversary of late President Ranasinghe Premadasa was held at the Premadasa statue at Hulftsdorp this morning. Family members of Premadasa family including Opposition Leader Sajith Premadasa, wife of late Premadasa, party activists and well-wishers took part in the ceremony.
Expert advisory committee appointed to assist SL Economic Council
An expert advisory committee comprising, among others, business leaders Dammika Perera, Krishan Balendra and Ranjit Page, and several eminent economists and university professors has been appointed by the President to advise the recently formed Economic Council. The new advisory committee also included business leaders like Dr. Hans Wijesuriya, Vish Govindasamy, S. Renganathan, Suresh De Mel ...
