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2 crucial Bills to Parliament on May 22

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Acting Finance Minister Shehan Semasinghe announced plans to introduce two significant bills to Parliament on May 22, aimed at bolstering the country’s economy. 

These bills, the “Economic Transformation Bill” and the “Public Financial Management Bill,” are designed to enhance the management of public finances, thereby safeguarding against future economic downturns. 

Minister Semasinghe made this announcement during a press conference at the Presidential Media Centre today, themed ‘Collective path to a stable country’.

Acting Finance Minister  Shehan Semasinghe, further stated : 

‘The government has scheduled the submission of two significant bills crucial for the country’s economy on May 22. One of these bills is the “Economic Transformation Law,” aimed at preventing future economic collapses. Notably, this legislation stems from the vision of President Ranil Wickremesinghe, rather than being proposed by the International Monetary Fund. The recent stabilization of the economy following previous downturns underscores the importance of preserving this stability going forward.

Additionally, it is necessary to maintain optimal levels of public financial management to avert future economic crises. The “Public Finance Management Bill” is set to be presented to Parliament on the same day, with a focus on enhancing accountability in managing public finances. This legislative initiative aligns with recommendations from a collaborative program with the International Monetary Fund and holds significant importance for the country’s future financial management.

It’s important to underscore the critical significance of both these bills for the country’s future. These drafts contain numerous technical intricacies aimed at bolstering confidence in the economy and maintaining the trajectory of the new economic direction implemented thus far.

Further elaborating on the Economic Transformation Bill, it holds paramount importance for the country’s economic growth. Despite experiencing economic contraction in the second and third quarters of 2023, a notable growth rate of 4.5% was achieved in the fourth quarter. Consequently, the benefits of this economic upturn have started permeating to the grassroots level within the country.

Furthermore, it is imperative to enhance the economic competitiveness of the nation and adapt the economy to confront global challenges while fostering international cooperation and growth. Additionally, this bill addresses necessary changes in various sectors.

Specifically, the legislation encompasses reforms essential for international trade, trade agreements, and climate change mitigation efforts. 

The establishment of a new Economic Commission in Sri Lanka, aimed at attracting investments to enhance competitiveness, fostering a conducive environment for investors, expanding international trade, establishing the National Productivity Commission, and developing export-related institutions, is also outlined in this bill.

Recently, Parliament endorsed the decisions made, particularly regarding economic transformation. In 2022, the public debt ratio stood at 128%, a figure slated to be reduced to less than 95% by 2032. 

Similarly, the fiscal requirement, which was 34.6% of the gross domestic product in 2022, aims to be lowered to below 13% by 2032.

Effective debt servicing is paramount, with efforts focused on establishing Sri Lanka as a debt-sustainable nation capable of meeting its obligations. The aim is to reduce the debt payment ratio from 9.4% in 2022 to below 4.5% by 2027.

A proposed bill will outline specific national goals and actions taken to address economic challenges, providing a roadmap for sustainable economic growth, debt management, agricultural modernization, import-export regulation, and economic governance.

Additionally, considerable attention has been given to the Public Finance Management Bill, aimed at identifying weaknesses in the current legislation and proposing a robust legal framework to meet future needs.

(President’s Media Division)

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Showers expected part of the island

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Showers will occur at times in the Western, Sabaragamuwa and North-western provinces and in Nuwara-Eliya, Kandy, Galle and Matara districts today (June 26), the Department of Meteorology said.

Fairly heavy rains of about 50 mm are likely at some places.

A few showers may occur in the Anuradhapura and Matale districts.

Showers or thundershowers may occur at a few places in the Uva and Eastern provinces during the afternoon or night.

Meanwhile, fairly strong winds of about 30-40 kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Trincomalee and Hambantota districts.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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NTC approves 2.5% reduction in bus fares (Update)

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The National Transport Commission (NTC) has approved a 2.5% reduction in bus fares effective from July 01 in line with the annual bus fare revision.

During a discussion between Transport Ministry officials and representatives of private bus associations, the government’s proposal to reduce bus fares by 2% was met by objections raised by bus operators.


(Previous News on 25th June 2025 at 4:51pm)

Bus associations oppose proposal of 2% fare reduction

The government’s proposal to reduce bus fares by a 2% effective from July 01 has led to the strong disapproval of bus associations, reports say.

It was also proposed not to revise the fares of the first two stages.

The announcement was made during a meeting between officials of the Transport Ministry and representatives of private bus associations to discuss the annual bus fare revision, scheduled for July 01.

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2025 A/L exam dates announced

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The Department of Examinations has confirmed that the 2025 G.C.E. Advanced Level (A/L) examination will be held from Nov. 10 – Dec. 05, 2025, 

Accordingly, applications for the 2025 G.C.E. A/L exam will be accepted online from June 26 to July 21, 2025.

It is further stated that students of government schools and government-approved private schools must submit their applications through their respective school principals, while private candidates are required to submit their applications themselves.

A statement by the Department of Examinations noted that private applicants must use their National Identity Card (NIC) number when applying for the examination.

Applicants are advised to visit the official website of the Department of Examinations of Sri Lanka, www.doenets.lk or www.onlineexams.gov.lk/eic, to carefully read the relevant instructions and submit their applications accordingly. After submitting the application, candidates are urged to keep a printed copy with them in case of an emergency.

The username and password required by school applicants to submit their applications have already been provided to the respective school principals.

Applications will not be accepted after 12.00 midnight on July 21, 2025. It is also emphasized that the closing date will not be extended under any circumstances, the statement added.

For further inquiries, applicants are advised to contact the Department of Examinations via the following telephone numbers or email : Tel: 011-2784208, 011-2784537, 011-2785922 / Hotline: 1911 / Email: [email protected]

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