Connect with us

News

Budget 2025 lays foundation for a strong economy – President

Published

on

President Anura Kumara Disanayake highlighted that due to the mismanagement of public finances by previous administrations, the country had fallen into bankruptcy and is currently operating under a probationary period of the International Monetary Fund (IMF) program. Given this situation, he emphasized that the Budget 2025 has taken the initial steps towards building a strong and stable economy.  

The President made these remarks while participating in the Post-Budget forum 2025 organized by the University of Colombo Master of Business Administration (MBA) Alumni Association held today (19) at Cinnamon Life Hotel in Colombo.

President Anura Kumara Disanayake stated that the government aims to utilize the three-year debt moratorium granted through debt restructuring effectively and implement proper economic management to regain debt repayment capacity by 2028.  

The President further noted that while many countries in the world have taken decades to recover after facing bankruptcy, Sri Lanka is expected to recover in a significantly shorter period.  

The President also highlighted that this year’s budget proposes to increase government revenue to 15.1% of the Gross Domestic Product (GDP) and emphasized the government’s commitment to prioritizing expenditures based on identified national priorities.

The President emphasized that this year’s budget focuses on expanding the economy by driving economic activities to rural areas and integrating citizens as stakeholders in the economy. He expressed confidence that this approach would enhance the economic benefits available to the people.  

The government plans to reintegrate marginalized groups into the economy by establishing small economic units at the village level. As a result, the country aims to foster a surge in Small and Medium-scale Enterprises (SMEs), the President stated.  

Highlighting the government’s commitment to supporting industries, the President noted that reducing production costs would ultimately provide relief to consumers.  

To uplift the nation from rural poverty, the highest budget allocation this year has been directed towards education. This investment aims to restructure both human and physical resources within the school system, transitioning from a linear education model to a more diversified, multi-directional approach.  

The budget also prioritizes public expenditure management. Given the high costs associated with delivering public services, the government intends to conduct a comprehensive review of state institution expenditures.  

President Disanayake stressed the importance of maintaining a corruption-free political authority and underscored that fostering a culture where bribery is rejected is a collective responsibility of the citizens.  

To establish an export-driven economy, the government plans to sign new trade agreements and anticipates higher export earnings this year.  

Additionally, the current administration is focused on developing a port-centric economy. The budget has placed special attention on establishing an efficient transhipment hub.  

Tourism promotion initiatives will be further strengthened through City Branding programs, with plans to develop key cities such as Anuradhapura, Yapahuwa, and Jaffna as major tourist destinations.  

 The President also emphasized the need to leverage the country’s diplomatic service to expand economic opportunities for Sri Lanka.  

The event was attended by Duminda Hulangamuwa Chairman, Ceylon Chamber of Commerce & Senior Adviser to the President on Economic Affairs and Finance,President of the University of Colombo Master of MBA Alumni Association Suraj Radampola, along with several experts from academia and the business sector.

(President’s Media Division)

News

Canada invites Modi to G7 summit

Published

on

By

Canadian prime minister Mark Carney invited his Indian counterpart Narendra Modi to the upcoming Group of Seven summit in a phone call on Friday (6), as the two sides look to mend ties after relations soured in the past two years.

The leaders agreed to remain in contact and looked forward to meeting at the G7 summit later this month, a readout from Carney’s office said.

India is not a G7 member but can be invited as a guest to its annual gathering, which will be held this year in Kananaskis in the Canadian province of Alberta, from June 15 to 17.

“Glad to receive a call from Prime Minister (Carney) … thanked him for the invitation to the G7 Summit,” Modi said in a post on X.

Modi also stated in his post on Friday that India and Canada would work together “with renewed vigour, guided by mutual respect and shared interests.”

Bilateral ties deteriorated after Canada accused India of involvement in a Sikh separatist leader’s murder, and of attempting to interfere in two recent elections. Canada expelled several top Indian diplomats and consular officials in October 2024 after linking them to the murder and alleged a broader effort to target Indian dissidents in Canada.

New Delhi has denied the allegations, and expelled the same number of Canadian diplomats in response.

India is Canada’s 10th largest trading partner and Canada is the biggest exporter of pulses, including lentils, to India.

Carney, who is trying to diversify trade away from the United States, said it made sense for the G7 to invite India, since it had the fifth-largest economy in the world and was at the heart of a number of supply chains.

“In addition, bilaterally, we have now agreed, importantly, to continued law enforcement dialogue, so there’s been some progress on that, that recognizes issues of accountability. I extended the invitation to prime minister Modi in that context,” he told reporters in Ottawa.

Four Indian nationals have been charged in the killing of the Sikh separatist leader.

Continue Reading

News

PMD issues statement on alleged presidential pardon of prisoner

Published

on

By

The President’s Media Division (PMD) has issued an official statement highlighting a serious procedural irregularity involving the release of a prisoner from Anuradhapura Prison, who was not approved under the presidential pardon granted for the 2025 Vesak festival.

According to the PMD, W.H. Athula Thilakaratne, an inmate serving a sentence for financial fraud, was released despite not being included in the list of prisoners approved by the President for a general pardon.

The PMD clarified that under Article 34(1) of the Constitution, the President has the authority to grant pardons to convicted prisoners.

Accordingly, a list of prisoners selected by the Prison Superintendents is forwarded to the Ministry of Justice.

The list is examined by the Ministry of Justice and then sent to the Presidential Secretariat. With the approval of the President, those prisoners are granted a general pardon, the PMD stated.

In this instance, the official list—submitted by the Commissioner General of Prisons on May 6, 2025—included 388 names.

However, the name of the individual imprisoned at Anuradhapura Prison in connection with financial fraud was not included in that list.

“This individual was not included in the list of 388 prisoners granted a presidential pardon,” the PMD stated.

In light of this development, the Presidential Secretariat lodged a formal complaint with the Criminal Investigation Department (CID) yesterday (June 6), under the title “Release of a Prisoner without Presidential Approval under the Presidential Pardon.”

The PMD further confirmed that a formal investigation has been launched, and disciplinary measures will be taken against any officials found responsible for the irregular release.(adaderana.lk)
(This story, originally published by adaderana.lk has not been edited by SLM staff)

Continue Reading

News

Presidential pardon was routine, not personal – Prisons Commissioner

Published

on

By

The Department of Prisons has issued a statement defending the release of W. M. Athula Tilakaratne, a former finance company manager convicted of misappropriating Rs. 4 million, clarifying that it was part of a general presidential pardon granted on Vesak Poya Day.

Prisons Media Spokesman and Commissioner Gamini B. Dissanayake stated that Tilakaratne was among a group of inmates released under the annual Vesak pardon, which is granted to prisoners who meet certain conditions. He noted that the individual was not specifically singled out for release, but was eligible under the general criteria due to his sentence and the remission of the fine imposed by court.

According to the statement, Tilakaratne had been convicted under Section 386 of the Penal Code and sentenced to a suspended prison term with a fine of Rs. 20 lakhs as compensation. The High Court had also ruled that failure to pay the fine would result in six months of rigorous imprisonment. His release was granted as the fine was waived under the Vesak pardon provisions.

The Department emphasized that Tilakaratne was released in accordance with existing procedures and that the pardon was not targeted or exceptional.

Yesterday, Samagi Jana Balawegaya (SJB) MP Ajith P. Perera raised questions in Parliament regarding the pardon, highlighting that the release occurred just weeks after Tilakaratne’s conviction. He called on the government to explain the process and transparency behind granting such pardons, especially as the individual is reportedly facing other cases as well.

The government did not respond to the MP’s query during the session. 

(newswire.lk)

(Except for the headline, this story, originally published by newswire.lk has not been edited by SLM staff)

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved