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Japanese Finance Minister notes significant improvements in SL economy

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During a discussion with President Ranil Wickremesinghe yesterday (11), Japanese Finance Minister Suzuki Shunichi, expressed profound admiration for President Ranil Wickremesinghe.

He specifically mentioned positive trends in GDP and inflation indicators, attributing the progress to the President’s strong leadership. The minister conveyed deep respect for President Wickremesinghe’s demonstrated leadership in achieving these economic improvements.

Shunichi highlighted substantial improvements in the country’s economy, particularly emphasizing positive trends in GDP and inflation indicators. He credited these advancements to President Wickremesinghe’s strong leadership, expressing deep respect for the demonstrated qualities that contributed to significant economic progress in Sri Lanka.

Japan’s Finance Minister, Suzuki Shunichi, arrived in Sri Lanka on a two-day official visit (11-12) aimed at deepening economic relations with the Sri Lankan Government. This visit is particularly significant amidst the economic challenges faced by Sri Lanka, prompting the implementation of comprehensive reform measures focusing on macro stability and debt sustainability.

The President expressed profound appreciation for Japan’s lead role in addressing Sri Lanka’s debt issues. The talks encompassed future collaborations, emphasizing areas such as information-technological cooperation, maritime-security collaboration, resumption of stalled projects, long-term bilateral cooperation, finalization of debt restructuring agreements and pipeline projects.

Both leaders expressed mutual appreciation for the ongoing support and cooperation between their nations.

President Wickremesinghe conveyed his gratitude, emphasizing Japan’s crucial role in Sri Lanka’s current standing. Acknowledging the swift resolution of recent challenges, he expressed confidence in the deepening ties between the two nations.

Reflecting on the cooperation, President Wickremesinghe highlighted the need for further collaboration, particularly in the realms of a competitive green economy and a digital economy. Stressing the importance of focusing on exports to enhance the trade balance, he expressed optimism for the realization of a new economic model in Sri Lanka.

President Wickremesinghe concluded by affirming his commitment to fostering closer ties between the two countries, laying the groundwork for future cooperation.

In response, the Japanese Finance Minister expressed gratitude for President Wickremesinghe’s update and emphasized the value of transparent and comparable debt restructuring. 

Addressing the recent suspension of yen loans due to a debt crisis, Minister Suzuki Shunichi outlined the potential resumption of yen loans pending the conclusion of a MoU at the Official Creditor Committee (OCC) and continued debt sustainability monitored by the IMF.

The discussions between the two leaders aim to fortify ties and lay the groundwork for a more robust and cooperative economic relationship between Japan and Sri Lanka.

(President’s Media Division)

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Eight individuals claim ownership rights to Jaffna’s Presidential Palace

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A recent investigation by Sri Lanka’s Ministry of Urban Development, Construction, and Housing has uncovered that the so-called ‘Presidential Palace’ in Jaffna was constructed before the government had fully secured legal ownership of the land.  

The property, consisting of eight residences, was developed during the administration of former President Mahinda Rajapaksa, while the land acquisition process was still underway. 

Urban Development Authority (UDA) Chairman Eng. L.B. Kumudu Lal confirmed the findings in an interview with weekend paper.  

“The construction of the five houses—often referred to as the ‘Presidential Palace’—was carried out before the legal acquisition process was finalized. We are now working to complete the remaining legal formalities,” Lal stated.  

The disputed land, located in Kankesanthurai, spans approximately 30 acres, with buildings occupying around 15 acres. 

The Sri Lankan military undertook the construction between 2010 and 2015, at an estimated cost of Rs. 3.5 billion.  

According to the UDA Chairman, ownership disputes are expected to be fully resolved by the end of 2025. Once cleared, the government plans to open the property to investors for redevelopment into a project that benefits the local community.  

The investigation highlights that the construction proceeded despite pending legal challenges—a process that has taken nearly a decade to resolve. However, officials remain hopeful that the remaining issues will be settled within the next year, paving the way for a more publicly beneficial use of the site.  

As the legal process nears completion, the future of the controversial property may soon shift from a symbol of political excess to a resource for Jaffna’s development.  

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Fishing boat capsizes off Tangalle, Two fishermen missing

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Another boat accident has been reported in seas off Tangalle.

According to the Sri Lanka Navy (SLN), a total of six fishermen were onboard the vessel when it met with an accident off the coast of Paravi Wella Beach in Tangalle.

Four of the fishermen have been rescued while two others remain missing.

Steps have been taken to locate the missing fishermen.

Meanwhile, three other boat accidents were reported yesterday in seas off Galle, Kalutara and Hikkaduwa.

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SSP Shani Abeysekara appointed as CID Director

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Senior Superintendent of Police (SSP) Shani Abeysekara has been appointed as the Director of the Criminal Investigation Department (CID), police say.

The appointment has been made with the approval of the National Police Commission (NPC).

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