Connect with us

News

Mountain of debt at Fisheries Ministry

Published

on

Several affiliated institutions under the Fisheries Ministry have accumulated a total of Rs. 2.38 billion as legally bound payments and liabilities to various institutions and are currently facing a debt crisis, Ministry sources said.

It is reported that a severe crisis has arisen in those institutions due to the huge amount of debt that exists at the moment.

This staggering debt is owed by affiliated institutions of the Ministry such as the National Aquaculture Development Authority (NAQDA), National Aquatic Resources Research and Development Agency (NARA), Ceylon Fisheries Corporation, Ceylon Fishery Harbours Corporation, Cey-Nor Foundation Limited, North Sea Limited and the Peliyagoda Central Fish Market Complex.

The debts should be paid to commercial banks, the Finance Ministry, and several other institutions as of October 31, 2024, according to a Ministry report. According to the report, NAQDA’s outstanding credit as of October 31, last year was Rs. 106.54 million and the amount of legal payments and liabilities including tender deposits, money given for welfare to be settled to the Finance Ministry and withholding money to be paid is Rs. 28.79 million.

The balance of scheduled payments including EPF and ETF to be paid by Ceylon Fishery Harbours Corporation is Rs 53.36 million.

According to this report, the largest number of legal payments and liabilities is under the Ceylon Fisheries Corporation. The arrears due under the EPF and ETF is Rs.668.7 million.

The Employee Gratuity payable is Rs.25 million. The loan amount obtained from commercial banks is Rs. 158 million. There is also a bank overdraft of Rs. 64 million. The total legal dues and liabilities of the Corporation is close to Rs. 1,530 million.

The Cey-Nor Foundation Limited has accumulated debt to the amount of Rs. 73.72 million and the total amount of liabilities of North Sea Limited is Rs. 114.19 million, including the loan amount of Rs. 152.05 million received from commercial banks and the amount of legal payments is Rs. 525.37 million.

Also the Peliyagoda fish market has taken a loan of Rs. 56.34 million from a commercial bank.

Commenting on this matter, Fisheries, Aquatic and Marine Resources Deputy Minister Rathna Gamage pointed out that the previous governments has left a mountain of debt at the Fisheries Ministry.

The Deputy Minister emphasised that the Fisheries Ministry owes a huge amount of debt to a number of institutions and that the debt handed over by the previous governments is like a garbage dump.

The Deputy Minister said that this mountain of debt will be cleared with a proper plan.

(dailynews.lk)

(This story, originally published by News1st has not been edited by SLM staff)

News

Gazette issued on term of newly elected LG members

Published

on

By

A Gazette notification has been issued by the Minister of Public Administration, Provincial Councils, and Local Government, Chandana Abayarathna specifying that the term of the members of 337 Local Government Authorities should commence on June 02, 2025.

Accordingly, the Minister of Public Administration, Provincial Councils and Local Government has issued the Gazette in terms of the powers vested in him by Paragraph (b) of Sub-Section (1) and Section 10 of the Municipal Councils Ordinance, Chapter 252. 

The 337 Local Government Authorities include 27 Municipal Councils, 36 Urban Councils and 274 Pradeshiya Sabhas.

Continue Reading

News

Budget 2025 lays foundation for a strong economy – President

Published

on

By

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)

Continue Reading

News

Main suspect of Ganemulla Sanjeewa’s murder, arrested

Published

on

By

The suspected gunman behind today’s (Feb. 18) murder of “Ganemulla Sanjeewa” has been arrested, reports say.

According to reports, he has been arrested in the Palaviya area in Puttalam by the Police Special Task Force (STF) personnel, while fleeing in a van.

The arrested suspect has been identified as 34-year-old Mohamed Azman Sheriffdeen.

Related News :

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved