A minor earth tremor measuring 2.2 on the Richter scale was reported in the Ududumbara area at 5.05 p.m. today, the Geological Survey and Mines Bureau said. The bureau said the tremor was minor in nature and there is no cause for panic, adding that the situation is being monitored. The post Minor tremor in Ududumbara: Nothing to panic appeared first on Newswire.
The Sri Lankan Report
The post “Deceiving the public is a serious sin” – Wajira Abeywardena appeared first on Newswire.
A government-backed housing and compensation programme for families whose homes were fully destroyed by Cyclone Ditwa will begin on Friday (Jan. 9) in the Anuradhapura and Kurunegala districts, the President’s Media Division said. The programme is being launched under the “Rebuilding Sri Lanka” initiative, with President Anura Kumara Dissanayake scheduled to preside over the inaugural events. Under the scheme, the government will provide a grant of Rs. 5 million to construct a new house for each family whose home was classified as fully damaged due to the cyclone. The assistance will be provided in accordance with Circular No. NDRSC/02/04/10, issued…
Rising debt, shrinking budgets and deepening Chinese influence leave Bangladesh facing a familiar South Asian dilemma, as officials warn the country is slipping into a dangerous debt trap. Bangladesh is confronting an uncomfortable economic reckoning as rising debt repayments, much of them linked to Chinese loans, squeeze public finances and limit policy choices. Senior officials now openly acknowledge that the country has slipped into what they describe as a debt trap — a warning that echoes experiences elsewhere in South Asia. The admission came recently from M Abdur Rahman Khan, Chairman of Bangladesh’s National Board of Revenue, who told a…
On a warm November night in Ahmedabad, over 130,000 fans packed the Narendra Modi Stadium, not for a concert, but for a World Cup cricket final. The game, more like a national celebration with global viewership, buzzed with an energy that spilled from packed stands into hotels, cafés, highways and boardrooms. It was another red-letter day on India’s sporting calendar, one that captured a snapshot of a new India: confident, connected, and playing on the world stage with strategic intent. India’s sports and events ecosystem is no longer in the dressing room hoping for a breakthrough. It is dominating the…
ECONOMYNEXT – India has committed 30 million US dollars to build damaged bridges in Sri Lanka and inauguration of the first two is expected next week, Indian High Commissioner in Colombo Santosh Jha said. “Over the coming week, we are looking at inaugurating two bridges constructed under this package,” High Commissioner Jha told reporters in Colombo. “We will also commence the restoration work on the Northern railway line. The bridge construction is supposed to be covered under a grants of near;y 30 million dollars.” India announced a 450 million dollar aid package with 100 million dollars in grants. “Our focus…
ECONOMYNEXT – Sri Lanka’s Central Bank will introduce a benchmark intra-day reference exchange rate this year to ensure transparency in the foreign exchange market, Central Bank Governor Nandalal Weerasinghe said. The absence of a reference exchange rate has held back the expansion of Sri Lankan forex market and discouraged the trading of rupee-denominated derivatives. The Central Bank last year carried out the necessary preliminary work to implement the benchmark spot exchange rate was. “…a benchmark intra-day reference exchange rate will be introduced in 2026 to foster a transparent foreign exchange market,” Governor Weerasinghe told the gathering when he announced the…
ECONOMYNEXT – Sri Lankan apparel manufacturers will gain wider access to UK markets under liberalised trade rules taking effect from 1 January 2026, the British High Commission in Colombo said. Under the reforms to the UK’s Developing Countries Trading Scheme manufacturers can now source up to 100 percent of materials globally while maintaining zero UK tariffs. “By simplifying rules of origin, we are supporting Sri Lanka’s economic growth by improving market access to the UK and helping to further diversify exports,” British High Commissioner to Sri Lanka Andrew Patrick said. Fewer processing requirements now apply, removing the previous rule that…
ECONOMYNEXT – Sri Lanka’s rupee closed at 309.10/50 to the US dollar in the spot market Thursday, stronger from 310.05/15 the previous day, having depreciated in recent weeks, dealers said, while bond yields closed down. A bond maturing on 15.12.2026 closed at 8.45/55 percent, down from 8.50/60 percent. A bond maturing on 15.03.2028 closed at 9.08/14 percent. A bond maturing on 15.12.2029 closed at 9.63/66 percent, down from 9.65/73 percent. A bond maturing on 01.07.2030 closed at 9.70/75 percent, down from 9.75/80 percent. A bond maturing on 15.03.2031 closed at 9.85/93 percent, down from 9.95/10.00 percent. A bond maturing on…
ECONOMYNEXT – Sri Lanka’s deputy finance minister has defended the central bank’s 5 percent inflation target, saying it reflects the structural characteristics of a developing economy. “To a developing and open economy like Sri Lanka a 5 percent inflation target is most suited as it faces a greater exposure to external shocks, supply side disruptions, and exchange rate volatility,” Anil Jayantha told parliament. He was responding to a query raised by opposition MP Ravi Karunanayake on why the government chose a 5 percent target over a 2 percent target seen in most nations. The central bank (CBSL) had set a…
Photo courtesy of Brewminate The Public Security Ordinance (PSO), enacted in 1947 and amended in 1988, granted sweeping executive powers to declare emergencies in the interest of public security. Championed by local elites including D.S. Senanayake, it was designed primarily to crush Marxist activism and the labour movement. Since independence in 1948, successive governments have wielded emergency regulations to suppress protests, strikes and insurgencies, deploying armed forces, conducting warrantless arrests and bypassing judicial oversight. From 1948 to 1970, emergency regulations targeted peaceful protests in the North and East, emerging from post-colonial tensions and Sinhala majoritarianism. These powers allowed the executive…
ECONOMYNEXT – Lanka Realty Investments PLC has acquired 51 percent of the total number of shares in issue of Lee Hedges PLC, according to a stock exchange filing. The 13,057,595 ordinary voting shares were bought at 216 rupees each. Lanka Realty stock closed down 1 rupee at 46.10. Lee Hedges stock closed up 23 rupees at 254. (Colombo/Jan8/2025)
ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Thursday, with investor interest in Wealth Trust and banking stocks leading to higher activity levels, brokers said. The All Share Price Index was up 0.97 percent, or 226.81 points, at 23,520. The S&P SL20 was up 1.57 percent, or 100.01 points, at 6,463. “Market was quite bullish today, we think because banking sector dividends are likely to come in, and after yesterday’s trades were cancelled,” Dimantha Mathew, Chief Research and Strategy Officer at First Capital Holdings PLC, said. There was investor interest in banking sector counters and also construction related…
Photo courtesy of Constitutionnet The debate over parliamentary pensions has resurfaced in Sri Lanka, raising critical questions of fairness, accountability and fiscal responsibility. At a time when citizens face economic hardship, tax pressures and reforms to their own retirement benefits, the privileges enjoyed by elected representatives are under unprecedented scrutiny. Globally, many democracies have grappled with similar issues. In response, they have restructured parliamentary pension schemes to reflect principles of equity, sustainability and transparency. Sri Lanka now has an opportunity to learn from these best practices. Instead, government has introduced a bill to abolish parliamentary pensions altogether – a move…
ECONOMYNEXT – Sri Lanka’s central bank will review the agreement on the inflation target with the government in 2026, Governor Nandalal Weerasinghe said. The review takes place periodically under the new monetary law. “As required by law, there will be a review of the agreement with the Government regarding the inflation target this year,” Weerasinghe said. He thanked stakeholders who have already expressed views on target-setting. The central bank had asked for a 5 percent floor target and 7 percent ceiling from the last administration and got it. However, the target was missed last year with the central bank overperforming…
ECONOMYNEXT – Sri Lanka’s economic growth for 2026 will be around 4-5 percent, Central Bank Governor Namdalal Weerasinghe said. The governor announced the estimated economic growth while announcing the Central Bank’s policy agenda for this year. The Central Bank’s 2026 growth estimation is higher than the prediction of the IMF and World Bank, data showed. (Colombo/January 08/2026)
ECONOMYNEXT – A deep depression in the Bay of Bengal is likely to cross Sri Lanka’s coast on January 9, the Indian met office has said. “It is very likely to move west-northwestwards across southwest Bay of Bengal during next 36 hours and cross Sri Lanka coast between Hambantota and Kalmunai around 12 UTC – 18 UTC of tomorrow, the 9th January 2026,” the advisory said. Sri Lanka has urged citizens to be careful and warned of 100 millimeter rains. (Colombo/Dec08/2026)
Photo courtesy of Al Jazeera Decades of devaluing the importance of the environment, bad planning and politically expedient development resulted in the widespread devastation caused by Cyclone Ditwah. Hundreds need not have died and billions of rupees would not have had to be spent to rebuild only if policymakers over the decades were intelligent enough and brave enough to understand that the environment is the ultimate safety barrier against natural disasters and climate change. It has yet to be seen if the present regime has that perception, although the initial indications are not good. Environmental change is coming and Sri…
A group of academics, professionals, and civil society members has issued a strong statement condemning what they describe as a vicious campaign of vilification and personalized attacks against Sri Lanka’s Prime Minister and Minister of Education, Harini Amarasuriya. The statement expresses deep concern that the attacks have gone beyond the limits of civility and decency in a democratic society, noting that many are motivated by misogynistic jealousy, hatred, and animosity because PM Amarasuriya is a respected woman political leader nationally and internationally. The signatories vehemently condemned the campaign and appealed to the public not to be misled by propaganda from…
The main suspect in the incident where six people died from consuming illicit liquor has been arrested by the Wennappuwa Police. According to the Police, the suspect is a 47‑year‑old resident of Galawatta, East Bandirippuwa. The post‑mortem examinations of five victims were conducted at the Chilaw Hospital, which revealed that the deaths were caused by alcohol poisoning. The post‑mortem of the sixth victim is scheduled to be carried out today (08 Jan) at the Chilaw Hospital. Meanwhile, eight other individuals who fell ill after consuming the illicit liquor are receiving treatment at hospitals in Negombo and Peradeniya. Investigations into the…