Category: News

Public trust in parliament and political parties has plummeted to an all-time low, according to a recent survey conducted by the Centre for Policy Alternatives (CPA).

The survey, titled ‘Survey on Democracy and Reconciliation in Sri Lanka,’ revealed that only 22 percent of the public trust parliament, while political parties fare even worse with only 19 percent trust.

The study, involving 1,350 participants across 25 districts in January, indicates a concerning trend of declining trust in democratic institutions and a growing inclination towards authoritarianism. Interestingly, the Army and Courts emerge as the most trusted institutions in the country, overshadowing the dwindling trust in legislative bodies.

The Asian Development Bank (ADB) has approved a $100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change.

“SMEs play a critical role in Sri Lanka’s economy, contributing 52% to the country’s gross domestic product and employ 45% of the population,” said ADB Senior Financial Sector Specialist Manohari Gunawardhena. “It is therefore important to provide SMEs, particularly women-led enterprises, with the necessary support to sustain and grow the sector’s contribution to the economy. This project will provide working capital and improve SMEs’ access to finance, helping them expand operations and prepare for the changing environment.”

ADB, through participating financial institutions, will open a $50 million line of credit for underserviced SMEs in the export, tourism, technology, agriculture, and manufacturing sectors. It will establish a $500,000 special facility to cover guarantee subsidies for women-led SMEs. A gender gap assessment will be conducted with a view to improving women’s access to finance.

The project will build on the government’s equity contribution through the National Credit Guarantee Institution Limited (NCGI), which provides partial credit guarantees on loans to SMEs. ADB will help the NCGI adopt procedures to effectively support SMEs including underwriting guarantees, risk management and risk-based pricing, and guarantee recovery operations. The project will incorporate green finance elements through climate adaptation and mitigation measures for SMEs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

-ADB-

The Sri Lanka Podujana Peramuna (SLPP) plans to field a presidential candidate, which it is yet to name, said ex-president Mahinda Rajapaksa.

Speaking to journalists on Friday (15), he said his party would definitely win the next election.

Meanwhile, SLPP MP Namal Rajapaksa said their party has not collapsed despite any challenges.

Speaking at a public rally in Hambantota, he recalled how the SLPP elected the president ofits choice via parliament amid all the trouble.

President Ranil Wickremesinghe is considering dissolving parliament in April and going for a snap general election around 20 July, according to political sources.

He is being prompted to do so due to an increasing loss of support to him from the SLPP and the existing popularity for the NPP.

If parliamentary polls take place mid this year, the NPP could likely gain the most number of seats, but the SJB too, is set to secure an almost similar number of seats.

In such a scenario, Wickremesinghe will get the Tamil and Muslim parties to support the SJB to form a government.

He hopes to contest the presidential polls by allying with the SJB.

If a general election is called in July, it will come in the way of holding presidential polls due to issues of funding and timeframe.

Pro China Sri Lanka has refuted recent claims from US intelligence that there are potential plans for a Chinese military base to be established on its soil.

State Defence Minister Premitha Bandara Tennakoon told Daily Mirror that Sri Lanka has not engaged in any discussions with foreign governments, including China, regarding the establishment of a military base within its borders.

“Sri Lanka has not held discussions with any foreign government including China for a possible establishment of a military base here in Sri Lanka,” the State Minister said in response to a question on the US claims.

In its annual threat assessment 2024 report this week, the US Intelligence Community said that China is exploring the possibility of establishing military facilities in various countries including Sri Lanka, in a bid to bolster their power projection capabilities and safeguard national interests.

“The US intelligence report on the possible establishment of a Chinese military base in Sri Lanka is inaccurate; we vehemently deny these claims,” the minister said.

The State Minister has affirmed that Sri Lanka will not permit any foreign country to establish military bases within its borders under any circumstances.

The US report also stated, “Beyond developing its military base in Djibouti and its military facility at Ream Naval Base in Cambodia, Beijing reportedly is considering pursuing military facilities in multiple locations, including—but not limited to—Burma, Cuba, Equatorial Guinea, Pakistan, Seychelles, Sri Lanka, Tajikistan, Tanzania, and the UAE”.

The Anunayake of the Ramanya Nikaya Most Venerable Kappitiyagoda Sirivimala Thera stated yesterday that if the current trend persists, the entire parliament will soon resemble an elders’ home and also emphasized the importance of elderly members stepping down to allow the youth the opportunity to contribute to the country’s development.

The Anunayake Thera emphasized this, when former Minister of Sports, MP Roshan Ranasinghe yesterday (14) visited him at the Getambe Temple.

“Government employees are retiring after reaching the age of 60 because they are no longer able to work hard. However, there are many people who have surpassed the retirement age in the Sri Lankan Parliament. Some individuals retire from government service and transition to parliament. They enter parliament to pursue their next job, showing no inclination to make way for the younger generation and vacate their positions. They are seen struggling to reach parliament with the aid of a walking stick,” the Thera emphasized.

“They have no regard for the people of the country. Their focus is on selling the country’s resources to benefit their own generation. If an ordinary citizen in the country steals fifty or one hundred rupees, they will face the maximum punishment. However,if a powerful individual steals billions of rupees, the law does not seem to apply to them properly,” the Anunayaka Thera said.

The Thera also emphasized that elderly MPs should leave parliament. If they do not leave voluntarily, new laws should be enacted to remove them.

High Commissioner of India to Sri Lanka met former Finance Minister and Sri Lanka Podujana Peramuna (SLPP) founder Basil Rajapaksa yesterday.

During the discussion, they exchanged views on bilateral relations, political developments and other subjects of mutual interest.