‘Lanka could have faced same fate as Bangladesh’

Sri Lanka President said rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the IMF…reports Asian Lite News

Sri Lankan President Ranil Wickremesinghe said on Monday that the government is planning to establish a National Wealth Fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare.

Noting that he took control of the country during an economic collapse and made “difficult decisions” to rebuild it, Wickremesinghe also emphasised that without the patience shown by the people of Sri Lanka, the island nation could have faced a fate similar to Bangladesh today.

“If people had taken to the streets to govern the country, Sri Lanka could have faced the same fate as Bangladesh today. Rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the International Monetary Fund (IMF),” the Lankan President said during an event in Colombo on Monday where he launched a new retirement insurance system for the elderly.

“At one point, buying a vehicle, a house, or modern appliances seemed like an unattainable dream for many. However, we have overcome those challenging times, and with the economy now stabilized, the people’s purchasing power has increased, which in turn is expected to fuel the growth of small businesses and attract investors,” he added.

The Lankan President said that his government has also initiated a programme to grant rights to the people, starting with the decision to issue freehold deeds to secure land rights.

As part of this effort, two million freehold deeds are being distributed. Another scheme has also been launched to provide Colombo urban flats to people free of charge, and plans are in place to create estate villages in the upcountry, offering each family a plot of seven perches.

“This process of transferring rights to the people is progressing rapidly,” he said.

Last week, Wickremesinghe held discussions on the ongoing economic collaboration with India during National Security Advisor (NSA) Ajit Doval’s visit to Colombo.

Wickremesinghe has, in the past few months, thanked India and Prime Minister Narendra Modi for “continued support” to the country which underwent its worst economic crisis recently.

He has also expressed his commitment to maintaining a strong partnership with India to achieve Sri Lanka’s development goals and emphasised the urgency to expedite joint initiatives while highlighting a comprehensive agenda aimed at transformative bilateral projects.

The Lankan President was in New Delhi on June 9 to attend the swearing-in ceremony of Prime Minister Modi.

Immediately after, Jaishankar visited the island nation on his first bilateral visit after assuming office for the second term which underlined India’s continued commitment to Sri Lanka as its closest maritime neighbour and a time-tested friend.

Marking the strong bilateral ties between two South Asian neighbours, Jaishankar and the Lankan President jointly handed over 48 houses under Model Village Housing Project in Colombo and Trincomalee districts; 106 houses under Phase III of the Indian Housing Project in Kandy, Matale and Nuwara Eliya Districts. Maritime Rescue Coordination Centre (MRCC), a nerve centre for Search and Rescue operations at sea established with an Indian grant of USD 6 million was also jointly commissioned in the virtual ceremony.

Sri Lanka is currently gearing up for the crucial Presidential Election slated for September 21.

SL customs hands over 3m smuggled cigarettes for destruction

Sri Lanka Customs has transferred approximately three million cigarettes confiscated during the first half of 2024 at Colombo Bandaranaike International Airport (BIA) for destruction, state media reported on Monday.

The estimated street value of the cigarettes handed over to the Ceylon Tobacco Company (CTC) for destruction exceeds 75 million rupees (250,000 US dollars), said the report.

If these cigarettes had reached the Sri Lankan market, the South Asian country would have lost roughly 480 million rupees (1.6 million US dollars) in duties and other levies, according to the report, Xinhua news agency reported.

The cigarettes were primarily smuggled by passengers arriving by air, said the report.

CTC, a subsidiary of British American Tobacco (BAT), holds the monopoly of cigarette and tobacco sales in Sri Lanka, where cigarettes are subject to high taxation.

ALSO READ: ‘Bangladesh could ask for Hasina’s extradition from India’