2022-11-17
News Categories : Committee News
The Governor of the Central Bank of Sri Lanka Dr. P. Nandalal Weerasinghe stated in Parliament that customers who have been inconvenienced due to the increase in the interest rates charged for the loans obtained under variable interest rates in the past is able to get relief by negotiating with the bank.
The Governor stated this when Parliamentarians inquired regarding the aforesaid at the Ministerial Consultative Committee on Finance, Economic Stabilization and National Policies held yesterday (Nov. 16) in Parliament chaired by the State Ministers of Finance Hon. Ranjith Siyambalapitiya and Hon. Shehan Semasinghe.
The Members of Parliament pointed out that due to the increase in interest rates, the entire income of some creditors has to be paid for loan installments. The CBSL Governor said that customers can pay only the relevant interest for a grace period in consultation with the bank. He further added that instructions have been given to the banks in this regard.
Also, the CBSL Governor said that the average inflation which was at a value of 70% two months ago has now decreased to 66% and the food inflation which was at 95% has decreased to 85%. He further stated that with the existing fiscal policies, this figure is expected to reach 4-5% by the end of next year. Furthermore, according to the conditions of the International Monetary Fund, a new act has been drafted to make the Central Bank an independent institution and the necessary work is being done, the CBSL Governor added.
Furthermore, the committee drew attention to the difficulty in exchanging dollars to rupees by banks. State Ministers of Finance Hon. Ranjith Siyambalapitiya asked the CBSL Governor regarding the stated issue to which the Governor responded saying that the Central Bank has not given any advice that would cause such delays.
State Minister Hon. Shehan Semasinghe also said that according to a report of the Department of Public Enterprises, 22 out of 126 institutions have not submitted their annual reports for more than 5 years and some institutions have delayed the submission of annual reports for about 7 years. Accordingly, the State Minister said that since he will be working with the International Monetary Fund in the future, he instructed the heads of the institutions to submit the annual reports within the stipulated time.
Hon. Sajith Premadasa, Leader of the Opposition, Members of the Committee Hon. Jagath Kumara Sumithraarachchi, Hon. Sahan Pradeep Withana and Parliamentarians Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies. Mr. K M Mahinda Siriwardana, officials representing the Ministry and institutions affiliated to it were present at the Committee meeting held.
2025-09-12
For the first session of the Tenth Parliament, Hon. Member of Parliament Kabir Hashim was appointed as the new Chair of the Committee on Public Accounts (COPA). This appointment fills the vacancy created following the resignation of Hon. Member of Parliament Aravinda Senarath, who served as the Chair of the Committee on Public Accounts (COPA) for the first session of the Tenth Parliament, on 06.08.2025. The Committee convened in Parliament today (Sep. 12) to elect the new Chairman. For the position of Chair, the name of Hon. MP Kabir Hashim was proposed and seconded respectively by Hon. Members of Parliament J.C. Alawathuwala and Rohitha Abeygunawardhana. Subsequently, addressing the Committee, the new Chair stated that he expects to carry out his duties in a neutral manner, free from political bias, with the cooperation of all members. He further expressed his special appreciation for the work performed by former Chair Hon. Member of Parliament Aravinda Senarath and stated that he expects to carry out the responsibilities of his office even more effectively. Moreover, the new Chair indicated that he is prepared to take the necessary measures to further systematize the functions of the COPA Committee by formulating new plans. The occasion was also attended by Hon. Deputy Minister Sugath Thilakaratne, Hon. MPs (Dr.) M.L.A.M. Hizbullah, Rohitha Abeygunawardhana, J.C. Alawathuwala, Chamara Sampath Dasanayake, Hector Appuhamy, (Dr.) Kavinda Heshan Jayawardhana, Oshani Umanga, Ruwanthilaka Jayakody, Thushari Jayasingha, Attorney at Law, M.A.M. Thahir, Lal Premanath, Chanaka Madugoda, as well as Parliament officials including Director (Legislative Services) and Acting Director (Communication) M. Jayalath Perera.
2025-09-12
The Committee on Public Finance has granted approval for the 2026 budget estimate of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).This approval was granted during a meeting of the Committee held yesterday (Sep. 11th ) in Parliament, chaired by Hon. Dr. Harsha de Silva, Member of Parliament.During the meeting, the Chairman of the Committee pointed out that just as the Central Bank of Sri Lanka experience the financial independence, it is important to grant financial autonomy to institutions such as the Bribery Commission (CIABOC) and the Auditor General’s Department to ensure greater independence in their operations. He further stated that with such financial independence, these institutions would be able to function more autonomously, irrespective of which government is in power, and free from prevailing political authority. Accordingly, the Committee decided to inform the Minister of Finance, who is also the President, about this matter.Additionally, Hon. Dr. Harsha de Silva stated that the remuneration of the Chairman, Director General, and members of the Commission should be aligned with that of the President of the Court of Appeal. Therefore, as the salary of the President of the Court of Appeal is revised, the salaries of these officials should also be revised accordingly. The Committee Chair also noted that the necessary intervention will be made in this regard.Members of Parliament Ravi Karunanayake, Harshana Rajakaruna, (Dr.) Kaushalya Ariyaratne, Wijesiri Basnayake, Sunil Rajapaksha, Nimal Palihena, Thilina Samarakoon, and Nishantha Jayaweera participated in the meeting.
2025-09-11
The Committee on Public Finance reviewed the country’s income, expenditure, and debt conditions during the first half of 2025. This took place at a meeting of the committee held in Parliament on the 9th September 2025, chaired by Honorable Member of Parliament Dr. Harsha de Silva. Accordingly, the Sri Lankan government has reported a strong fiscal performance for the first half of 2025 compared to the total revenue for the first six months of 2024, exceeding the mid-year target, officials from the Ministry of Finance informed the Committee. Presenting data, Finance Ministry officials pointed out that the total revenue collected from the half-yearly estimated income of Rs. 2,241 billion from January to June 2025 was Rs. 2,318 billion, which exceeded the half-yearly estimate by 3%. Meanwhile, the total government expenditure in the first half of 2025 was Rs. 3,467 billion, an increase of Rs. 367 billion compared to the expenditure in the first six months of 2024. The main reason for this increase has been debt servicing, which was Rs. 1,984 billion in the first half of 2025. Recurring expenditure on essential public services, including public sector salaries, pensions, social security programs such as ‘Aswesuma’ and ‘Samurdhi’, has also increased, Finance Ministry officials said. Furthermore, the Sri Lanka Customs Department has recorded a revenue of Rs. 996 billion between January and June 2025, recording a growth of 47% compared to the year 2024 (January - June). The revenue received from the import of automobiles contributed significantly to this growth, which had received Rs. 429 billion. Since the opening of vehicles for import, 220,026 vehicles have been imported into Sri Lanka so far, of which 154,537 vehicles have been cleared by Sri Lanka Customs, the Finance Ministry officials pointed out. Furthermore, the Hon. Members of the Committee also inquired from the Sri Lanka Customs Department about the issues faced by importers due to the time taken at Customs for container clearance activities of 9 - 10 days. Accordingly, the departmental officials informed the committee that a method is being developed to resolve the issue and complete the clearance of the relevant goods within 2-3 days. The Inland Revenue Department (IRD) also reported an increase, reporting an income of Rs. 1,040,388 million out of the estimated income of Rs. 1,022,691 million in the first half of 2025. Here, the departmental officials pointed out that TIN (Tax Identification Number) numbers have been issued for about 1.3 million Sri Lankans over the age of 18. Here, the Chairman questioned whether the expected economic growth target for this year can be achieved based on this data. However, Finance Ministry officials said that it can be assumed that economic growth will be around 3.1% this year. The Chairman of the Committee also instructed the officials to take steps to inform the Committee about the policy of the Ministry of Finance regarding the tax policy applied to cigarettes. The Committee also discussed the discrepancy between the forecasts made by the Central Bank of Sri Lanka and the Ministry of Finance regarding the country's foreign reserves at the end of the year. The meeting was attended by the Hon. Members of Parliament Ravi Karunanayake, Harshana Rajakaruna, Ajith Agalakada, M.K.M. Aslam, (Dr.) Kaushalya Ariyaratne, Nimal Palihena, Attorney-at-Law Chitral Fernando, Wijesiri Basnayake, Sunil Rajapaksa, Champika Hettiarachchi, Attorney-at-Law Lakmali Hemachandra, and Nishantha Jayaweera.
2025-09-10
A high level delegation from the CVF – V20 led by H.E Mohamed Nasheed, Secretary General of the CVF- V20 Secretariat and the former President and Speaker of Maldives held a special session in Partnership with the Sectoral Oversight Committee on Environment, Agriculture and Resource Sustainability. Welcoming the delegation, the Chair of the Sectoral Oversight Committee on Environment, Agriculture and Resource Sustainability Hon. Member of Parliament Hector Appuhamy emphasized that a separate institution must be created which is dedicated to the development agenda of Sri Lanka ensuring support for Climate Prosperity Plans. The Chair further stated that the Climate Prosperity Plan is not just another policy document and that it is a promise that despite our vulnerabilities, Sri Lanka will choose resilience and justice calling for all Parliamentarians and the government to work in cross party unity to endorse, strengthen and implement the updated Climate Prosperity Plan. This special session was held recently (Aug. 28) in Parliament, under the Chairmanship of Hon. Member of Parliament Hector Appuhamy and with the participation of the Hon. Leaders of the Opposition Sajith Premadasa, the Hon. Chief Opposition Whip Gayantha Karunathilaka, Hon. Members of Parliament, and officials representing the Ministry of Environment. H.E Mohamed Nasheed, Secretary General of the CVF- V20 Secretariat and the former Hon. President and Speaker of Maldives in his key note address stated that they consider the climate issue as a moral and ethical issue and now it has become a financial and economic issue. Under the Climate Prosperity Plan, he emphasized that they aim to find new ways of doing things which is sustainable. Hon. Leader of the Opposition Sajith Premadasa in his remarks elaborated on the importance of raising awareness on climate change within Parliament and outside. Following a presentation by the delegation the forum was open for a round table discussion. Thereafter, the delegation toured the Parliament premises.
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