2023-10-26
News Categories : Committee News
The State Mortgage and Investment Bank was summoned before the Committee on Public Enterprises (COPE) which met on 19.10.2023 under the Chairmanship of Hon. (Prof.) Ranjith Bandara, Member of Parliament. The audit reports of the State Mortgage and Investment Bank for the years 2020, 2021 were examined and the current performance was investigated at the Committee meeting held. Officials representing the Ministry of Finance and the Chairman and General Manager of the State Mortgage and Investment Bank were also present at this Committee meeting held. Special attention was paid to the following points.
Delay in establishing a new core banking system
Attention was drawn towards the delay in establishing a new core banking system as per the recommendations given in the previous Committee meeting. Officials assured that these works have already started and will be completed by July 2024.
The need to start operations as a competitive bank
The Committee emphasized the need to improve the operations of the commercial level in order to increase the assets of the bank and reach an advanced level. The COPE chair pointed out the importance of being close to the public as a competitive bank without completely deviating from the bank's core objectives. Accordingly, the need to establish the bank's brand among the public in an innovative and attractive manner (rebranding) was emphasized.
The 68-million-rupee loss due to submission of false documents
In 2017, due to the fact that some people obtained loans by submitting false documents, attention was paid to the related activities to cover the loss of 68 million rupees to the bank. It was also revealed that this fraud has taken place by giving the relevant loan amount to 49 loan applicants with the help of some officials of the bank. Officials stated that 8 million rupees have already been received aligned with legal proceedings and legal measures have been taken to obtain the remaining amount. Although 6 years have passed since this incident, officials were punished and the delay in recovering this money was given special attention. Accordingly, the COPE Chair ordered the officials to give a report on this within two weeks.
High non-performing loan ratio of the bank
Attention was drawn to the fact that 10 branches have recorded a high non-performing loan rate, exceeding the average value of the non-performing loan rate of the bank. The officers pointed out that since the majority of the customers of this bank are middle- and low-income earners, they had to be given grace periods to pay their debts due to the prevailing economic situation. Special attention was paid to this and instructions were given to take necessary steps.
State Minister Hon. Janaka Wakkumbura, Members of Parliament Hon. Eran Wickramaratne, Hon. Sanjeeva Edirimanna, Hon. (Major) Sudarshana Denipitiya, Hon. Madhura Withanage, Hon. (Prof.) Charitha Herath, were present at the Committee meeting held.
2026-07-30
The Sectoral Oversight Committee on Infrastructure and Strategic Development held extensive discussions on the Sri Lanka Ports Authority's (SLPA) current operational performance, the progress of its development projects, financial performance for 2026, the implementation of recommendations previously made by the Committee, and the Authority's 2024 Annual Report.The discussion took place when the Committee met in Parliament recently under the chairmanship of Hon. Member of parliament S. M. Marikkar.The Committee reviewed the financial progress and profitability recorded by the Sri Lanka Ports Authority during the past six months and discussed measures required to sustain this positive performance.Particular attention was paid to the growing regional and domestic competition faced by the Port of Colombo. The Committee sought clarifications from officials regarding the competitive pressures arising from the expansion of India's Vizhinjam Port, the investment made in that port by one of the world's leading shipping companies, Mediterranean Shipping Company (MSC), and plans to increase the capacity of the Port of Hambantota.The Committee also held detailed discussions on the progress of development projects aimed at expanding the capacity of the Port of Colombo, the reasons for delays in implementing these projects, issues encountered in procurement and tender procedures, and the financial impact of these delays on the Government.The Committee emphasized the need to conduct a proper audit into the causes of the delays in order to identify the parties responsible. It further stressed the importance of implementing more efficient procurement and project management mechanisms to prevent similar delays in the future.The development of regional ports, including Hambantota, Galle and Kankesanthurai, strengthening related infrastructure, and enhancing local capacity by increasing the participation of domestic construction companies, consultants and technical professionals in port development projects were also discussed.At the conclusion of the meeting, the Committee underscored the need to expedite measures to ensure that Sri Lanka Ports Authority projects are completed within the stipulated timeframes, strengthen institutional accountability and transparency, and further enhance the Authority's efficiency and profitability as a state-owned enterprise.The meeting was attended by Hon. Members of Parliament Ajith P. Perera, Manjula Suraweera Arachchi, Chathura Galappaththi, Ravindra Bandara, Dhanushka Ranganath, and Shantha Padma Kumara, as well as the Secretary to the Ministry of Ports and Civil Aviation, the Chairman and Managing Director of the Sri Lanka Ports Authority, and other relevant officials.
2026-07-30
The Hon. Minister of Housing, Construction and Water Supply Dr. Susil Ranasinghe stated that action will be taken, based on the recommendations of a committee appointed to examine housing projects that were commenced during previous administrations but left incomplete due to various reasons.The matter was discussed at the meeting of the Ministerial Consultative Committee on Housing, Construction and Water Supply, held in Parliament under the chairmanship of the Minister.The Minister said that consideration is being given to allocating funds through the 2027 Budget to implement a new programme to complete these housing projects.He noted that a number of housing projects initiated in previous years had been abandoned midway because the loans and grant funding allocated for them had not been fully disbursed. According to the Minister, there are nearly 5,000 such incomplete housing units.Accordingly, a five-member committee, co-chaired by two former Secretaries to the Ministry, has been appointed to identify housing units that are in a condition suitable for use and to make recommendations on the future course of action regarding those projects.The Minister stated that the committee has already commenced its work by gathering information on the relevant housing projects, identifying houses that are fit for occupation, and formulating recommendations on the measures to be taken.He further said that final decisions regarding the abandoned housing projects will be made based on the recommendations submitted by the committee.The Minister also announced that assistance will be provided next year to families requiring support to complete partially constructed houses. It is expected that approximately 2,000 families will benefit from this programme.Meanwhile, Members of Parliament who attended the Committee meeting raised issues relating to the housing and water supply sectors in their respective electorates.The Ministry also agreed to convene a special meeting, with the participation of all relevant stakeholders, to discuss housing-related issues, including housing projects for low-income families in the Colombo District.
2026-07-30
The Committee on Public Finance (CoPF) held an extensive discussion on the first Annual Report for 2025 of the Public Debt Management Office (PDMO), which was established under the Public Debt Management Act, No. 33 of 2024.The discussion took place when the Committee met in Parliament recently under the chairmanship of Hon. Member of Parliament Dr. Harsha de Silva, with the participation of Hon. Members of Parliament Ravi Karunanayake, Ajith Agalakada, Nimal Palihena, Attorney-at-Law Chithral Fernando, Wijesiri Basnayake, M.K.M. Aslam, Thilina Samarakoon, and Attorney-at-Law Lakmali Hemachandra.The Committee paid particular attention to the impact on public debt servicing arising from the increase in the public debt stock during 2025, fluctuations in interest rates, and the depreciation of the Sri Lankan Rupee. The importance of coordination between the Central Bank of Sri Lanka and the Ministry of Finance in public debt management was also discussed.It was explained that the Public Debt Management Office (PDMO) was established under the Public Debt Management Act, No. 33 of 2024 to consolidate public debt management under a single institution. Its key responsibilities include managing public debt, ensuring debt sustainability, formulating the Medium-Term Debt Management Strategy, and submitting the Annual Public Debt Management Report to Parliament.The Committee also held an extensive discussion on the shortage of human resources within the PDMO and the need to provide its officers with specialized training in international financial markets and modern debt management practices. Officials also briefed the Committee on capacity-building programmes being implemented with technical assistance from the International Monetary Fund (IMF).The Committee instructed officials to submit the Training Needs Assessment (TNA) report being prepared for the PDMO within two weeks.It was further revealed that the report is expected to serve as the basis for identifying knowledge and skills gaps among PDMO staff, developing a structured annual training plan, identifying training requirements in technical areas such as international financial market operations, debt management and risk management, and planning the budget required for future training programmes.The Committee also focused on government guarantees extended to state-owned enterprises, the progress of debt restructuring, and future measures required to further strengthen transparency and efficiency in public debt management.
2026-07-22
The draft Terms of Reference (ToR) prepared for the Parliamentary Caucus for Open Parliament Initiative was approved recently at a meeting held in Parliament with the participation of Parliament's development partner organizations.The approval was granted during a meeting of the Caucus chaired by its Co-Chair, Hon. Member of Parliament Shanakkiyan Rajaputhiran Rasamanickam.The draft Terms of Reference was developed based on proposals and recommendations received during a workshop organized by the Caucus in recent months to gather stakeholder input for its preparation.The meeting also agreed that, following the approval of the Terms of Reference, the document would be submitted to Hon. President, and that a discussion would be held with the President on behalf of the Caucus.
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