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.
2026-07-10
The Committee on High Posts, which met in Parliament recently (Jul. 08), has granted its approval for the appointment of Mr. D.P. Wickramasingha as the Secretary to the Ministry of Agriculture, Livestock, Land and Irrigation.The meeting was chaired by the Hon. Prime Minister Dr. Harini Amarasuriya and was attended by Hon. Ministers Bimal Rathnayake and Dr. Upali Pannilage, as well as Hon. Members of Parliament Dr. Nihal Abeysinghe, Rishad Bathiudeen, K. Kader Mastan, Kumara Jayakody, Kathiravelu Shanmugam Kugathasan, and Attorney-at-Law Chamindrani Kiriella.
2026-07-08
The Committee on Public Finance (CoPF) has approved the submission to Parliament of a Resolution under the Customs Ordinance and two Orders under the Sri Lanka Export Development Act, following its consideration.The decision was taken at a meeting of the Committee held in Parliament on 6th July, chaired by Hon. Member of Parliament Dr. Harsha de Silva.Accordingly, the Committee considered the Resolution published in Extraordinary Gazette No. 2478/03 under the Customs Ordinance (Chapter 235), as well as the Orders published in Extraordinary Gazette Nos. 2478/04 and 2479/38 under the Sri Lanka Export Development Act. Officials representing the Ministry of Finance, Sri Lanka Customs, and the Sri Lanka Export Development Board (EDB) attended the meeting.In line with the 2026 Budget proposal to implement the National Tariff Policy, the existing customs import duty rates of 0%, 15% and 20% on imported goods have been restructured into a four-band system of 0%, 10%, 20% and 30%, effective 1 April 2026.Committee discussions emphasized that these amendments are not merely changes to tax rates, but mark the beginning of implementing a National Tariff Policy that will shape Sri Lanka's trade and investment environment over the coming decade. Officials explained that the principal objective of the policy is to establish a scientific and predictable tariff structure that will enable Sri Lanka to integrate more effectively into global supply chains.Under the policy, a new four-band tariff structure based on the United Nations Broad Economic Categories (BEC Revision 5) classification is proposed, requiring the reclassification of numerous HS tariff codes. The new tariff framework will classify imports under four principal categories—capital goods, intermediate goods, sensitive intermediate goods, and consumer goods—while also balancing the objectives of protecting domestic industries and maintaining stable government revenue.It was also revealed that, to provide relief to the construction sector, the current effective import tax rate on ceramic tiles, which stands at approximately 85–90%, will be reduced in stages to 20% by 2029. This is expected to lower construction costs and encourage investment in housing and infrastructure.The Government also proposes introducing new national tariff sub-categories for various sectors in response to requests from domestic industries.Officials further noted that the Government aims to gradually phase out para-tariffs such as the CESS and the Ports and Airports Levy (PAL) by 2029, moving towards a simpler tariff regime. The Committee also advised officials to consider measures to mitigate any adverse impacts that may arise from tariff liberalization.It was noted that these tax reforms are expected to support the Export Development Board's objective of doubling Sri Lanka's export earnings from US$18 billion to US$36 billion over the next five years. The policy is also expected to provide a strong foundation for integrating Sri Lanka into global supply chains, particularly in the electronics, rubber products, pharmaceuticals, and information technology sectors.The Committee also expressed serious concern over delays in updating trade data. The Chair observed that the Department of Trade and Investment Policy's trade database had not been updated since 2021, and instructed the relevant officials to update all trade data and related information required for evidence-based policymaking within one week.The Gazette notifications are scheduled to be debated in Parliament today (8 July), following which they are expected to be submitted for Parliamentary approval.The meeting was attended by Hon. Deputy Minister Chathuranga Abeysinghe, Hon. Deputy Minister Dr. Kaushalya Ariyarathna, and Hon. Members of Parliament Ravi Karunanayake, Harshana Rajakaruna, and Attorney-at-Law Lakmali Hemachandra.
2026-07-08
Hon. Minister of Transport, Highways and Urban Development Bimal Rathnayake stated that the Government will introduce a Cluster Bus Company System to improve public transportation, adding that Cabinet approval for the initiative was recently granted.The Minister made these remarks yesterday (7th July) while chairing the meeting of the Ministerial Consultative Committee on Transport, Highways and Urban Development in Parliament.He further stated that the scheme will initially be implemented as a pilot project on bus routes 177, 170 and 190.The Minister also said that the previous four categories of bus services; normal, semi-luxury, luxury and super-luxury have been streamlined by removing the semi-luxury and super-luxury categories. Referring to the Semi-Luxury category, the Minister stated that a related court case is currently pending and that the relevant facts will be presented before the court.Minister Rathnayake further pointed out that it is not equitable to apply a single fare formula to both long-distance and short-distance bus services. Given the higher operating costs associated with long-distance services, a separate methodology will be introduced to determine fares for long-distance buses. He emphasized that the Government is committed to safeguarding both the bus industry and passengers.The Chair of the Committee also sought clarification from officials on whether bus fares could be reduced following recent fuel price decreases. Officials explained that although fuel prices have declined, other operating costs remain high, limiting the scope for fare reductions.The Committee also discussed a range of issues including reducing road accidents, establishing dedicated lanes for bicycles and motorcycles, road development projects, and complaints from passengers regarding the failure to receive correct change from bus conductors. Officials were instructed to take the necessary action on these matters.The Chair further directed officials to intervene promptly to resolve issues raised by Members of Parliament relating to the transport and urban development sectors.The Committee also agreed that regulations made by the Minister of Transport, Highways and Urban Development under the Motor Traffic Act (No. 203), and published in Extraordinary Gazette No. 2480/22 dated 19 March 2026, should be submitted to Parliament for approval following the Committee's consideration.The regulations extend the concessionary period granted for fitting seat belts to seats in vehicles travelling on expressways where seat belts were not originally installed by the manufacturer. As the Committee observed that the previous grace period was insufficient, it has been extended from 20 March 2026 until 19 June 2026.The meeting was attended by Hon. Deputy Minister of Urban Development Eranga Gunasekara, several Members of Parliament, and officials representing the Ministry of Transport, Highways and Urban Development.
2026-07-07
The current progress of tourism promotion projects being implemented in various parts of the country, as well as the proposed budgetary allocations for next year aimed at further developing the tourism sector, were discussed at length during the meeting of the Ministerial Consultative Committee on Foreign Affairs, Foreign Employment and Tourism.The discussion took place when the Committee met recently at Parliament under the chairmanship of the Minister of Foreign Affairs, Foreign Employment and Tourism, Hon. Vijitha Herath.During the meeting, the Committee also reviewed the current status of Sri Lanka's trade agreements with foreign countries. The Chair informed members that a special committee has been appointed to review the country's foreign trade agreements, and that necessary policy decisions will be taken after its report is received.Members of Parliament also presented a number of proposals for new projects and programmes that could be implemented in different parts of the island to further promote the tourism industry.The meeting was attended by the Deputy Minister of Foreign Affairs and Foreign Employment, Hon. Arun Hemachandra, the Deputy Minister of Tourism, Prof. Ruwan Ranasinghe, and Members of Parliament serving on the Consultative Committee.
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