2026-06-17
News Categories : Committee News
The Committee on Public Finance (COPF) granted approval for the Rules published in Extra Ordinary Gazette Notifications No. 2479/54 dated 12 March 2026 and No. 2492/10 dated 09 June 2026, made under the Central Bank of Sri Lanka Act, No. 16 of 2023 following its consideration.
The said approval was granted when the COPF met in Parliament on 09 June 2026 under the Chairmanship of Hon. Member of Parliament (Dr.) Harsha de Silva.
In the discharge of its functions, including the formulation of monetary policies under the Central Bank of Sri Lanka Act, No. 16 of 2023, the Central Bank of Sri Lanka is required to collect statistics and information from external parties. Accordingly, the Rules published in Extraordinary Gazette Notification No. 2479/54 dated 12 March 2025 under the said Act have been made to prescribe the statistics and information to be reported, the persons subject to such reporting requirements, and the administrative measures that may be taken in the occasion of a violation of the relevant requirements.
The Rules further restrict the authority to issue notices requiring the submission of statistics and information to authorized officers of the Central Bank of Sri Lanka (CBSL), namely the Deputy Governors, the Head of the Economic Research Department, and the Head of the Department of Census and Statistics.
In addition, the Rules provide for safeguards, including ensuring that the information equipped is used solely for the purpose for which it is collected.
The Committee also drew attention to the non-publication of certain government debt data by the CBSL. It was observed that such information is currently maintained by the Public Debt Management Office and that there are limitations in reproducing debt statistics in the format previously published by the CBSL. The Committee emphasized the importance of maintaining public access to government debt information through the publications of the CBSL and also noted the delay in the publication of reports relating to the secondary market for government securities.
Further, the COPF pointed out that accurately calculating tourism earnings has become a challenge due to the various payment methods used by tourists, and emphasized the need to improve data collection surveys to enhance the accuracy of such estimates.
The Committee also granted approval, following due consideration, for the Rules published in Extraordinary Gazette Notification No. 2492/10 dated 09 June 2026 under the Central Bank of Sri Lanka Act. These Rules, titled the "Repatriation of Export Proceeds into Sri Lanka Rules, No. 2 of 2026," further amend the existing regulatory framework governing the repatriation of export proceeds into Sri Lanka.
Accordingly, every exporter of goods who repatriates export proceeds into Sri Lanka during any given month is required to utilize such proceeds only for permitted payments, and to mandatorily convert the remaining balance into Sri Lankan Rupees on or before the 10th day of the following month. This amendment reduces the three-month period previously allowed under the regulations introduced in 2024 to a deadline of the 10th day of the following month.
The CBSL pointed out that, in view of the volatility in the exchange rate and the foreign exchange market, as well as the shortage of foreign exchange liquidity, it had become necessary to reduce the period granted to exporters for converting export proceeds into Sri Lankan Rupees.
The Committee pointed out that this measure could potentially affect market confidence and contribute to volatility in the foreign exchange market. In response, CBSL officials stated that the measure had been introduced as a short-term policy tool to address exchange rate volatility and the current shortage of foreign exchange supply, and that it would be relaxed once market conditions stabilize.
The Committee also discussed the alleged financial fraud involving NDB Bank. An extensive discussion was held on the relevant technical matters, including the role and responsibilities of the CBSL in relation to the incident. It was decided that the matter would be taken up again following the completion of the ongoing forensic audit.
Hon. Deputy Minister (Dr.) (Ms.) Kaushalya Ariyaratne, Hon. Deputy Minister Nishantha Jayaweera, and Hon. Members of Parliament Rauff Hakeem, Attorney-at-Law, Ravi Karunanayake, M.K.M. Aslam, Nimal Palihena, Wijesiri Basnayake, Sunil Rajapaksha, Thilina Samarakoon, Champika Hettiarachchi, and Lakmali Hemachandra, Attorney-at-Law, together with Central Bank Governor Dr. Nandalal Weerasinghe and other officials, were present at the meeting. A delegation from the House Democracy Partnership (HDP) and the Congressional Budget Office (CBO) of the United States Congress, who were in Sri Lanka on a technical assistance mission on “Strengthening Budgetary and Economic Analysis in Parliament,” also attended the committee meeting as observers.
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.
2026-07-22
The Sub-Committee appointed by the Committee on Public Enterprises (COPE) focused its attention on the methodology, implementation timeline and coordination arrangements relating to the research study proposed for the restructuring of the Sri Lanka Institute of Advanced Technological Education (SLIATE), when it met recently, at Parliament under the Chairmanship of Hon. Member of Parliament Ruwan Mapalagama.During the meeting, discussions were held on the establishment of the proposed Institutional Operations Committee and a six-member Coordination Team to facilitate the implementation of the research. Attention was also focused on the proposed Mixed-Methods Design, the preparation of questionnaires and the data collection process.The Sub-Committee further reviewed the progress of obtaining public views on the restructuring of SLIATE. Matters relating to obtaining the contribution of the Human Resources and Management Information Systems (MIS) divisions for the research, the preparation of the research implementation timeline through a Gantt Chart, and the stakeholder consultations to be held with representatives of the industry sector were also considered.The programme to obtain the views of stakeholders, including Chambers of Commerce, industry associations and professional bodies, as well as the conduct of field visits to selected SLIATE institutions across the country, was also discussed.The Sub-Committee decided to proceed with the future activities of the research in accordance with the agreed timeline and to present the relevant progress reports at its next meeting.Hon. Member of Parliament Lieutenant Commander (Retired) Prageeth Madhuranga also attended the meeting.
2026-07-22
The Committee on Public Enterprises (COPE) focused its attention on referring the matters revealed in relation to land misuse, financial irregularities and administrative deficiencies at the National Housing Development Authority (NHDA) to the Criminal Investigation Department (CID) and the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) for a formal investigation.The matter was taken up when the Committee met recently at Parliament under the Chairmanship of Hon. Member of Parliament (Dr.) Nishantha Samaraweera to continue its examination of the Auditor General's Reports for the years 2022 and 2023 and to consider the remaining matters relating to the current performance of the National Housing Development Authority.During the meeting, lengthy discussions were held regarding the leasing of valuable NHDA-owned lands located at Maligawatta, Elvitigala Mawatha and Rangirigama, Dambulla to external parties at low nominal values without Cabinet approval, the use of such lands for purposes contrary to the conditions stipulated in the relevant agreements, and the failure to adequately safeguard the Authority's assets.The Committee observed that many of these transactions had been carried out in contravention of the objectives of the National Housing Development Authority and the relevant legal provisions. Accordingly, the Committee recommended that comprehensive reports on the identified irregularities be referred to the Criminal Investigation Department and the Commission to Investigate Allegations of Bribery or Corruption for the institution of appropriate legal action.The Committee also instructed the officials to expedite internal audit investigations into these matters, identify the officers responsible and initiate disciplinary action against them. Furthermore, the Committee recommended that the necessary measures be taken to strengthen asset management and internal control systems in order to prevent the recurrence of such irregularities in the future.The meeting was attended by Hon. Members of Parliament Attorney-at-Law Dayasiri Jayasekara, S.M. Marikkar, Attorney-at-Law Sujeewa Senasinghe, Mujibur Rahman, Chaminda Wijesiri, Dr. S. Sri Bavanandarajah, Sunil Rajapaksha, Thilina Samarakoon, Chandima Hettiarachchi, Asitha Niroshana Egodavithana, Ruwan Mapalagama, Jagath Manuwarna, Dinesh Hemantha, M.K.M. Aslam and Sudath Balagalla.
2026-07-21
Discussions focus on strengthening disability-inclusive legislation and policy implementationThe Parliamentary Caucus for Persons with Disabilities held discussions with the United Nations Resident Coordinator and representatives of several United Nations agencies at Parliament with a view to strengthening cooperation in promoting the rights of persons with disabilities and advancing disability-inclusive legislation and policies in Sri Lanka.The meeting was held in Parliament under the Chairmanship of the Chair of the Parliamentary Caucus for Persons with Disabilities, Hon. Member of Parliament Sugath Wasantha de Silva recently.Addressing the meeting, the United Nations Resident Coordinator, Mr. Marc-André Franche, commended the Parliament for establishing the Parliamentary Caucus for Persons with Disabilities and emphasized the importance of treating disability inclusion as a national priority across all sectors. He reaffirmed the commitment of the United Nations to provide technical expertise and institutional support in areas including legislative reforms, accessibility, inclusive education, employment, community-based rehabilitation and strengthening national coordination.The UNICEF Representative, Ms. Begoña Arellano, highlighted the need to safeguard the rights of children with disabilities, particularly in relation to health, nutrition and education, while emphasizing the important oversight role of Parliament in ensuring the effective implementation of disability-inclusive policies.Representatives of UNFPA, UNDP, ILO and UN Volunteers also briefed the Caucus on ongoing initiatives relating to youth, education, disability data collection, employment opportunities and social inclusion.During the meeting, the Minister of Rural Development, Social Security and Community Empowerment, Hon. (Dr.) Upali Pannilage, informed the Caucus that the proposed Rights of Persons with Disabilities Bill and the Sign Language Bill are currently with the Attorney General's Department and are expected to be presented to Parliament on September 2026. He further stated that measures are underway to improve accessibility in public institutions, expand employment opportunities, introduce educational grants for university students with disabilities and establish ten day-care centres for children with disabilities within this year.The Caucus also discussed future initiatives, including the preparation of disability-inclusive budget proposals by Government Ministries, the finalisation of a national disability database and the conduct of a sensitisation programme for journalists to promote a rights-based approach to disability related reporting.The meeting concluded with the Chair, Hon. Sugath Wasantha de Silva, reiterating the Caucus's core theme, "An unhindered social life," and calling for continued, unified collaboration to make an inclusive society a reality.The meeting was attended by the Deputy Co-Chairs of the Caucus, Hon. Gayantha Karunathilleka, and Hon. (Dr.) Pathmanathan Sathiyalingam, the Minister of Rural Development, Social Security and Community Empowerment, Hon. (Dr.) Upali Pannilage, Members of Parliament and representatives of the United Nations Resident Coordinator's Office, UNFPA, UNICEF, UNDP, ILO and UN Volunteers.
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