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Serious concerns were raised in Parliament yesterday (21) over the growing disconnect between Sri Lanka’s record tourist arrivals and the weak flow of foreign exchange into the country’s official financial system through the tourism industry.

These concerns were raised in the House by opposition member of parliament (MP) Ravi Karunanayake when he noted that Sri Lanka recorded more than 2.36 million tourist arrivals in 2025, yet total tourism earnings had increased only marginally to about $ 3.22 billion. He stated that average spending per tourist had declined by nearly 12 percent year-on-year, although arrivals surged, raising questions about the quality and sustainability of tourism growth.

According to him, tourism-related foreign exchange inflows reflected in the reserves of the Central Bank of Sri Lanka (CBSL) had not increased in line with the rise in arrivals, suggesting possible revenue leakages, offshore settlements and weak regulatory enforcement in the sector.

The MP further noted that the fact that around 40,000 hotel and accommodation entities operating in Sri Lanka remain unregistered, allowing a large segment of tourism activity to take place outside formal regulatory and banking systems.

Karunanayake sought clarification from the government on the structural reasons behind the decline in per-capita tourist earnings, including changes in source markets, length of stay and pricing practices. 

He further asked how much tourism-related foreign exchange was converted through licensed commercial banks and reflected in CBSL reserves in 2025, and how that figure compares with the total earnings reported by the Sri Lanka Tourism Development Authority.

Karunanayake also questioned the government if it had assessed foreign exchange leakages arising from offshore settlement of payments by international online booking platforms and overseas credit card usage, where invoicing and settlement often take place outside Sri Lanka, thereby bypassing domestic taxation and the local banking system, and asked what proportion of tourism activity is estimated to be carried out by unregistered accommodation providers and informal operators, and whether the government accepts that a significant share of tourism-generated foreign exchange is not strengthening official reserves.

Karunanayake warned that Sri Lanka risks losing a substantial portion of the economic benefits of its tourism boom, despite the impressive growth in visitor numbers unless these structural and regulatory gaps are addressed

(Source:pulseline.lk)

The foundation stone was laid on Wednesday (21 Jan) at the Paranthan Chemical Industrial Zone to reconstruct the Paranthan Chemical Factory, which had remained closed since 1985 due to the conflict in the Northern Province.

The ceremony was held under the patronage of the Minister of Industry and Entrepreneurship Development, Sunil Handunneththi.

The factory is being reconstructed with an investment of Rs. 6,900 million and is scheduled to be completed within 30 months. Upon completion, it is expected to produce Poly Aluminum Chloride (PAC) and Hydrochloric Acid (HCL) to meet domestic market demand.

The foundation stone–laying ceremony was held with the participation of the Minister of Fisheries, Ramalingam Chandrasekaram; Secretary to the Ministry of Finance, Harshana Suriyapperuma; Chairman of C/S Paranthan Chemicals Company, Sadanamdam Nesarajan; along with several government officials and distinguished guests.

According to the Ministry of Industries, the Paranthan Chemical Factory is one of the country’s earliest industrial establishments, originally launched in 1954 in Paranthan, Kilinochchi District, in the Northern Province, as a government-owned chemical factory. 

In 1957, under the State Industrial Corporations Act No. 49 of 1957, it was brought under the name Paranthan Chemicals Corporation. Prior to its closure in 1985, the factory utilized locally available raw materials to produce caustic soda and liquid chlorine as its main products, while hydrochloric acid, zinc chloride, and table salt were produced as by-products.

Subsequently, under the Conversion of Public Corporations or Government-Owned Business Undertakings into Public Companies Act No. 23 of 1987, Paranthan Chemicals was incorporated as a public limited liability company on 17 January 1991.

 (Source:Newswire)

The Royal Navy of Oman Ship (RNOV) AL SEEB arrived at the Port of Colombo today on a scheduled logistics replenishment visit, marking another step in the strengthening of maritime ties between Oman and Sri Lanka. The vessel was formally welcomed by the Sri Lanka Navy in accordance with naval customs and traditions.

The 75-meter-long naval ship, under the command of Lieutenant Commander Hamad Bin Mohammed Aldarmaki, will remain in Colombo for several days. The visit aims to facilitate professional interactions, knowledge sharing, and goodwill exchanges between the two navies, highlighting the importance of regional cooperation in maritime security.

During their stay, the crew members of AL SEEB are expected to participate in various cultural and recreational activities, including visits to prominent tourist attractions in Colombo. Such exchanges are designed to foster mutual understanding and strengthen the bonds between naval personnel of the two nations.

Naval officials noted that these visits contribute to broader efforts in enhancing maritime collaboration in the Indian Ocean region, reflecting a shared commitment to promoting peace, stability, and safe navigation across key sea lanes.

The Atamasthanadhipathi of Sri Lanka, the Most Venerable Dr. Pallegama Hemarathana Nayake Thera, met His Holiness the 14th Dalai Lama, the world-renowned icon of universal compassion, on Tuesday (20 Jan). 

According to the Satipatthana Magazine, the historic meeting marks a watershed moment in the centuries-old relationship between Indo-Tibetan and Sri Lankan Buddhist traditions, the Satipatthana Magazine said, noting that it is the first time in recorded history that the spiritual heads of these two preeminent lineages have met in such a capacity, drawing the attention of the global Buddhist community.

The Weight of Tradition

The position of Atamasthanadhipathi carries immense prestige within the Buddhist world. By ancient royal decree, Sri Lanka recognizes three supreme pillars of Buddhist heritage: Sri Dalada Maligawa (The Temple of the Sacred Tooth Relic), Sri Pada (The Sacred Footprint), and the Jaya Sri Maha Bodhi. As the custodian of the Eight Sacred Places (Atamasthana) in Anuradhapura, the Atamasthanadhipathi holds a position of profound spiritual and legal authority.

The meeting between the guardian of Sri Lanka’s most ancient living heritage and the spiritual leader of the Tibetan people signifies a powerful unification of the Pali and Sanskrit Buddhist traditions.

Fulfilling a Lifelong Aspiration

Adding a layer of deep emotional significance to the visit, the Most Venerable Thero presented His Holiness with a sacred sapling of the Jaya Sri Maha Bodhi.

For decades, His Holiness the Dalai Lama has expressed a profound desire to perform a pilgrimage to the Jaya Sri Maha Bodhi in Anuradhapura—the oldest historically documented tree in the world, grown from a branch of the original Bodhi tree under which the Buddha attained Enlightenment. While past circumstances prevented such a journey, the arrival of this authentic sapling brings the spirit of the Jaya Sri Maha Bodhi directly to His Holiness, fulfilling a long-held aspiration.

A Living Legacy

The sacred sapling was scheduled to be planted on Wednesday (21 Jan) during a grand ceremony at the Buddhist University within the Gaden Jangtse Monastery complex. The event was scheduled to be conducted with full monastic honours and attended by tens of thousands of Tibetan monastics and devotees from across India and abroad.

This “Green Diplomacy” initiative stands as a testament to the enduring bond between the people of Sri Lanka and India, ensuring that the roots of the Dhamma continue to grow deep and wide for generations to come.

 (Source:Newswire)

The Sri Lankan Rupee has weakened slightly against the US Dollar at commercial banks today (22 January), with the selling rate reaching Rs. 313 in some institutions, compared to Wednesday.

At Seylan Bank, the dollar’s buying rate rose to Rs. 306.95, while the selling rate increased to Rs. 311.70. NDB Bank reported a buying rate of Rs. 306.45 and a selling rate of Rs. 312.95. People’s Bank maintained its rates at Rs. 306.19 for buying and Rs. 312.94 for selling. Commercial Bank saw both buying and selling rates climb to Rs. 304.49 and Rs. 313, respectively. Sampath Bank’s rates remained steady at Rs. 306.50 for buying and Rs. 313 for selling.

These fluctuations reflect minor daily adjustments in the foreign exchange market, while the overall trend shows a slight depreciation of the Rupee against the US Dollar.

Sri Lankan Prime Minister Harini Amarasuriya said that contributions of women continue to be systematically undervalued, particularly in unpaid care work, informal labour, and agriculture sectors, despite women increasingly asserting agency in political, economic, and social spheres across the world.

“The exclusion of women from decision-making is not incidental; it is structurally maintained through gendered power hierarchies. Addressing these barriers is about transforming institutions and power structures to create enabling environments in which women can lead with confidence,” PM Amarasuriya said.

She made the remarks on Wednesday (21 Jan) while addressing the World Woman Davos Agenda 2026 at World Woman House, held on the sidelines of the 56th Annual Meeting of the World Economic Forum in Davos-Klosters, Switzerland, a high-level forum organized under the theme “Women Leading the Changing Global Order.”

“From a political standpoint, the exclusion of women from decision-making is not incidental; it is structurally maintained through gendered power hierarchies. Attacks on women in leadership, particularly in politics, through harassment, character assassination, and systemic marginalization, often force capable women, including those aspiring to leadership, to withdraw or refrain from participation, thereby reinforcing entrenched patriarchal structures,” she said.

The Prime Minister went on to note that addressing these barriers is not about protection but about transforming institutions and power structures to create enabling environments in which women can exercise leadership with autonomy, authority, and confidence.

“Sri Lanka demonstrates what is possible when political commitment aligns with the resilience of its people. Under our current inclusive government, historic strides have been made in political representation. For the first time, 20 women have been elected to Parliament. This commitment is reflected not only in vision; it signals a shift toward more inclusive governance,” she added. 

Concluding her address, PM Amarasuriya stated that leadership is not merely about occupying seats at existing tables, but about restructuring systems themselves. 

She reaffirmed Sri Lanka’s commitment to feminist, intersectional leadership, calling on global actors to ensure that women and marginalised communities are not only participants, but principal architects of the policies shaping the future global order. 

(Source:Newswire)

Sri Lanka’s Supreme Court is now considering five petitions challenging the recently introduced Bill aimed at abolishing pensions for Members of Parliament.

Speaker of the House, Dr. Jagath Wickramaratne, informed Parliament today (22) that he has received notice of an additional petition, bringing the total to five. These petitions have been filed under Article 121(1) of the Constitution.

The Bill, which seeks to end pension entitlements for former MPs, was presented to Parliament on January 7 by Minister of Justice and National Integration, Dr. Harshana Nanayakkara. Petitioners were given a 14-day window from the date of introduction to submit their challenges.

The Second Reading of the Bill is scheduled for late next month. If passed, the legislation will revoke pension benefits for 512 former Members of Parliament.

An International Monetary Fund (IMF) delegation is due to arrive in Sri Lanka today (22) for an official visit focused on assessing the fallout from Cyclone Ditwah and engaging in discussions with local authorities.

During the visit, which will continue until January 28, the IMF team will evaluate the economic and humanitarian consequences of the cyclone, including its effects on infrastructure, livelihoods and overall economic stability. The delegation will also examine the measures taken by the government to manage the challenges arising from the disaster.

In addition, the IMF has recently concluded the fifth review under Sri Lanka’s Extended Fund Facility. Discussions during the visit are expected to include efforts to obtain approval for the next phase of the IMF-supported program.

A group of SLPP and SJB parliamentarians, led by SLPP MP Namal Rajapaksa, are scheduled to travel to Odisha, India, on a private visit to participate in the celebrations of India’s Republic Day on January 26, following an invitation from a private university in India. 

The delegation includes SJB MPs Chithral Fernando, Chamindrani Kiriella, Chathura Galappaththi, and Prasad Siriwardena, along with former SLPP MPs Indika Anuruddha, Sanjeewa Edirimanna, Sampath Athukorala, and Political Bureau member Milinda Rajapaksa.

In addition, the group is expected to undertake an observation tour of the Odisha Disaster Management Centre, recognized as one of the world’s leading disaster management institutions, and visit Buddhist archaeological sites dating back to the era of King Ashoka.

A cordial discussion regarding this visit was held recently at the official residence of the Indian High Commissioner, between the Sri Lankan delegation and the Indian High Commissioner to Sri Lanka, Santosh Jha.

 (Source: Newswire)

The Government Medical Officers’ Association (GMOA) has announced that doctors at the Colombo National Eye Hospital will launch a strike today (22 January) in response to what it describes as irregular staff transfer practices.

GMOA spokesperson Dr. Chamil Wijesinghe said the strike is set to begin at 8.00 a.m. today. He added that similar trade union action is continuing at hospitals across the Eastern Province.

The association further warned that an island-wide indefinite trade union action is scheduled to commence from tomorrow (23 January), citing the government’s continued failure to honor commitments related to doctors’ allowances.

A 47-year-old individual was taken into custody in Wellampitiya yesterday after authorities discovered a large stock of illegally imported Manchester-type cigarettes at a residential premises.

The arrest followed a coordinated operation carried out by the Sri Lanka Army together with the Rajagiriya Police Special Task Force. Officials confirmed that a total of 165,200 cigarettes, estimated to be worth approximately Rs. 16.52 million, were seized during the raid.

The Sri Lanka Army stated that the Wellampitiya Police Station has launched further investigations into the incident.

Global shares rebounded on Wednesday (Jan 21) from a selloff the previous session after US President Donald Trump said a framework ⁠on a future deal over Greenland has been reached.

Trump, who is attending the World Economic Forum in Davos, said the US will no longer be imposing tariffs that had been scheduled to take effect from Feb 1. He had ruled out taking Greenland by force in an earlier speech, which also helped to calm investor nerves.

Wall Street ended higher on Wednesday, with ⁠the S&P 500 posting its biggest one-day percentage gain in two months.

Both the Dow Jones Industrial Average and Nasdaq Composite also enjoyed milestone days, gaining the most in percentage terms since Jan 5 and Dec 19, respectively.

The Dow Jones Industrial Average rose 1.21 per cent, the S&P 500 gained 1.16 per cent and the Nasdaq Composite added 1.18 per cent. The benchmark S&P 500 registered its biggest daily percentage gain since Nov 24.

“Markets aren’t rallying because they suddenly understand the endgame in Greenland,” said Matthew Smart, director of financial planning and portfolio analysis at WWM Investments ⁠in Chicago. 

“They’re rallying because uncertainty just got priced out. The signal from Donald Trump coming out of Davos is coordination, not confrontation, and that matters. Pulling back near-term tariffs, while opening a framework with NATO around Greenland tells investors this is shifting from headline risk to negotiation risk.”

MSCI’s All-World index was up 0.87 per cent, after losing ⁠ground in the last session, while Europe’s STOXX 600 index finished a touch lower by 0.02 per cent. Britain’s FTSE index added 0.11 per cent.

The VIX index, which measures demand for protection against big swings in the S&P 500, dropped more than 15 per cent to 17, a day after jumping to its highest since November. The index is often used as a proxy for investor nervousness.

“The market bounced when he said we wouldn’t use force,” said Mark Hackett, chief market strategist at Nationwide in Boston. “Following the events of last April, investors are catching on that his negotiating style is very different than past administrations, so uncertainty is a natural outcome.”

The European Parliament decided to suspend its work on a trade deal between the 27-member bloc and the US, a parliament member said, following Trump’s repeated requests to take control over Greenland. The European Union will convene an emergency summit in Brussels on Thursday to discuss the matter, with the long-standing US-EU alliance at risk.

“You had the Venezuelan thing, you had Greenland and you had Iran and none of these things seemed to be making a huge dent,” said James St Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California.

“Obviously we had a pretty significant selloff yesterday but in the grand scheme of things it seems the market should have a hard time making new highs and yet it continues to brush off some of these very provocative ideas that Trump likes to throw around.”

BOND PRICES RALLY

The global bond market was still reeling from a brutal selloff, having been caught up in worries over exposure to US assets and a surge in Japanese government borrowing costs.

At the epicentre were long-dated Japanese sovereign bonds, which endured their most aggressive selloff in nearly 25 years on Tuesday as fears grew over increased government spending under Japanese Prime Minister Sanae Takaichi.

US 30-year Treasury yields neared the 5 per cent threshold for the first time since September, while German government bond yields also rose sharply.

By Wednesday, Japanese bond prices rallied as buyers returned, almost entirely reversing the previous day’s rise in yields. A similar dynamic played out across US Treasuries, where 30-year bond yields fell 5.1 basis points to 4.8693 per cent. The yield on benchmark US 10-year notes eased 4.4 basis points to 4.251 per cent.

In currency markets, the dollar index, which tracks the US currency’s performance against six others, rebounded from earlier losses and was up 0.25 per cent. The euro pared earlier gains and was down 0.34 per cent at 1.1686, while the Swiss franc fell, leaving the dollar up 0.69 per cent at 0.7954 francs.

The yen was down 0.16 per cent at 158.37 per dollar ahead of a Bank of Japan policy meeting on Friday. No rate hike is expected this time, although policymakers could signal an increase may be coming as soon as April.

Oil prices edged higher. Optimism around tighter supply, after a temporary shutdown at two large fields in Kazakhstan, was offset by expectations of a build in US crude inventories. Brent crude futures settled up 0.49 per cent at US$65.24 a barrel. Spot gold was up 1.11 per cent to US$4,815.93 per ounce.

Source:adaderana.lk