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The International Finance Corporation (IFC), part of the World Bank Group, has announced a major investment initiative worth US$166 million to support Sri Lankan businesses and help move the economy from stabilization toward sustainable expansion.

In a statement, the IFC said the funding underscores its continued commitment to strengthening Sri Lanka’s private sector. The country-focused financing program is designed to widen access to credit for small and medium-sized enterprises (SMEs), particularly women-owned businesses and companies operating in the agri-business sector, with the aim of promoting inclusive growth and job creation.

The investment has been channeled through three leading private commercial banks in Sri Lanka and includes a US$50 million loan, US$80 million in Risk-Sharing Facilities, and US$36 million allocated for trade finance support.

Although SMEs make up more than 75 percent of businesses in Sri Lanka and provide around 45 percent of total employment, limited access to financing continues to constrain their growth. The IFC noted that this initiative aligns with national development priorities and World Bank Group objectives, offering targeted solutions to help SMEs overcome financing challenges and enhance economic resilience.

The IFC also highlighted its recent contribution to strengthening the country’s financial framework through the launch of a Secured Transactions Registry, which is expected to further improve credit access for small and medium-sized businesses.

The Department of Meteorology has predicted intermittent rainfall in the Northern, North-Central, Eastern and Uva provinces, as well as in the Matale and Nuwara-Eliya districts today (25).

The North-Western Province may experience several rounds of showers, while other parts of the country could see showers or thundershowers developing after 2.00 p.m.Early morning misty conditions are also likely in parts of the Western, Sabaragamuwa, Central and Uva provinces, along with the Galle and Matara districts.

Authorities urge the public to take necessary safety measures to reduce the risk of damage caused by sudden strong winds and lightning associated with thundershowers.

As part of a nationwide daily anti-drug operation, police arrested 819 individuals across the country yesterday (23).

The operations, conducted under a coordinated national campaign, aim to disrupt the supply of illicit drugs, reduce demand, expand enforcement activities, rehabilitate addicts, prevent substance abuse, implement targeted prevention programs, and raise public awareness against drugs.

During yesterday’s raids, authorities seized 367 grams of heroin, 2.097 kilograms of ice, and 32.804 kilograms of cannabis, among other illegal substances.

Since October 30 of last year through yesterday (22), the nationwide operations have resulted in a total of 77,105 arrests, according to police reports. Investigations have been initiated against 68 individuals for involvement with illegal assets, while detention orders have been issued against 1,582 suspects.

In total, police say 77,824 seizures have been recorded during this period. Significant drug confiscations include 320.741 grams of heroin, 1,280.956 kilograms of ice, 6.816 kilograms of cocaine, 2,341.723 kilograms of cannabis, 5,568,583 cannabis plants, 155.487 kilograms of kush, 44.047 kilograms of hashish, and 132,561 narcotic pills.

Police emphasized that these operations continue to form a central part of the national strategy to combat drug trafficking and abuse throughout the country.

Today marks 28 years since the Liberation Tigers of Tamil Eelam (LTTE) carried out a devastating bomb attack on the revered Sri Dalada Maligawa, one of Sri Lanka’s most sacred religious sites.

The attack occurred in the early hours of January 25, 1998, at approximately 6:05 a.m., when a lorry packed with explosives was detonated near the Sri Natha Devalaya area in Kandy. The blast caused extensive damage to the temple complex and its surroundings.

Sixteen civilians lost their lives in the attack, while three LTTE members later arrested in connection with the incident were sentenced to death. Although several sections of the temple sustained severe damage, the Sacred Tooth Relic itself was not harmed.

Restoration work on the damaged areas was later completed at an estimated cost of Rs. 150 million.

To mark the anniversary, multiple organizations conducted Bodhi Puja ceremonies at the Temple of the Sacred Tooth Relic today, paying homage to the victims and offering prayers in remembrance of those who perished in the tragic incident.

The Colombo Chief Magistrate’s Court has ordered that Anusha Palpita, a former Secretary to the Ministry of Mass Media and a past Director General of the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), be held in remand custody until February 6.

Palpita was taken into custody by the Commission to Investigate Allegations of Bribery or Corruption in connection with an investigation into assets valued at approximately Rs. 46 million, for which he allegedly failed to provide a satisfactory explanation regarding their origin.The case is part of ongoing legal proceedings examining alleged financial irregularities, with further investigations continuing under the direction of the relevant authorities.

Three individuals attempting to illegally bring a large stock of narcotics into Sri Lanka were arrested at the Bandaranaike International Airport (BIA) early this morning (25) by Airport Customs officers and personnel from the Customs Narcotics Control Unit.

The arrests took place at the arrivals terminal’s Green Channel, which is reserved for passengers declaring no goods. During inspections, officers detected suspicious luggage belonging to the passengers.

Authorities identified the suspects as a 29-year-old bricklayer from Nattandiya, a 29-year-old businessman also from Nattandiya, and a 32-year-old businessman from Grandpass, Colombo. The trio had arrived from Muscat, Oman at around 4:00 a.m. on SalamAir flight OV 437.

A detailed search of five pieces of luggage led to the seizure of 10.394 kilograms of Kush concealed in 10 packets, along with 1.912 kilograms of Hashish hidden in 18 packets. The total estimated street value of the drugs is Rs. 133.94 million.

The suspects and the seized narcotics have been transferred to the Katunayake Airport Police Narcotics Bureau for further investigations.

A suspect was arrested in the Wathugedara area of Ambalangoda after Special Task Force (STF) officers discovered a concealed micro pistol and live rounds inside a room of a house.

The operation was carried out by personnel from the Akmeemana STF camp following information received through a tip-off. During the search, officers located the firearm and ammunition hidden within the premises.

Police identified the suspect as a 33-year-old resident of Wathugedara. Initial inquiries indicate that he was allegedly planning to sell the weapon to another group.

Further investigations into the incident are being conducted by the Ambalangoda Police.

Anusha Palpita, former Ministry Secretary and Director General, was taken into custody by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) today.

The arrest relates to allegations that Palpita failed to disclose the source of income totaling Rs. 46 million.

Palpita appeared before the Commission on January 23, where he provided his initial statement. Following the proceedings, authorities moved to formally arrest him as part of the ongoing investigation.

U.S. President Donald Trump said on Saturday he would impose a 100% tariff on Canada if it follows through on a trade deal with China and warned Canadian Prime Minister Mark Carney that a deal would endanger his country.

“China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life,” Trump wrote on Truth Social.

“If Canada makes a deal with China, it will immediately be hit with a 100% Tariff against all Canadian goods and products coming into the U.S.A.”
In a video on Saturday, Carney urged Canadians to buy domestic products, but did not directly mention Trump’s tariff threat.

“With our economy under threat from abroad, Canadians have made a choice to focus on what we can control,” Carney said. “We can’t control what other nations do, we can be our own best customer.”

The Canadian prime minister this month traveled to China to reset the countries’ strained relationship and reached a trade deal with Canada’s second-biggest trading partner after the U.S.

Immediately after Carney’s China trip, Trump sounded supportive. “It’s a good thing for him to sign a trade deal,” Trump told reporters at the White House on January 16. “If you can get a deal with China, you should do that.”

“There is no pursuit of a free trade deal with China. What was achieved was resolution on several important tariff issues,” Dominic LeBlanc, the minister responsible for Canada-U.S. Trade, said on Saturday in a post on X.

The Chinese embassy in Canada said in a statement to Reuters that China was ready to work with Canada to implement the important consensus reached by the leaders of the two countries.

U.S.-Canada tensions have grown in recent days following Carney’s criticism of Trump’s pursuit of Greenland.

MORE PRESSURE ON CANADIAN INDUSTRIES

On Saturday, Trump suggested China would try to use Canada to evade U.S. tariffs.
“If Governor Carney thinks he is going to make Canada a ‘Drop Off Port’ for China to send goods and products into the United States, he is sorely mistaken,” Trump said, using a title for Carney that refers to Trump’s past calls for Canada to become the 51st U.S. state.

In a second Saturday post, Trump said, “The last thing the World needs is to have China take over Canada. It’s NOT going to happen, or even come close to happening!”
If Trump makes good on Saturday’s threat, the new tariff would greatly increase U.S. duties on its northern neighbor, adding pressure to Canadian industrial sectors such as metal manufacturing, autos and machinery.

Relations between Carney and Trump seemed relatively placid until the Canadian leader this week spoke out forcefully against Trump’s pursuit of Greenland.

Carney subsequently at the World Economic Forum called on nations to accept that a rules-based global order was over and pointed to Canada as an example of how “middle powers” might act together to avoid being victimized by American hegemony.

Carney, during his speech in Davos, Switzerland, did not directly call out Trump or the U.S. by name. However, the prime minister said “middle powers must act together because if you are not at the table, you are on the menu.”

Many world leaders and industry titans present at the Switzerland confab responded with a standing ovation.

Trump shot back in his own Davos speech and said Canada “lives because of the United States,” a statement that Carney rejected on Thursday.

“Canada and the United States have built a remarkable partnership in the economy, in security and in rich cultural exchange,” Carney said in Quebec. “Canada doesn’t live because of the United States. Canada thrives because we are Canadian.”

Since then, Trump has dug in against Canada, revoking its invitation to his Board of Peace that he wants to deal with international conflicts and Gaza’s future.

After Carney’s election last year, Trump and Carney shared a congenial tone. “I think the relationship is going to be very strong,” Trump said at the time.

But Trump this month dismissed the mega trade deal between the U.S., Canada, and Mexico — up for renegotiation in July — as “irrelevant.”

Trump has issued many tariff threats since returning to the presidency, though in several cases he has paused them during negotiations or relented entirely. This week, Trump backed off his recent threat to impose stiff tariffs on European allies after the NATO chief and other leaders promised to step up security in the Arctic.

“We hope the two governments can come to a better understanding quickly that can alleviate further concerns for businesses who face the immediate consequences of torqued up uncertainty,” the Canadian Chamber of Commerce’s Matthew Holmes said in a statement.
 
Source: adaderana.lk

Japan’s Prime Minister Sanae Takaichi dissolved the lower house of Parliament on Friday, paving the way for a Feb. 8 snap election.

The move is an attempt to capitalize on her popularity to help governing party regain ground after major losses in recent years, but will delay discussion and a vote on a budget that aims at boosting a struggling economy and addressing soaring prices.

Elected in October as Japan’s first female leader, Takaichi has been in office only three months, but she has seen strong approval ratings of about 70%.

Takaichi is also seeing rising animosity with China since she made pro-Taiwan remarks. And U.S. President Donald Trump wants her to spend more on weapons as Washington and Beijing pursue military superiority in the region.

The dissolution of the 465-member lower house paves the way for a 12-day campaign that officially starts Tuesday. When house speaker Fukushiro Nukaga declared the dissolution, the assembled parliamentarians stood up, shouted banzai — “long live” — three times and rushed out to prepare for the campaign.

Takaichi’s plan for an early election aims to capitalize on her popularity to expand a governing majority in the lower house, the more powerful of Japan’s two-chamber Parliament.

The scandal-tainted LDP and its coalition have a slim majority in the more powerful lower house after an election loss in 2024. The coalition does not have a majority in the upper house and relies on winning votes from opposition members to pass its agenda.

Opposition leaders criticized Takaichi for delaying passage of a budget needed to fund key economic measures.

“I believe that the only option is for the people, as sovereign citizens, to decide whether Sanae Takaichi should be prime minister,” she told a news conference Monday when announcing plans for the election. “I’m staking my career as prime minister” on it.

A hardline conservative, Takaichi wants to highlight differences with her centrist predecessor Shigeru Ishiba.

Takaichi stresses that voters need to judge her fiscal spending moves, further military buildup and tougher immigration policies to make Japan “strong and prosperous.”

While an upbeat and decisive image has earned her strong approval ratings, especially among younger people, the LDP is not popular as it recovers from a political funds scandal. Many traditional LDP voters have shifted to emerging far-right populist opposition parties, such as the anti-globalist Sanseito.

Meanwhile, Japan faces escalating tensions with China after Takaichi made remarks suggesting that Japan could become involved if China takes military action against Taiwan, a self-governing island that Beijing claims as its own. A furious China has increased economic and diplomatic retribution.

Takaichi wants to push further a military buildup and spending increases, while Trump has pressured Japan to spend more on defense.

Source:adaderana.lk