Sri Lanka seeks ‘persons with integrity’ for Office for Reparations

Monday June 30, 2025 11:47 am

ECONOMYNEXT – Sri Lanka is looking for qualified individuals to fill an existing vacancy and forthcoming vacancies in the post of member of its Office for Reparations.

“Applications should be submitted by persons of integrity with suitable experience and qualifications relevant to the functions of the Office for Reparations,” the Parliament said.

Applications must be submitted on or before July 11.

Link: https://www.parliament.lk/en/secretariat/advertisements/view/333

The office is tasked with “formulating, designing and implementing reparations policies aiming to redress victims who suffered violations in the course of past conflicts in Sri Lanka.”

The Office for Reparations Act was passed in 2018, the second of the Yahapalana Government’s transnational justice commitments. (Colombo/Jun30/2025)

Monday June 30, 2025 12:49 pm

ECONOMYNEXT – Sri Lanka’s Export Development Board (EDB) met with Türkiye Ambassador Semih Lütfü Turgut to discuss fostering trade opportunities between the two countries.

Investment opportunities in specific sectors such as textile and apparel, gem and jewelry, agriculture and fisheries, rubber, transport and logistics, ICT, and strengthening the supply chain, were discussed EDB said.

“As well as potential opportunities that can be gained through air cargo connections between Turkish Cargo and Sri Lankan Airlines.”

Both parties reached a mutual agreement to share trade opportunities and collaborate on upcoming events.

The EDB said it will work more closely with Türkiye to expand opportunities for Sri Lankan exporters.

The Ambassador emphasized the importance of strengthening relationships with Sri Lankan institutions and enhancing opportunities for both countries.

Tea is one of the leading exports from Sri Lanka to Türkiye. (Colombo/Jun30/225)

Monday June 30, 2025 9:38 am

ECONOMYEXT – A bill to set up a regulatory authority for gaming should be revised to make it more independent like the Securities and Exchange Commission as the current draft leave room for political interference, Advocata Institute, a Colombo-based think tank said.

The bill as now envisaged has “excessive and unchecked powers vested in the Minister of Finance, which compromise the independence of the regulator and jeopardize the integrity of the industry,” Advocata said in a statement.

“The independence of a regulatory body is nonnegotiable,” said Sudaraka Ariyaratne, Research Consultant at Advocata. “Without it, we risk creating a framework that lacks credibility, is vulnerable to political interference, and cannot deliver on its mandate.

“In its current form, the Bill does not create a regulator. It creates a proxy.”

Under the draft law, the Minister holds a sweeping authority to appoint the regulator’s Director General (DG) and board members, issue binding directives, and singlehandedly make regulations.

Such over centralization of power departs from international best practices and undermines the very rationale for a statutory regulator which is to provide impartial, consistent, and transparent oversight.

Advocata proposes that appointments to the Board should be subject to approval by the Constitutional Council, the DGl should be selected through a competitive process like in the private sector, and rulemaking power should lie with the Authority itself mirroring models like Sri Lanka’s Securities and Exchange Commission (SEC Act No. 19 of 2021).

There was no representation from the tourism sector at least in the form of fails to include ex officio representation from the Sri Lanka Tourism Development Authority (SLTDA), despite the strong link between gaming and tourism.

There does not seem to enough powers to regulate online gaming, the statement said. State lottery companies were also exempt.

While the bill to set up a regulatory is timely and necessary it must be re-worked to establish a truly independent, empowered and credible institution, Advocata said. (Colombo/June30/2025)

Monday June 30, 2025 9:35 am

ECONOMYNEXT – Sri Lanka’s rupee opened stronger at 299.75/95 to the US dollar in the spot market on Monday up from 299.92/97 Friday, dealers said, while bond yields edged further down.

A bond maturing on 15.12.2026 was quoted at 8.00/15 percent, from 8.10/15 percent.

A bond maturing on 15.03.2028 was quoted at 8.70/80 percent.

A bond maturing on 15.12.2029 was quoted at 9.37/42 percent, down from 9.42/45 percent.

A bond maturing on 15.03.2031 was quoted flat at 9.90/10.00 percent.

A bond maturing on 15.12.2032 was quoted at 10.35/40 percent, down from 10.36/40 percent.

A bond maturing 01.11.2033 was quoted at 10.60/68 percent, down from 10.60/70 percent.

Stocks opened up; The ASPI was up 0.61 percent, 109.81 points, at 17,982.55, and the S&P SL20 was up 0.71 percent, 37.71 points, at 5,320.77. (Colombo/Jun30/2025)