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Debt restructuring: Opp. won’t accept President’s assurances; COPF examines proposals

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By Shamindra Ferdinando

SJB MP Dr. Harsha de Silva said that the all-party Committee on Public Finance (COPF) would have to examine the proposals presented by the Central Bank of Sri Lanka (CBSL) and the Treasury as regards the proposed domestic debt restructuring.

COPF Chairman de Silva said that the CBSL and Treasury representatives appeared before the watchdog committee yesterday (28) and tomorrow. Commercial Banks, EPF and other relevant institutions would appear today (29).

COPF would meet again on Friday to address outstanding issues, MP de Silva said.

The SJB economist said so when The Island sought his response to President Ranil Wickremesinghe’s declaration that the domestic debt restructuring wouldn’t be detrimental to the banking sector. The President also dismissed the Opposition’s claims that the proposed measures would have an impact on interests on bank deposits, the EPF, etc. President Wickremesinghe also holds the Finance portfolio.

Dr de Silva, a former UNP State Minister, emphasised that the SJB’s ‘Economic Blueprint’- a 10-point programme, which spelt out how to achieve stabilisation and equitable growth. He said he and his party were against domestic debt restructuring, but if absolutely necessary then the government should re-profile debt without hurting the public. He said there should be no face value haircuts; there could be maturity extensions with necessary regulatory measures to deal with capital adequacy issues so that there will be no adverse impact on individual depositors or EPF members, and the CBSL would be able to ensure liquidity for banks. “If done properly, the risk premiums will disappear and interest rates will fall. Will be positive for borrowers as well as banks … and will help growth.”

Speaker Mahinda Yapa Abeywardena yesterday issued a special gazette notification regarding the convening of Parliament on Saturday at 9.30 am. Director Legislative Services and Acting Director Communication, Parliament Janakantha Silva said that the announcement had been made in accordance with Standing Order 16 at the request of Prime Minister Dinesh Gunawardena.

Dr. de Silva said that the SJB had made its position clear ahead of the current crisis though the government continuously misled the public.

Top Opposition Spokesman Prof. G.L. Peiris said that their stand on the issue would not change simply because of a declaration made by President Wickremesinghe at a public event in Gampaha. Recalling the way the Wickremesinghe-Rajapaksa government had failed to brief Parliament on the IMF bailout package until the finalisation of the agreement in March, Prof. Peiris said that the basic problem was a chronic lack of clarity in the government’s stand. “Whether domestic debt restructuring is to take the form of coupon cut, haircut or adjustment of time of maturity is not clear. The idea is to take the country and, in particular, the banking system by surprise when the markets are shut down for five days. This has inevitably fuelled harmful speculation. Parliament and the Opposition have been taken for granted. The Business Committee meeting was postponed from Tuesday to Friday, and then the issuance of a special Gazette by the Speaker prior to the Business Committee meeting. Smoke and mirrors approach deprives the entire process of much needed candour and transparency. We therefore stand by the assessment we have already made.”



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Showers about 100 mm are likely at some places in the Western, Sabaragamuwa, Central, Uva, Southern, North-western, Northern and North-central provinces and in Trincomalee district.

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WEATHER FORECAST FOR 11 MAY 2026
Issued at 05.30 a.m. on 11 May 2026 by the Department of Meteorology

 

The low-level atmospheric disturbance in the vicinity of Sri Lanka is likely to develop into a low-pressure area around the next 36 hours. Therefore, the prevailing showery conditions over the island are expected to continue during the next few days.

Showers or thundershowers will occur at times in most parts of the island and Cloudy skies are expected, under the influence of the aforementioned system. Heavy showers about 100 mm are likely at some places in the Western, Sabaragamuwa, Central, Uva, Southern, North-western, Northern and North-central provinces and in Trincomalee district.

The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.

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Treasury theft: Speaker’s conduct brought to IPU’s attention: SJB  

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Dayasiri

SJB MP Dayasiri Jayasekera has sought the intervention of the Inter-Parliamentary Union (IPU) to pressure the JVP-NPP government to respect the rights of the Opposition.

MP Jayasekera told The Island that they wouldn’t allow the NPP to suppress the truth regarding the theft of Treasury funds amounting to USD 2.5 million. He accused Speaker Dr. Jagath Wickremaratne of depriving the Opposition of its legitimate rights, at the behest of the government.

Jayasekera said that the Speaker’s conduct regarding the action taken against Deputy Secretary General of Parliament Chaminda Kularatne, too, had been brought to the notice of IPU and other international associations.

The text of MP Jayasekera’s letter to the Secretary general of IPU: “I respectfully submit this petition seeking the attention and intervention of the Inter-Parliamentary Union concerning a matter affecting parliamentary accountability, the rights of elected representatives, and the proper functioning of constitutional oversight within the Parliament of Sri Lanka.

On 06 May 2026, I Dayasiri Jayasekara MP submitted a formal request to the Hon. Speaker of Parliament seeking permission, under the Parliament (Powers and Privileges) Act No. 21 of 1953 and Standing Order 29(1), to raise a question of privilege regarding alleged constitutional and parliamentary violations by Mr. Harshana Suriyapperuma, Secretary to the Treasury of Sri Lanka.

The proposed privilege motion raised matters including:

1. Alleged violations of Articles 148, 149, and 150 of the Constitution of Sri Lanka concerning parliamentary control over public finance;

2. Alleged failure to report to Parliament concerning a controversial and unlawful transfer of approximately USD 2.5 million from the Treasury;

3. Alleged non-compliance with parliamentary committee procedures under the Standing Orders of Parliament;

4. Questions relating to constitutional eligibility under Article 91(1)(d)(xiii) of the Constitution concerning dual citizenship and qualification to sit and vote in Parliament;

5. A request that the matter be referred to the Parliamentary Ethics and Privileges Committee established under Standing Order 118.

 Despite the seriousness of the constitutional and parliamentary issues raised, the Hon. Speaker declined permission for the privilege issue to be raised in Parliament.

It is respectfully submitted that this refusal has the effect of:

•  Preventing an elected Member of Parliament from exercising his parliamentary oversight function;

• Restricting parliamentary scrutiny over matters involving public finance and constitutional accountability;

•  Undermining the privileges of Members of Parliament to raise matters of urgent public importance;

•  Limiting institutional transparency concerning allegations involving senior state officials.

The right of parliamentarians to raise questions of privilege and matters relating to constitutional governance is an essential component of parliamentary democracy and legislative independence. The refusal to permit even the presentation or preliminary consideration of such a matter raises serious concerns regarding parliamentary accountability mechanisms in Sri Lanka.

Accordingly, I respectfully request that the Inter-Parliamentary Union:

1.Take cognizance of this matter as one affecting the rights and functions of Members of Parliament;

2.Seek clarification from the relevant parliamentary authorities in Sri Lanka regarding the grounds upon which the privilege motion was disallowed;

3.Consider whether the refusal is compatible with internationally recognised principles of parliamentary democracy, accountability, and freedom of parliamentary speech;

4. Encourage the Parliament of Sri Lanka to ensure fair and transparent procedures governing parliamentary privilege motions and constitutional oversight.

I further request that this communication be placed before the appropriate committee or mechanism within the IPU dealing with the rights and duties of parliamentarians.”

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Navin calls for formal alliance between UNP and SJB

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UNP Vice President and Kandy District Leader, Navin Dissanayake, on Saturday, stressed that any proposed merger between the UNP and the SJB must be carried out formally rather than in an ad hoc manner.

Addressing a media briefing in Kandy, Dissanayake said a structured framework was essential to ensure the successful reunification of the two parties ahead of future elections.

“A formal mechanism must be established for the unification of the UNP and the SJB. This process cannot be confined to personal verbal assurances given to suit individual interests. We must build a strong framework to contest future elections as a united force,” he said.

He added that the UNP could only regain political strength by reuniting with factions that had broken away from the party.

Dissanayake also claimed that the Government would be compelled to hold Provincial Council elections amid mounting international and domestic pressure.

“India is exerting pressure to conduct these elections, while the people in the North are also demanding governance under the Provincial Council system. They are awaiting the polls,” he said.

Announcing his own political intentions, Dissanayake said he hoped to contest as the Chief Ministerial candidate for the Central Province at the next Provincial Council election.

“I intend to contest as the Chief Ministerial candidate for the Central Province. Having served as a Governor, I understand the extent of service that can be delivered to the people through a Provincial Council,” he said.

Recalling the history of constitutional devolution, Dissanayake said his late father, Gamini Dissanayake, had played a significant role in the introduction of the 13th Amendment to the Constitution of Sri Lanka.

by SK Samaranayake

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