Opposition Leader Sajith Premadasa yesterday called on the government to begin negotiations immediately for a successor programme with the International Monetary Fund (IMF), warning that Sri Lanka is not on track to meet reserve targets under the current arrangement.

“I am calling on the government to begin negotiations for a successor IMF programme. Not to renegotiate the existing arrangement. A successor programme, the arrangement that takes effect when this one ends,” Premadasa said in a statement.

Full text of Premadasa’s statement, titled ‘Negotiate Now, While We Still Have Something to Negotiate With’: The numbers are not complicated. Sri Lanka has $7 billion in gross official reserves. The IMF’s own target for when our current programme ends in March 2027 is $14.2 billion. To bridge that gap, we would need to accumulate $600 million in reserves every month for the next twelve months. We are not on track to meet that target.

And yet the government has said nothing about what comes after March 2027. I am calling on the government today to begin negotiations for a successor IMF programme. Not to renegotiate the existing arrangement, which is proceeding.

A successor programme, the arrangement that takes effect when this one ends. What I am proposing is not a retreat from fiscal discipline. It is the opposite.Sri Lanka is not in a position of strength indefinitely.

The rupee has weakened by approximately 14% against the dollar over the past twelve months. Petrol stands at Rs. 410 per litre today close to the Rs. 470 crisis peak of June 2022, reached in just four months from Rs. 294 in January. Our $8.1 billion in annual remittances, depends heavily on continued employment in Gulf states at a moment when the Middle East conflict is reshaping the regional economy. These are not distant risks.

We have had seventeen IMF programmes. Every one of them that involved a genuine crisis was negotiated after the reserves were gone and the rupee was in freefall. Every time, Sri Lanka accepted whatever terms were offered, because it had no other choice.

We have a choice right now. The window to negotiate from relative strength with $7 billion in reserves, a functioning programme, and demonstrated reform credibility. I am asking this government to plan for March 2027 and explain to the country Sri Lanka’s contingency plan when we fail to meet the IMF target.

Minister of Buddhasasana, Religious and Cultural Affairs Hiniduma Sunil Senevi yesterday told Parliament that 42 ancient paintings were missing from the National Art Gallery, and that had been uncovered during a stock verification conducted in 2015.

Responding to a question raised by SJB Colombo District MP Mujibur Rahuman, the Minister said a stock verification board had inspected paintings and sculptures at the gallery in 2015, leading to the discovery of the missing artworks.

According to official records, the stock register listed 281 paintings, but only 239 are currently available at the National Art Gallery.

“The Ministry of Buddhasasana and Religious Affairs Secretary has appointed a committee, which has launched preliminary investigations. The recording of statements has commenced. I have given information to the Police in 2024 and 2025 regarding investigations into the matter,” the Minister said.

The Minister added that investigations were continuing into the disappearance of the paintings while authorities were working to determine the circumstances surrounding the missing artworks.

By Saman Indrajith

The government would not seek approval for a further electricity tariff increase from the Public Utilities Commission of Sri Lanka (PUCSL) before September, Minister of Energy Anura Karunathilaka told Parliament yesterday.

The Minister made the statement while responding to a question raised by MP Ravi Karunanayake during the oral questions session in Parliament.

Addressing concerns over the recent appreciation of the US dollar and the impact of the Persian Gulf crisis on global energy prices, Minister Karunathilaka said the direct effect of the latest electricity tariff revision would mainly be felt by consumers using more than 180 electricity units.

He said the government had allocated a subsidy of Rs. 15 billion to ease the burden on other categories of electricity consumers.

The Minister further emphasised that the government currently had no intention of requesting the PUCSL to approve another electricity tariff hike before September.

by Saman Indrajith