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Lanka among countries that could benefit from debt-for-nature swaps

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Sri Lanka is among countries that could benefit from debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems, such as barrier reefs or rainforests, according to agency reports.

Such debt-for-nature swaps could provide $100 billion for the fight against climate change, Arab News said, quoting a new report by the UK-based, non-profit International Institute for Environment and Development (IIED).

The IIED based the estimate on the possibility of debt swaps in many of the 49 less developed countries seen as most at risk of debt crises.

Laura Kelly, the director of IIED’s sustainable markets research group, said countries that could benefit included Sri Lanka, Pakistan and Gambia in West Africa.

Belize, Ecuador, Barbados, Gabon and Cape Verde have all done such swaps in recent years and Kelly said many of those in debt distress and also often most threatened by global warming, were looking at them.

The IMF and World Bank, whose figures the analysis is based on, estimate the countries focused on collectively owe $431 billion, mostly to wealthier governments, the IMF itself and pension and hedge funds.

At the same time, these countries received less than $14 billion in climate finance according to OECD figures from 2021, which is significantly less than they need to limit climate change or at least adapt to it.

The aim of IIED’s report is to encourage a drive for more debt swaps at the upcoming IMF and World Bank Spring meetings which start later this week.

Kelly said countries that could benefit are at “huge risk” of sea level rise and she stressed and needs to invest heavily in flood prevention and wetland preservation.

Ghana, too, which like Sri Lanka, is now restructuring its debt, is another obvious candidate. One of its key exports, cocoa beans used for chocolate, could thrive if more is done to protect its vital rainforests.

“For governments (that do debt swaps) it creates some fiscal space, but also it helps to achieve outcomes in terms of climate and nature that have global impact,” Kelly said, adding that many countries were interested in potentially doing so.



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Whistleblowers ask Treasury Chief to resign over theft of USD 2.5 mn

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Payment made to new account number outside agreement

Civil society group ‘Free Lawyers’, which exposed the payment of USD 2.5 mn loan instalment by the Treasury to a third party instead of Australia, yesterday (23) said that in spite of the Treasury having the legitimate bank account mentioned in the relevant agreement, the payment had been made to another account subsequently received from a person who had been in contact with some senior officials.

Civil society activist Keerthi Tennakoon on behalf of ‘Free Lawyers’ emphasised that the account number mentioned in the agreement couldn’t be changed without approval of the Secretary to the Treasury Harshana Suriyapperuma, who is also the Secretary to the Finance Ministry. Suriyapperuma, who quit his National List seat to receive the top appointment, should be held responsible for the unprecedented development, Tennakoon said.

If the Treasury had followed the time-tested procedures in place, a new bank account couldn’t have been introduced, and therefore a thorough investigation was required to reveal the truth.According to Free Lawyers, the scam had been detected by relatively junior officer and not those higher ups.

Free Lawyers’ would continue to follow the developments to ensure transparency in the investigations, Tennakoon said, noting that Suriyapperuma should step down as he was aware of a third party securing root access to the system in September 2025 but failed to take action to prevent the scam. Tennakoon said that the NPPer hadn’t informed relevant authorities, and altogether 16 officials were involved in the scam.

By Shamindra Ferdinando

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Hambantora port sets new record

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MSC Marie Leslie at Hambantota port

Hambantota International Port (HIP) successfully handled container vessel MSC Marie Leslie, marking one of its highest-volume vessel calls to date. The achievement further strengthens the port’s position as an emerging hub for containerised cargo in the region, according to HIP press release.

The vessel, operated by Mediterranean Shipping Company (MSC), was berthed at HIP from 11 to 15 April 2026. The port achieved 7,968 container moves during this period, translating to a total volume of 13,260 TEUs; the highest single-vessel throughput recorded by HIP to date.

This latest milestone surpasses previous records, including 12,957 TEUs handled on MSC Ilenia and 11,369 TEUs on MSC Ruby in March this year, reflecting a steady upward trend in the port’s container handling performance.

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US sinking of Iranian frigate off Sri Lanka unprecedented war crime Araghchi tells Vijitha

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Iranian Foreign Minister Abbas Araghchi has told his Sri Lankan counterpart Vijitha Herath that US sinking of Iranian frigate IRIS Dena off Sri Lankan waters was an unprecedented war crime.

Of some 180 crew only 30 odd personnel survived.

While referring to crimes committed by the United States and Israel against Iran, Araghchi has stressed that they would never forget this crime, which constitutes a grave violation of the fundamental rules of international humanitarian law and the 1949 Geneva Conventions, and would employ all legal and political means to hold the perpetrators and those responsible accountable and bring them to justice.

Araghchi has said so during a telephone conversation with Herath regarding the ongoing West Asia conflict and related developments.

During the phone call, Araghchi expressed appreciation for the Sri Lankan government’s efforts in the rescue operation for the sailors of the IRIS Dena and for assisting in the transfer of the bodies of the crew of the vessel and other Iranian naval personnel back to Iran, according to the Iranian Embassy in Sri Lanka.

US sank Dena as it along with two other Iranian vessels awaited Sri Lanka approval to enter the Colombo port. Iranian ambassador in Colombo Dr. Alireza Delkhosh is on record as having said that the Commander of Sri Lanka Navy invited the Iranian ships to visit Colombo following their participation in International Fleet review and Milan 2026 held in India in late Feb. All Iranian vessels had been unarmed at that time in keeping with protocols regarding the participation in such events.

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