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Under RW’s watch economy has further deteriorated – Prof. Peiris

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Prof. G. L. Peiris

…interest payments alone increased by USD 2.8 bn; foreign debt USD 100 bn

By Shamindra Ferdinando

Declaring that the economy had further deteriorated under President Ranil Wickremesinghe’s watch since July 2022, dissident SLPP parliamentarian Prof. G. L. Peiris said that the government was working overtime to depict a much improved situation.

Addressing the media at the weekly media briefing held by the Jathika Nidahas Sabhawa at Nawala, the former External Affairs Minister having compared the Gross Domestic Product (GDP) and national debt as at April 2022 when Sri Lanka declared bankruptcy and current figures pointed out the further deterioration of the economy.

Lawmaker Peiris stressed that the foreign debt has increased to USD 100 bn from USD 82 bn in April 2022.

Referring to the latest IMF report that dealt with Sri Lanka, the former Minister emphasised that the IMF assessment of the economy here is contrary to the government propaganda. Prof. Peiris explained how the interest payments had increased by USD 2.8 bn during this period whereas the government propaganda chiefs continued to propagate lies claiming the contrary.

The ground reality is that instability increased and the country absolutely lacked the wherewithal to start paying back its debt and the accompanying interest, MP Peiris said.

Commenting on ISB (international sovereign bonds) amounting to USD 12 bn, Prof. Peiris said that Sri Lanka couldn’t reach consensus on an agreement favourable to the country and the situation remained the same. The recent talks held in London failed to resolve the issues at hand with regard to ISBs, Prof. Peiris said, drawing the public attention to USD 6.2 bn and USD 4.3 bn owed to the ADB and the World Bank, respectively.

Responding to The Island query, Prof. Peiris said that the ISB amounting to USD 12 bn had been included in USD 100 bn foreign debt.

The ex-Minister said that the country seemed somewhat comfortable at the moment as the repayment of debt hadn’t been resumed. Declaring that the crisis couldn’t be addressed through propaganda, the internationally reputed law academic said that the domestic debt, too, increased by 9% in the first quarter from USD 52.6 bn to USD 57.2 bn.

Commenting on the continuing controversy over the possibility of the Presidential Poll being put off by at least one year, Prof. Peiris said that, too,was part of their propaganda project.

The UNP leader Wickremesinghe has been elected by Parliament to complete the remainder of ousted President Gotabaya Rajapaksa’s five-year term.



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Landslide Early Warnings issued to the Districts of Colombo, Galle, Kalutara, Kandy, Kegalle, Matara, Nuwara Eliya and Ratnapura

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The National Buliding Research Organization  has issued Landslide Early Warnings to the Districts of Colombo, Galle, Kalutara, Kandy, Kegalle, Matara, Nuwara Eliya and Ratnapura from 10:00 hrs on 20.09.2026 To 10:00 hrs on 21.09.2026

Accordingly,

LEVEL II (AMBER) landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Nagoda and Neluwa in the Galle district, Pasbage Korale in the Kandy district, Dehiowita and Yatiyanthota in the Kegalle district, Pitabeddara in the Matara district, Kotmale, Ambagamuwa and Norwood in the Nuwara Eliya district and Ayagama, Pelmadulla, Ratnapura and Eheliyagoda in the Ratnapura district.

LEVEL I (YELLOW) landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Seethawaka in the Colombo district, Palinda Nuwara and Bulathsinhala in the Kalutara district, Ganga Ihala Korale in the Kandy district,  Deraniyagala in the Kegalle district, Kotapola in the Matara district and Ratnapura, Kalawana, Kuruwita and
Elapatha in the Ratnapura district.

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Namal Rajapaksa Buddhist gambit fails, bail denied

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MONETABRIEF – Namal Rajapaksa, son of Sri Lanka’s former leader Mahinda Rajapaksa, was denied bail by the Colombo chief magistrate despite pleading that he needed to attend important Buddhist rituals and travel to India.

The 40-year-old opposition MP’s lawyer, Shavindra Fernando, told the court that Namal had been invited to take part in a pinnacle-capping ceremony at the Pothgul Vihara temple on  September 26.

“If my client fails to attend this event, it should be regarded as a disrespect shown to the chief incumbent of the temple,” Fernando said.

He added that Namal had also received an invitation to visit India from 27 September to 1 October and therefore sought bail.

However, he was remanded until  September 29 in connection with allegations that he received kickbacks of $800,000 from the $2.3 billion Airbus aircraft purchase deal his father – Mahinda Rajapaksa – approved as president in 2013.

Deputy Solicitor General Janaka Bandara invoked the Buddha’s teachings in response to Namal’s lawyer, Fernando, saying that a judicial matter was far more important than attending a religious ceremony.

“According to what is being said here, the accused himself should have considered this while conducting dealings with Nimal Perera,” Bandara said, referring to the businessman who allegedly routed the bribe money to Namal.

Bandara quoted at length from a recent Supreme Court decision that expanded on the Buddha’s teachings, noting that when a ruler is righteous, the people follow; but when the ruler is dishonest, the citizenry follows that example too.

The 40-year-old MP was arrested on 4 September under the new anti-graft legislation parliament adopted unanimously in 2023.

Namal is primarily accused of accepting $800,000 out of a 1.4 euro million bribe that the then SriLankan Airlines chief executive, Kapila Chandrasena, is alleged to have received from Airbus after finalising a $2.3 billion purchase of aircraft in 2013.

Magistrate Asanga S. Bodaragama told the previous court hearing that he did not have the power to grant Namal bail because the Director-General of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) had issued a certificate under section 149 of the Act.

The provision stipulates that a magistrate may not grant bail when the CIABOC DG presents a certificate confirming that an offence under the Act has been committed.

The magistrate noted that he could grant bail only in “exceptional circumstances”, but there was no acceptable argument from the defence for him to do so.

A Buddhist temple festival and an invitation from India could not be considered good enough reasons to grant bail.

The businessman who acted as a conduit for the bribe – Nimal Perera – had turned state witness, providing details of how the money was given to Namal through two bank transfers in 2014 and 2015, the court was told.

Under the provisions of the August 2023 Act, Namal Rajapaksa could be held in custody until the conclusion of the trial, even though the magistrate remanded him until  September 18, the maximum he could be incarcerated at a time.

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JR’s 17-year revolution transformed Lanka, says Ranil

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Ranil

Former President and UNP Leader Ranil Wickremesinghe said Sri Lanka’s first Executive President, J. R. Jayewardene, launched a 17-year revolution that transformed the country’s economy, strengthened democracy and improved living standards.

Addressing a scholarly discussion organised by the D. S. Senanayake Political Chair at the National Library on Thursday to mark Jayewardene’s 120th birth anniversary, Wickremesinghe recalled how his predecessor’s policies expanded education, decentralised property ownership and improved access to housing and electricity.

He said school enrolment increased from 2.5 million to 4.1 million during Jayewardene’s tenure, while household electricity coverage rose from 10 per cent to 95 per cent.

Housing conditions also improved, with the proportion of homes with permanent roofs and cement walls increasing from 40 per cent to 80 per cent, Wickremesinghe said.

“Isn’t this a revolution?” he asked, stressing that the reforms had improved the quality of life of ordinary people.

Wickremesinghe also highlighted Jayewardene’s constitutional reforms, particularly Article 3 of the 1978 Constitution, which vested sovereignty, including fundamental rights and the franchise, in the people.

He said the Constitution provided for the direct election of the Executive President by the people and guaranteed judicial protection of fundamental rights through Article 126.

Paying tribute to former leaders Ranasinghe Premadasa, Gamini Dissanayake and Lalith Athulathmudali, Wickremesinghe said their contributions to housing, the Mahaweli Development Programme and the Mahapola scholarship scheme formed part of the broader transformation initiated under Jayewardene.

He said activities to mark the UNP’s 80th anniversary were now under way and invited SJB members to join in continuing Jayewardene’s legacy.

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