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The country would have faced a tragic situation if funds had been allocated for LG elections – President
President Ranil Wickremesinghe stated that if funds had been allocated for the local government elections, instead of focusing on economic recovery the country would have faced a tragic situation. The President emphasized that there were several critical areas that needed funding priority over the elections. Despite these challenges, President Wickremesinghe highlighted that the country’s economy has been strengthened and moved forward on a solid foundation.
President Wickremesinghe made these remarks while attending a meeting with former heads of local government institutions held on Saturday (20) at the Monarch Imperial Hotel, Sri Jayawardenepura Kotte. This meeting was organized in response to a request from local government representatives from across the island.
President Wickremesinghe further stated:
“When I took over the country two years ago, it was facing multiple crises. There was not only an economic collapse but also a breakdown in law and politics. Even political parties were in disarray.
When I was invited to take on the role of Prime Minister, I accepted it without hesitation. Before me, the opposition leader and other party leaders were invited, but none of them stepped up to accept the challenge. Once I accepted the challenge, I called upon all parties to unite in rebuilding the country.
I first sought to discuss the situation with the President of the Sri Lanka Podujana Peramuna (SLPP). However, the chairman of that party did not agree. I then engaged in discussions with former President Mahinda Rajapaksa. He stated that he would consult with his party and inform me of their decision. Subsequently, former President Rajapaksa and the SLPP announced their support for me.
On the occasion, I also sought the support of the Samagi Jana Balawegaya (SJB). However, its leader, Sajith Premadasa, stated that he would contest the parliamentary vote to elect the President. In the end, he did not run himself and instead nominated Dullas Alahapperuma. Despite this, a group of SJB members voted for me. I also engaged in discussions with the Tamil parties and other factions, securing their support as well.
Upon becoming President, I faced numerous challenges. The economy had completely collapsed. The grassroots governance and political mechanisms were in disarray. At the rural level, there was an atmosphere where the houses of people’s representatives and activists could be set on fire, and they could be intimidated into taking to the streets. This situation was not limited to members of the SLPP but extended to members of other parties as well. If this continued, the rioters would seize power at the grassroots level, attempting to take control of villages.
Gradually, I was able to steer the country forward by overcoming these challenges. Throughout this journey, we had to face protests and agitations, but we persevered.
The local government election occurred against this backdrop. However, there were insufficient funds to allocate for it. Many issues needed prioritization over that election, such as allocating money for importing medicines and fuel.
At that time, the Election Commission sought advice from Mr. Saliya Peiris P.C. without consulting the Attorney General regarding the local government election, which was a misguided action. Eventually, its members resigned, and a new team was appointed. I made it clear the truth then that there was no money in the country to hold local government elections.
If I had not acted this way and held the election, neglecting economic development, the country would be in a much worse state today. If they had done that, would it have been possible to recover from the state of the country? Would it have been possible to allocate three times as much money to “Aswesuma” as to “Samurdhi”? Would it have been possible to implement the “Urumaya” free deeds program? If that had happened, we wouldn’t have been able to do any of this.
Somehow, we have been able to overcome these challenges and bring the country’s economy forward on a strong foundation. That is why people have money in their hands today. I wanted to provide some relief to the people who are suffering in the country. Accordingly, arrangements were made to give them “Aswesuma”. Ten kilos of rice were given to each household. Free land rights were granted under the “Urumaya” programme. Ownership of the Housing are given to those who live in flats. Also, the agricultural modernization program has been started.
The decentralized budget enabled us to allocate money for the implementation of development programs at the ground level. Due to these measures, the people have received relief today.
On that day, a large number of people in the country announced that they would give their votes to the Janatha Vimukthi Peramuna (JVP). But today that situation has changed. They are not even found today. Another part declared that they would vote for Sajith Premadasa. Today they are also silent. Due to the strong program we have launched, they have not been able to go among the people. They have not been able to face the program that we have created. They have no answers. But our program is still in the beginning.
We accept that injustice has been done to all of you gathered here today. We have planned to discuss this issue with the Attorney General. Anyway, we will take steps to remove the current ban after the upcoming elections. Election cannot be held after a year has passed since the submission of nominations. Newcomers should also be given the opportunity to compete. I remember accepting nominations for the local government elections in 1988. But during that time, due to the revolt of the JVP, all those nominations were cancelled and nominations were called again.
In this way, we will act in the future to do justice to all of you. A good situation has been created for you today to reach the people at the grassroots. Take the advantage of it and go among the people and speak the truth with them. Take steps to increase people’s understanding of the bitter journey we have come through. You can do it.
The JVP or the SJB do not have a clear plan or vision to solve the problems in the country and build a better future for the people. People have now realized the deception they are leading. You cannot move a country forward with lies. We should see how to develop Sri Lanka in the way that countries like Singapore and Japan have progressed. The political system should be built in a way that is suitable for the country. There may be several parties, but the goal should be one.
There may be times when political parties work together as well as when they work separately. But it should also be possible to work together within one framework.
Another major problem in this country today is creating job opportunities for the youth who are suffering from unemployment. Among those activities, the poor people of the country, who make up about 25%, cannot be forgotten. We have to act to save the people from that situation. There are various economic programs for that. We should implement them and work in a planned manner to reduce the number of poor people at the rural level.
We have already passed the Women’s Empowerment Act and took steps to increase the representation of women.
Additionally, the proposal to hold the provincial council election using the old system was submitted by MP Sumanthiran. I have no objection on that proposal, but we have informed that women’s representation should be included as well.
JVP and SJB have been organizing their activities for the presidential election for about six months now. They have been running for about a year. They need more life. Let us start our work on time. I have no doubt we will win.”

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Advisory for Heavy Rain issued for the Central, Uva and Sabaragamuwa provinces and in the Ampara, Batticaloa and Polonnaruwa districts
Advisory for Heavy Rain Issued by the Natural Hazards Early Warning Centre at 12.00 noon on 21 February 2026 valid for the period until 08.30 a.m. 22 February 2026
Due to the low level atmospheric disturbance in the vicinity of Sri Lanka, Heavy showers above 100 mm are likely at some places in the Central, Uva and Sabaragamuwa provinces and in the Ampara, Batticaloa and Polonnaruwa districts and fairly heavy showers above 75 mm are likely at some places elsewhere.
Therefore, the general public is advised to take adequate precautions to minimize damages caused by heavy rain, strong winds and lightning during thundershowers.
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Ravi demands full disclosure on Lanka’s usable reserves, flags forex leakages
Opposition MP Ravi Karunanayake on Wednesday called for an urgent government statement to Parliament on the integrity and usability of Sri Lanka’s Gross Official Reserves (GOR), raising concerns over foreign exchange leakages and regulatory consistency under the Foreign Exchange Act No. 12 of 2017.
Raising the issue under Standing Order 27 (i), Karunanayake urged the Government to provide a comprehensive disclosure on the composition, encumbrances and deployability of the country’s reserves, as well as on the Central Bank’s oversight of foreign currency transactions.
“Reserve credibility depends not merely on headline numbers, but on transparency, enforceability and consistency in regulation,” the MP told the House.
He sought clarification on the latest reported GOR figure and the net usable reserves after excluding encumbered assets, swaps and pledged balances. He also requested details of annual revenue earned on reserves from 2023 to 2025.
Following are the questions raised by MP Karunanayake:
1. What is the latest reported GOR figure, and what is the net usable reserve after excluding encumbered assets, swaps, and pledged balances? What is the revenue earned on are GOR 23-25 per year?
2. Provide a separate and detailed breakdown of GOR, including: (a) Monetary gold (quantity and valuation basis) is it real gold or gold paper? (b) Foreign currency assets by major currency and instrument; (c) SDR holdings; (d) IMF reserve position; (e) Foreign currency swaps, specifying counterparty type, principal amount, tenure, maturity profile, and all-in cost; (f) Domestic swaps, specifying amount, tenure, rollover terms, collateralisation, and effective cost.
3. Of the total reserves reported, how much is encumbered, swap-backed, or otherwise not immediately deployable for debt servicing or currency stabilisation?
4. What SLR spread, fee, or margin does the Central bank apply when buying or selling USD to the Government for reserve accumulation and external debt servicing and what total profit or gain has the C.bank realised from such transactions during the past three financial years? Advice per year.
5. Is the Central Bank subject to continuous and statutory audit by the Auditor General? If so, will the Government table the most recent audit report, specifying audit scope, sample size, reserve confirmations, swap verification and gold custody validation?
6. What triggered the recent circular warning domestic institutions on foreign currency transactions?
7. Has the C.bank quantified foreign exchange and tax revenue losses resulting from Sri Lanka-based businesses routing credit card and commercial payments through overseas payment gateways?
8. If domestic entities are regulated strictly, why has a binding circular not been issued against noncompliant business entities using foreign payment gateway arrangements that divert foreign exchange outside Sri Lanka’s regulated banking system?
The government asked for two weeks’ time to respond to the queries.
by Saman Indrajith
News
Sajith exposes highly questionable coal imports from South Africa in 25 vessels; calls for independent probe
Opposition Leader Sajith Premadasa yesterday alleged in Parliament that eight recently imported coal shipments were substandard and called for an independent probe into the matter.Speaking in the House, Premadasa said Sri Lanka typically requires 36–38 coal shipments annually. While 11 Russian shipments received so far had raised no concerns, he claimed that 25 vessels ordered from South Africa under a new tender were facing quality issues.
He cited combustion reports from the Norochcholai Coal Power Plant showing that the eight shipments already received under the new tender failed to generate the expected 300 megawatts per unit. According to the MP, the outputs were: 285 MW, 290 MW, 260 MW, 295 MW, 285 MW, 270 MW, 275 MW, and 255 MW.
“These are scientific data generated automatically through boiler combustion reports that cannot be altered,” Premadasa said, asserting that the figures indicate the coal supplied was below required standards.
He warned that low-quality coal could increase fuel consumption, raise operational costs, and damage equipment. Any shortfall in power generation, he said, would necessitate additional coal imports or greater reliance on diesel power, ultimately driving up electricity tariffs for consumers.
“The loss will have to be borne by the electricity consumer,” Premadasa said, urging the government to clarify whether the shipments met required specifications.
He also criticized delays and changes in tender requirements, alleging that supplier eligibility criteria had been relaxed to allow non-standard providers.
by Saman Indrajith
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