News
Ranil says UNP can garner IMF support for immediate economic take-off
by Sanath Nanayakkare
A future UNP government could garner the support of the International Monetary Fund (IMF) to raise funds to honour the country’s debt repayment commitments, without causing any disruption to the economy, UNP leader Ranil Wickremesinghe said, at Mattegoda, last Saturday (01).
“The IMF has helped the UNP governments in the past to resolve balance of payment issues and effectively restore Sri Lanka’s economy during dire times, including the Easter Sunday bomb attacks. I am confident that the international lender will provide its much needed support to a UNP government, with loans on affordable terms because it knows that we do not compromise our sound economic policies and revenue-based fiscal consolidation programmes.”
The UNP leader said: “Our priority will be mitigating the negative impact of Covid-19 on diverse segments of the economy; from three-wheeler drivers to wage-earning workforce to self-employed people and small and medium entrepreneurs. The Covid-19 public health crisis has weighed heavily on economic activity, employment and inflation and poses considerable risks to the economic outlook in the near-to-medium term. The level of economic activity has drastically slowed down as consumers fear for their future. Due to the Covid-19 pandemic, about five million people have lost their jobs and a similar number of jobs are at risk. Thousands of people have experienced pay-cuts and reduction of their allowances. Employers are not hireing job seekers. Many people can’t pay their house rents, utility bills and payback their loans.
“Hence today everyone is thinking about their financial problems more than the parliamentary election because that’s very important to them. When I was Prime Minister I adopted a revenue-based fiscal consolidation strategy to increase government income at the risk of growing public displeasure. At that time, the government earned Rs 150,000 million as revenue. In July 2020, it declined to Rs. 50,000 million. Our public servants’ pensions alone require Rs. 90,000 million and the government had to borrow to meet pension payments among other things. How long can we go on like this?
“During the Yahapalana government, we struck a certain balance between our income and expenditure and obtained support from bilateral and multilateral lending agencies for economic development. In 2018/19 we were able to have a surplus in our primary account.
“Today, the country’s stressed external liquidity position remains a credit weakness. Sri Lanka has not been able to get IMF funds despite having made three requests to them. Pakistan and Bangladesh have received funds from the IMF, and there should be no reason why Sri Lanka can’t access their funds. The UNP has presented a new three-year economic framework to face the challenges in the future which would boost confidence of the international lending agencies in our macroeconomic prudence and post-pandemic recovery path going forward. International funding will help strengthen the rupee. More exports and foreign remittances will bring in more money into the country. Through that strategy we will put more money into consumers’ wallets and increase their spending power. If current liquidity issues continue, the exchange rate of the rupee will hover around Rs. 195-Rs. 200 by October. In such a context, there will be more severe import controls and smartphones, electric and electronic goods will not be available in the market. Commodity prices will go up and life will be more difficult six months from now. Our new economic programme is capable of addressing such fiscal and external challenges. I urge you to consider the looming threats of these issues as you go to cast your vote on August 5.”
News
Chulipuram vacated, troops move to Chankanai
The Army has vacated the Chulipuram camp in the Jaffna peninsula. Those who were stationed there have been moved to the Chankanai camp.
The withdrawal followed a formal notification process, with a letter informing of the vacation of the camp by the Commanding Officer of the 513th Infantry Brigade to Kavitha Udayakumar, Divisional Secretary of the Sangaanai Division.
News
Explicit social media content: National Media Foundation calls for action to protect children
In the wake of a deeply disturbing incident involving the circulation of explicit video content allegedly exchanged between adult schoolteachers and a head prefect of a leading school in Colombo and subsequently released onto social media platforms, there is an urgent need for decisive national action to protect children from digital exploitation and abuse, the National Media Foundation said yesterday.
The text of NMF statement: “This incident has exposed serious failures in safeguarding minors in an era of unregulated social media access, weak digital literacy, and the absence of enforceable age-verification mechanisms. While investigations must determine individual culpability, the broader issue is systemic and cannot be ignored.
Children below the age of 16 lack the emotional maturity, judgment, and legal capacity to navigate social media platforms that are increasingly used for exploitation, manipulation, and permanent reputational harm. Once shared online, such content can never be fully erased, condemning victims—especially minors—to lifelong trauma and stigma.
The National Media Foundation (NMF), therefore called upon the Government of Sri Lanka to immediately introduce a nationwide ban on social media access for children under 16, with mandatory age-verification systems enforced on all platforms operating in Sri Lanka. Many countries have imposed such regulations, the latest being Australia.
It is also necessary to hold social media companies legally accountable for failing to protect minors and for allowing the rapid spread of harmful and illegal content.
NMF call upon the Government to strengthen laws on cyber exploitation, online grooming, and digital consent, with strict penalties for adults who abuse positions of trust. It is essential to establish clear professional conduct standards and monitoring mechanisms for educators, recognising their special duty of care toward students”.
This is not a debate about censorship or moral policing. It is about child protection, responsibility, and the urgent need to align our laws with digital realities. The safety of children must take precedence over unchecked digital freedoms and corporate indifference.
Sri Lanka cannot afford to react only after irreparable danage has occurred. The time for half-measures is over. Strong preventive action today is the only way to avoid greater tragedies tomorrow.”
News
LOLC ventures into Islamic micro finance in Bara Kahu, Islamabad, with a branch
The High Commissioner of Sri Lanka Rear Admiral (Rtd.) Fred Seneviratne officially inaugurated the 88th microfinance branch of LOLC at Bara Kahu, Islamabad, on 23 December, 2025, marking another significant milestone for the organisation, according to a press release issued from the Sri Lanka HC in Islamabad.
This branch represents LOLC Group’s entry into a new era of Shariah-compliant banking in Pakistan with the inauguration of “LOLC Islamic” and the launch of its first Islamic microfinance branch in Bara Kahu, Islamabad.
Addressing the gathering, as the Chief Guest, the High Commissioner commended LOLC for its continued contribution to financial inclusion and economic empowerment, while emphasising the crucial role of ethical and inclusive finance in fostering economic cooperation between Sri Lanka and Pakistan. He noted that the expansion of LOLC’s microfinance services, particularly through Islamic banking principles, constitutes a noteworthy achievement and a significant milestone in the financial sector.
The High Commissioner further highlighted the long-standing and friendly relations between Sri Lanka and Pakistan, emphasising the importance of sustained cooperation in trade, investment, and development, while also briefing the audience on Sri Lanka’s current economic situation and underscoring the country’s resilience and ongoing efforts toward recovery and growth.
The event was also attended by the Minister/Head of Chancery and the Defence Advisor of the High Commission, Mufti Shafique Ahmed Jakhura, Chairman of the Shariah Supervisory Board of LOLC Sri Lanka, senior officials of LOLC, representatives of the financial sector, and other invited guests.
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