News
Ranil urges govt. to regain public trust, look after younger generation
‘Youth are Sri Lanka’s most valuable resource’
UNP leader Ranil Wickremesinghe yesterday said that people have lost faith in the government.
Making a special statement, the UNP leader said, “Our country has only one national resource. That national resource is the younger generation (Millennials and GEN-Zs). We need to think about that group. They want to create a future, but they have lost faith in the government.
The full text of the UNP leader’s statement: “The economy is still deteriorating. The dollar deficit has not been resolved. The rupee deficit has not been resolved yet. Today the real value of the rupee is actually Rs. 250 to the dollar, even more so. This way it can go up to Rs. 275. If we do not stop there, it will reach Rs. 300 before the end of the year.
“The middle class is facing hardship; many are being pushed down the economic ladder, and living hard. The agriculture sector has been destroyed. Small and big businessmen are unable to procure goods to do their work. This is the problem faced by the citizens. By June and July we will have to repay the foreign loans again. We have a total of US $6 billion to repay this year. We have not yet discussed the situation with the IMF
“So we have to find the money to repay the loans in June and July. New problems are continuing to arise and this is why the banking system has been abandoned.
“So there are a number of issues. Under Article 4 of the IMF’s Constitution, each member state is required to discuss and report on its economic situation once a year. The IMF team arrived in Sri Lanka last December. We know that the report will be presented next week.
“As soon as the government receives that report they have to present it to Parliament. Once it is presented to Parliament we must hold a debate on it. The proposals put forth in the report must be discussed. From there we will see if we can come to a consensus on this and the basic principles. It is our duty.
“Our country has only one national resource. That national resource is the younger generation (Millennials and GEN-Zs). We need to think about that group. They want to create a future, but they have lost faith. The government has broken its trust in Parliament.
“We have to have a plan for the future. A short-term plan, as well as a medium to long term plan are needed to take this forward. We need to have an economic framework that we agree on which will help implement these plans.
“It is our duty which may take 10, 15, 20 years. We can’t escape that. If we run away, the youth of this country will curse us. “You have ruined the future of the country and you have ruined our future.” So we have to fulfil that responsibility handed to us by the public.”
News
Sri Lanka, India caught in US-Iran ship crisis
By Shamindra Ferdinando
Iran has sought the Indian intervention, at the highest level, to provide lifesaving support to the crews of empty Iranian vessels stranded just outside Sri Lanka’s 12-nautical mile territorial waters off Galle.
Sources familiar with the issue said that Iran had brought the developing situation to the attention of New Delhi as the crews of almost 20 vessels, included Indian nationals. Sources stressed that the group of vessels that unloaded crude oil a couple of months back were now stranded within Sri Lanka’s Exclusive Economic Zone (EEZ).
The US Navy torpedoed an unarmed Iran frigate, returning from India, on 04 March, 2026, about 19 nautical miles off the Galle coast. The unprovoked attack killed nearly 100 Iranians.
The Iranian Embassy in Colombo has inquired from the Indian High Commission of their response to the situation, sources said. The US has issued a global warning against providing food, water, medicine and other services to the Iranian vessels. The outcome of Iran-India talks on the issue at hand was not known, though sources asserted India may not throw its weight behind Iranian efforts to address the issue.
Responding to The Island queries, sources said both Sri Lanka and India were in a dilemma due to the US warning. India couldn’t ignore the plight of the Indian crew members and the Iranian vessels in its backyard.
The Sri Lankan government remains tight-lipped about the vessels stranded in its EEZ. Our efforts to elicit a response from relevant authorities were in vain. In addition to Indians, there are Bangladeshis among the crew members. Iran has explicitly stated the responsibilities of the countries concerned to provide assistance in terms of international law.
The Iranian position was articulated by its Ambassador to Sri Lanka, Dr.Alireza Delkhosh, recently. In a special statement, Ambassador Delkhosh emphasised that in terms of the Convention on the Law of the Sea (Article 98) as well as SOLAS and SAR
Conventions, Sri Lanka couldn’t refrain from providing the needs of the Iranian vessels stranded in its EEZ.
SLMC leader Rauff Hakeem lambasted the NPP government in Parliament for failing to provide assistance to the Iranian ships. The former Minister alleged that the government was simply carrying out dictates of the US. He strongly criticised the way Foreign Minister Vijitha Herath was handling the issue.
News
Namal further remanded
MP Namal Rajapaksa, who is in remand custody over the controversial Airbus deal, was further remanded until October 27 by the Colombo Magistrate’s Court yesterday (13).
Colombo Chief Magistrate Asanga S. Bodaragama made the order after considering submissions by officers of the Commission to Investigate Allegations of Bribery or Corruption and lawyers representing Rajapaksa.
News
IMF projects Lankan economic growth to moderate amidst mounting global uncertainties
Sri Lanka’s economy is expected to sustain its recovery over the next two years, although growth is projected to moderate amid mounting global uncertainties, according to the International Monetary Fund’s (IMF) latest World Economic Outlook.
In its World Economic Outlook 2026: Resilience Under Strain, Urgent Choices, the IMF projects Sri Lanka’s economy to expand by 4% in 2026, slowing to 3.7% in 2027, following estimated growth of 5% in 2025.
Inflation, meanwhile, is forecast to rise to 5.3% in 2026 and 5.4% in 2027, reversing the average deflation rate of 0.5% recorded in 2025.
Unemployment is expected to remain steady at 3.9% throughout the forecast period.
The projections come amid growing pressure on the global economy from the ongoing conflict in the Middle East, elevated energy prices, geopolitical tensions and trade disruptions.
Sri Lanka’s external position is also expected to weaken, with the current account balance projected to shift from a surplus of 1.6% of gross domestic product (GDP) in 2025 to deficits of 0.5% in 2026 and 0.3% in 2027.
The IMF’s outlook points to continued economic expansion in Sri Lanka, but with slower growth, rising inflation and a narrowing external surplus giving way to current account deficits over the forecast period.
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