News
SLPP rebels, too, prescribe debt restructuring as pressure mounts
Review Yugadanavi deal
Probe sought on massive scams, proposals to strengthen state revenue
By Sirimantha Ratnasekera and Shamindra Ferdinando
A group of rebel SLPP MPs, yesterday (02) urged the government to initiate talks with relevant parties to restructure debt immediately or face the consequences.
The group stressed that the proposed foreign debt, except sovereign bonds (debt securities) issued by Sri Lanka to raise capital for spending needs should be restructured.
The government has repeatedly rejected the Opposition’s calls for debt restructuring over the past two years.
Pointing out that the loans obtained from international capital markets, at a higher rate, comprised 47 percent of the total debt, the grouping urged the government to desist from repeating the mistake. Instead, loans should be sought from foreign governments, the grouping said, at the unveiling of their road-map meant for economic recovery at the Monarch Hotel, Sri Jayewardenepura, Kotte.
The Democratic Left Front, the Lanka Sama Samaja Party, the Sri Lanka Freedom Party, the Communist Party of Sri Lanka, the National Freedom Front, the National Congress, the Pivithuru Hela Urumaya, the Sri Lanka Mahajana Pakshaya, the Vijaya Dharani Jathika Sabhawa, the Eksath Mahajana Pakshaya and the Yuthukama civil society organisation, endorsed what the SLFP leader, former President Maithripala Sirisena, called National Declaration.
Except for Ven. Atureliye Rathana Thera, who represented Ape Jana Bala Pakshaya in Parliament, all others were constituents of the SLPP. However, State Minister Vidura Wickremanayake, who had been quite critical of failures and shortcomings on the part of the government, attended the event.
The rebel group emphasised the need to be transparent in the releasing of foreign exchange required for imports, priority for the import of raw materials for industries here, and curbs on issuance of duty free vehicle permits for a five-year period.
Among the proposals that had been made, with a view to consolidating the national economy, was an appeal to reconsider the controversial agreement with the US-based New Fortress Energy company to transfer 40 percent shares of the Yugadanavi power station.
Ministers Vasudeva Nanayakkara, Wimal Weerawansa and Udaya Gammanpila, who backed the petitions filed by several parties, including the Samagi Jana Balavegaya and the Janatha Vimukthi Peramuna, against the Yugadanavi deal, addressed yesterday’s gathering.
The rebel group made several specific proposals to overcome the daunting challenges in the energy sector that would be necessary to address foreign currency issues.
Referring to the disruption of life, due to the foreign currency crisis that had deprived Sri Lanka of a continuous supply of petrol and diesel, Energy Minister Gammanpila said that unless tangible measures were taken to address these issues expeditiously, no one would be able to prevent riots.
Minister Weerawansa said that the destabilisation of the country, due to the developing crises, could pave the way for external interventions.
The dissident group also called for far reaching and specific measures to curb waste, corruption and irregularities as part of the overall efforts to enhance public sector revenue. Reference was made to the massive scams in duty on sugar and coconut oil imports, and required amendments to the Bribery Act to enable fresh proceedings in respect of Treasury bond scams, in terms of the Presidential Commission of Inquiry findings.
The group also called for an immediate end to relief provided to importers of sugar, coconut oil, flour, milk powder and the introduction of a suitable pricing formula. Duty/taxes should be imposed in a way that wouldn’t be detrimental to local producers, and not a burden to the consumers, as well.
Alleging that the government hasn’t implemented 57 recommendations made by the Parliamentary Oversight Committee on Defence, the rebel group asked for tangible measures to implement them all. The group made specific proposals in this regard.
The group proposed resumption of import of fertiliser to meet the requirement.
While underscoring the need to consolidate and further strengthen state revenue, the dissident group proposed that direct and indirect taxes should be 30 and 70 percent, respectively.
The Royal Navy of Oman Ship ‘AL SEEB’ concluded a logistics replenishment visit to Sri Lanka and departed the Port of Colombo on 24 Jan 26.
In accordance with naval tradition, the Sri Lanka Navy extended a customary farewell to the departing ship.
The price of gold has risen above $5,000 (£3,659) an ounce for the first time, extending a historic rally that saw the precious metal jump by more than 60% in 2025.
It comes as tensions between the US and NATO over Greenland have added to growing concerns about financial and geopolitical uncertainty.
US President Donald Trump’s trade policies have also worried markets. On Saturday he threatened to impose a 100% tariff on Canada if it strikes a trade deal with China.
Gold and other precious metals are seen as a so-called safe-haven assets that investors buy in times of uncertainty.
Demand for gold has also been driven by a range of other factors including higher-than-usual inflation, the weak US dollar, buying by central banks around the world and as the US Federal Reserve is expected to cut interest rates again this year.
Wars in Ukraine and Gaza, as well as Washington seizing Venezuelan President Nicolás Maduro, have also helped push up the price of gold.
On Friday, silver topped $100 an ounce for the first time, building on its almost 150% rise last year.
[BBC]
SJB Working Committee member and ex-SLPP lawmaker Charitha Herath says that all eyes are on the newly constituted Constitutional Council (CC) as to how it will handle the dispute between President Anura Kumara Dissanayake, and the previous CC, over the appointment of Auditor General (AG).
The former parliamentarian said so in response to The Island query yesterday (25). In terms of the Constitution, Prime Minister Dr. Harini Amarasuriya and Opposition Leader Sajith Premadasa last week agreed on the appointment of former civil servant Austin Fernando, Professor Wasantha Seneviratne and Ranjith Ariyaratne as non-MP members of the CC.
They replaced former Ministry Secretary Dr. Prathap Ramanujam, former Chairperson of the Sri Lanka Medical Association Dr. Dilkushi Anula Wijesundere and Dr. Dinesha Samararatne of the University of Colombo. Pointing out that they rejected the President’s nominees for the AG’s post on several occasions, Herath emphasised the pivotal importance of the appointment of a person with impeccable credentials.
The other CC members are the Prime Minister, Speaker Dr. Jagath Wickremaratne (Chairman), the Opposition Leader, the President’s nominee Bimal Rathnayake and five persons appointed by the President, upon being nominated as follows: one MP nominated by agreement of the majority of the MPs representing the Government (Aboobucker Athambawa, MP), one MP nominated by agreement of the majority of the Members of Parliament of the political party, or independent group, to which the Leader of the Opposition belongs (Ajith P. Perera, MP), and one MP nominated by agreement of the Members of Parliament other than those representing the Government and those belonging to the political party or independent group to which the Leader of the Opposition belongs, and appointed by the President ( Sivagnanam Shritharan, MP.)
The present CC was established on October 31, 2022 in terms of the 21st Amendment to the Constitution. The Attorney General heads the National Audit Office (NAO). One-time COPE Chief said that it would be the responsibility of the government to ensure the integrity of the NAO.
Chulantha Wickramaratne, who served as AG for a period of six years, retired in April 2025. Following his retirement, President Dissanayake nominated H.T.P. Chandana, an audit officer at the Ceylon Petroleum Corporation as the AG. The CC rejected that nomination. Subsequently, President Dissanayake appointed the next senior-most official at the NAO Dharmapala Gammanpila as Acting Auditor General for a period of six months. Then, the President nominated Senior Deputy Auditor General L.S.I. Jayarathne to serve in an acting capacity, but her nomination, too, was also rejected. Many an eyebrow was raised when the President nominated O.R. Rajasinghe, the Internal Audit Director of the Sri Lanka Army for the top post. That nomination too was rejected. As a result, the vital position remains vacant since 07 December, 2025.
Herath said that the government was in a bind over the Auditor General’s appointment and the disgraceful campaign launched against Attorney General Parinda Ranasinghe, Jr, PC.
The ex-lawmaker said that JVP/NPP loyalists masquerading as journalists and civil activists had launched the protest against the Attorney General. Herath said that the decision to send Deputy Secretary General of Parliament Chaminda Kularatne, on compulsory leave, too, was a matter of serious concern.
Herath said: “This is the same government that campaigned strongly on non-interference, institutional independence, and respect for the rule of law—principles they used to criticise every previous administration. Now, they appear to be doing exactly what they once opposed, only more openly. If this pattern continues, these undemocratic actions will eventually lead to their own downfall.”
BASL in late December, 2025 urged President Dissanayake and others, including the Opposition Leader, to consult civil society and professional bodies, including them, before the appointment of civil society representatives.
Herath said that the newly constituted CC would face its first acid test when it addressed the Auditor General issue.
by Shamindra Ferdinando
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