News
Economic crisis: MR, ministers, CBSL Governor, Dr.PBJ ignored IMF warnings

Dr. Jayamaha says Monetary Board acted regardless of strong opposition
By Shamindra Ferdinando
It was disclosed before the Committee on Public Enterprises (COPE) yesterday (25), the then Prime Minister Mahinda Rajapaksa, who served as the Finance Minister, had been briefed, in March-April 2020, on the impending financial crisis of unprecedented magnitude, but he had chosen to ignore the dire warning.
The parliamentary watchdog was told how the International Monetary Fund (IMF) had warned the then Governor of the Central Bank, Prof. W. D. Lakshman, and Treasury Secretary S. R. Attygalle, of Sri Lanka’s inability to procure loans unless the country undertook debt restructuring immediately.
COPE members received a briefing on the circumstances leading to the crisis when senior officials of the Central Bank appeared before the all-party body yesterday. CBSL Governor Dr. Nandalal has stated that the IMF warning hadn’t been heeded at all.
The COPE received confirmation of what has been widely speculated hours after UNP Leader Prime Minister Ranil Wickremesinghe, was sworn in as the new Finance Minister.
Janakantha Silva, Director Legislative Services / Director Communication, Parliament quoted Dr. Weerasinghe as having told COPE that following technical talks held in terms of the Finance Act pertaining to the IMF’s stand, recommendations were made to the then Premier and other senior officials. Dr. Weerasinghe has stated that the relevant decisions should have been made by the Premier, in his capacity as the Finance Minister and the entire Cabinet of Ministers.
The IMF has made its position clear after having asserted Sri Lanka lacked debt sustainability.
Asserting the failure on the part of those who managed the economy for causing a massive crisis, COPE Chairman Prof. Charitha Herath called it a crime. The first time entrant to Parliament recommended the setting up of a Special Parliamentary Select Committee to probe those who neglected their responsibilities thereby caused the current debilitating crisis. Prof. Herath blamed those few who managed the economy during that period.
SLPP National List MP Basil Rajapaksa succeeded Mahinda Rajapaksa in July 2021 as the Finance Minister whereas President Gotabaya Rajapaksa brought in SLPP National List MP Ajith Nivard Cabraal as the Governor of the Central Bank in Sept 2021. Cabraal quit in March to pave the way for Dr. Weerasinghe, the former Bank Deputy Governor to return from retirement in Australia, as its new Governor.
Dr. Harsha de Silva pointed out that the then Finance Minister Mahinda Rajapaksa delegated his responsibilities to the then State Finance Minister Cabraal who refrained from briefing the Parliament as regards the actual situation. Dr. de Silva said that the IMF’s declaration of debt sustainability should be examined against the backdrop of the revenue cut imposed on the recommendation of the then Secretary to the President and one time Central Banker and Treasury Secretary Dr. P.B. Jayasundera that deprived the Treasury of Rs 600 mn in taxes.
Dr. de Silva asked who decided on the tax cut in spite of the IMF specifically advising the government not to do so. The top SJB spokesperson and COPE member asked who decided on such reckless course of action.
COPE member and SLPP lawmaker Rear Admiral (retd) Sarath Weeraselera has said that tax cut was declared to encourage business and trade.
When COPE raised contentious issue of the Central Bank wasting precious funds to prevent depreciation of Sri Lanka Rupee, Dr. Weerasinghe has said this was the responsibility of the Monetary Board comprising five persons. The then Monetary Board member Dr. Ranee Jayamaha has revealed that the then Governor Prof. W.D. Lakshman, Treasury Secretary S.R. Attygalle and nominated member Samantha Kumarasinghe decided on that course of action in spite of her and Sanjiva Jayawardena, PC, opposing them. They had registered their protest in writing.
Dr. Weerasinghe assured the COPE that in spite of the difficulties likely to be experienced within the next three to four months he would try to achieve objectives.
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SLNS Samudura departs to participate in IMDEX Asia 2025 in Singapore

SLNS Samudura on 27 Apr 25 set sail from the Port of Colombo to Changi, Singapore to join the International Maritime Defence Exhibition (IMDEX) Asia 2025, Asia Pacific’s leading naval and maritime defence event.
The vessel was ceremoniously sent off from Colombo, following traditional naval customs.
IMDEX Asia 2025 is set to take place from 05 to 08 May 25 featuring cutting-edge advancements in naval technology and the event will conclude with a special warship display.
The 9th International Maritime Security Conference (IMSC) will take place alongside the exhibition, featuring high-level discussions on evolving maritime security challenges in an era of geopolitical uncertainties.
Naval forces and maritime representatives from multiple nations are set to take part in the upcoming IMDEX Asia 2025 and IMSC. Taking part in this nature of naval and maritime defence events would open new avenues to the Sri Lanka Navy to build inter-operability with regional and extra-regional partners, exchange best practices and procedures in maritime operations and identify new challenges in maritime domain.
News
The NPP government has removed the political protection given for corruption and crime in the past – PM

Prime Minister Dr. Harini Amarasuriya stated that the current government has removed the political protection that existed for corruption and crime for the past seventy-five years.
The Prime Minister made these remarks while addressing public gatherings held on Sunday (27) in Suriyawewa, Hungama, and Tangalle in the Hambantota District.
Addressing the gatherings, Prime Minister Dr. Harini Amarasuriya stated:
“We have ended the political protection that existed for seventy-five years providing shelter for corruption and crime. There no longer exists any protection for those public-hostile acts of corruption and crime. When we first started this, there were groups within the public service and even within the security forces who were scared and unsettled. All of this was carried out with political protection. Such political protection does not exist now and what you see is the effort to uncover and clean up the remnants.
One of the most notable incidents in this regard is the arrest of former Inspector General of Police Deshabandu Tennakoon and the actions taken against him thereafter. Have you ever heard of an Inspector General of Police being arrested before? A parliamentary tripartite committee has also been appointed regarding this. Even those who were previously protected by the system are now feeling fear.
Former Cabinet Minister and ruling party member Pillayan has also been taken into custody. There, too, I witnessed rather absurd situations. According to members of the Sri Lanka Podujana Peramuna (SLPP), it was Pillayan who won the war. However, he was arrested in connection with the disappearance of a university vice-chancellor.
It has been reported that the Suriyawewa Pradeshiya Sabha is charging a market tax. If taxes or fees are collected, it must transfer into a service or facility for the people. The current method violates tax policy. A contract has been given to collect these taxes, meaning the money is being collected by a third party. If the taxes collected were genuinely used for the maintenance of the market complex, it should be in excellent condition.
The income of the Suriyawewa Pradeshiya Sabha amounts to 110 million rupees. If that money had been properly used for the Pradeshiya Sabha, today it would be in the best condition. The fact that it indicates that the money has ended up in someone else’s hands.
Despite instructions not to collect money in schools, we continue to receive complaints that it is still happening. We are taking necessary actions to address this matter. However, there are currently insufficient investigative officers to conduct thorough investigations. We are working to strengthen the investigative units within the ministries.
Through the approved budget, we have allocated a large amount of funds for rural development including rural infrastructure, rural economy, and especially to create self-employment opportunities for women and youth, as well as to build clean villages.
The government has now stabilized the economy. The next goal is to increase income and push the economy toward a growth trajectory.”
Prime Minister further noted that the government has been in power for only six months so far and that it will continue working to correct all these issues in the future.
The event was attended by the members of Parliament Saliya Sandaruwan and Athula Weladagoda, along with a large number of candidates and local residents.
[Prime Minister’s Media Division]
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Heat index, is likely to increase up to ‘Caution level’ at some places in Eastern and North-central provinces and Mullaitivu and Vavuniya districts

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. 27 April 2025, valid for 28 April 2025
The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Eastern and North-central provinces and Mullaitivu and Vavuniya districts.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.
Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated. Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
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