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Domestic debt restructuring will cripple EPF, ETF – JVP

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By Sirimatha Rathnasekera

The Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) will lose about 600 billion rupees during the proposed domestic debt structuring, Co-Convener of the JVP affiliated National Trade Union Centre (NTUC) Wasantha Samarasinghe claimed.

Samarasinghe is of the opinion that the government is planning not to pay 20 to 25 percent of the loans it has taken from domestic sources. Successive governments have borrowed significantly from the EPF and ETF, he said.

Samarasinghe said that due to the depreciation of the rupee, the real value of EPF and ETF funds had decreased by half. “In such a context, can these institutions take a 20 percent haircut? This might be a big problem to the workers,” he said.

The NTUC Co-Convener said that a number of domestic banks, too, had lent to the government and domestic debt restructuring might lead to a collapse in the banking system.

However, Central Bank Governor Dr. Nandalal Weerasinghe says that they are confident of reaching debt sustainability without re-structuring domestic debt, which would lead to problems in the banking sector.

“There have been concerns among domestic bond investors about rupee debt/internal debt to be restructured following comments made by President Ranil Wickremesinghe to the effect that financial advisors were looking at domestic debt. However, there has been no request to restructure domestic debt. We are confident that we can make debt sustainable without restructuring domestic debt,” Dr. Weerasinghe told the media at the CBSL’s 6th Review of the Monetary Policy stance for this year, at the CBSL head office auditorium, in Colombo, on Thursday.



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Sun directly overhead Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon. today [10]

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On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 14th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon.

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LG elections to be staggered

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Saman

Signs are clear that the local government (LG) elections, originally scheduled for 06 May, will have to be held on a staggered basis, as nomination lists in respect of about 200 out of 339 LG institutions have been challenged before the Court of Appeal, according to sources.

Those who have filed cases in the Court of Appeal seek writs against holding the elections. The final date for filing cases is 21 April.

By yesterday only 113, out of 339 local government bodies, had been cleared for the 06 May elections, with no rejections of nomination lists, or objections, sources said. The nomination lists for 226 local government bodies have been rejected, and candidates on these rejected lists are entitled to file cases against the Election Commission (EC) until 21 April.

The Court of Appeal (CA) has ordered that some of the lists rejected by the Election Commission be accepted. However, the EC is planning to challenge all CA orders before the Supreme Court.

When contacted for comment, Director General of the Election Commission, Saman Sri Ratnayake, told The Island that all arrangements had been made to hold the elections on 06 May, in accordance with the provisions of the Local Authorities Elections (Amendment) Act No. 16 of 2017.

“We will hold elections to the local government bodies for which there are no legal barriers, and this will depend on the final decision of the courts,” Ratnayake said, adding that elections to other local government bodies would be held on later dates.

By Saman Indrajith

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Sri Lanka and Australia reaffirm commitment to deepening defence ties

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Deputy Defence Minister Maj. Gen. Aruna Jayasekera meets Australia HC in Colombo Paul Stephens (pic courtesy MoD)

Sri Lanka and Australia have reaffirmed their commitment to deepening defence ties and exploring new avenues for cooperation in areas such as maritime domain awareness (MDA), training exchanges and capacity-building initiatives.

A number of key matters of mutual interest, particularly in the area of defence and security cooperation were deliberated when the Australian High Commissioner to Sri Lanka, Paul Stephens, paid a courtesy call on the Deputy Minister of Defence, Major General (retd.) Aruna Jayasekara at his office in Colombo on Tuesday (April 8).

The meeting was held in a cordial and constructive atmosphere, reflecting the longstanding friendship and cooperation between Australia and Sri Lanka, the Ministry of Defence said in a statement.

The Deputy Minister has expressed his appreciation for Australia’s continued support in strengthening Sri Lanka’s maritime security and defence capabilities.

Highlighting a recent example of this collaboration, Major General Jayasekara acknowledged the significant contribution made by the Australian government through the donation of a state-of-the-art Shallow Water Multi-Beam Echo Sounder to the Sri Lanka Navy Hydrographic Service (SLNHS). He noted that this advanced equipment has brought a transformative enhancement to Sri Lanka’s capacity for surveying harbours, coastal areas and strategic waterways, thereby contributing to both national security and regional maritime stability, the statement added.

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