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Blamed for current crisis, Monetary Board before House Committee today

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By Shamindra Ferdinando

Chairman of the Committee on Public Finance (CoPF) Anura Priyadarshana Yapa, MP, says they’ll inquire into the possibility of bringing former Governor of the Central Bank Ajith Nivard Cabraal before the Watchdog Committee inquiring into the conduct of the Monetary Board pertaining to the current crisis.

Governor, CBSL chairs the five-member Monetary Board.

Cabraal, who succeeded Prof. W.A. Lakshman as Governor, CBSL, in Sept last year, announced his resignation on Monday (04) with the resignation of virtually the entire Cabinet as the economic crisis triggered political mayhem with unprecedented protests that began with one outside President Gotabaya Rajapaksa’s residence at Mirihana.

SLPP lawmaker Yapa said that the Monetary Board members were scheduled to appear before the CoPF today (06).

Earlier, the Monetary Board was scheduled to appear before the CoPF on March 21. It was later rescheduled for March 24 but at the last moment, the CBSL informed the CoPF that the entire Monetary Board couldn’t attend the meeting as board member S. R. Attygalle, Secretary to the Ministry of Finance, was to hold discussions with the World Bank on that day.

Subsequently, the CoPF tried to arrange the meeting scheduled for April 01.

The Monetary Board consists of the Governor of the Central Bank (ex-officio), Treasury Secretary S.R. Attygalle (ex-officio), President’s Counsel Sanjeeva Jayawardena, Dr. Rani Jayamaha and Samantha Kumarasinghe.

Recently, former Deputy Governor of the Central Bank Dr. W.A. Wijewardena in a brief interview with The Island asserted that the country wouldn’t have landed in the current predicament if the Central Bank floated the Rupee in April 2021 during the tenure of Prof W.D. Lakshman as the Governor of the Central Bank.

Dr. Wijewardena said that the current crisis should be studied against the backdrop of the CBSL delaying the depreciation of the rupee till early March this year.

CoPF member Dr. Harsha de Silva said that Cabraal, who had served as the State Finance Minister before receiving the appointment as Governor, CBSL, quit the job within six months. Lawmaker de Silva asked what had happened to the former Governor’s six-month road map (Oct 2021-March 2022) meant to pave the way for economic recovery.

Alleging that the Monetary Board was responsible for the current predicament of the country, the former UNP State Minister said that the Monetary Board should be removed. The Colombo District lawmaker emphasised that the Monetary Board couldn’t absolve itself of the responsibility as all decisions taken by the outfit proved wrong.

MP de Silva said that the Monetary Board couldn’t be silent on the government’s failure to initiate talks with the IMF early last year when the SJB led the calls for IMF’s intervention. The MP emphasised that the government repeatedly rejected the SJB’s calls for IMF intervention. Dr. P. B. Jayasundera, former Secretary to President Gotabaya Rajapaksa, too, steadfastly opposed IMF’s intervention.

Former Senior Deputy Governor of the Central Bank Nandalal Weerasinghe, now domiciled in Australia, has been approached by the government to take over the position of Central Bank Governor.

Former Governor of the CBSL, Dr. Indrajith Coomaraswamy would help the government in an advisory capacity. Sources said so when asked whether Dr. Coomaraswamy would be accommodated in some relevant capacity to assist the government.



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Royal Navy of Oman Vessel “SADH” departs island

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The Royal Navy of Oman Vessel “SADH” which arrived in Sri Lanka for replenishment purpose, departed the island on 12 Feb 26.

In accordance with naval tradition, the Sri Lanka Navy extended a customary farewell to the departing ship.

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“We will not make decisions for rural level schools while sitting in Colombo” – PM

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The Minister of Education, Higher Education and Vocational Education Prime Minister Dr. Harini Amarasuriya stated that aligning with the development activities carried out under the new education reforms, decisions at the rural level will not be taken from Colombo and plans should be sent based on the requirements of the rural level through the District Coordination Committees by structural committees. She further noted that all officials, from the Ministry of Education down to the school level, must commit to working efficiently and with a human-centered approach.

The Prime Minister made these remarks while addressing a discussion held with education authorities of the Hambantota District on Thursday [February 12]  at the auditorium of the Hambantota District Secretariat regarding the new education reforms and prevailing issues in the education sector.

During the meeting, the Prime Minister provided an opportunity for education authorities including chief prelates of pirivenas, zonal education directors, teacher advisors, and principals to present the challenges they face and officials raised concerns including salary disparities among principals, developing school infrastructure, issues arising from the division between national and provincial schools, and uplifting  pirivena education.

Further elaborating, Prime Minister stated:

“The new education reforms were initiated from 2025 through dialogue, consultations, and the collection of necessary data. As officials, you have extended your support to us during this process. We have embarked on a difficult and long journey, and we look forward to your continued cooperation.

We initiated these reforms in response to a strong social demand. Many have attempted such reforms at different times. Within our political vision, we understood clearly that if this country is to be rebuilt, an educational transformation is essential. The human resource is the most valuable resource of this country and it should be nurtured properly.

Solutions to many of the crises our country faces lie within the education system. Addressing the issues in economic challenges, social issues, drug abuse, violence, the breakdown of political culture, corruption, waste, and even the deterioration of human relationships all lie within the education.

In order to achieve the transformation we envision as a government, that an education transformation is necessary.

This education system should focus on reducing the pressures within the system, minimize school dropouts, increase employability, and instill confidence in children about their future.

There are disparities within the school system, between rural and urban schools, national and provincial schools, and difficult schools. This should not happen. All children must have equal opportunities.

Decisions regarding the establishment of schools or expansion of classes should not be political decisions. They must be decisions taken through Structural Committees. Those representatives understand their divisions, village economies, and population dynamics. Based on your decisions and assessments of needs, prepare the plans, discuss them with the District Coordination Committees, and submit them to us. We will then take steps to provide the necessary allocations and other support. We will not make decisions for the rural level while sitting in Colombo.

We are taking steps to minimize salary disparities. A Cabinet paper regarding the salary anomalies of principals has already been prepared for submission. Steps are also being taken to introduce new reforms in pirivena education through the Pirivena Committee of the Ministry of Education. We require the support of the chief prelates in this regard.

A significant number of teachers turn to human rights due to delays caused by inefficiency. Therefore, all officials from the Ministry of Education down to the schools must commit to working efficiently and in a humane manner”

The discussion was attended by Chief prelates of pirivenas, deputy ministers, Members of Parliament, zonal directors, principals, and other education sector officials.

[Prime Minister’s Media Division]

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Landslide Early Warnings issued to the Districts of Kandy and Nuwara Eliya

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The Landslide Early Warning Center of the National Building Research Organisation [NBRO] has issued landslide early warnings to the districts of Kandy and Nuwara Eliya valid  from 06:00 hrs on 13.02.2026 to 06:00 hrs on 14.02.2026

Accordingly,
Level II [AMBER] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Walapane and Nildandahinna in the Nuwara Eliya district.

Level I [YELLOW] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Pathahewheta in the Kandy district.

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