News
Cabraal gives lesson in finance to Opposition Leader
By Saman Indrajith
Opposition leader Sajith Premadasa’s questions on the management of the government reminded him of a person that drives recklessly knocks down a person and then queries from the latter what happened, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday told Parliament.
“The Yahapalana government, where the opposition leader was a powerful minister, brought the economy to its knees and is now asking us to rectify the issues they created,” the Minister said.
Minister Cabraal said that the former government obtained USD 6.9 billion in loans and sovereign bonds at an interest of 7.8 percent. “With USD 6.9 billion, six harbours the size of Hambantota harbour could have been built. The funny thing is that many local and foreign institutions kept mum about your reckless loan taking. During the time of our government prior to 2015, we borrowed only USD 5.5 billion for the entire nine year period. The debt was at 91 percent of the GDP when we took the office and we brought it down to 70 per cent of the GDP. During the period of the yahapalana government from 2015 to 2019 it has been increased to 86 percent. So some of the questions are asked from us now, you should have raised them in the cabinet during the time of the yahapalana government. One such question is as to how to bring down those debts.”
Cabraal added that during the previous government very few investment opportunities came in. There was a difference of opinion between the rating institutes such as Fitch and Moodys and the government.
“In my view and in the view of the government, it is surprising to note that the Fitch ratings assessment had ignored several key proposals included in the government budget proposals 2021 with regard to deficit financing in the period ahead. We have set out various ways explaining how the debt deficit would be financed. Obviously they have ignored it and so has the opposition leader. As indicated in the Budget 2021 the government has adopted a novel approach in relation to foreign financing while enhancing the effectiveness of already secured financing channels aimed at reducing the share of foreign financing in the budget deficit over the medium term. In 2014, the total debt, if you break it down into foreign debt and local debt, it was 40 percent foreign debt and the local debt was 60 percent, but by 2019 as a result of the various measures taken by the yahapalana government that ratio had changed to 50 percent foreign and 50 percent local. So we inherited huge risk with regard to foreign debt. That was their making but we will deal with it,” the Minister said.
News
Whistleblowers ask Treasury Chief to resign over theft of USD 2.5 mn
Payment made to new account number outside agreement
Civil society group ‘Free Lawyers’, which exposed the payment of USD 2.5 mn loan instalment by the Treasury to a third party instead of Australia, yesterday (23) said that in spite of the Treasury having the legitimate bank account mentioned in the relevant agreement, the payment had been made to another account subsequently received from a person who had been in contact with some senior officials.
Civil society activist Keerthi Tennakoon on behalf of ‘Free Lawyers’ emphasised that the account number mentioned in the agreement couldn’t be changed without approval of the Secretary to the Treasury Harshana Suriyapperuma, who is also the Secretary to the Finance Ministry. Suriyapperuma, who quit his National List seat to receive the top appointment, should be held responsible for the unprecedented development, Tennakoon said.
If the Treasury had followed the time-tested procedures in place, a new bank account couldn’t have been introduced, and therefore a thorough investigation was required to reveal the truth.According to Free Lawyers, the scam had been detected by relatively junior officer and not those higher ups.
Free Lawyers’ would continue to follow the developments to ensure transparency in the investigations, Tennakoon said, noting that Suriyapperuma should step down as he was aware of a third party securing root access to the system in September 2025 but failed to take action to prevent the scam. Tennakoon said that the NPPer hadn’t informed relevant authorities, and altogether 16 officials were involved in the scam.
By Shamindra Ferdinando
News
Hambantora port sets new record
Hambantota International Port (HIP) successfully handled container vessel MSC Marie Leslie, marking one of its highest-volume vessel calls to date. The achievement further strengthens the port’s position as an emerging hub for containerised cargo in the region, according to HIP press release.
The vessel, operated by Mediterranean Shipping Company (MSC), was berthed at HIP from 11 to 15 April 2026. The port achieved 7,968 container moves during this period, translating to a total volume of 13,260 TEUs; the highest single-vessel throughput recorded by HIP to date.
This latest milestone surpasses previous records, including 12,957 TEUs handled on MSC Ilenia and 11,369 TEUs on MSC Ruby in March this year, reflecting a steady upward trend in the port’s container handling performance.
News
US sinking of Iranian frigate off Sri Lanka unprecedented war crime Araghchi tells Vijitha
Iranian Foreign Minister Abbas Araghchi has told his Sri Lankan counterpart Vijitha Herath that US sinking of Iranian frigate IRIS Dena off Sri Lankan waters was an unprecedented war crime.
Of some 180 crew only 30 odd personnel survived.
While referring to crimes committed by the United States and Israel against Iran, Araghchi has stressed that they would never forget this crime, which constitutes a grave violation of the fundamental rules of international humanitarian law and the 1949 Geneva Conventions, and would employ all legal and political means to hold the perpetrators and those responsible accountable and bring them to justice.
Araghchi has said so during a telephone conversation with Herath regarding the ongoing West Asia conflict and related developments.
During the phone call, Araghchi expressed appreciation for the Sri Lankan government’s efforts in the rescue operation for the sailors of the IRIS Dena and for assisting in the transfer of the bodies of the crew of the vessel and other Iranian naval personnel back to Iran, according to the Iranian Embassy in Sri Lanka.
US sank Dena as it along with two other Iranian vessels awaited Sri Lanka approval to enter the Colombo port. Iranian ambassador in Colombo Dr. Alireza Delkhosh is on record as having said that the Commander of Sri Lanka Navy invited the Iranian ships to visit Colombo following their participation in International Fleet review and Milan 2026 held in India in late Feb. All Iranian vessels had been unarmed at that time in keeping with protocols regarding the participation in such events.
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