News

Debt restructuring strategy ready this month

Published

3 years ago

2023/05/5

Thilina Walpola

More bitter medicine to come

By Rathindra Kuruwita

The government would announce Sri Lanka’s debt restructuring strategy within this month, State Minister of Finance Ranjith Siyambalapitya told the media on yesterday (04.)Siyambalapitya said that the government would reduce taxes and bring down the debt to GDP ratio in the next five years, as the economy stabilise.

Tax revenue targets would be met upon further expansion of the tax base in the coming years, the state minister said, adding that the current debt to GDP ratio was 128 percent and it would be reduced to 95 percent in a few years.

However, there were more difficult targets to achieve and the government would have to take more unpopular decisions in the coming years, he said.The state minister said that the Central Bank had previously planned to announce a debt restructuring strategy in April.

However, the strategy is still being formulated and will be presented within the month.

Sri Lanka needs to confront the challenge of restructuring domestic debt while maintaining financial stability, IMF Asia and Pacific Department Director Krishna Srinivasan said Wednesday.

Srinivasan said inflation has reduced in the country and that Sri Lanka needs to emphasise macroeconomic stabilisation and reducing inflation.

“Fiscal consolidation is based on revenue based consolidation. That’s partly because Sri Lanka has among the lowest in terms of revenue mobilisation, tax collection. And that goes back to the policy mistake they made pre-pandemic, wherein they cut taxes across the board, whether it’s VAT, corporate tax, and personal income tax. So the IMF supported programme is a revenue-based consolidation programme which provides stability to the economy,” he said.

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Heat Index at Caution level’ in the Northern, North-central, North-western, Western and Southern provinces and in Trincomalee district.

Published

17 hours ago

2026/04/13

Priyan

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 12 April 2026, valid for 13 April 2026.

Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, North-western, Western and Southern provinces and in Trincomalee district.

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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Sun directly overhead Pesalai, Mankulam and Nedunkerny about 12:11 noon

Published

18 hours ago

2026/04/13

Priyan

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from 05th to 15th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (13th) are Pesalai, Mankulam and Nedunkerny about 12:11 noon.