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Domestic debt restructuring: Harsha insists money belonging to EPF members must be safeguarded

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Dr.Harsha de Silva

Opposition MP Dr. Harsha de Silva has highlighted the critical considerations surrounding Domestic Debt Optimisation and its impact on the members of the Employees Provident Fund (EPF). Speaking on behalf of the Opposition, recently, de Silva emphasised the need to prioritize the interests of EPF pension fund members in any decision-making process.

“Our foremost concern should be securing the retirement benefits of the hardworking people of Sri Lanka,” de Silva stated. “The EPF, as a pension fund, plays a crucial role in ensuring a financially secure future for its members upon retirement. We cannot allow the government’s pursuit of cheap money to jeopardize the interests of EPF pensioners.”

Referring to the EPF Act, de Silva underscored the obligation for a parliamentary resolution to ensure the EPF receives sufficient funds from the Treasury to meet minimum payment requirements if it is unable to do so. He further emphasized the importance of gradually settling any resulting loans over time. “We must protect the EPF pension fund from being subjugated to the government’s needs at the expense of pensioners. The negative 47 percent real return to EPF in 2022 has severely eroded the value of the fund, and we cannot disregard this significant loss,” de Silva added.

Discussing the risks associated with domestic debt optimization, de Silva highlighted the concept of opportunity cost. “Subjecting the EPF pension fund to this optimization may result in a loss of potential reinvestment opportunities,” he explained. “For instance, if the EPF currently holds bonds maturing within the next one or two years, they have the potential to be reinvested at higher rates, ensuring better returns for pensioners. However, if these bonds’ maturity dates are extended beyond 2027 at lower rates that will have a high opportunity cost to EPF members.”

Clarifying the EPF pension fund’s overall financial position, de Silva reassured the public that the EPF is not facing immediate trouble. “The EPF pension fund maintains a positive cash flow, with contributions consistently exceeding pension payouts by approximately 30 billion rupees in recent years,” he stated. “This ensures the EPF’s ability to meet its pension obligations. However, we must acknowledge that returns on investments may decrease.”

Concluding his remarks, de Silva firmly stated that “Considering the negative real interest rate the EPF pension fund has already experienced, it is unjust to overburden it further with large opportunity costs due to domestic debt optimization. We must prioritize the interests of EPF members and strike a balance between preserving reasonable returns to the members while providing debt relief to the government. The long-term financial security of Sri Lanka’s workforce cannot be jeopardized.”



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Royal Navy of Oman Vessel “SADH” arrives at Port of Colombo

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The Royal Navy of Oman Vessel “SADH” arrived at the Port of Colombo on a logistics replenishment visit on Tuesday  (10 Feb 26). The Sri Lanka Navy welcomed the visiting ship in
compliance with naval traditions.

The 75m – long ship is commanded by Lieutenant Commander Shaheen Saud Abdul Rahman AI Balushi.

The port call will facilitate professional interaction and goodwill exchanges between the two navies.

During the stay in Colombo, crew members of the ship are expected to visit some tourist attractions in the city of Colombo.

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NPP: Speaker won’t step down, CIABOC can investigate him

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Nihal

* New Auditor General should not have been sworn in before Speaker – Opp.

* Suspended House Dy. Sec. Gen. Chaminda Kularatne takes his case to CA today

General Secretary of the National People’s Power (NPP) Dr. Nihal Abeysinghe yesterday said that there was no need for Speaker Dr. Jagath Wickramaratne to step down in view of the complaint lodged against him with the CIABOC (Commission to Investigate Allegations of Bribery or Corruption).

NPP General Secretary said so in response to The Island query whether the parliamentary group of the ruling party discussed the growing Opposition calls for the Speaker, who is also the Chairman of the Constitutional Council, to step down to facilitate the investigation.

The NPP parliamentary group consists of 159 MPs, including 18 National List (NL) members.

NL member Dr. Abeysinghe asked whether any other person, who had been investigated by the CIABOC, stepped down from his or her position to facilitate the inquiry.

The top official emphasised that the CIABOC could go ahead with its investigation without any hindrance.

Chamindra and Dr. Jagath

Opposition sources said that there hadn’t been a similar situation before and the CIABOC investigation into Speaker Dr. Wickramaratne is unprecedented as he heads the 10-member CC responsible and directly involved in all key appointments, including that of members to the CIABOC.

Sources pointed out that the newly appointed Auditor General, Ms. Samudrika Jayaratne, took the oath of secrecy before the Speaker on 5 February in Parliament after suspended Deputy General Secretary of Parliament Chaminda Kularatne complained to CIABOC.

In accordance with Section 9 of the National Audit Act, No. 19 of 2018, Jayaratne took the oath of secrecy in her capacity as the Auditor General of the National Audit Office and Chairperson of the Audit Service Commission.

Sources said that Kularatne would move the Court of Appeal today (10) against his removal at the behest of the Staff Advisory Committee, headed by the Speaker.

By Shamindra Ferdinando

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Trinco Buddha statue case: All suspects, including 4 monks re-remanded till 11 Feb.

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One of the monks being brought to the Magistrate’s Court

The Trincomalee Magistrate’s Court yesterday (09) further remanded 10 persons, including four Buddhist monks, arrested on 19 January, 2026, for allegedly placing a Buddha statue in the coastal reservation, on 16 January.

The Buddhist monks, including Ven. Balangoda Kassapa Thera, and six other individuals, were further remanded until 11 February.

They have been accused of violating the Coast Conservation Act by placing a Buddha statue on a block of land belonging to the Trincomalee Bodhiraja Temple.

Of the four monks, Ven Balangoda Kassapa Thera and Ven Trincomalee Kalyanawansa Tissa Thera moved the Court of Appeal against the Magistrate’s Court decision. The case was heard on 22 January before a Bench comprising the President of the Court of Appeal, Justice Rohantha Abeysuriya, and Justice K. Priyantha Fernando.

Manohara de Silva, PC, and President’s Counsel Uditha Igalahewa, PC, appearing for the petitioners, urged the Court to take up the matter urgently, describing it as a case of exceptional importance.

However, the Court of Appeal on 3 February dismissed the petitions against the remanding of Ven Balangoda Kassapa Thera and Ven Trincomalee Kalyanawansa Tissa Thera.

The order was issued by the Court of Appeal bench consisting of the President of the Court of Appeal, Justice Rohantha Abesuriya and Justice Priyantha Fernando.

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