News
Domestic debt restructuring will cripple EPF, ETF – JVP
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.
The government, under heavy Opposition fire over inclusion of a sex website in the Grade 6 English module, as well as overall education reforms, has decided to put on hold reforms in respect of Grade 6.
Cabinet Spokesman and Media and Health Minister Dr. Nalinda Jayatissa announced the government decision yesterday (13) at the post-Cabinet media briefing at the Information Department.
According to him, the decision had been taken at the previous day’s Cabinet meeting, chaired by President Anura Kumara Dissanayake. Dr. Jayatissa said that education reforms pertaining to Garde 6 had been put on hold until 2027.
The Minister said that other proposed education reforms would be implemented as planned. The Minister said that action would be taken against those responsible for the inclusion of a link to a sex website following investigations conducted by the Criminal Investigation Department and the National Education Institute.
The SJB and several other political parties, as well as civil society groups, have accused the government of promoting an LGBTQ agenda, through the proposed education reforms.
The Opposition grouping Mahajana Handa, on Monday, made representations to the Mahanayake Thera of the Malwatta Chapter regarding the controversial reforms, while urging their intervention to halt the project.
President Anura Kumara Dissanayake yesterday (13) vowed to go ahead with his government’s agenda, regardless of the destruction caused by Cyclone Ditwah.
Emphasising the responsibility on the part of all to contribute to the post-Ditwah recovery efforts, President Dissanayake said that he would have complete faith in the public service.
The President said so at the launch of the re-building Sri Lanka project at the BMICH yesterday.
The JVP and NPP leader said that he wouldn’t take advantage of the death and destruction caused by the cyclone or use the situation as an excuse to reverse their agenda or weaken it.
President Dissanayake said that in spite of many calling for amending the then Budget, in view of the cyclone, the government presented the proposals that were agreed before the disaster struck.
The United States has announced that it will provide the Sri Lanka Air Force with 10 US Navy TH-57 helicopters free of charge.
The announcement was made by outgoing US Ambassador Julie Chung, who stated, on social media, that the helicopters would be transferred under the United States’ Excess Defence Articles programme. The aircraft are Bell 206 Sea Ranger helicopters previously operated by the US Navy.
US sources said that the transfer was intended to strengthen Sri Lanka’s disaster response capabilities, following the devastating cyclone that struck the island at the end of 2025 and killed more than 600 people. US officials have framed the move as a humanitarian measure aimed at improving aerial rescue and relief operations.
Fair weather will prevail except for a few showers in the Uva, Eastern, Western and Central provinces and in Galle, Matara and Rathnapura districts
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Govt. bows to pressure, shelves Grade 6 reforms
AKD: Govt. agenda on track despite Ditwah disaster
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