News
Ex-CBSL Chief backs IMF conditions for resumption of bailout process
… asks for early cross-party consensus
By Shamindra Ferdinando
Former Governor of the Central Bank Dr. Indrajith Coomaraswamy yesterday (11) threw his weight behind the International Monetary Fund’s (IMF) call for far reaching measures meant to stabilize the economy. The Washington headquartered lending agency recently suspended the US 2.9 bn bailout package, pending an agreement on 16 specific recommendations.
Dr. Coomaraswamy said: “There is a strong case for tabling the IMF’s GDA (Governance Diagnostic Assessment) in Parliament with a view to obtaining cross-party consensus on implementing the recommendations contained therein, in accordance with the laws of the country.” The economist said so in response to The Island query whether the Wickremesinghe-Rajapaksa government should heed the IMF advice in this regard.
Dr. Coomaraswamy said: “The relevant Parliamentary Committees can then have oversight of the implementation of the process. Civil society and business associations should also play an active role in advocating implementation and then monitoring its progress.”
Dr. Coomaraswamy served as the Central Bank Governor since July 2016 till Gotabaya Rajapaksa assumed the presidency in November 2019. He was brought in place of Arjuna Mahendran who was denied an extension in the wake of Treasury bond scams perpetrated in February 2015 and March 2019.
Top SJB spokesperson Dr. Harsha de Silva said that the IMF report is nothing but an indictment on Sri Lanka at every level and the most significant roadblock to financial recovery lies in the country’s persistent failure to address its deep-rooted corruption.
Dr. de Silva emphasised that the country wouldn’t get another opportunity to resume the recovery process if the government sought to avoid the IMF’s recommendations by taking cover behind technical issues.
The following are the IMF’s demands (1) Establishment of an Advisory Committee by November 2023 to nominate commissioners for the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), (2)
Disclosure of asset declarations of senior officials by July 2024, (3) Enactment of proceeds of crime legislation by April 2024, (4) Amendment of the National Audit Act, (5) Finalization of implementation of regulations for beneficial ownership information and creating a public registry by April 2024, (6) Enactment of Public Procurement Law by December 2024, (7) Publishing reports on increasing competitive tendered procurement contracts, targeting agencies with low levels of competition, (8) Requiring the publication of all public procurement contracts above LKRs 1 billion, (9) Implementing the State-Owned Enterprise Reform
Policy to ensure ethical management, (10) Abolishing or suspending the Strategic Development Projects Office Act until a transparent process for evaluating pro-posals is established, (11) Amending tax legislation to prevent unilateral tax changes without parliamentary approval, (12) Implementing short-term anti-corruption measures within revenue departments to enhance oversight and sanctions, (13) Exploring options for new management arrangements for the Employees Provident Fund to avoid conflicts of interest, (14) Revising legislation, regulations, and processes for stronger oversight in the banking sector, (15) Establishing an online digital land registry and ensuring progress in registering/titling-state land and, (16) Expanding the resources and skills available to the Judicial Service Commission to strengthen justice.
Asked whether he had the blessings of the SJB parliamentary group in this regard, Dr. de Silva said that his declaration of support for the IMF’s proposals in Parliament was done with the backing of his party. A long delay in reaching consensus on this matter could be catastrophic, the Colombo District lawmaker warned no one should seek political mileage out of the continuing political, economic and social crisis.
SLPP National List member Prof. Ranjith Bandara, Chairman of the parliamentary watchdog committee COPE said that actually Sri Lanka should have adopted these measures years ago. The academic said that there couldn’t be any dispute over the need to implement IMF proposals meant to stabilize the situation. It would be a grave mistake on our part to believe the IMF’s proposals were the panacea for all our ills but proper implementation would definitely improve setup thereby providing the powers that be the time and space to undertake long term solutions.
Dr. Bandara found fault with the political party setup that conveniently failed to address the impending crisis years ago. Responding to another query, Dr. Bandara said that Sri Lanka should implement IMF proposals because they should have been carried out anyway.
News
X-Press Pearl disaster fuels global call to classify plastic pellets as hazardous
Nearly five years after the catastrophic sinking of the X-Press Pearl, off Sri Lanka’s western coast, the environmental scars remain visible — from contaminated beaches to disrupted fisheries. Now, that tragedy has become a rallying point for an international coalition of scientists, demanding urgent reforms to global maritime law.
A group of leading researchers and environmental experts is calling on the International Maritime Organisation (IMO) to formally recognise plastic pellets — commonly known as nurdles — as hazardous to the marine environment. They argue that existing international shipping regulations fail to adequately address the environmental devastation caused by pellet spills.
Their appeal comes through a newly accepted scientific commentary, published in Cambridge Prisms: Plastics, consolidating decades of research on the impacts of plastic pellet pollution.
Plastic pellets are small, lentil-sized (2–5 mm) particles made from virgin or recycled plastic and used to manufacture a vast range of plastic
products. Scientists say that spills occur frequently during handling and transport, both on land and at sea. Once released into the ocean, pellets persist for decades, spreading across vast distances and entering marine food chains.
Dr. Jennifer Lavers, who studies pollutants in seabirds, warned that the scale of plastic ingestion has reached crisis levels.
“Today the volumes of plastic pellets entering the marine environment are enough to ‘feed’ millions of young seabirds,” she said. “In some areas we are seeing nearly a 100% rate of plastic ingestion, with pellets being particularly problematic.”
Beyond physical harm such as digestive blockages in wildlife, pellets also pose chemical threats. According to Dr. Sinja Rist of DTU Aqua, they are far from inert materials.
“Pellets are persistent, widely dispersed, readily ingested by wildlife, and capable of transporting hazardous chemicals,” she explained, noting that they can absorb and release toxic substances across oceans.
Sri Lanka’s experience with the X-Press Pearl disaster, in 2021, highlighted these dangers on an unprecedented scale. The burning container ship released vast quantities of chemicals and billions of plastic pellets into the sea, causing widespread marine contamination and severe economic losses to coastal communities.
Hemantha Withanage, Chairperson of the Centre for Environmental Justice in Sri Lanka, said the disaster exposed major gaps in international maritime regulation.
“After studying the aftermath of the X-Press Pearl disaster, it is impossible to argue that plastic pellets are harmless cargo,” Withanage stressed. “The impacts in Sri Lanka were immediate, widespread, and long-lasting. Stronger international regulation is essential to prevent this from happening again.”
Under the International Convention for the Prevention of Pollution from Ships (MARPOL), the intentional discharge of plastics is banned. However, scientists argue that current rules are inadequate when it comes to preventing or responding to accidental spills, especially those involving container ships.
The researchers are urging the IMO to assign plastic pellets a specific United Nations classification number. Such recognition would formally acknowledge their environmental hazard potential and trigger stricter requirements for packaging, labelling, and emergency notification during shipping.
Dr. Therese Karlsson, lead author of the commentary and Science Advisor for the IPEN, said the scientific case is clear.
“There are decades of studies highlighting threats from plastic pellets released into the oceans, including risks to marine animals and the food chain,” she said. “Plastics contain thousands of chemicals, many known to cause harm to the environment and human health. It is past time for global regulations to protect our oceans.”
The European Union has recently introduced measures aimed at preventing pellet losses throughout the supply chain, and in 2021 the IMO committed to addressing pellet pollution as part of broader efforts to reduce marine plastic litter. Yet experts warn that without binding global action, pellet spills will continue.
For Sri Lanka, still recovering from one of the worst maritime environmental disasters in its history, the international call carries particular urgency.
Scientists say the message from the island nation’s experience is unmistakable: plastic pellets must no longer be treated as ordinary cargo, but as hazardous materials demanding strict global oversight.
By Ifham Nizam
News
Foreign Minister Herath decries deadlock in global disarmament
Minister of Foreign Affairs, Vijitha Herath, has underscored the urgent global need for enduring peace, security, and strengthened multilateral cooperation, warning that rising geopolitical tensions have created deadlocks in global disarmament efforts and posed serious challenges to international humanitarian law.
The Minister said so while addressing the High-Level Segment of the Conference on Disarmament (CD) in Geneva on Monday (23 Feb), reaffirming Sri Lanka’s firm commitment to global disarmament and multilateral cooperation.
Minister Herath said that safeguarding the future of humanity must be treated as a paramount priority, stressing that trust and mutual respect are essential foundations for effective decision-making in multilateral forums. He reaffirmed that Sri Lanka remains committed to ensuring a secure and stable world for future generations.
Highlighting Sri Lanka’s longstanding role in nuclear disarmament, he recalled the country’s contribution to the 1964 Non-Aligned Movement Summit in Cairo, which called for the establishment of nuclear-free zones. He reiterated that Sri Lanka continues to strongly support such initiatives, particularly in the Middle East, and emphasiSed that total elimination and non-proliferation remain the only guarantees against the use of nuclear weapons.
Sri Lanka also urged that non-nuclear-weapon states must receive unconditional, non-discriminatory, legally binding security assurances, achievable through the work of the Conference on Disarmament.
On humanitarian demining, Minister Herath noted that Sri Lanka remains an active partner in that effort and currently serves as a senior member of the victim assistance committee of the Anti-Personnel Mine Ban Convention. He further reaffirmed Sri Lanka’s continued commitment to the Cluster Munitions Convention, which the country presided over in 2019.
Recognising the rapidly evolving threat landscape, the Minister warned of the impact of emerging technologies that have already reshaped the global disarmament architecture while putting international humanitarian law at significant risk. In this context, he said Sri Lanka has been advocating for the early start of negotiations on a legally binding instrument to prohibit lethal autonomous weapon systems.
He also addressed growing threats to outer space security, stressing that Sri Lanka, long a supporter of disarmament in outer space, continues to back negotiations on a legally binding instrument to prevent an arms race beyond Earth.
Minister Herath concluded by affirming Sri Lanka’s readiness to work with all nations to ensure global efforts toward a safer world are accelerated and achieved at the earliest opportunity.
News
CoPF orders officials to establish legal framework for Rs. 200 for estate workers daily attendance allowance
The Parliamentary Committee on Public Finance has directed officials to establish a proper legal framework for the Rs. 200 daily attendance allowance provided by the Government to estate workers.
During the Committee meeting on February 17, 2026, chaired by MP Dr. Harsha de Silva, members emphasised that while there is no objection to increasing estate worker wages, the current payment mechanism lacks a formal legal basis. The allowance is being distributed under a Memorandum of Understanding (MoU) with private plantation companies without gazette notification, leaving the arrangement vulnerable to termination and excluding contributions to the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF), according to parliament sources.
Officials noted that the MoU with plantation companies was valid for three years, and thereafter a policy decision would be required to continue the payments. The Committee stressed that public funds should not be used to pay salaries in private institutions without proper financial discipline, despite the allowance being approved under the 2026 Budget as a “development subsidy.” The Deputy Secretary to the Treasury suggested the payment would be more appropriately classified as a “production incentive,” though existing payments and MoUs did not specify such requirements.
The Committee also reviewed disaster relief efforts for those affected by Cyclone Ditwah. Officials reported that approximately Rs. 24.4 billion had been disbursed under various relief programs, including allowances for house cleaning, household purchases, and school assistance. Delays in housing reconstruction and rental support were attributed to damage assessments and land identification, with Committee members urging faster delivery of housing aid.
Officials from the National Insurance Trust Fund (NITF) highlighted reinsurance claims of around Rs. 11 billion following Cyclone Ditwah, noting that although NITF had not reinsured its exposure internationally since 2023, it was capable of settling existing claims.
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