News
Japan seeks to organize SL creditors’ conference: Will China attend?
Japan is seeking to organize a Sri Lanka creditors’ conference, hoping it could help solve the Sri Lanka’s debt crisis, but uncertainties cloud the outlook for any talks, three people with knowledge of the planning said according to a Tokyo datelined Reuters dispatch on Friday.Tokyo is open to hosting talks among all the creditor nations aimed at lifting Colombo from its worst debt crisis since independence, but it is not clear whether top creditor China would join and a lack of clarity remains about Sri Lanka’s finances, Reuters quoted one of them as having said.
Japan would be willing to chair such a meeting with China if that would speed up the process for addressing Sri Lanka’s debt, estimated at $6.2 billion on a bilateral basis at the end of 2020, according to this source.
President Ranil Wickremesinghe told Reuters last week that Sri Lanka would ask Japan to invite the main creditor nations to talks on restructuring bilateral debts. The President said he would discuss the issue with Prime Minister Fumio Kishida in Tokyo next month, when he is expected to attend the funeral of the assassinated former premier Shinzo Abe.
Tokyo, the number two creditor, has a stake in rescuing Sri Lanka, not just to recoup its $3 billion in loans but also its diplomatic interest in checking China’s growing presence in the region.
S&P Global this month downgraded Sri Lanka’s government bonds to default after it missed interest and principal payments. The island nation of 22 million people off India’s southern tip, with debt at 114% of annual economic output, is in social and financial upheaval from the impact of COVID-19 pandemic on top of years of economic mismanagement.
An International Monetary Fund (IMF) team met Wickremesinghe on Wednesday to discuss a bailout, including restructuring $29 billion in debt, as Colombo seeks a $3 billion IMF aid programme.
The president met the same day with Japan’s ambassador.Tokyo believes a new “platform” is needed to pull creditors together, the sources said.
“Sri Lanka is running out of time since it defaulted on its debt. The priority is for creditor nations to agree on an effective scheme,” one source said.
“Japan is keen to move this forward. But it’s not something Japan alone can raise its hand and push through,” said the source, adding that the cooperation of other nations was crucial.
Japan’s Foreign Ministry declined to comment. Sri Lanka’s Central Bank and Finance Ministry did not immediately respond to requests for comment. An IMF spokesperson declined to comment.
Concerns include rivalry and territorial tensions between big creditors China and India, while Sri Lanka would have to commit to reforming its finances and disclose more information about its debt, the sources said.
Last month, shortly after Wickremesinghe took office when his predecessor fled the country, Chinese President Xi Jinping wrote to him that he was “ready to provide support and assistance to the best of my ability to President Wickremesinghe and the people of Sri Lanka in their efforts”.
But the sources said getting Beijing’s cooperation on a debt restructuring was complicated by factors such as a large number of lenders and that China was baulking at taking a “haircut” on its loans and at reducing Colombo’s debt burden.
A Chinese foreign ministry spokesman told Reuters that Beijing was “willing to stand with relevant countries and international financial institutions and continue to play a positive role in helping Sri Lanka respond to its present difficulties, relieve its debt burden and realise sustainable development.”
Japan hopes to see a new debt restructuring framework resembling one set up by the Group of 20 big economies targeting low-income countries. Sri Lanka does not fall under this “common framework” because it is classified as a middle-income emerging country.
“It must be a platform where all creditor nations participate” to ensure they all shoulder a fair share in waiving debt, another source said. The third said, “Until these conditions are met, it would be difficult for any talks to succeed.”
The common framework, launched by the G20 and the Paris Club of rich creditor nations in 2020, provides debt relief mainly through extension in debt-payment deadlines and reduction in interest payments.
Some people involved think an initial creditors’ meeting could be held in September, but one source said it would “take a little while, possibly several months”.Restructuring talks are only possible after the IMF scrutinises Sri Lanka’s debt, the sources said.
News
Construction and Concrete waste recycling centre opened in Ekala under the Clean Sri Lanka programme
A recycling centre for the management of construction and demolition (C&D) waste, established in line with the Clean Sri Lanka national programme, was declared open this morning (08) at the Ekala Industrial Zone.
The Clean Sri Lanka Secretariat has allocated Rs. 200 million for this project. Established within the precast yard premises belonging to the State Engineering Corporation under the Ministry of Housing, Construction and Water Supply, the project marks a significant step towards a sustainable environmental transformation in Sri Lanka’s construction sector.
Globally, the construction industry accounts for 40% of total waste generation and 25% of carbon emissions. In Sri Lanka, nearly 300 tonnes of such waste are collected daily from the Western Province alone.
Until now, the indiscriminate disposal of such debris has contributed to soil pollution, water contamination and increased flood risks. Under this project, however, such waste will be transformed into valuable raw materials through modern technology. This initiative is expected to minimise the depletion of natural resources while significantly reducing construction costs.
The centre, which is being operated with the full involvement of the State Engineering Corporation, has been provided with machinery and land valued at Rs. 350 million. In addition to the recycling plant, which has a capacity of 200 metric tonnes per hour, a modern laboratory and an administrative building have also been constructed. Under the “Clean Sri Lanka” programme, Rs. 200 million has been allocated for the project, of which Rs. 150 million has already been released.
There are also plans to expand research activities in the future by engaging engineering faculties of State universities in the programme. The support and contribution of all construction contractors and stakeholders are expected in building a circular economy within the construction sector while safeguarding natural resources for future generations.
Minister of Housing, Construction and Water Supply Dr Susil Ranasinghe, Deputy Minister of Environment Anton Jayakody, Deputy Minister of Housing, Construction and Water Supply T.B. Sarath, Deputy Minister of Labour Mahinda Jayasinghe, Member of Parliament Najith Indika, Additional Secretary to the President at the Clean Sri Lanka Secretariat S.P.C. Sugeeshwara, Additional Director General of the Clean Sri Lanka Secretariat Kapila Senarath, Director (Environmental) of the Clean Sri Lanka Secretariat Anjula Premarathna, Chairman of the State Engineering Corporation Engineer Neranjan Fernando and Deputy General Manager of the State Engineering Corporation Charuka Hettiarachchi, along with several others, were present at the occasion.
News
President of the Socialist Republic of Vietnam pays floral tribute to the Ho Chi Minh Statue
President of the Socialist Republic of Vietnam and General Secretary of the Central Committee of the Communist Party of Vietnam, To Lam, who is on a State visit to Sri Lanka at the invitation of President Anura Kumara Dissanayake, paid floral tribute this morning (08) to the statue of Ho Chi Minh situated within the premises of the Colombo Public Library.
Upon arriving at the Colombo Public Library, President To Lam was warmly received by President Anura Kumara Dissanayake, while a group of children holding the national flags of both countries stood along the route to welcome the Vietnamese President.
Following the floral tribute to the Ho Chi Minh statue, President To Lam also viewed a collection of paintings created by schoolchildren.
Thereafter, the Vietnamese President attended the ceremony marking the commencement of the expansion of the “Vietnam–Ho Chi Minh Space” located at the Colombo Public Library, where he also viewed a collection of historical photographs on display.
On the occasion, Chief Librarian of the Public Library, Mrs Varuni Gangabadarachchi, briefed those present on the architectural plans prepared for the renovation and expansion project of the Ho Chi Minh Space. A donation of US$50,000 for the project was also presented to the Mayor of Colombo, Mrs Vraie Cally Balthazaar, by Nguyen Huu Nghia, Member of the Central Committee of the Communist Party of Vietnam and Auditor General of the State Audit Office of Vietnam.
Minister of Environment, Dr Dhammika Patabendi, Mayor of Colombo Mrs Vraie Cally Balthazaar, Deputy Mayor Hemantha Werakoon and several others were also present at the occasion.
[PMD]
News
Urgent reforms needed to eradicate drug menace, says President
President Anura Kumara Dissanayake has instructed officials to swiftly introduce all necessary reforms, including amendments to existing laws, in order to eliminate the drug menace from the country.
The President issued these instructions while attending the meeting of the “Ratama Ekata” National Steering Council convened on Thursday (07) morning at the Presidential Secretariat to discuss efforts aimed at eradicating the drug menace.
He also directed the relevant authorities to take all necessary steps to expedite the process of destroying seized narcotics as quickly as possible under proper legal procedures, thereby preventing them from re-entering society and to accelerate the process of punishing offenders.
The President emphasised the need to speed up this process in order to build public confidence, as well as the confidence of the teams engaged in operations, noting that the successful implementation of the “Ratama Ekata” national initiative would thereby be strengthened through collective participation.
The progress of anti-narcotics operations carried out under the “Ratama Ekata” national initiative, including raids and arrests, was extensively reviewed at the meeting. Officials pointed out that raids related to narcotics had increased by 80% since the launch of the programme.
Since the launch of the “Ratama Ekata” national operation on 30 October 2025, authorities have seized 5,437.457 kilogrammes of cannabis, 1,936.325 kilogrammes of heroin, 1,991.414 kilogrammes of crystal methamphetamine (“ice”), 271.724 kilogrammes of cocaine, 1,574,895 narcotic pills, and 629,988 illicit cigarettes. A total of 168,460 suspects have also been arrested in connection with these offences.
The current progress of the legal amendments required to eradicate the narcotics menace from the country was reviewed at the meeting, and it was noted that steps had been taken to submit the Rehabilitation (Amendment) Bill No. 54 of 2007 to the Cabinet in due course. Discussions were also held regarding the rehabilitation process, the strategies that could be adopted in that regard, and the measures taken to develop related facilities.
It was further revealed that, at Divisional Secretariat level, 25 families most severely affected by narcotics in each division had been selected for attitude development programmes. The President stressed the importance of implementing all such programmes through local religious centres.
The President also made clear that anti-drug awareness programmes should not merely be limited to conducting awareness campaigns, but should include continuous follow-up to assess whether the message had been properly communicated to society and to monitor progress. He highlighted the importance of maintaining this mechanism continuously with the involvement of religious leaders, including members of the Maha Sangha in the respective areas.
The President also inquired into measures being taken to establish a separate court for narcotics-related cases, expedite the receipt of Government Analyst reports, and accelerate the filing of cases.
He also stressed the urgent need for a rapid programme to expedite legal proceedings and rehabilitation processes concerning inmates imprisoned for narcotics-related offences, in order to ease prison overcrowding.
The Inspector General of Police also briefed the meeting on investigations and the current status relating to Buddhist monks who were recently arrested in connection with narcotics offences.
The President was further briefed on the progress of programmes jointly implemented by the Ministry of Education and the Women and Children’s Bureau to curb organised efforts to draw schoolchildren into narcotics use. He was also informed about community-based programmes planned in conjunction with the International Day Against Drug Abuse and Illicit Trafficking, which falls on 26 June.
Among those present at the meeting were the Anunayaka Theros of the Malwathu and Asgiri Chapters, senior clergy representing several Buddhist Nikayas, Christian priests, Hindu Kurukkals, Muslim religious leaders, senior government officials including Secretary to the President Dr Nandika Sanath Kumanayake, ministry secretaries, senior tri-forces commanders, Inspector General of Police Priyantha Weerasooriya, heads of relevant institutions, senior security officials, and representatives of the “Ratama Ekata” National Steering Council.
[PMD]
-
News2 days agoMIT expert warns of catastrophic consequences of USD 2.5 mn Treasury heist
-
News4 days agoCJ urged to inquire into AKD’s remarks on May 25 court verdict
-
News5 days agoUSD 3.7 bn H’tota refinery: China won’t launch project without bigger local market share
-
News6 days agoEaster Sunday Case: Ex-SIS Chief concealed intel, former Defence Secy tells court
-
News7 days agoTen corruption cases set for court in May, verdict ordered in one case – President
-
Business6 days agoDialog Surpasses 1,000 5G Sites, Strengthening Nationwide 5G Coverage
-
Editorial2 days agoClean Sri Lanka and dirty politics
-
Editorial5 days agoDeliver or perish
