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Lanka can be on path to recovery by 2024: IMF official
The International Monetary Fund Director Asia and Pacific Department Krishna Srinivasan on Thursday said if Sri Lanka comes through with all the reforms, fast-track the proper implementation and warp-up the debt restructuring by September, the economy will be on a path to recovery from 2024.
“The program itself is a very ambitious one, in terms of fiscal, monetary, governance and social safety net reforms. The next step in the process for Sri Lanka is to engage in good faith with all creditors and be done before the first review. If the Government can fulfill the reforms and implement them successfully, the country will be on a path to recovery going forward,” he said at the media briefing of the IMF Economic Outlook for Asia and Pacific on the sidelines of the Board of Governors 56th ADB Annual Meeting in Incheon, Republic of Korea.
His remarks come ahead of an IMF mission review meeting to be held in Colombo by the end of the month.
“We will be in Sri Lanka in two weeks’ time to see how the implementation is coming along. We will also be looking at the whole issue of debt restructuring,” he added.
Noting that the program has lots of reforms embedded, Srinivasan emphasised that implementation is key. “Although we are projecting a 3% economic contraction for this year, we have earmarked a positive growth of 1.5% for 2024,” he added.
In terms of the IMF Economic Outlook, he said despite the gloomy external outlook, Asia and the Pacific will remain dynamic, contributing 70% to the global economic growth — a significant improvement compared to recent years.
The IMF has also upwardly revised its October 2022 projection by 0.3% to 4.5% in 2023. The growth in the region will be led by China with a 5.2% growth rate this year after reopening the economy post-pandemic. The growth in the Chinese economy is expected to generate from consumption goods, and not from its usual investment goods.He also said countries that are depending on Chinese travellers will benefit from the economic boom in China during this year.
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Wednesdays declared a government holiday with effect from 18th March
The Commissioner General of Essential Services, Prabath Chandrakeerthi has announced that, after taking into consideration the current fuel situation in Sri Lanka, the Government has decided to declare Wednesdays of every week as a holiday for government sector employees, all government schools, universities, and courts with effect from March 18, 2026, until further notice
The holiday will not apply to essential service sectors including Healthcare, Ports, Water Supply and Customs.
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PM declares open Angunukolapelessa Leisure Island
Prime Minister Dr. Harini Amarasuriya stated that leisure had long been limited to only a privileged segment of society, and that the government’s objective is to create opportunities for all citizens to equally experience and enjoy that leisure.
The Prime Minister made these remarks on Sunday (15th of March) while opening the multi-purpose development project associated with the Angunakolapelessa Tank, developed under the “Pohosath Gamak” programme of the Ministry of Rural Development, Social Security and Community Empowerment for the public.
In parallel with the multi-purpose development project carried out associating the Angunakolapelessa Leisure Island, a boating facility and the Leisure Island cafeteria were also officially opened.
Addressing the gathering the Prime Minister stated:
“The multi-purpose development project associated with the Angunakolapelessa Tank has received voluntary support from the community of more than 700 days.
With the funding from the Ministry of Rural Development, Social Security and Community Empowerment, the Angunakolapelessa Pradeshiya Sabha, together with the divisional councils, public safety committees, youth societies, trade associations, and many others in the community, was able to transform this site into a major development project within a remarkably short period of time.
This project serves as a powerful example of what can be achieved when people unite collectively for a noble purpose. Developing a country is not a task that the government alone can accomplish.
When intellectuals, religious leaders, youth, entrepreneurs, and the public come together with strong and responsible leadership, we can build a nation so resilient that no hostile force will be able to weaken it.
People in rural communities who live demanding and hardworking lives also deserve to enjoy. For a long time, leisure was limited to only a privileged segment of society. As a government committed to fostering a dignified cultural life for all citizens, it is important to create more spaces like this where people can relax, walk, enjoy themselves, and spend time with peace of mind.
The occasion was graced by the presence of the members of the Maha Sangha, and attended by the Minister of Rural Development, Social Security and Community Empowerment Upali Pannilage, other ministers and parliamentarians, government officials, and local residents.

(Prime Minister’s Media Division)
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Navy’s successful high-seas bust nets over 133kg haul of heroin
As a key frontline stakeholder in the national mission, ‘A Nation United,’ the Navy continues to conduct maritime operations in the waters surrounding the island, in coordination with other law enforcement agencies.
During a recent successful operation on the high seas south of Sri Lanka, the Navy intercepted a local multi-day fishing trawler and apprehended five suspects (05) in connection with the smuggling of a stock of suspected drugs.
During a special inspection at the Dickowita fisheries harbour today (16 Mar26), the Police Narcotic Bureau (PNB) confirmed the presence of over one hundred and thirty-three (133)
kilograms of heroin.
The Deputy Minister of Defence, Major General Aruna Jayasekara (Retd), accompanied by the Commander of the Navy, Vice Admiral Kanchana Banagoda, was present in Dickowita to inspect the seized items.
Addressing the media, the Deputy Minister stated that the tri-forces, particularly the Navy, along with the Coast Guard, Police, and other law enforcement agencies, are executing the
government’s vision for national security. He noted that the recent naval operation in the southern seas, which seized a large consignment of narcotics and weapons, demonstrates the government’s success in combating criminal networks involved in narcotics, arms and human trafficking.
He added that such successful outcomes result from the Navy’s meticulous planning, surveillance, intelligence analysis, and inter-agency coordination. He affirmed that no leniency will be shown to drug trafficking networks, and conveyed admiration, on behalf of the President, for the distinctive contribution made by the Sri Lanka Navy, in collaboration with other stakeholders,
towards ensuring public safety and protecting the younger generation from the menace of drugs.
Highlighting the scale of the Navy’s impact, he revealed that naval operations in 2025 seized narcotics valued over Rs. 75 billion, and operations so far in 2026 have seized over Rs. 20 billion worth of drugs.
The Deputy Minister warned that traffickers are increasingly using the guise of legitimate fishing activities to smuggle narcotics. Besides, he emphasized that the responsibility lies not only with law enforcement agencies but with all sectors of society to eradicate the networks associated with drug trafficking. He issued a firm directive to traffickers, dealers, and distributors to “quit,” asserting that there is no loophole, whether by sea or air, that the security forces cannot close. He
further urged drug users to abandon this destructive habit.
He announced plans for legal amendments to impose stricter penalties for drug offenses. Noting that law enforcement agencies have operational autonomy, he appealed to the public to report information on drug trafficking to hotlines 1818 and 1997.
He also commended the media for their responsible reporting in educating the public on the drug menace.
The trawler, the suspects, the communication equipment and the stock of narcotics held in this operation were handed over to the PNB for onward investigation and legal proceedings.
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