News
Lanka not caught in Chinese debt trap, says Ambassador Kohona
Sri Lanka is not caught in a debt trap of China, Sri Lankan Ambassador in Beijing, Dr. Palitha Kohona said in an interview with the South China Morning Post.
Dr. Kohona told the Post that Sri Lanka was in a difficult situation and had asked for financial support to help it get through the spiraling economic crisis which had led the government to raise interest rates, devalue its currency and curb imports of non-essential goods.
“The current situation is difficult, but it’s the result of a combination of factors really coming together at this very moment and then, naturally, people of the country are feeling the pressure and the pain, and they have the freedom to protest,” Kohona said.
“The immediate need is to meet our debt repayments, and our crying need is to finance certain imports, like petroleum, gas and other items like that. No economy can last for too long without petroleum and gas, and without electricity.”
Critics often cite the 2017 case in which the then Sri Lankan government decided to lease the strategically located Hambantota port to a Chinese state firm under a 99-year lease as part of a controversial debt-for-equity swap scheme.
Kohona said it was Sri Lanka’s own choice to build a seaport in Hambantota, a project supported by two feasibility studies carried out by a Canadian engineering firm and then a Danish consulting firm before its government sought funding from Western funding agencies, and even India, although none was interested.
“Then we approached China, and China did not rush to us with money. It took two or three years of negotiations before it was agreed that the Chinese would fund the Hambantota port,” he said. “And it’s very important to remember that the money that was received by this lease was not used to repay the Chinese loans but those taken from Western financial institutions.”
The Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to instruct the Legal Draftsman to prepare a draft bill to amend the State Mortgage and Investment Bank Law No. 13 of 1975
By Cabinet decision dated 2025-12-01, policy approval was granted to amend the definition of the term “animal” in the Animals Act No. 29 of 1958 by including, pigs, goats, and sheep, in addition to cattle and buffaloes, within the interpretation section of the act.
In accordance with the said approval, the Legal Draftsman has drafted an Amended Bill in all three languages, and the clearance of the Attorney General has also been obtained.
Accordingly, the Cabinet of Ministers has approved the
resolution furnished by the Minister of Agriculture, Livestock, Land and Irrigation to publish the draft Amendment Bill in the Government Gazette and thereafter to submit the same to the Parliament for its concurrence.
News
Cabinet approves establishment of a ‘Trust’ to carry out the management of the Jaffna Thiruvalluvar Cultural Centre
The Jaffna Thiruvalluvar Cultural Centre, comprising 11 floors, has been constructed with the assistance of the Government of India with the objective of serving as a hub for cultural activities in Sri Lanka and expanding bilateral cooperation for the promotion, preservation, and fostering the cultural heritage of Jaffna.
In accordance with the approval granted at the Cabinet meeting held on 2022-02-21, a Joint Management Committee has been appointed to make decisions relating to the affairs of the said cultural centre, in terms of the Memorandum of Understanding signed for the operation of the Jaffna Thiruvalluvar Cultural Centre.
According to the provisions of the aforementioned MOU, upon completion of the construction of the project, the cultural centre should be transferred to the Jaffna Municipal Council through the Government of Sri Lanka.
Following such transfer, the relevant parties have reached an agreement to establish a ‘trust’ for carrying out the management activities of the centre. The Attorney General’s clearance has been received for the draft trust deed prepared for that purpose.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Buddhasasana, Religious and Cultural Affairs to establish the trust to continue the management activities of the Jaffna Thiruvalluvar Cultural Centre
State Mortgage and Investment Bank Law No. 13 of 1975 to be amended
Animals Act No. 29 of 1958 amended
Cabinet approves establishment of a ‘Trust’ to carry out the management of the Jaffna Thiruvalluvar Cultural Centre
Prime Minister Keir Starmer under pressure as ministers quit, 80 MPs urge him to resign
Nahid Rana rips through Pakistan to seal a final-session win for Bangladesh
South Africa’s Shabnim Ismail reverses retirement for T20 World Cup
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News6 days agoMIT expert warns of catastrophic consequences of USD 2.5 mn Treasury heist
-
News3 days agoLanka Port City officials to meet investors in Dubai
-
Editorial6 days agoClean Sri Lanka and dirty politics
-
Editorial5 days agoThe Vijay factor
-
News4 days agoSLPP expresses concern over death of former SriLankan CEO
-
News7 days agoDevelopment Officer bids Rs. 48 mn for CPC’s V8 at auction
-
Opinion7 days agoPostmortem reports and the pursuit of justice
-
News4 days agoPolice inform Fort Magistrate’s Court of finding ex-CEO of SriLankan dead under suspicious circumstances