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Opposition vows to fight domestic debt restructuring plans of govt

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ECONOMYNEXT –The main opposition SJB would fight to defeat the government’s plans to restructure domestic debt, opposition leader Sajith Premadas said, offering the opposition’s assistance in sending a strong message to the international community.

Premadasa said at a meeting with representatives of the Ceylon Bank Employees’ Union on Thursday May 18 that the opposition is ready to tell the international community to not touch Sri Lanka’s domestic debt.

“We will fight both in and outside parliament and internationally the government’s attempt to restructure domestic debt,” Premadasa said.

The opposition leader claimed the government has changed its position on domestic debt restructuring (DDR). The government had maintained in March that there would be no restructuring of domestic debt, only to sing a different tune after the International Monetary Fund (IMF) programme was approved.

“In March, not even the president said domestic debt would be restructured,” he said.

“They’re now saying they have to do it. Why did you keep hoodwinking the people?” he asked, adding that DDR was first on the agenda.

“You can’t dance to your own tune, nor can you make the people dance,” said Premadasa. However, the SJB is ready to assist the government in reversing the decision.

“If the government wishes to, even at this last moment, send a message to the international community, with assistance from the opposition, to not touch domestic debt, we’re ready to work together with the government to communicate this to the international community,” said Premadasa.

A top IMF official told reporters on Monday May 15 that the international lender is in constant dialog with Sri Lanka over its DDR plans. The IMF defines a macro framework, ceilings on gross financing needs (annual debt volumes that are issued and re-issued), foreign debt service, and debt stocks on a timeline for a defaulted country to make its debt ‘sustainable’.

In April, President Ranil Wickermesinghe was reported to have told the cabinet of ministers hat a debt restructuring framework to negotiate with creditors would be announced by May.In parallel, discussions will also commence with private creditors. Sri Lanka met private creditors in Washington in April.

Sri Lanka also has to restructure its domestic debt to meet gross financing need (annual financing and debt roll-over totals) ceilings from 2027-2032 to make its debt ‘sustainable’ according to an IMF debt analysis.The central bank has said domestic debt restructuring will be voluntary, but fresh jitters hit the market last week triggering a rise in bond yields.

Several countries which were hit by monetary instability from flexible inflation targeting and flexible exchange rates or similar impossible trinity regimes, which had market access had defaulted in recent years and more are on the brink of default.

External sovereign defaults started in the early 1980s with similar policies in Latin America, which has among the worst central banks in the world and some Eastern European nations.



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X-Press Pearl disaster fuels global call to classify plastic pellets as hazardous

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X-Press Pearl

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

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Foreign Minister Herath decries deadlock in global disarmament

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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.

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CoPF orders officials to establish legal framework for Rs. 200 for estate workers daily attendance allowance

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NDF MP Ravi Karunayake speaking at the COPF meeting

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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