Connect with us

News

President outlines his track record since assuming office in 2022

Published

on

President Ranil Wickremesinghe

President Ranil Wickremesinghe told Parliament yesterday, making a statement, that he had assumed leadership of the country without any conditions, despite being a sole Member of Parliament from his party.

The President said he expected to conclude all negotiations with external creditors by the middle of this year, and that the ultimate goal of debt restructuring was to reduce the total amount of debt to 95% of the GDP by 2032.

Furthermore, he mentioned that during the first three months of the year, the exchange rate of the US dollar had been brought down to below Rs. 300 and the foreign reserves raised to a value of more than USD 5 billion.

He said a salary increment for government employees could be considered only next year based on the economic growth of 2024 and state income since the current revenue was not sufficient.The President emphasised that achieving a consensus was not solely the responsibility of public representatives in Parliament, and the onus was also on religious leaders, trade unions, professionals, the business community, non-governmental organizations, various opinion leaders, individuals with social influence, and every citizen.

“We anticipate economic growth of at least 3% this year, a forecast supported by multiple domestic and international financial institutions. Inflation has significantly decreased to 1.5%. Additionally, the primary account balance, previously in deficit for several years, turned into a surplus of 0.6% of GDP in 2023.

For the first time in many decades, a surplus in the current account of the balance of payments was achieved in 2023. Furthermore, interest rates decreased substantially, reaching levels as low as 10-13%.

Through a series of reforms, we established financial discipline within the country. Another crucial reform for economic stability was restructuring our debt.

This was a significant consideration for finalising the IMF agreements in September 2022. By December 2022, the total debt as a percentage of GDP had reached 128%, a concerning level. Hence, we devised a debt restructuring program, which was structured into three primary phases.

Over the past couple of years, our government has diligently endeavoured to bring relief to our citizens through the outcomes of our economic recovery initiative. We arranged to directly grant substantial sums of money to economically disadvantaged groups in our country under the “Aswasuma” programme and other relief initiatives. Moreover, allowances granted to kidney patients, the elderly, and individuals with disabilities have been increased by 50%.

Under this programme, economically disadvantaged groups receive more than three times the existing Samurdhi subsidy. In 2024, a total of Rs. 205 billion will be spent for these relief programmes. Relief programs in Sri Lanka trace their origins back to the Second World War. Since then, there has not been such a significant allocation of funds to aid the impoverished.

Over the course of the 2022 Yala season, 2022/23 Maha season, 2023 Yala season and 2023/24 Maha season, our agricultural practices have yielded successful harvests.

The government has contemplated providing a portion of the crops to the impoverished free of charge.

It is imperative to exceed mere economic stabilization and recovery efforts and transition our economy onto a sustainable path. Implementing a formal and swift programme to achieve this transformation is essential.



Latest News

Heat index likely to increase up to ‘Caution level’ at some places in the Northern, North-central, North-western, Western, Sabaragamuwa, Southern and Eastern provinces and Monaragala district

Published

on

By

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre at 3.30 p.m. on 11 April 2026, valid for 12 April 2026

The Heat index, the temperature felt on the human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, North-western, Western, Sabaragamuwa, Southern and Eastern provinces and Monaragala district.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:  In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

Continue Reading

Latest News

Sun directly overhead Cheddikulam, Kebithigollewa, Gomarankadawala and Nilaveli about 12:11 noon. today [12]

Published

on

By

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from 05th to 15th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (12th) are Cheddikulam, Kebithigollewa, Gomarankadawala and Nilaveli about 12:11 noon.

Continue Reading

News

CEB orders temporary shutdown of large rooftop solar systems

Published

on

The Ceylon Electricity Board (CEB) has directed owners of large-scale rooftop solar systems to temporarily disconnect their installations for a 10-day period beginning from Friday (April 10), citing growing concerns over grid stability amid low electricity demand and high solar generation.

The directive applies to rooftop solar systems exceeding 300 kW capacity, which are required to remain switched off until April 20. The move coincides with the extended holiday season, during which national electricity demand typically declines, alongside prevailing sunny weather conditions that significantly increase solar output.

Senior electrical engineers told The Island that the decision, though exceptional, was necessitated by operational risks posed to the national grid.

“We are seeing a pronounced imbalance between supply and demand,” a senior CEB system control engineer said. “With industries and commercial establishments operating at reduced levels during the holidays, demand drops. At the same time, solar generation remains high, creating excess power that the grid struggles to absorb.”

He explained that such imbalances could lead to fluctuations in system frequency, potentially threatening the stability of the grid. “If generation exceeds demand, frequency rises beyond acceptable limits.

This can trigger automatic protection mechanisms or, in extreme cases, lead to partial outages.”Another senior engineer attached to the transmission division noted that managing distributed solar generation remains a technical challenge.

“Unlike conventional power plants, rooftop solar systems are not centrally dispatchable. We cannot directly control their output in real time. This limits our ability to balance the system during periods of excess generation,” he said.

He added that the country’s grid infrastructure is still adapting to the rapid growth of renewable energy. “We lack sufficient large-scale battery storage and advanced grid management systems to effectively handle these fluctuations. Until such capabilities are enhanced, temporary curtailment becomes necessary.”

Engineers also pointed out that conventional thermal plants cannot be abruptly shut down or adjusted to compensate for sudden surges in solar generation.

“These plants require minimum stable operating levels. When solar floods the grid during low demand, it creates operational constraints that are not easy to manage,” one official said.

The CEB, in its statement, expressed appreciation for the cooperation of solar system owners affected by the measure, stressing that it is a short-term intervention aimed at ensuring uninterrupted and stable electricity supply across the country.

Energy experts say the development underscores the urgent need for grid modernization, including investment in battery energy storage systems, smart grid technologies, and improved demand-side management.

“This is part of the transition challenge,” an independent analyst noted. “As solar penetration increases, the grid must evolve to become more flexible. Otherwise, curtailment will remain a recurring necessity.”

Despite the temporary shutdown, CEB engineers reaffirmed their commitment to expanding renewable energy.

“Solar power is a key pillar of Sri Lanka’s future energy mix,” a senior engineer said. “But integration must be carefully managed. Grid stability cannot be compromised.”

The temporary disconnection order, which took effect yesterday, marks a critical moment in Sri Lanka’s energy transition—highlighting both the progress made in renewable energy adoption and the technical hurdles that remain.

By Ifham Nizam

Continue Reading

Trending