News
Prez should have invited party leaders to consultation with IMF MD before finalization of agreement
By Rathindra Kuruwita
President Ranil Wickremesinghe should have invited political party leaders in Parliament to discuss the implementation of the IMF agreement with the fund’s Managing Director before signing the agreement, Chairman of the Communist Party of Sri Lanka (CPSL), D. E.W. Gunasekara said in a recent televised interview.
Recently, Wickremesinghe invited the leaders of the political parties represented in Parliament to discuss the implementation of the IMF agreement and come up with a collaborative approach.
“Now, the agreement has been signed. The purported objective of the agreement is to help the country restructure its debt. IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies in September 2022. So, almost 18 months have passed. We have only restructured domestic debt so far. That too was done by misusing the EPF and ETF,” he said.
Gunasekara said that by the time the 2015 bond scam happened, 16 companies had bought Treasury bonds and bills issued by the government. Four of them were owned by the state, i.e., the EPF, the Bank of Ceylon, the People’s Bank, and the National Savings Bank.
“So, 12 private companies also own a significant amount of debt. These were not subject to restructuring. If we look at the external debt, we have borrowed about 40 percent from the international capital markets. China, Japan and India are our main bilateral lenders,” he said.
After assuming duties, Wickremesinghe had been to Japan, France, England and India, Gunasekara said. In each of these visits, he has tried to persuade the leaders of those nations to persuade the Paris Club to give concessions to Sri Lanka, he said.
“This has not worked out at all. We are still trying to negotiate an agreement, and the government keeps postponing the expected date of finalising external debt restructuring,” he said.
Latest News
IMF Executive Board approves US$206 Million in Emergency Financial Support for Sri Lanka
The IMF Executive Board approved emergency financing under the Rapid Financing Instrument (RFI), providing Sri Lanka with immediate access to SDR 150.5 million (about US$206 million,
equivalent to 26 percent of quota) to help Sri Lanka address the urgent needs arising from the catastrophic Cyclone Ditwah and preserve macroeconomic stability.
In response to severe weather impacts, the Sri Lanka Navy conducted a diving and technical assistance operation on Friday (19 Dec 25) to clear major debris obstructing vital infrastructure.
Heavy rainfall caused a significant rise in the water level of the Mahaweli River, washed large quantities of debris, including logs and bamboo, downstream. These remain lodged in the Diyakapanathota in Gatambe, Peradeniya and Lewella bridges, obstructing the smooth flow of water.
Acting promptly upon request, a Navy diving team executed a coordinated operation in collaboration with the Road Development Authority. The team removed the accumulated debris, restoring normal water flow through the bridges.
Latest News
Landslide early warnings issued to the districts of Badulla, Kandy, Kurunegala, Matale and Nuwara-Eliya extended till 8AM on Sunday (21)
The Landslide Early Warning Centre of the National Building Research Organization (NBRO) has extended the Landslide Early Warning issued to the districts of Badulla, Kandy, Kurunegala, Matale and Nuwara-Eliya till 08:00AM on Sunday (21st December 2025)
The LEVEL III RED landslide early warnings issued to the Divisional Secetaries Divisions and surrounding areas of Medadumbara, Doluwa, Ududumbara and Minipe in the Kandy district, and Nildandahinna, Hanguranketha, Mathurata and
Walapane have been extended.
LEVEL II AMBER landslide early warnings have also been issued to the Divisional Secetaries Divisions and surrounding areas of Soranathota, Hali_Ela, Passara, Meegahakivula, Badulla, Lunugala and Kandeketiya in the Badulla district, Thumpane, Harispattuwa, Udapalatha, Kundasale, Akurana, Poojapitiya, Udunuwara, Pathadumbara, Pasbage Korale, Gangawata Korale, Hatharaliyadda, Yatinuwara, Ganga Ihala Korale, Panvila, Pathahewaheta and Deltota in the Kandy district, Rideegama in the Kurunegala district, Ukuwela, Naula, Matale, Ambanganga Korale, Rattota, Pallepola, Wilgamuwa, Yatawatta and Laggala Pallegama in the Matale district, and Nuwara-Eliya in the Nuwara-Eliya district.
LEVEL I YELLOW landslide early warnings have been issued to the Divisional Secetaries Divisions and surrounding areas of Uva Paranagama, Welimada, Haputhale, Haldummulla, Ella and
Bandarawela in the Badulla district, Alawwa, Mallawapitiya,
Polgahawela and Mawathagama in the Kurunegala district, and Kothmale East, Ambagamuwa Korale, Kothmale West, Thalawakele and Norwood in the Nuwara-Eliya district.
IMF Executive Board approves US$206 Million in Emergency Financial Support for Sri Lanka
Navy clears major bridge obstructions in Peradeniya and Lewella
Landslide early warnings issued to the districts of Badulla, Kandy, Kurunegala, Matale and Nuwara-Eliya extended till 8AM on Sunday (21)
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