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Sri Lanka’s ambassador urges ADB and World Bank to take bigger role in debt restructure

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Sri Lanka has not reached any initial agreement with the IMF on debt relief, and its largest creditors -the Asian Development Bank (ADB) and the World Bank – are urged to come up with a package that would speed up its debt restructuring process, Sri Lanka’s Ambassador to China Palitha Kohona told the Global Times in an exclusive interview.

He also called for more assistance from partners after the debt-ridden country claimed bankruptcy and imposed a state of emergency amid escalating protests and persisting shortage of daily necessities.

“The IMF visited Sri Lanka at the end of last month, and judging by the report we received, the official discussions were very satisfactory. We have appointed a team of legal advisors in London, and a team of experts who understand debt restructuring from the West,” Kohona said. But he noted that discussions with the IMF are only at a preliminary stage, and once the new government is installed, there will be a new arrangement for the next meeting with the IMF.

Kohona said it is hoped that terms and conditions attached to the IMF package will not be “onerous.”

“It’s inevitable that whenever the IMF comes along we will have to tighten our belt, but in some cases it’s difficult because the belt is already on the last notch. We’re worried that the IMF may insist that we curtail our state-funded health care system. The education system which is free from grade one to university level might be another area the IMF recommends to cut. These may add to the unrest,” Kohona explained.

Sri Lanka’s largest creditors are international financial organizations like the World Bank and the ADB, and a substantial amount is also owed to other institutional investors from the West, for example the Wall Street. While calling on those organizations to take a bigger role, Kohona also hopes more bilateral partners will provide more assistance to help the country overcome its difficulties.China and Japan each held about 10 percent of Sri Lankan debt. Kohona disclosed that about $1 billion, out of Sri Lanka’s $7 billion foreign debt obligations for this year, is due to China.

China’s Foreign Ministry spokesperson Wang Wenbin said at a press briefing on Friday that Chinese financial institutions have actively approached and negotiated with Sri Lanka after the country stopped debt repayment, expressing willingness to properly settle matured debts owed to China and help it overcome difficulties.

“China is ready to work with relevant countries and international financial institutions to continue to play a positive role in supporting Sri Lanka’s response to current difficulties and efforts to ease debt burden and realize sustainable development,” Wang said, adding that as a friend and neighbor, China has been providing assistance for its socioeconomic development to the best of our capacity.

Recently, China has announced a total of 500 million yuan ($74 million) emergency humanitarian aid to Sri Lanka. On Thursday, the second batch of emergency humanitarian grain aid – 1,000 tonnes of rice – from China was handed over to Sri Lanka.

There have been large-scale protests about the government because of the severe material and energy shortages that Sri Lanka is facing, Kohona noted. Sri Lanka faces a gap in cooking oil, fertilizer, medicine, and even food stocks, which poses a huge challenge to Sri Lankans’ basic household cooking, transportation, medical needs, and preparation for the upcoming cultivation season.

On Thursday, President Gotabaya Rajapaksa officially resigned after landing in Singapore, and Prime Minister Ranil Wickremesinghe was appointed as acting president. Wickremesinghe declared a state of emergency across the country.

Kohona noted there are still protests in Sri Lanka against Wickremesinghe, and he is not clear whether the acting president will continue to hold this office for much longer. “This is very unsatisfactory, because the leadership of the country suddenly comes into question. So we are hoping that the constitutional provisions will be followed, and elections have to be held within a specified period to elect a new president,” he said.

Sri Lanka’s parliament will vote on a new president on July 20, according to the speaker of the Sri Lankan Parliament.

Kohona said he is confident that “whatever government in power will maintain excellent relations with China.”

“China is the major trading partner and investor of Sri Lanka, we have a strategic partnership between the two countries, whoever takes over the government after an election will maintain the confidence of the Chinese government as well as the goodwill of the Chinese people,” he noted.

In recent years, Chinese-invested projects under the Belt and Road Initiative (BRI) such as the Hambantota Port have largely improved local people’s livelihood and propelled the country’s growth.

On Thursday, the Chinese Embassy in Sri Lanka held a video conference with Chinese firms in Sri Lanka, guiding them on how to strengthen security work and cope with demonstration and safety events. Kohona said there has been no threat to Chinese projects or Chinese personnel in Sri Lanka.

“BRI investments are critical in the Sri Lankan economy after the situation stabilizes. It not only brought foreign exchange, but also generated employment,” he said, adding that the embassy is encouraging a number of Chinese renewable energy companies to establish projects in Sri Lanka. (Courtesy The Global Times)



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India vs Pakistan match is a godsend for T20 World Cup hosts Sri Lanka

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The last time India and Pakistan played in Sri Lanka was in 2023 at the Asia Cup, when fans from both countries and the host nation thronged the R Premadasa Stadium in Colombo [Aljazeera]

Almost 30 years ago today, India and Pakistan formed a combined cricket team to take on Sri Lanka ahead of the 1996 Cricket World Cup in an unprecedented moment of unity in the sport’s history.

The two age-old rivals put aside their differences and came together in an act of solidarity to support a fellow South Asian team, who faced the threat of match boycotts in a tournament they had battled hard to host.

India versus Pakistan is the most highly marketed fixture at every multination tournament – the World Cup, Asia Cup or Asian Games – whether it’s a men’s, women’s or Under-19 event.

Few sporting events globally carry the weight and anticipation of an India-Pakistan cricket match. So, when Pakistan’s government ordered its team not to face India at the ongoing T20 World Cup, the tournament was briefly pushed into a state of chaos.

It also left Sri Lanka, the designated host of the fixture, holding its collective breath.

A week of negotiations led to a dramatic late U-turn by the Pakistani government and the match will now take place as scheduled on Sunday at the R Premadasa International Cricket Stadium in Colombo.

But what if the boycott had gone ahead? The impact could have been catastrophic, not just for Pakistan, but also for the International Cricket Council (ICC), as well as Sri Lanka.

With the crisis seemingly averted, the island nation stands poised to reap the benefits in its financial landscape, diplomatic standing and community.

The tourism and hospitality industry was one of the hardest hit during Sri Lanka’s financial meltdown and this match will see an enormous influx of fans from India and Pakistan coming into the country.

Hotels in and around Colombo were fully booked out well ahead of the tournament but the industry braced itself for heavy losses after Pakistan threatened a boycott.

“There’s been a massive impact since the boycott was announced,” Sudarshana Pieris, who works in Sri Lanka’s hospitality sector, told Al Jazeera.

“All major hotels in Colombo were fully booked by Indian travel agencies well ahead of the match and once the boycott was announced, we lost almost all of those bookings,” he said.

“But after Pakistan reversed their decision, hotel room rates shot up by about 300-400 percent at five-star establishments in Colombo.”

It’s not just hotels but several other local businesses – from street vendors to high-end restaurants – who are hoping for an increased footfall and spending over the weekend.

These short trips and the experiences they offer could influence visitors to extend their stay or return to Sri Lanka on holiday, long after the game has ended, in a potential long-term benefit to the industry.

Another relatively underestimated impact of the game would be the employment opportunities it creates, albeit temporarily, in the media, event management, security and transportation industries.

Asanka Hadirampela, a freelance journalist and broadcaster currently working as a Sinhala language commentator for the World Cup, recognises the marquee match as a great opportunity from a personal standpoint.

“This is my first World Cup as a broadcaster,” Hadirampela said.

“The India-Pakistan fixture is the biggest and most-watched game of the tournament. So to get to work on such a match is exciting and I consider it a special achievement.”

The lines are always blurred between sport and politics in South Asia.

So while the financial gains are expected to be significant, the fixture’s impact on the region’s geopolitical environment cannot go amiss.

Pakistan’s boycott, too, was explicitly political, as confirmed by the country’s Prime Minister Shehbaz Sharif when he said that they were offering support to Bangladesh after the Tigers were kicked out of the tournament by the ICC.

The reversal of Pakistan’s decision, which they said came after requests to reconsider the boycott by several regional “friends”, was steeped in politics, too.

Sri Lanka’s President Anura Kumara Dissanayake reportedly had a phone conversation with PM Sharif, urging his government to rethink their decision to boycott the game as the successful staging of this encounter would not only position Sri Lanka as a capable host of global sporting events but also reinforce its standing as a neutral mediator in a region fraught with geopolitical complexities.

Sri Lanka and Pakistan have always maintained strong diplomatic relations, which have extended to the cricket field as well.

Sri Lanka were one of the first teams to travel to Pakistan following their 10-year ostracisation from international cricket, which came as a result of a terrorist attack targeting the Sri Lankan team in March 2009.

When Al Jazeera reached out to Sri Lanka Cricket (SLC), its vice president Ravin Wickramaratne confirmed that SLC did, indeed, reach out to the Pakistan Cricket Board (PCB) after the boycott was announced.

“We asked them to reconsider the decision,” Wickramaratne said.

“It [boycott] would have impacted Sri Lanka economically, whether directly or indirectly.

“We have always had a good relationship with the PCB and we have always supported them, so we’re happy with their decision.”

A little over 24 hours ahead of the match in Colombo, there is a sense of palpable excitement and a growing buzz around the fixture as it returns from the brink of cancellation.

As of Saturday morning, 28,000 tickets had been sold for the game but local organisers expect a capacity crowd of 40,000 to make it into the stands.

Come Sunday, thousands more will line the streets in and around Maligawatte, the bustling Colombo suburb that houses the famous Premadasa Stadium.

INTERACTIVE -STADIUMS- T20 MEN'S CRICKET WORLD CUP - 2026 - FEB3, 2026-1770220847
(Aljazeera)
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“We Are Building a Stable, Transparent and Resilient Sri Lanka Ready for Sustainable Investment Partnerships” – PM

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Prime Minister Dr. Harini Amarasuriya addressed members of the Chief Executives Organization (CEO) during a session held on Thursday [3 February 2026] at the Shangri-La Hotel, Colombo, as part of CEO’s Pearl of the Indian Ocean: Sri Lanka programme.

The Chief Executives Organization is a global network of business leaders representing diverse industries across more than 60 countries. The visiting delegation comprised leading entrepreneurs and executives exploring Sri Lanka’s economic prospects, investment climate, and development trajectory.

Addressing the gathering, the Prime Minister emphasized that Sri Lanka’s reform agenda is anchored in structural transformation, transparency, and inclusive growth.

“We are committed not only to ensuring equitable access to education, but equitable access to quality education. Our reforms are designed to create flexible pathways for young people beyond general education and to build a skilled and adaptable workforce for the future.”

She highlighted that the Government is undertaking a fundamental pedagogical shift towards a more student-focused, less examination-driven system as part of a broader national transformation.

Reflecting on Sri Lanka’s recent political transition, the Prime Minister stated:

“The people gave us a mandate to restore accountability, strengthen democratic governance, and ensure that opportunity is not determined by patronage or privilege, but by fairness and merit. Sri Lanka is stabilizing. We have recorded positive growth, restored confidence in key sectors, and are committed to sustaining this momentum. But our objective is not short-term recovery it is long-term resilience.”

Addressing governance reforms aimed at improving the investment climate, she said:

“We are aligning our legislative and regulatory frameworks with international standards to provide predictability, investor protection, and institutional transparency. Sustainable investment requires trust, and trust requires reform.”

Turning to the recent impact of Cyclone Ditwa, which affected all 25 districts of the country, the Prime Minister underscored the urgency of climate resilience.

“Climate change is not a distant threat. It is a lived reality for our people. We are rebuilding not simply to recover, but to build resilience, strengthen disaster mitigation systems, and protect vulnerable communities.”

Inviting CEO members to consider Sri Lanka as a strategic partner in the Indo-Pacific region, she highlighted opportunities in value-added mineral exports, logistics and shipping, agro-processing, renewable energy, pharmaceuticals, and innovation-driven sectors.

“We are not looking for speculative gains. We are seeking long-term partners who share our commitment to transparency, sustainability, and inclusive development.”

She further emphasized collaboration in education, research, vocational training, and innovation as essential pillars for sustained economic growth.

Concluding her address, the Prime Minister expressed appreciation to the Chief Executives Organization for selecting Sri Lanka as part of its 2026 programme and reaffirmed the Government’s readiness to engage constructively with responsible global investors.

The event was attended by the Governor of the Western Province,  Hanif Yusoof, and other distinguished guests.

[Prime Minister’s Media Division]

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Prez AKD congratulates BNP’s Tarique Rahman on B’desh election win

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President Anura Kumara Dissanayake has extended his congratulations to the Bangladesh Nationalist Party (BNP) and its leader, Tarique Rahman, following their landslide victory in Bangladesh’s parliamentary elections.

“Best wishes to the people of Bangladesh for reaffirming their faith in democracy, and congratulations to Mr. Tarique Rahman on leading the BNP in these elections. The results reflect the trust placed in him. I look forward to strengthening ties between our two nations,” President Dissanayake said, in a post on ‘X’.

The Bangladesh Nationalist Party won a landslide parliamentary election on Friday, securing a resounding mandate in a pivotal vote that is expected to restore political stability in the South Asian nation.

The parliamentary election held on Thursday was Bangladesh’s first vote since the 2024 Gen Z-driven uprising that toppled long-time premier Sheikh Hasina.

Opinion polls had given BNP an edge, and the party lived up to the forecasts, with the coalition it dominates winning 209 seats to secure an overwhelming two-thirds majority in the 300-member Jatiya Sangsad, or House of the Nation, Jamuna TV showed.

Soon after it won a majority in the overnight vote-count, the party thanked and congratulated the people and called for special prayers on Friday for the welfare of the country and its people.

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