News

Cabraal gives lesson in finance to Opposition Leader

Published

5 years ago

2020/12/3

By Saman Indrajith

Opposition leader Sajith Premadasa’s questions on the management of the government reminded him of a person that drives recklessly knocks down a person and then queries from the latter what happened, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday told Parliament.

“The Yahapalana government, where the opposition leader was a powerful minister, brought the economy to its knees and is now asking us to rectify the issues they created,” the Minister said.

Minister Cabraal said that the former government obtained USD 6.9 billion in loans and sovereign bonds at an interest of 7.8 percent. “With USD 6.9 billion, six harbours the size of Hambantota harbour could have been built. The funny thing is that many local and foreign institutions kept mum about your reckless loan taking. During the time of our government prior to 2015, we borrowed only USD 5.5 billion for the entire nine year period. The debt was at 91 percent of the GDP when we took the office and we brought it down to 70 per cent of the GDP. During the period of the yahapalana government from 2015 to 2019 it has been increased to 86 percent. So some of the questions are asked from us now, you should have raised them in the cabinet during the time of the yahapalana government. One such question is as to how to bring down those debts.”

Cabraal added that during the previous government very few investment opportunities came in. There was a difference of opinion between the rating institutes such as Fitch and Moodys and the government.

“In my view and in the view of the government, it is surprising to note that the Fitch ratings assessment had ignored several key proposals included in the government budget proposals 2021 with regard to deficit financing in the period ahead. We have set out various ways explaining how the debt deficit would be financed. Obviously they have ignored it and so has the opposition leader. As indicated in the Budget 2021 the government has adopted a novel approach in relation to foreign financing while enhancing the effectiveness of already secured financing channels aimed at reducing the share of foreign financing in the budget deficit over the medium term. In 2014, the total debt, if you break it down into foreign debt and local debt, it was 40 percent foreign debt and the local debt was 60 percent, but by 2019 as a result of the various measures taken by the yahapalana government that ratio had changed to 50 percent foreign and 50 percent local. So we inherited huge risk with regard to foreign debt. That was their making but we will deal with it,” the Minister said.

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Landslide early warnings issued to the Districts of Badulla, Kandy, Matale and Nuwara Eliya

Published

6 hours ago

2026/01/8

Priyan

The Landslide Early Warning Center of the National Building Research Organisation [NBRO] has issued landslide early warnings to the districts of Badulla, Kandy, Matale and Nuwara Eliya for the next 24 hours commencing at 1200hrs today [08]

Accordingly
LEVEL II AMBER landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Ududumbara in the Kandy District, Wilgamuwa in the Matale District, and Nildandahinna and Walapane in the Nuwara Eliya District.

LEVEL I YELLOW landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Meegahakiwula, Welimada, Kandaketiya, Lunugala, Badulla, Passara, Uva Paranagama and Hali_Ela in the Badulla District, Ambanganga Korale in the Matale District, and Mathurata and Hanguranketha in the Nuwara Eliya District.

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Warning for deep depression over South-east Bay of Bengal Sea area

Published

12 hours ago

2026/01/8

Priyan

Deep depression Track. [Source: RSMC]

Warning for deep depression over South-east Bay of Bengal Sea area.
Issued by the Natural Hazards Early Warning Centre, Department of Meteorology at 10.30 a.m. on 08 January 2026 for the period until 10.30 a.m. 09 January 2026

The depression in the Bay of Bengal to the southeast of Sri Lanka has intensified into a deep depression and is centered near latitude 5.4°N and longitude 85.3°E, about 420 km southeast of Pottuvil at 05.30 a.m. today (08th). The above system is currently (10:00 a.m.) located about 300 km southeast of Pottuvil.

It is very likely to move west-northwestwards across the southwest Bay of Bengal and cross the Sri Lanka coast between Hambantota and Kalmunai between 5.30 p.m. to 11.30 p.m. on Friday [9th January 2026].

Hence, showery, and windy condition over the island, particularly in the Northern, NorthCentral, Eastern, Uva and Central provinces is expected to enhance from today (08th).

For the Land area:

DAMAGE EXPECTED:
• Damage to huts, temporary shelters and light structures
• Destroy the roof tops/ sheets etc.
• Damage to power and communication lines.
• Breaking of tree branches and uprooting of large avenue trees.
• Damage to paddy crops, banana, papaya trees and orchards.
• Damage to harbor yachts
• Flash flood
• Sea water inundation in low lying areas in the near coast.

Action suggested for the Land area:
• Coastal hutment dwellers are advised to move to safer places. Other people in the affected areas to remain indoors.
• People living in hilly areas (particularly landslide prone areas) and low lying areas in river basins are requested to be vigilant.
• Drivers and people using roads in the hilly areas are requested to be vigilant.
• Beware of fallen trees and power lines.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• General public is requested to be vigilant regarding impending extreme weather situation.
• For emergency assistance contact the local disaster management authorities.
• Requested to be attentive about future advisories issued by the Department of Meteorology in this regard.

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Showers above 100 mm are likely at some places in the Eastern and Uva provinces and showers about 50-75 mm in other areas

Published

17 hours ago

2026/01/8

Priyan

WEATHER FORECAST FOR 08 JANUARY 2026
Issued at 05.30 a.m. on 08 January 2026 by the Department of Meteorology

The depression over the Bay of Bengal, located to the southeast of Sri Lanka, was centered near latitude 5.3°N and longitude 86.0°E, about 490 km southeast of Pottuvil, at 11:30 p.m. yesterday (07). It is expected to move west-northwestwards and towards the eastern coast of the island during next 24 hours. This system is likely to intensify further into a deep depression during the next 12 hours.

Cloudy skies can be expected over most parts of the island.
Showers or thundershowers will occur at times in the Northern, North-central, Eastern, Uva, Central and Southern provinces. Showers or thundershowers may occur at several places elsewhere in the Island after 1.00 p.m. Heavy showers above 100 mm are likely at some places in the Eastern and Uva provinces. Fairly Heavy showers about (50 – 75) mm are likely at some places in the other areas of the island.

Strong winds about (50-60) kmph can be expected at times over the Eastern slopes of the central hills, the Northern, North-central, North-western and Eastern provinces and in Hambantota, Gampaha, Colombo and Monaragala districts.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.