News
CHR accuses govt. of excessive printing of money in violation of agreement with IMF
The Center for Human Rights and Research (CHR) Sri Lanka, in a statement issued recently has alleged that the National People’s Power (NPP) government excessively printed money in violation of the agreement reached with the International Monetary Fund (IMF).
Executive Director, CHR, Rajith Keerthi Tennakoon said that printing of money, declining foreign reserves, and rising domestic debt could pose a significant challenge to achieving the year’s economic development targets, it said in a statement.
Tennakoon said: “From October 2024 to June 2025, the Central Bank of Sri Lanka printed Rs. 1,225.9 billion (or Rs. 1.2 trillion). The printing of money in violation of agreements with the International Monetary Fund could be the beginning of the country heading towards an economic crisis once again, according to the statement.
Contrary to the guidelines of the International Monetary Fund, the Central Bank printed Rs. 210.3 billion (10.4% expansion) in June 2025 alone. Rs. 233.90 billion was printed in March 2025, the highest amount printed in the first six months. During the Gotabaya regime, the economy was devastated by excessive money printing (e.g., the April-May 2022 expansion of 17 -20%). It is the joint responsibility of Parliament and the Central Bank to take appropriate steps to prevent the country from experiencing another financial crisis, it said.
The country’s debt has been increasing rapidly since the Presidential Election last September. Following the formation of the new government, Sri Lanka’s domestic debt, which stood at Rs. 17,595.05 billion as of April 2025, has increased to Rs. 18,629.86 billion, representing an additional Rs. 1,034.81 billion.
Under the new government, the country’s total domestic and foreign debt has increased from Rs. 28,574.65 billion to Rs. 29,480.39 billion, representing an increase of Rs. 905.74 billion. Although the amount of foreign debt has declined, this is mainly due to continued domestic borrowing through the issuance of treasury bonds and bills.
The Rs. 65 billion bond issue presented by the Central Bank on August 12 was not entirely sold. There was not a single bid for the 2032 bond (8% interest). This is a clear red light for the domestic borrowing policy.
The foreign reserves, which were $6.531 billion in June, fell to $6,080 million by the end of June. The foreign reserves in July were $ 6.114 billion. The ‘reserves’ are also announced, including derivative contracts through swaps.
However, when the swap exchange value is removed, the country’s net reserves, which were $2,799 million in March, have decreased to $2,210 million as of June, as follows.
Of the total reserves in December 2024, $6,122 million, Swap was $3,548 million, and net reserves were $2,574 million.
As of June 2025, the total reserves stood at $6,080 million, comprising $3,870 million in Chinese and other swaps and $ 2,210 million in net reserves. Accordingly, the decrease in net foreign reserves from December 2024 to June 2025 is $ 364M.
When the early signs of the economic collapse of 2021 – 2022 emerged, people with quantitative knowledge warned about money printing, unlimited borrowing, and a decline in foreign reserves. Despite those warnings, hiding facts and criticizing critics, the 2022 ‘financial collapse’ developed into a massive economic crisis. It is the responsibility of the Central Bank, the Treasury, the Ministry of Finance, and the Parliament to identify the leading signs of a similar financial collapse sooner and take measures.
The printing of money by Rs. 1,225.9 billion, a decline in foreign reserves by $ 364 million, and an increase in the country’s debt by Rs. 905.74 billion will inevitably lead to a decrease in the country’s economic growth rate. It is a situation that will have long-term adverse effects.
News
‘Vision’ Programme Marks Two Years
Marking the completion of two years of the ‘Vision’ Programme, students from Pinnawala Central College and Matale Siri Seevali College were given an opportunity on Thursday (24) to visit the Presidential Secretariat.
The ‘Vision’ Programme was launched for schoolchildren jointly by the Presidential Secretariat, the Ministry of Education and the Department of Communication of the Parliament of Sri Lanka.
Following a visit to the former Parliament building at the Presidential Secretariat, the students were also briefed on the history of Parliament.
The role of the President’s Fund and its importance to schoolchildren were explained by Senior Additional Secretary to the President Roshan Gamage.
The ‘Vision’ commemorative book, featuring the two-year journey of the ‘Vision’ Programme and its special activities, was also presented to the participating schools.
As part of the programme, valuable plants were also presented to the schools as a symbolic gesture underscoring the importance of environmental conservation.
Director General of Public Relations Dharmasiri Gamage, the Director and Assistant Director of the Tri-Services Security Coordination Unit, the principals and teaching staff of Pinnawala Central College and Matale Siri Seevali College, and students were among those present on the occasion.
President’s Media Division (PMD)
News
Sajith vows to scrap 22A under future govt.
Opposition and SJB Leader Sajith Premadasa yesterday vowed that an SJB government would repeal the 22nd Amendment (22A) to the Constitution.Premadasa made the pledge while addressing thousands of SJB supporters who gathered near Parliament to protest against 22A.
Addressing the rally at Polduwa Junction, Battaramulla, Premadasa said the proposed constitutional amendment would undermine democracy and judicial independence and enable the concentration of political power in the Executive.
“Even if they pass it, under an SJB government we will scrap it,” Premadasa told the gathering, claiming that 22A was aimed at paving the way for a one-party state and placing the State under the control of a single political party.
Braving the rain, Premadasa said they had gathered there peacefully and had no intention of resorting to violence.
“We have gathered here to protect democracy,” he said, challenging the government to hold Provincial Council elections if it was confident of facing the people.
Premadasa said the SJB was prepared to work with any democratic and clean political force committed to the country’s progress and public welfare, amid ongoing discussions on cooperation among Opposition parties, including the United National Party.
Premadasa also accused groups aligned with the government of attempting to discourage people from attending the protest through statements and other measures.
SJB General Secretary Ranjith Madduma Bandara said the protest had been organised against the proposed amendment, which the party had opposed on the grounds that it could pave the way for authoritarianism.
The demonstration began around 9 a.m. at Polduwa Junction and coincided with Parliament taking up the proposed 22nd Amendment for debate. Proceedings on the Bill are scheduled to continue today (25).
The Supreme Court has determined that the proposed amendment does not require approval at a referendum and could be passed with a special majority in Parliament.
Meanwhile, traffic congestion was reported on roads surrounding Parliament and Polduwa Junction following the demonstration.
Security was also tightened in and around the Parliamentary complex, with a heavy police presence observed at Polduwa Junction and near the main entrance to Parliament.
News
Two retired female Navy officers remanded over disappearance of two women during war
Two retired female Navy petty officers were ordered to be remanded until October 5 over their alleged involvement in the abduction and disappearance of two women in Trincomalee during the war.
Trincomalee Chief Magistrate M.S.M. Samsudeen yesterday ordered that the two suspects be remanded and directed that they be produced for an identification parade on October 5.
The suspects, residents of Chilaw and Haputale, were arrested after appearing before the CID in connection with another court case. They were subsequently produced before the Trincomalee Magistrate’s Court.
The court was informed that the investigation concerned the alleged abduction of Sasikumar Thenmoli and Mary Delsia, residents of Paalaiyootru, Trincomalee, on or around May 13, 2008.
The CID told court that information uncovered during its investigations indicated that the two women had allegedly been detained at an underground location known as the “Gun Site” at the Trincomalee Naval Base while the two suspects were serving in the Navy. The women were subsequently reported missing.
Further investigations into the alleged abduction and disappearance of the two women are continuing.
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