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Crisis will last at least two more years: govt

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Sri Lanka will have to endure its unprecedented economic hardships for at least two more years, the country’s finance minister said Wednesday while warning of an imminent cash crunch.

Months of blackouts and acute shortages of food, fuel and pharmaceuticals have brought widespread suffering across the South Asian island nation.

Public anger has sparked sustained protests demanding the government resign over its mismanagement of the economic crisis, Sri Lanka’s worst since independence in 1948.

“People should know the truth. I don’t know if people realise the gravity of the situation,” Finance Minister Ali Sabry told parliament.

“We won’t be able to resolve this crisis in two years, but the actions we take today will determine how much longer this problem will drag.”

Sabry said the country now has less than $50 million in usable foreign exchange reserves, needed to finance essential goods to keep Sri Lanka’s import-dependent economy ticking over.

Official data shows $1.7 billion in reserves, but most of that figure includes a Chinese currency swap which cannot be used to pay for imports from other countries.

Sabry said the government had erred by delaying an approach to the International Monetary Fund for a bailout.

Negotiations with the IMF are ongoing but Sri Lanka’s central bank chief has said any assistance from the lender is months away.

The government will unveil a new budget soon and raise taxes to replenish state revenue.

“It was a historic mistake to sharply reduce taxes in 2019,” Sabry said, adding that the previous central bank chief had also blundered by exhausting foreign reserves to defend Sri Lanka’s overvalued currency. (Colombo AFP)



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PM on inspection tour of newly renovated Colombo Central Bus Stand

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The Colombo Central Bus Stand, which has a history of over six decades and had remained without a proper maintenance for many years, has now been renovated under the current government’s development programme and vested to the public. Following that, the Prime Minister undertook an inspection tour of the newly renovated Colombo Central Bus Stand.

Originally constructed in 1964, the bus stand was refurbished with modern facilities to meet current needs and was officially reopened to the public on April 8. The primary objective of this initiative is to provide passengers with a higher-quality and more comfortable transportation service.

During the renovation process, special attention has been given to the comfort and safety of women, which was commended by the Prime Minister. In particular, a modern rest area designed to ensure privacy for nursing mothers travelling from distant areas received special praise.

The Prime Minister also reviewed the newly introduced passenger seat reservation system and information services established to assist commuters. In addition, the modern surveillance unit and other security measures installed within the premises to ensure passenger safety were also inspected.

During the visit, the Prime Minister engaged in conversations with passengers at the bus stand and inquired about their views on the newly renovated facilities and the quality of transport services.

It was emphasized that the government’s objective is to transform public transportation into a safe, technologically advanced service that can be used with convenience by all citizens.


(Prime Minister’s Media Division)

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Sun directly overhead Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon today (10)

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

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon.

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Opposition tells Minister Kumara Jayakody to resign

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Prof. Peiris

No-faith motion to be taken up today

Former Foreign Minister Prof. G. L. Peiris yesterday (9) said that President Anura Kumara Dissanayake should remove Energy Minister Kumara Jayakody unless the minister stepped down on his own.Prof. Peiris, addressing a press conference called by the Opposition, said that Jayakody couldn’t under any circumstance continue to serve as a minister after the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) moved the Colombo High Court against the government member over a previous financial scandal.

Pointing out that Minister Jayakody had been indicted of a corrupt deal struck during the yahapalana regime, Prof. Peiris said it was wrong for the NPP to retain him as a minister, claiming that the offence was not committed during his tenure as a Cabinet minister in the current government.

Prof. Peiris and several other Opposition members dealt with the No-Confidence Motion (NCM) against Jayakody that would be taken up today (10) with the academic calling the vote an acid test for the NPP. Having campaigned on an anti-corruption platform at presidential and parliamentary polls, the NPP couldn’t protect Jayakody though he was widely believed to be close to President Dissanayake.

As the Manager of the Procurement and Import Division of the Ceylon Fertilizer Company, Jayakody is alleged to have committed the offence of corruption, according to CIABOC.

Jayakody has been accused of causing a loss of Rs. 8,859,708 to the State by influencing and exploiting the procurement process.

Following the serving of indictments on 27 March, the judge ordered Jayakody’s release on two personal bail bonds of Rs. 1 million each. The court directed that the defendant’s fingerprints be obtained and a formal report be submitted. The case has been scheduled for a pre-trial conference on 6 May.

Prof. Peiris stressed that the CIABOC action against Jayakody is central to the NCM primarily moved over the irregularities ridden coal procurement process launched in 2025 that caused severe disruption to the power generation. Responding to The Island query after the media briefing, Prof Peiris expressed surprise that the JVP/NPP accommodated a person under investigation by the CIABOC. Having taken an utterly irresponsible decision, the JVP/NPP were now playing down the developing issue, prof. Peiris said.

The entire government parliamentary group faced the prospect of having its image tarnished by defending Jayakody, the former lawmaker said.

Prof. Peiris said that they intended to build a campaign around the issues involving the energy minister to expose the government. With yet another electricity tariff hike in the offing due to the growing demand for thermal generation as a result of coal-fired Lakvijaya power plant’s failure to meet the requirement[RA1] , the energy minister and ministry’s performances have to be examined, Prof. Peiris said.The timely release of the Auditor General’s report on controversial coal procurement should compel the government to decide on the energy minister’s fate or be prepared to face the fallout.

By Shamindra Ferdinando

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