News

Debt debate in the balance

Published

10 months ago

2024/07/8

Thilina Walpola

SJB alleges vital documents not accessible

By Shamindra Ferdinando

Deputy Speaker Ajith Rajapaksa yesterday (07) said that a debate on the implementation of external debt restructuring agreements could be held if a fresh request was made to that effect.Rajapaksa said so when The Island asked him whether the hotly disputed external debt restructuring agreements would be debated soon. A vote on a resolution related to debt restructuring was to take place on July 03 following a two-day debate.

Deputy Speaker Rajapaksa said that the vote on a fresh resolution followed by debate would entirely depend on a consensus reached at the Committee on Parliamentary Business. However, the issue hadn’t been taken up yet.

President Ranil Wickremesinghe, in his capacity as the Finance Minister delivered his scheduled special statement in Parliament on July 02 claiming credit for paving the way for debt sustainability.

The Deputy Speaker said the debate scheduled for July 02 and 03 had been cancelled because the disclosure of certain details of agreements finalised with the Official Creditor Committee (OCC) and Export Import Bank of China on June 26 would be detrimental to Sri Lanka’s interests in discussions with international sovereign bondholders.

The Deputy Speaker said that now that the three levels of debt restructuring process had been completed the Parliament could debate and vote on a related resolution without hindrance.

State Finance Minister Shehan Semasinghe said that ISBs (International Sovereign Bonds) accounted for USD 12.5 billion out of the total external debt of USD 37 billion. Therefore, the agreement with sovereign bondholders is a crucial step in government efforts to restore debt sustainability, he said.

The Committee on Parliamentary Business, which met on July 03 decided that the Parliament would meet from July 09 to 12. However, according to a statement issued by Parliament, the debate on the implementation of external debt restructuring agreements hadn’t been at least taken up.

Sources pointed out that SLPPer Shehan Semasinghe, in his capacity as the State Finance Minister, had been involved in the overall process and an influential section of the government parliamentary group, including Chief Government Whip Prasanna Ranatunga and Leader of the House Susil Premjayantha, declared their support for the debt restructuring process publicly.

Top Opposition spokesman Prof. G. L. Peiris yesterday told The Island though no dates had been requested for a fresh debate yet, the issue at hand would be considered at the next Parliamentary Business Committee. The former External Affairs Minister said that documents relating to all three agreements were yet to be made available to MPs.

State Minister Semasinghe recently told us that the Opposition sought political advantage at the expense of successful completion of the debt restructuring process. The bottom line is the Opposition and some other interested parties couldn’t stomach the success achieved by the government, Minister Semasinghe said, urging the public to be wary of the destructive strategies pursued by some elements, both in and outside parliament.

The Anuradhapura District lawmaker emphasized whatever various interested parties said the SLPP solidly backed President Wickremesinghe’s debt restructuring strategy as well as other policy measures in Parliament.

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Heat index is likely to increase up to ‘Caution level’ at some places in Eastern and North-central provinces and Monaragala, Hambantota, Jaffna, Mullaittivu, Kilinochchi, Vavuniya and Kurunegala districts

Published

11 hours ago

2025/04/27

Priyan

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. 26 April 2025, valid for 27 April 2025.

The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Eastern and North-central provinces and Monaragala, Hambantota, Jaffna, Mullaittivu, Kilinochchi, Vavuniya and Kurunegala districts.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated. Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

Latest News

Minister of Foreign Affairs pays his last respects to Pope Francis

Published

12 hours ago

2025/04/27

Priyan

Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath represented Sri Lanka at the funeral of Pope Francis on Saturday [26]

News

RW to visit CIABOC on Monday

Published

13 hours ago

2025/04/27

Thilina Walpola

Former President Ranil Wickremesinghe will appear before the Commission to Investigate Allegations of Bribery and Corruption (CIABOC) tomorrow (28) over the statement he had made on MP Chamara Sampath Dassanayake, his lawyers have informed the Commission.

Accordingly, the former President will appear before the commission at 9.30am on Monday.

Wickremesinghe was initially summoned by the Commission to CIABOC on April 17 in relation to a statement he had made about the corruption case filed against NDF (gas cylinder) MP Dassanayake.

In response to the previous summons, Wickremesinghe had indicated that he is prepared to appear before the commission but requested a different date citing that his lawyers will not be available in Colombo during the New Year holiday period.

Accordingly, a new was provided and Wickremesinghe requested to appear before the commission at 09.30 a.m. on Thursday (April 25).On April 7, Wickremesinghe had said that MP Dassanayake withdrew the fixed deposits belonging to the Uva Provincial Council, over which he is now facing corruption charges, in accordance with a circular issued during Wickremesingher’s tenure as Prime Minister.

The former President questioned whether the MP’s arrest over the matter was in response to Dassanayake’s vocal criticism of the government in parliament.

The sitting MP is currently in remand custody for allegedly misappropriating a sum of Rs. 1 million of the Uva Provincial Council in 2016.

He was taken into custody on March 27, over three separate corruption-related cases.

The Colombo Magistrate’s Court previously granted bail in the cases filed against him but he remains in remand custody due to an order issued by the Badulla Magistrate’s Court.

According to the CIABOC, Dassanayake had solicited funds from three state banks, claiming they were intended to provide bags for preschool children in the province.

Two banks complied, granting him Rs. 1 million and Rs. 2.5 million, which were later transferred to his foundation account.

However, when a third bank refused to provide funds, Dassanayake reportedly retaliated by withdrawing the Uva Provincial Council’s fixed deposits from that institution.The CIABOC filed a case against the MP, citing the government incurred a financial loss of Rs. 17.3 million due to his actions.