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Debt-restructuring about to be completed, govt. proceeding towards 3rd review of IMF programme – Vijitha
Foreign Minister Vijitha Herath yesterday (14) assured the Colombo-based diplomatic community that the new government was going ahead with the IMF-led debt restructuring programme.
The assurance was given at an interaction with them at the Ministry of Foreign Affairs.
Minister Herath said: “Earlier this month, we had productive discussions with the visiting IMF team who reiterated their support to Sri Lanka. We will work closely with then on the next phase relating to the Extended Fund Facility (EFF), and the related reform programme.
“Also in this month, the Official Creditor Committee (OCC) and the IMF confirmed that the agreements reached with Sovereign bond holders is in line with the ‘comparability of treatment’ requirements and debt sustainability targets, respectively. This in simple words means that the debt restructuring process is very near completion, enabling the government to proceed towards the third review of the IMF programme, further cementing economic stability, and reinforcing the foundation for sustainable, inclusive economic recovery and growth.
“In another positive step, the World Bank signed the agreement on the RESET (Second Resilience, Stability, and Economic Turnaround) Development Policy Operation (DPO) amounting to $200 million. This is aimed at implementing a reform programme, including economic governance, enhancing growth, and protecting the poor and vulnerable. As the programme is proceeding satisfactorily, this was the second operation to be disbursed of the two-part series.
“The Government is keen to ensure that these stabilization measures go hand in hand with improving the standard of living of all Sri Lankans and will implement practical programmes to alleviate the heavy economic burden faced by them. We are committed to ensuring that economic growth is truly inclusive, which will at the same time drive growth and investment, with the confidence of our private sector and business community.
“I believe that this meeting will provide me with an opportunity to brief you on the initial plans of the new Government and have some informal interaction. It is only after the Parliamentary Election is concluded in November, that the new Government will be able to fully focus on operationalizing its way forward, and we look forward to having more comprehensive engagements with each one of you at that stage on matters related to bilateral matters.
At the recently concluded Presidential Election, the people of Sri Lanka voted for a mandate for ‘change’ – a change that will bring all our citizens together in a new ethical political culture.
As the President mentioned in his inaugural address to the nation, this change entails many steps, and one of the most important is to reinforce stability and confidence in the economy and stimulate growth, while prioritizing welfare and alleviating the hardships of the people.
“The President has also placed high emphasis on ethical governance, elimination of corruption, efficiency in public service and fostering a new political culture that embodies the rule of law, accountability and integrity. We believe that economic success must be accompanied by these supportive pillars.
“In line with the commitments made by us on zero tolerance for bribery and corruption we have already commenced investigations into certain key matters. The Bribery Commission has already expedited action relating to cases of alleged corruption.
“Another key objective of this Government is to end the era of division based on race, religion, class and other differences and build a nation that respects diversity. We are ready to bring in the necessary constitutional, economic, and political reforms towards this end.
“The Government will protect democracy and human rights of all citizens, including addressing past issues. As directed by the President, investigative authorities have already announced a redoubling of investigation into a number of clearly identified accountability cases that were pending from the past.
“On all these fronts, the Government is encouraged by the support that it has received from the countries and the organizations you represent. We look forward to working closely with all of you as partners, and seek your continued support for our efforts to advance sustained economic growth and social well-being of all our citizens.
“I have been active in the recent weeks on a number of matters on the foreign affairs front:
*Sri Lanka has decided to apply for the membership of the BRICS and the New Development Bank. HE President and myself – we are unable to attend the Outreach BRICS Summit to be held in Kazan, Russian Federation, from 23-24 October 2024, due to the upcoming elections. Secretary/Foreign Affairs will represent Sri Lanka and place on record our request for membership. I have already addressed letters to my counterparts in the BRICS member states seeking support.
* We consider BRICS to be an effective partnership to realize aspiration for mutually beneficial cooperation, peace and development, through strengthened and inclusive multilateralism within the framework of the UN Charter.
* On 9 October 2024, the government made a statement at the Human Rights Council in Geneva. In our statement to the Council, we highlighted our commitment to have credible and independent domestic mechanisms and processes on reconciliation that enjoy the people’s trust. We have already initiated action to move forward on this front.
* Despite our rejection of the resolution that was tabled at the Council, we will continue to engage constructively with the Council and its regular UN human rights mechanisms. As you are well aware Sri Lanka opposes the resolution which establishes an external mechanism on human rights issues.
* We thank the countries that took helpful and principled positions in support of Sri Lanka in Geneva and a number of countries also spoke in support of the progress made by Sri Lanka at the interactive session.
* On Sri Lanka’s chairmanship of the Indian Ocean Rim Association (IORA), we would like to inform you that, due to the upcoming Parliamentary Elections, we are compelled to postpone the meeting of the IORA Council of Ministers till next year. The timeframe is to be decided in consultation with IORA Members and the Secretariat.
* On the international front, we continue to remain highly concerned about the current global situation, particularly in the Middle East region. The humanitarian situation in Gaza is turning dire by the day, and recent developments that have an impact on wider regional dimensions, in particular in Lebanon, are most concerning. We continue our call for an immediate ceasefire and unrestricted humanitarian access to Gaza and a sustainable two-state solution that includes the establishment of an independent sovereign and viable State of Palestine, based on the 1967 borders, in line with relevant UN resolutions, as well as ensuring the security of Israel.
* We deeply regret the attacks that injured two of our peacekeepers in the United Nations Interim Force in Lebanon (UNIFIL). We are proud of our peacekeepers who serve in several challenging UN Missions and it is important that the obligation of all parties to respect UN personnel and UN premises is respected.”
On 17 February, the Indian Navy posted a cheerful message on X.
“Welcome!” it wrote, greeting the Iranian warship Iris Dena as it steamed into the port of Visakhapatnam to join an international naval gathering.
Photographs showed sailors in crisp whites and a grey frigate gliding in the sea harbour on a clear day. The hashtags spoke of “Bridges of Friendship” and “United Through Oceans”.
Two weeks later the ship, carrying 130 sailors, lay at the bottom of the Indian Ocean. It had been torpedoed by a US submarine off Sri Lanka’s southern coast on 4 March.
Commissioned in 2021, the Dena was a relatively new vessel – a Moudge-class frigate of Iran’s Southern Fleet, which patrols the Strait of Hormuz and the Gulf of Oman.
According to US Defence Secretary Pete Hegseth, the vessel “thought it was safe in international waters” but instead “died a quiet death”. Rescue teams from Sri Lanka have recovered at least 87 bodies. Only 32 sailors survived.
The sinking marks a dramatic widening of the war between America, Israel and Iran. And, though it occurred in international waters of the Indian Ocean and outside India’s jurisdiction, it is an awkward moment for Delhi.
“The war has come to our doorsteps. That is not a good thing,” says retired Vice Admiral Arun Kumar Singh.
For some strategists, the episode carries broader implications for India’s regional standing.
Indian strategic affairs expert Brahma Chellaney wrote on X that the US torpedoing of the Iranian warship in India’s “maritime neighbourhood” was “more than a battlefield episode” – calling it a “strategic embarrassment” for Delhi.
“By sinking a vessel returning from an Indian-hosted multilateral exercise, Washington effectively turned India’s maritime neighbourhood into a war zone, raising uncomfortable questions about India’s authority in its own backyard,” Chellaney wrote.
Just days before its destruction, the Dena had been a diplomatic guest of the Indian Navy.
The ship had travelled to Visakhapatnam, a sun-washed port city on India’s east coast, to participate in the International Fleet Review 2026 and Exercise Milan, a large multilateral naval exercise meant to showcase India’s growing maritime leadership.
Seventy-four countries and 18 warships took part in the events, which Delhi described as a demonstration of its ambition to become the Indian Ocean’s “preferedsecurity partner”.
Visiting ships at such multilateral exercises usually do not carry a full combat load of live munitions, unless scheduled for a live-fire drill, according to Chellaney. Even during the sea phase, when drills and live firing take place, ships carry only tightly controlled ammunition limited to the specific exercises.
Singh, an invitee to the event, recalls seeing the warship and its Iranian sailors in Visakhapatnam just days before its fate changed.
“I saw the boys marching in front of me,” he says of the Iranian naval contingent during the parade along the seafront, just 10m away. “All young people. I feel very sad.”
He says on 21 February, the assembled ships – including the Iranian vessel – sailed out for the sea phase of Exercise Milan, scheduled to run until 25 February.
“What happened next is less clear: the ship may have returned to port or peeled away after exercises. Either way, the waters where it was later sunk – off Galle in Sri Lanka – lie only two to three days’ sailing from India’s east coast,” Singh says. What the ship was doing in the 10-12 days in between is not clear.
Singh, who has commanded submarines, believes the sequence leading up to the attack was probably straightforward.
The US, he notes, tracks vessels across the world’s oceans. “They would have known exactly when the ship left and where it was heading,” he says. A fourth of America’s submarine fleet of 65-70 is at sea at any given time, according to analysts.
According to the Indian Navy, the Iranian warship had been operating about 20 nautical miles west of Galle – roughly 23 miles (37km) – in waters that fall under Sri Lanka’s designated search-and-rescue zone.
The attack, Singh says, appears to have involved a single Mark-48 torpedo, a heavyweight weapon carrying about 650 pounds of high explosive, capable of snapping a ship in two. Video footage suggests the submarine may have fired from 3-4km away, around 05:30 local time.
The aftermath was grim and swift.
The warship reportedly sank within two to three minutes, leaving little time for rescue. “It’s a miracle they managed to send an SOS,” Singh says, which was picked up by the Sri Lanka Maritime Rescue Coordination Centre in Colombo.
According to the Indian Navy, a distress call from the Iranian warship was picked up by Colombo in the early hours of 4 March, triggering a regional search-and-rescue effort.
The navy said in a statement that Sri Lanka’s navy began rescue operations first, while India moved to assist later.
The Indian Navy deployed a long-range maritime patrol aircraft to support the search and kept another aircraft with air-droppable life rafts on standby.
A naval vessel already operating nearby reached the area by late afternoon. Another ship, which sailed from the southern Indian port city of Kochi to join the effort, continues to comb the waters for survivors and debris.
Under the Second Geneva Convention, countries at war are required to take “all possible measures” to rescue wounded or shipwrecked sailors after a naval attack. In practice, however, this duty applies only if a rescue can be attempted without putting the attacking vessel in serious danger.
Singh says submarines are rarely able to help.
“Submarines don’t surface,” he says. “If you surface and give up your position, someone else can sink you.”
Singh suspects the speed of the sinking – and possibly sparse shipping in the area at the time – meant few nearby vessels could respond. “A ship breaking up that fast leaves almost no chance,” he says.
In a shooting war, Singh says, the legal position is blunt.
Fighting between the United States and Iran had been under way since 28 February, with claims that 17 Iranian naval vessels had already been destroyed.
“When a shooting war is on, any ship of a belligerent country becomes fair game,” he says.
Many questions remain. Why was the Iranian warship still in waters near Sri Lanka nearly two weeks after leaving India’s naval exercise? Was it heading home, or on another mission? And how long had the US submarine been tracking it before firing?
For Delhi, the episode is diplomatically awkward.
India has drawn closer to Washington on defence while maintaining long-standing political and economic ties with Tehran – a balancing act the war has made harder.
Indian Prime Minister Narendra Modi has called broadly for “dialogue and diplomacy” to resolve conflicts, but has neither addressed the sinking of the Iranian vessel directly nor criticised the American strike.
Iran’s Foreign Minister Abbas Araghchi described the attack as “an atrocity at sea” and stressed that the frigate had been “a guest of India’s Navy”. Meanwhile Sri Lanka has taken control of another Iranian naval vessel off its coast after an engine failure forced it to seek port, a day after the US attack.
The episode has nonetheless sparked debate within India’s strategic community.
Kanwal Sibal, a veteran diplomat, argued that India’s responsibility may not be legal, but it is moral.
“The Iranian ship would not have been where it was had India not invited it to the Milan exercise,” he wrote on X. “A word of condolence at the loss of lives of those who were our invitees would be in order.”
Others like Chellaney have framed the issue in more strategic terms.
He described the strike as a blow to India’s maritime diplomacy. The torpedoing of the frigate in “India’s maritime backyard”, he argued, punctured Delhi’s carefully cultivated image as a “preferred security partner” in the Indian Ocean.
“In one torpedo strike, American hard power has punctured India’s carefully cultivated soft power,” says Chellaney.
As the debate gathered pace in strategic circles, India’s official response remained cautious.
External Affairs Minister S Jaishankar said on X that he had held a telephone conversation with Araghchi, and also posted a photograph of a meeting with Iran’s Deputy Foreign Minister Saeed Khatibzadeh at a foreign policy summit in Delhi.
For military historian Srinath Raghavan, the legal position is clear: once the Iranian vessel left India’s shores, Delhi had no formal responsibility.
The strategic message, however, is harder to ignore.
“First, the spreading geography of this war. Second, India’s limited ability to manage its fallout,” says Raghavan.
“Indeed, the US Navy has fired a shot across the bow aimed at all regional players, including India.”
[BBC]
Latest News
Heat Index at ‘Caution Level’ in the Sabaragamuwa province and, Colombo, Gampaha, Kurunegala, Anuradhapura, Vavuniya, Hambanthota and Monaragala districts
Warm Weather Advisory Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. on 06 March 2026, valid for 07 March 2026.
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 the Sabaragamuwa province and in Colombo, Gampaha, Kurunegala, Anuradhapura, Vavuniya, Hambantota and Monaragala districts.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and 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
Prompt solutions will be provided for the salary anomalies prevailing within the teacher and principal services — PM
Prime Minister Dr. Harini Amarasuriya stated that the government has paid close attention to the salary anomalies prevailing within the teacher and principal services and that prompt solutions will be provided following extensive discussions held with trade unions.
The Prime Minister made these remarks while responding to questions raised in Parliament on Friday (06).
Presenting data on existing vacancies in the education sector, the Prime Minister explained the current situation.
There are 903 vacancies existing in the Sri Lanka Education Administrative Service (SLEAS) and 3,790 vacancies in Sri Lanka Principals’ Service (SLPS).
In order to fill the vacancies which still remain due to various reasons, including selected officers not accepting appointments after the examinations and interviews conducted since 2021, interviews are scheduled to be held in the second week of March 2026.
Further, in order to fill the vacancies for the years 2021 and 2025, competitive examinations will be conducted in the future with the approval of the Public Service Commission.
At present, entry into the Principals’ Service is considered as a new recruitment. As a solution to the salary-related issue arising in this regard, a new Cabinet paper is being prepared seeking approval to consider appointments to the Principals’ Service as a promotion, thereby enabling appropriate salary conversion.
The Prime Minister also emphasized that sustainable solutions are required not only for salary issues in the education sector but also for salary-related concerns in several other sectors. Accordingly, the government plans to appoint a new Salary Commission. Through this commission, the government expects to provide lasting solutions to the issues faced by teachers and principals within this year.
In accordance with the service minute of the Principals’ Service, several training programmes have been made mandatory for the professional development of principals.
These include, Induction training at the beginning of service, capacity development training prior to promotion to Grade II and Grade I, and periodic awareness programmes conducted at provincial and zonal levels.
The Prime Minister further stated that discussions are undertaking with the Department of Management Services regarding the proposals submitted by principals’ associations. Based on the responses received, the government is prepared to take the necessary steps through the Cabinet of Ministers.
[Prime Minister’s Media Division]
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