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DEW: IMF can’t intervene in rescheduling international sovereign bonds; SJB disagrees
By Shamindra Ferdinando
Former outspoken Minister D. E. W. Gunasekera says the unprecedented crisis faced by cash-strapped Sri Lanka in meeting its external debt obligations in 2022 and 2023 cannot be solved by seeking IMF intervention.
The government has ignored repeated calls by various parties, both in and out of Parliament, to seek IMF intervention as it is aware the IMF is not in a position to intervene as close to half of the country’s external debt obligations were to the international money market, one-time General Secretary of the Communist Party told The Island yesterday.
Referring to the New York-based Fitch rating agency, downgrading Sri Lanka’s sovereign rating to ‘CC’ last Friday (17) as the country struggled to meet two major obligations repayment of two international sovereign bonds of $500 million due in January 2022 and $1 billion due in July 2022, the ex-lawmaker said the government and the Opposition should stop playing politics with this issue.
The former MP said that there were other scheduled repayments during this period both foreign and local.
The Fitch statement reflected the daunting challenges faced by Sri Lanka, the former CP Chief said, urging the government to announce how it intended to meet its debt obligations.
The latest downgrade was announced in the wake of Finance Minister Basil Rajapaksa leaving the country. Foreign Minister Prof. G.L. Peiris, who is also the Chairman of the ruling SLPP, will handle the finance portfolio.
Gunasekera said that the IMF’s role would be limited as well over 50 percent of total debt comprised international sovereign bonds and Chinese and Japanese loans.
“The government also faces foreign-currency debt service payments, including principal and interest, of $6.9 billion in 2022, equivalent to nearly 430% of official gross international reserves as of November 2021. Cumulative foreign-currency debt service, including interest and principal, amounts to about $26 billion from 2022 through to 2026,” the rating agency said.
Asked whether the IMF could help re-schedule international sovereign bonds, former Central Bank Governor W.D. Lakshman told The Island that it was possible. The government in Sept replaced Lakshman who had served as Governor since Dec 2019 with Ajith Nivard Cabraal. Underscoring the importance of addressing the issue at hand, Lakshman emphasized that Sri Lanka had never defaulted before.
SJB spokesman Dr. Harsha de Silva, MP, reiterated that the IMF could reschedule international sovereign bonds, too. The former State Minister said that was his position throughout this period.
Gunasekera, too, stood by his assertion that the IMF couldn’t intervene in this regard.
Former Governor of Uva, Southern and Central Provinces Rajith Keerthi Tennakoon yesterday said that the snowballing problem couldn’t be solved by those countries willing to help Sri Lanka and international lending agencies as Sri Lanka obtained the majority of loans from the capital market. Tennakoon asserted that Sri Lanka faced a huge challenge in addressing this issue amidst continuing political turmoil. The civil society activist emphasized that those who sought to address the crisis by printing lorry loads of money owe the country an explanation. The debt-serving crisis and the growing difficulty in meeting the oil bill would ultimately overwhelm the country, Tennakoon said.
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PM meets Sri Lankan community living in London
Prime Minister Dr. Harini Amarasuriya, who is currently on an official visit to the United Kingdom, met with members of the Sri Lankan community living in London on Wednesday [20th] and engaged in cordial discussions.
Despite the event being held on a weekday, it was notable that nearly one thousand Sri Lankans representing the Sinhala, Tamil, and Muslim communities attended with great enthusiasm.
Addressing the gathering, Prime Minister Dr. Harini Amarasuriya stated that despite natural disasters and international crises, the present government has succeeded in stabilizing the country’s economy while providing relief to the people. She further noted that Sri Lanka’s political culture has now undergone a positive transformation that is irreversible.
Minister of Women and Child Affairs Saroja Paulraj, addressing the event, stated that a governance system has now been established in the country where all communities are treated equally and the benefits of economic development are shared fairly among all citizens.
Moving away from the traditional method of political gatherings, the event also provided an open platform for members of the Sri Lankan community to directly raise questions and express their views to the Prime Minister and the Minister.
Commenting on the organization of the event, the organizing committee stated that all expenses, including dinner, were borne by the participants themselves. The organizers further remarked that it is unsurprising that opposition groups, accustomed to organizing such events through the misuse of public funds, appear unsettled by this transparent process.
The occasion was attended by the Minister of Women and Child Affairs Saroja Paulraj and Sri Lanka’s High Commissioner to the United Kingdom, Nimal Senadheera.



[Prime Minister’s Media Division]
Latest News
Prime Minister Dr Harini Amarasuriya meets Foreign Secretary of the United Kingdom
Prime Minister Dr Harini Amarasuriya currently undertaking an official visit to London, United Kingdom, to participate in the 43rd Commonwealth of Learning (COL) Board of Governors Meeting 2026 held a bilateral meeting with the Yvette Cooper MP, Foreign Secretary of the United Kingdom ON Wednesday [20]. The Prime Minister was accompanied by Sri Lanka’s High Commissioner to the United Kingdom, Nimal Senadheera, along with officials from the Sri Lankan High Commission.
During the meeting, the Prime Minister conveyed Sri Lanka’s appreciation to the United Kingdom for the support extended in the aftermath of Cyclone Ditwa, including ongoing rebuilding and recovery assistance. The Prime Minister also commended the United Kingdom’s support in facilitating increased bilateral trade and exports for Sri Lanka.
The Prime Minister briefed the UK delegation on Sri Lanka’s recent economic developments and policy priorities, the Government’s commitment to advancing human rights and reconciliation, as well as Sri Lanka’s positive growth trajectory.
The two sides also exchanged views on current global geopolitical developments, challenges in the energy sector, and the importance of enhancing regional connectivity and long-term energy security.
Both sides also emphasised the importance of strengthening structured academic mobility frameworks while ensuring fairness, clarity, and integrity within migration systems.
They also reaffirmed their commitment to further strengthening bilateral cooperation between the two countries in areas of mutual interest.
[Prime Minister’s Media Division]
News
Suspects involved in sureties controversy granted bail
Airbus bribe case:
Colombo Additional Magistrate Lahiru Silva yesterday (20) granted bail to Mohamed Riswan and Mohamed Irshan, who allegedly received money to stand as sureties for the late former SriLankan Airlines CEO, Kapila Chandrasena. They were identified as residents of Sanchi Arachchi Watta, situated next to the Hulftsdorp court complex.
Chandrasena was found dead at his brother-in-law, Aravinda De Silva’s residence, at No. 38, Pedris Road, Kollupitiya, on 8 May.
The Magistrate also granted bail to B. A. Tissa and Perumal Ganesh, who arranged for Riswan and Irshan to stand as sureties for Chandrasena, who is under investigation for allegedly receiving a USD 2 million bribe through his wife to facilitate an Airbus deal. They, too, residents of Sanchi Arachchi Watta, were granted bail on two personal bail of Rs. 500,000 each.
Airbus had to pay USD 4 billion in penalties after admitting it had paid huge bribes to secure contracts in 20 countries. Sri Lanka is among them.
The Magistrate directed that the Grama Niladhari should certify their residence and the relevant certificates submitted to court and to establish the financial status of those who stood as sureties for the four persons.
The court was told that Mohamed Riswan and Mohamed Irshan obtained 17 Grama Niladhari certificates from January till May 2026. On the basis of a statement recorded from Keselwatta Grama Niladhari S. Nilantha Silva police informed court that the first suspect had obtained 10 certificates and the second person seven.
Fourth suspect Ganesh had first met those who stood as sureties, on 05 May, in the court premises and struck the deal. Crime OIC of Keselwatta Police, Sub Inspector K.W.D. Anuruddha, told court that Mohamed Riswan, Mohamed Irshan and B. A. Tissa hadn’t even known who Chandrasena was and were not related to him in anyway, according to investigations. Police requested that the four persons be further remanded.
The Magistrate granted them bail and set the next hearing for 25 June.
Legal sources said that such illegal practices were rampant, and in this particular case the Court Registrar should have been able to see that the sureties were very much unlikely to be relatives of Chandrasena.
By Shamindra Ferdinando
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