News
Domestic debt restructuring will cripple EPF, ETF – JVP
By Sirimatha Rathnasekera
The Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) will lose about 600 billion rupees during the proposed domestic debt structuring, Co-Convener of the JVP affiliated National Trade Union Centre (NTUC) Wasantha Samarasinghe claimed.
Samarasinghe is of the opinion that the government is planning not to pay 20 to 25 percent of the loans it has taken from domestic sources. Successive governments have borrowed significantly from the EPF and ETF, he said.
Samarasinghe said that due to the depreciation of the rupee, the real value of EPF and ETF funds had decreased by half. “In such a context, can these institutions take a 20 percent haircut? This might be a big problem to the workers,” he said.
The NTUC Co-Convener said that a number of domestic banks, too, had lent to the government and domestic debt restructuring might lead to a collapse in the banking system.
However, Central Bank Governor Dr. Nandalal Weerasinghe says that they are confident of reaching debt sustainability without re-structuring domestic debt, which would lead to problems in the banking sector.
“There have been concerns among domestic bond investors about rupee debt/internal debt to be restructured following comments made by President Ranil Wickremesinghe to the effect that financial advisors were looking at domestic debt. However, there has been no request to restructure domestic debt. We are confident that we can make debt sustainable without restructuring domestic debt,” Dr. Weerasinghe told the media at the CBSL’s 6th Review of the Monetary Policy stance for this year, at the CBSL head office auditorium, in Colombo, on Thursday.
The Indian Naval Ship (INS) Sahyadri which arrived at the Port of Colombo on a formal visit on 04 Apr 25, departed the island today (07 Apr). The Sri Lanka Navy bade customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s stay in Colombo, crew members of INS Sahyadri took part in several programmes organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in the country. Further, personnel of Sri Lanka Navy had the opportunity to visit INS Sahyadri, gaining insights into her operational capabilities.
Latest News
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
The Natural Hazards Early Warning Centre has issued an Advisory for Severe Lightning for the Sabaragamuwa, Central and Uva provinces and in Hambanthota district.
The advisory issued at 02.00 p.m. today [07 April 2025] is valid for the period until 11.00 p.m. 07 April 2025
The public are warned that thundershowers accompanied by severe lightning are likely to occur at several places in for Sabaragamuwa, Central and Uva provinces and in Hambantota district. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
• Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• Avoid using open vehicles, such as bicycles, tractors and boats etc.
• Beware of fallen trees and power lines.
• For emergency assistance contact the local disaster management authorities.
The report of the “Census of Population and Housing 2024,” conducted by the Department of Census and Statistics, was officially handed over to President Anura Kumara Disanayake this morning (07) at the Presidential Secretariat.
This preliminary report has been prepared based on island wide data collected between October and December 2024.
The report provides details on Sri Lanka’s population, its growth and the distribution of the population across districts.
The information gathered through the census is vital not only for the government but also for other institutions in formulating policies and development plans essential for the country’s progress. Significantly, for the first time in the history of census-collecting in Sri Lanka, data collection was carried out using tablet computers and user-friendly mobile devices.
The event was attended by Deputy Minister of Finance & Planning, Harshana Suriyapperuma, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Director General of the Department of Census and Statistics D.D.G.A. Senevirathne and several other officials.
INS Sahyadri sets sail from Colombo
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Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
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