News
Economic woes bound to worsen, warns Ranil
One-time Prime Minister and UNP Leader Ranil Wickremesinghe warned on Thursday that Sri Lankan economy would face tougher challenges in the coming months.
Wickremesinghe said electricity tariff and fuel prices would have to be further increased as a result of increasing losses of the Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CPC).
“Last week, the Minister of Power and Energy told Parliament that the losses of the CEB in 2021 amounted Rs 79 billion. Some people say that this is an underestimation. The losses projected for 2022 amount to Rs 100 billion,” he said.
The loss incurred by the CPC for 2021 was Rs 83 billion.
“The daily loss of the CPC is Rs 327 million. The CPC losses are expected to reach USD 80 million in a few months’ time. Losses will increase further because of the rupee devaluation,” he said.
Wickremesinghe said both institutions had borrowed heavily from the People’s Bank and Bank of Ceylon. The two state owned banks were burdened with Srilankan Airlines as well, he said. Wickremesinghe said Sri Lanka had not issued International Sovereign Bonds since 2019 April and that too had affected the banks. The total amount due to the state banks was one trillion rupees.
“There will be an electricity tariff hike and further fuel price hikes to reduce losses. These measures will lead to other problems. The people in this country will have to bear this burden. So, we need to remedy the situation as soon as possible,” he said.
News
Power sector overhaul targets losses, debt and tariffs
Independent trade unions cry foul
The government has launched a far-reaching overhaul of the electricity industry, breaking up the Ceylon Electricity Board (CEB) into six fully state-owned companies, claiming to rein in chronic losses and mounting debt.
Under the Preliminary Transfer Plan, the newly incorporated entities, namely, Electricity Generation Lanka (Pvt) Ltd (EGL), National Transmission Network Service Provider (Pvt) Ltd (NTNSP), National System Operator (Pvt) Ltd (NSO), Electricity Distribution Lanka (Pvt) Ltd (EDL), CEB Employees Funds (Pvt) Ltd (CEBEF) and Energy Ventures Lanka (Pvt) Ltd (EVL), will take over the assets, liabilities and operations of the CEB from the appointed date.
Independent trade unions have opposed the restructuring programme.
At the core of the new model is the creation of an independent National System Operator, which will handle power system planning and competitively procure electricity from Electricity Generation Lanka, Independent Power Producers and non-conventional renewable energy developers. Power will be wheeled through the national grid operated by the NTNSP and sold to distribution companies.
Explaining the economic rationale, Eng. Pubudu Niroshan Hedigallage said the separation of functions was critical to restoring cost discipline in the sector.
“Electricity planning and procurement will now be carried out independently, based on least-cost principles. That is essential if we are to control generation costs and ease the upward pressure on tariffs,” he said.
Electricity Generation Lanka, though a successor to the CEB, will compete with private and renewable energy producers for projects, a move expected to curb inefficiencies and end guaranteed returns enjoyed under earlier arrangements.
“There will be no automatic allocation of projects. EGL must compete in the market like any other generator,” Eng. Hedigallage said.
According to officials, the Preliminary Transfer Plan provides for one generation and one distribution company initially, with further unbundling planned under the Final Transfer Plan to introduce sharper financial accountability at operational level.
Economists note that the restructuring is closely watched by multilateral lenders and investors, who have repeatedly flagged the power sector as a major fiscal risk.
The government has insisted that the reforms do not amount to privatisation, stressing that all six entities remain 100 percent state-owned. However, independent trade unions are of the view that what the government has undertaken is divestiture in all but name.
By Ifham Nizam
News
India, Sri Lanka speakers discuss technology-driven parliamentary innovation, including AI-enabled systems
Speaker of Lok Sabha Om Birla and Sri Lankan Speaker (Dr.) Jagath Wickramaratne recently discussed the possibility of expanding parliamentary cooperation through regular exchanges, formation of friendship groups, collaboration in policy and programme design and deeper engagement in technology-driven parliamentary innovation, including AI-enabled systems, real-time multilingual translation, and capacity building through Parliamentary Research and Training Institute for Democracies (PRIDE).
The discussion took place on the sidelines of the 28th Conference of Speakers and Presiding Officers of the Commonwealth (CSPOC) held in New Delhi recently.
The following is the text of the statement issued by the Indian High Commission in Colombo: ” Speaker of the Parliament of Sri Lanka (Dr.) Jagath Wickramaratne concluded his visit to India from 14-18 January 2026, for participation in the 28th Conference of Speakers and Presiding Officers of the Commonwealth (CSPOC) held in New Delhi. This was his first visit to India after assuming office. He was accompanied by Secretary-General of Parliament Kushani Rohanadeera and Assistant Director, (Administration) of the Parliament of Sri Lanka Kanchana Ruchitha Herath. Following the 28th CSPOC from 14-16 January 2026, Speaker and his delegation visited Jaipur, Rajasthan as a part of a two-day tour for CSPOC delegates from 17-18 January 2026.
The 28th CSPOC was inaugurated by Prime Minister of India Narendra Modi on 15 January 2026 at the Central Hall of Samvidhan Sadan, Parliament House Complex, New Delhi. Welcoming parliamentary leaders from across the Commonwealth, Prime Minister Modi highlighted the success of Indian democracy in providing stability, speed, and scale. He shared India’s efforts at giving voice to the Global South and forging new paths of cooperation to co-develop innovation ecosystems. He underlined the use of Artificial Intelligence by the Parliament of India to attract youth to understand Parliament. Prime Minister expressed his confidence in the CSPOC platform for exploring ways to promote knowledge and understanding of parliamentary democracy.
The conference, chaired by Lok Sabha Speaker Om Birla, convened 44 Speakers and 15 Deputy Speakers from 41 Commonwealth countries, along with representatives of four semi-autonomous Parliaments. The theme of the conference was “Effective Delivery of Parliamentary Democracy.” During the conference, participants addressed the role of Speakers in reinforcing democratic institutions, the integration of artificial intelligence in Parliamentary functions, the influence of social media on Members, approaches to enhance public engagement with Parliament, and measures to ensure the security, health, and wellbeing of Members and Parliamentary staff.
The visit marked a significant milestone in the evolving parliamentary partnership between India and Sri Lanka. Last year, two Parliamentary Delegations visited India for Orientation Programmes in May 2025 and August 2025 respectively. These visits, in line with the intent of the India – Sri Lanka Joint Statement on ‘Fostering Partnerships for a Shared Future’, further reinforce the strong democratic ethos and enduring friendship shared between the two nations.”
News
Pakistan HC celebrates academic achievements of Lankan graduates
The High Commissioner of Pakistan in Sri Lanka hosted a special reception on Friday (16) for Sri Lankan alumni who have recently returned from their studies in Pakistan. The event, held at the Pakistan High Commission, celebrated the academic achievements of the graduates and reinforced the deep-rooted educational ties between the two nations.
The Allama Iqbal Scholarship Programme, a flagship initiative launched in 2019, has become a vital pillar of bilateral cooperation. The High Commissioner highlighted that Pakistan offers 1,000 fully funded scholarships at graduate, postgraduate, and PhD levels, with over 500 Sri Lankan students currently pursuing their education in Pakistan’s premier universities.
“Sri Lanka and Pakistan share an enduring friendship rooted in a shared history of mutual respect and culture,” the High Commissioner remarked during the address. “Education is the key to unlocking the success of your brilliant futures and creating bonds that extend well beyond the classroom”.
Addressing the alumni as “custodians” of a noble cause, the High Commissioner urged the alumni to act as brand ambassadors by sharing their knowledge to guide deserving students toward academic opportunities in Pakistan.
He emphasised their responsibility to mentor young minds, ensuring no capable student misses the chance for a promising future. Furthermore, the alumni were encouraged to take an active role in organising frequent educational and cultural engagements to inspire and enlighten others while strengthening the ties between the two nations.
The High Commissioner emphasized that each graduate serves as a “bridge” between the two countries, playing a meaningful role in uplifting Sri Lanka while further strengthening Pakistan–Sri Lanka relations. The alumni were invited to remain closely connected with the High Commission to facilitate future initiatives that strengthen people-to-people ties.
The evening concluded with a traditional Pakistani dinner, where the alumni shared stories of their academic growth and cultural experiences in Pakistan in a spirit of friendship and togetherness.
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