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Ex-CB Governor Coomaraswamy says people will have to swallow bitter medicine; no point in blaming IMF

The IMF would recommend policies that would be unpleasant to the people, former Central Bank Governor, Dr. Indrajit Coomaraswamy, told an event held in Colombo on Tuesday (29).
The former Governor added that Sri Lankans needed to reduce investment and consumption.
“Going to the IMF is like going to a doctor. You go there when you become sick. So you can’t then blame the doctor for giving medicines that’s bitter. So when you go to the IMF, the IMF does meet out remedies which are not pleasant, because it is usually when you are living beyond your needs, that you need to essentially compress investment and consumption to bring your economy into better balance,” he said.
Dr. Coomaraswamy said East and South-East Asian countries have grown rich because of the surpluses in their balance of payments.
“It is due to their export performances, but in Sri Lanka growth is correlated to the size of the budget deficit,” he said.
The former Central Bank Governor added that Sri Lanka is talking to the World Bank and the Asian Development Bank (ADB) to secure 1.9 billion US Dollars. This will come after a programme with the IMF is finalized, he said.
He said the IMF will give 2.9 billion US Dollars in tranches to the Central Bank after debt sustainability is achieved. Multilateral lenders would then be able to resume lending to the government, he said.
“Multilateral lenders and Japan will give loans for projects which will boost economic activities. Banks would also find it easier to resume or extend their credit lines with an IMF programme in place.
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Sri Lanka Navy joins commencement of AMAN-2025

The multinational naval exercise AMAN-2025, hosted by the Pakistan Navy for the ninth time, commenced at Pakistan Navy Dockyard in Karachi on 07 Feb 25. The event was attended by Commanding Officer and crew of SLNS Vijayabahu, representing the Sri Lanka Navy.
AMAN-2025 will be held from 07 to 11 Feb in Karachi, and the multinational naval exercise will see the attendance of Navy Chiefs, stakeholders and think tank from maritime fraternity, from 60 nations.
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SME representatives accuse presidential aide of instigating protest against Central Bank

A presidential advisor, identified as D. Gamage, had asked a delegation representing the SME sector to “surround the Central Bank” instead of troubling officers at the Presidential Secretariat, Susantha Liyanaarachchi, Chairman of the National Construction Association of Sri Lanka (NCASL) told the media yesterday near the Presidential Secretariat.
Liyanaarachchi said so following a meeting with Gamage, on Friday, during a protest staged by a group of small- and medium-scale entrepreneurs, affiliated with the MSME Joint Alliance, outside the Presidential Secretariat against parate executions.
Five representatives were permitted to enter the Secretariat, where they also submitted a 17-point proposal aimed at reviving the domestic coconut oil industry.
“Gamage said there was no point in coming to the Presidential Secretariat. He asked us to surround the Central Bank. What an awful officer. We came here to settle our issues amicably, and Gamage told us to surround the Central Bank,” Liyanaarachchi said.
Liyanaarachchi also stated that the Central Bank did not adhere to instructions given by President Anura Kumara Dissanayake, exacerbating the concerns voiced by the MSME entrepreneurs.
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Govt. to seek new indictments in Lasantha murder case

By Saman Indrajith
The government would try to initiate fresh indictments in the Lasantha Wickrematunga murder case, Prime Minister Harini Amarasuriya said on Friday, pledging that those responsible for the murder of journalist Wickrematunga would be held accountable. She also stated that she intended to respond personally to a letter from Wickrematunga’s daughter, Ahimsa, who has called on Parliament to impeach Attorney General Parinda Ransinghe (Jr.) over the recent release of three suspects.
Ahimsa Wickrematunga’s request for impeachment followed the release of several individuals—among them a police officer—who had been arrested on accusations of destroying evidence, including a notebook belonging to her father and key police records. Speaking in Parliament, Prime Minister Amarasuriya said, “I plan to respond directly to Ms Wickrematunga, as I fully understand her concerns and the distress she must be experiencing. We are doing our utmost to observe due process and uphold the independence of the Attorney General’s office, but justice must prevail.”
She went on to say, “We intend to seek justice for Lasantha Wickrematunga’s murder. President [Dissanayake] has met with those involved to determine the best course of action. We are examining the possibility of refiling or initiating new inquiries if necessary, as there is plenty of evidence.”
Opposition legislator Rauff Hakeem noted that the suspects were released on a technicality related to an identification parade, and expressed concern that the Attorney General was selectively releasing certain suspects, despite there being many dedicated officers within the Department. He added, “Ultimately, the purpose of all our judicial institutions is to deliver justice. If procedures obstruct that aim, we must re-examine them.”
Prime Minister Amarasuriya reiterated that the Government is open to debating the matter in Parliament, saying, “We will look at refiling charges or bringing new indictments where appropriate. We fully appreciate the gravity of this situation and the need for transparency, and we will do everything in our power to ensure justice is served.”
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