News

Harsha welcomes SL’s credit upgrading

Published

2 years ago

2024/12/26

Harsha de Silva

SJB MP Dr. Harsha de Silva on Tuesday (24), described the recent upgrade of Sri Lanka’s credit rating as a positive development, not only for the government but for the entire economy.

Addressing the media at the SJB headquarters Dr. de Silva highlighted its significance, “Sri Lanka has been removed from the list of countries at risk of debt default by leading credit rating agencies such as Moody’s and Fitch Ratings. This is a momentous development for the nation. The previous government’s mismanagement of debt placed immense pressure on private sector investors. For example, during negotiations between Sri Lanka and India’s Adani Group over electricity tariffs, Adani raised concerns about Sri Lanka’s poor creditworthiness. Similarly, the downgraded credit rating discouraged other investors from considering Sri Lanka as a viable destination. This upgrade, therefore, is a relief for both the government and the economy.”

Dr. de Silva, however, noted that Sri Lanka has not yet achieved the credit rating necessary to borrow from international markets.

“To reach that milestone, the economy must be further strengthened,” he emphasised. He attributed the recent credit rating improvement to measures initiated in 2023 during the country’s economic crisis. These included parliamentary-approved reforms and stabilisation efforts.

He observed that the credit rating upgrade was the result of adhering to the International Monetary Fund (IMF) agreement without deviating from its fundamentals. “Before the election, the National People’s Power (NPP) pledged to introduce an alternative Debt Sustainability Analysis (DSA) for debt restructuring. However, when the opportunity for restructuring arose, no alternative DSA was implemented. Instead, the existing agreement was followed, ultimately benefiting the country,” he explained.

Dr de Silva also discussed the government’s recent decision to extend the gazette notification for rice imports until 10 January. He stressed the importance of setting a guaranteed price for paddy before the next harvest to support farmers. “Farmers affiliated with the NPP have demanded a guaranteed price of Rs. 130 per kilogram of paddy. If the government agrees to this price, will it revise the rice import gazette accordingly? Will the price of rice remain at Rs. 230 per kilo? If not, large-scale rice mill owners will exploit the situation by purchasing paddy from farmers at reduced prices, leaving them vulnerable once again,” he warned.

As a sustainable solution to the rice price issue, Dr. de Silva proposed reviving the Shakthi Rice Enterprise, a cooperative initiative launched during the Good Governance administration to support small- and medium-scale rice millers. “The solution lies in restarting the Shakthi Rice Enterprise, which previously operated in eight districts. Neglecting this initiative would be a mistake,” he concluded, urging the government to take decisive action to stabilise the rice market and safeguard the livelihoods of farmers.

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Out-of-control dengue epidemic spreads across Sri Lanka

Published

2 hours ago

2026/07/5

Thilina Walpola

Dengue hyper-epidemic not yet under control, PHI Union warns

The Public Health Inspectors’ (PHI) Union of Sri Lanka on Friday said the country’s dengue hyper-epidemic situation has still not been brought under control, warning of a fresh rise in cases amid changing weather conditions.

Acting President of the PHI Union Upul Rohana said that although the situation has shown some improvement in areas where outbreaks were first reported, new clusters of infection are now emerging in other parts of the country.

He urged the public to maintain, and not reduce, current dengue prevention activities under any circumstances.

Rohana noted that light showers had begun in several areas under prevailing weather conditions, increasing the risk of mosquito breeding as vector density is already high.

He also identified unoccupied properties as a major challenge in dengue control, pointing out that houses belonging to persons working abroad, as well as newly purchased but uninhabited properties in urban areas, were contributing significantly to mosquito breeding sites.

Meanwhile, the National Dengue Control Unit (NDCU) said on Friday that dengue cases reported so far this year have exceeded 57,000, with 57,668 infections and 35 deaths recorded countrywide.

The NDCU said 1,253 new cases were reported within the past 24 hours alone.District-wise, Colombo has recorded 11,811 cases so far this year, while Gampaha has reported 11,443 cases, making them the two most affected districts.

News

Yoshitha loses appeal in ‘Menik Malla’ case

Published

2 hours ago

2026/07/5

Thilina Walpola

The Court of Appeal on Friday dismissed a revision application filed by Yoshitha Rajapaksa in connection with the money laundering case popularly known as the “Menik Malla” case.

The application challenged a ruling of the Colombo High Court, which had earlier rejected a preliminary objection raised by the defence during trial proceedings.

The judgment was delivered by a bench comprising Justices Amal Ranaraja and Sumudu Premachandra.

News

Pass Rs. 60m daily power savings to consumers: ECA

Published

2 hours ago

2026/07/5

Thilina Walpola

The Electricity Consumers’ Association yesterday urged the government to pass on to electricity consumers the savings resulting from the recent reduction in diesel prices, claiming that the lower fuel cost would save more than Rs. 60 million a day in electricity generation.

Association Secretary Sanjeewa Dhammika said that with the price of a litre of diesel reduced by Rs. 25 under the latest fuel price revision, the cost of generating electricity would decline by approximately Rs. 62 million per day, or more than Rs. 600 million over 10 days.

He also called on the Public Utilities Commission of Sri Lanka (PUCSL) to intervene immediately to ensure that these savings are passed on to electricity consumers.

Dhammika said: “On average, around 2,500 metric tonnes of fuel are used daily for electricity generation. This includes diesel, fuel oil and naphtha.

“That translates into approximately 2.5 million litres of fuel being consumed each day. If the price of a litre falls by Rs. 25, the daily saving amounts to Rs. 62.5 million, or more than Rs. 60 million. Over a month, the saving would be around Rs. 1.875 billion. Therefore, these benefits should be passed on to electricity consumers without delay. The PUCSL must intervene immediately to ensure consumers receive this relief.”

Dhammika also questioned why the prices of naphtha and fuel oil had not been revised when diesel prices were reduced.

“If diesel prices have been reduced by Rs. 25 per litre, there is reason to believe that the prices of naphtha and fuel oil should have declined by an even greater margin. The government should immediately explain the basis on which those prices were left unchanged,” he said.

He further noted that the government’s “A Prosperous Country – A Beautiful Life” policy statement had pledged to adopt a transparent fuel pricing formula and questioned why that commitment had not yet been implemented.

By Anuradha Hiripitiyage