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Latham, Williamson fifties extend New Zealand’s advantage

Published

9 months ago

2024/09/19

Priyan

Partnerships were the name of the game as New Zealand strung together several of significance to come within 50 runs of Sri Lanka’s first-innings total of 305 at stumps on day two in Galle.

There were breezy fifties from Tom Latham and Kane Williamson and Rachin Ravindra also put forward an aggressive cameo. By the time an extended final session ended 15 minutes early due to bad light, there were more names on that list, as Daryl Mitchell and Tom Blundell had put together an unbeaten stand of 59 off 105. Theirs was the fourth 50-plus stand of the innings on a day that belonged almost in totality to the visitors.

All this happened despite a rain-curtailed morning session during which only 15 minutes of play were possible. But that was all it took for New Zealand to pick up the remaining three Sri Lanka wickets.

Sri Lanka’s best moments of the day were just that – moments – as their bowlers struggled to put together any periods of concerted pressure. Despite the surface offering turn, none of the four spinners used by the hosts were able to find consistent lines and lengths – either due to the strong breeze across the stadium or the New Zealand batters’ proactiveness in using their feet as well as a variety of sweeps.

The hosts were also unable to build on any of the wickets to fall, with each new batter settling in quickly. Only a burst from Dhananjaya de Silva when he dismissed Williamson and Ravindra in the space of two overs, offered a glimmer of Sri Lankan dominance, but that hope was snuffed out quickly by Mitchell and Blundell.

The rest of the spinners’ figures told a story. Prabath Jayasuriya toiled for 31 overs for figures of 99 for 1, easily his worst in Galle thus far, while Ramesh Mendis’ 17 overs went for 69 and brought a solitary scalp. Kamindu Mendis was used only for one over that went for eight.

Earlier in the day, it was Latham and Williamson who proved to be Sri Lanka’s tormentors. Latham, in particular, provided the blueprint during his 111-ball 70, both with his footwork and, more potently, prolific use of the sweep and reverse sweep.

While Devon Conway never really looked anywhere close to his flowing best, labouring his way to 17 off 59 deliveries, Latham was more than making up for it at the other end. This ensured a solid opening stand of 63, one brought to an end against the run of play – and upon review – with Conway missing one from Ramesh Mendis that straightened after pitching.

Instead of bringing Sri Lanka back into proceedings, the wicket only hastened New Zealand’s advancement as Williamson easily matched Latham’s urgency. Within his first 14 deliveries, the former captain had cut, pulled and lofted two boundaries and a six, and while that rate of scoring was never going to be maintained, the Sri Lanka spinners’ wayward lines allied with expert manoeuvring from both Williamson and Latham meant dot balls were rarely strung together.

That Sri Lanka eventually broke the 73-run stand, which took only 120 balls, was down to the batter’s error more than the bowlers’ effectiveness, as Latham’s most potent weapon – the sweep – became his undoing, when he top-edged to backward square leg off Jayasuriya at the stroke of tea.

There was no respite for Sri Lanka in the final session either, as Ravindra managed to further up the ante over the course of a 48-ball 39. His expert use of the depth of the crease also meant any error in length was punished square of the wicket on either side.

The Williamson-Ravindra stand of 51 took just 84 deliveries, and were it not for a piece of brilliance from wicketkeeper Kusal Mendis – leaping forward past the stumps to hold on to a leading edge of Williamson – it was hard to see where a breakthrough might have come from. Ravindra himself fell shortly after, leaving an arm ball that clattered into his off stump and punching his bat in disgust on the way back to the dressing room. But Sri Lanka’s joy was short-lived as Mitchell and Blundell negotiated safely whatever was thrown at them, including a period of short-ball barrages from Asitha Fernando.

During the heavily rain-affected morning session, William O’Rourke starred once more, adding two further wickets to his overnight tally, to end with figures of 5 for 55 as Sri Lanka were bowled out adding just three runs to their overnight total.

Brief scores:

New Zealand 255 for 4 in 72 overs (Tom Latham 70, Kane Williamson 55, Dhananjaya de Silva 2-31) trail Sri Lanka 305 (Kamindu Mendis 114, Kusal Mendis 50, William O’Rourke 5-55) by 50 runs

(Cricinfo)

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“Our ultimate goal is to restore national sovereignty through economic stability and self-reliance” -President

Published

10 hours ago

2025/06/16

Priyan

President Anura Kumara Disanayake, delivering the keynote address at the international conference “Sri Lanka’s Road to Recovery: Debt and Governance” in Colombo today (16), declared that by 2028 Sri Lanka will have laid the foundation for a stable and self-reliant economy, one capable of independently meeting its external debt obligations. Emphasizing that true sovereignty cannot exist amidst economic collapse, he asserted, “Our ultimate goal is to restore national sovereignty through economic stability and self-reliance.” He urged public officials and citizens alike to contribute to this national endeavour, stressing that the ongoing reform process demands a collective and sustained effort.

The conference, a landmark event jointly hosted by the Ministry of Finance, the Central Bank of Sri Lanka and the International Monetary Fund (IMF), drew global attention as it examined the country’s recovery from economic crisis, the progress of debt restructuring and future challenges under the IMF’s Extended Fund Facility (EFF) programme.

The President acknowledged that while a degree of macroeconomic stability has been restored, Sri Lanka must not be lulled into complacency. “Surface-level stability is not enough,” he stated. “We must deepen this stability through structural reforms that reshape the foundations of our economy.” He also noted several achievements of the current administration within a relatively short timeframe, expressing confidence in continuing this trajectory towards lasting political, economic and social stability.

This conference was held to reflect on Sri Lanka’s experiences, lessons learned and progress made during the debt restructuring process, as well as to discuss the progress and upcoming challenges related to the Extended Fund Facility programme with the International Monetary Fund.

Central Bank Governor Dr. Nandalal Weerasinghe echoed these sentiments, crediting the IMF and international partners for their support in Sri Lanka’s turnaround from a historic crisis that culminated in a sovereign default in 2022. Recalling the severity of the crisis, marked by hyperinflation, shortages and institutional erosion, Dr. Weerasinghe attributed the collapse to years of fiscal mismanagement and unchecked vulnerabilities.

“Stabilization was just the first step,” he noted. “The real test lies in sustaining growth through structural change.”

He highlighted the progress made under the EFF programme, including: Taming inflation – now back to single digits; Rebuilding external balances – including rare current account surpluses and reserve growth; Improving fiscal discipline – with narrowing deficits and emerging primary surpluses.

Dr. Weerasinghe further underlined the importance of governance reforms, pointing to new legislation such as the Central Bank Act, the Public Financial Management Act and the Anti-Corruption Act as pillars of long-term institutional credibility.

Urging stakeholders to maintain policy consistency, empower the private sector and protect the vulnerable, he emphasized: “Sri Lanka’s transformation must be domestically driven, with strong institutions and united public commitment.”

Delivering a pivotal message, IMF First Deputy Managing Director Dr. Gita Gopinath commended Sri Lanka’s hard-won gains but reminded attendees of the cost borne by the people, particularly the most vulnerable.

“The key lesson from this crisis is that it must never happen again,” she said, stressing the need for continued reforms targeting structural weaknesses such as unsustainable subsidies and inefficient pricing mechanisms. Though socially painful, she insisted such changes are essential for resilience.

She also cautioned against “reform fatigue,” highlighting that half of Sri Lanka’s 16 past IMF programmes faltered due to reversals. “This time must be different,” Dr. Gopinath urged. “Success should be measured not just by numbers but by whether this becomes Sri Lanka’s last IMF programme.” She called for inclusive governance, civil society engagement and equitable policymaking that reaches beyond Colombo, reaffirming the IMF’s commitment while urging national ownership of the recovery path.

Following is the full speech delivered by President Anura Kumara Disanayake;

“A few years ago, our country faced the consequences of the most severe economic crisis in its history. At that juncture, we were confronted with two possible paths: either to continue along the same failed and destructive route, or to choose a new path that would enable us to rebuild and uplift our nation.

Today, we can proudly state that the path we chose has brought significant victories to our country. That success required responsibility and commitment from the political leadership. Moreover, critical responsibilities were borne by state institutions such as the Central Bank and the Ministry of Finance. However, the greatest contribution came from the public, who bore the brunt of these reforms. They made immense sacrifices and endured hardships to help rescue the nation from this crisis.

At present, our country has achieved a level of economic stability. We have reached the stage where debt restructuring is nearing completion and for a notable period, we have been able to maintain stability in the value of the dollar. Furthermore, we have been able to generate expected state revenue and build up foreign reserves. These indicators reflect strong macroeconomic stability. Nevertheless, the deep wounds of the crisis have not yet healed. We must understand that the crisis is not yet resolved in its entirety.

Therefore, while surface-level stability has been established, it is imperative to further solidify this stability and to elevate the economy to a higher level. This requires the implementation of new reforms and transformations within the economic system. I would like to draw attention to a few critical factors in this regard.

To ensure economic stability and recovery, we need a strong public service. However, the expenditure we currently incur to maintain the public service is excessive and unsustainable. Our goal must be to provide an efficient public service at minimal cost to the citizen. We have already decided that certain state institutions should be closed.

These institutions were established in response to socio-economic needs of a bygone era, which are no longer relevant. Some institutions are now obsolete and therefore, must be restructured or dissolved.

Additionally, we have multiple institutions performing overlapping functions. These must be consolidated. Some state institutions also require a redefinition of their objectives and goals.

Hence, we are committed to implementing a robust transformation of the state apparatus. For this to be successful, inefficiency and more importantly, corruption and bribery must be eradicated from the public sector.

Recent news reports highlight the depth of the current crisis: the Inspector General of Police is in hiding; the Commissioner General of Prisons has been imprisoned; officers from the Department of Motor Traffic and the Department of Immigration and Emigration have been arrested. This raises serious concerns about the state of our institutions. Inefficiency, bribery and corruption significantly contributed to this crisis. Corruption is not merely about immediate transactions, it resulted in vital projects being neglected and unnecessary ones being implemented, which continue to burden us today.

Thus, to overcome this crisis, enhancing institutional efficiency and decisively combating corruption are essential. We are committed, as a government, to this cause.

We believe that the state should retain a certain degree of involvement in sectors that are sensitive to the economy. Sri Lanka’s energy and financial markets are relatively small, which poses the risk of monopolies forming. To counter this, the state must maintain a presence in key sectors.

However, such state institutions must not become burdens on the public. For instance, entities like the Ceylon Electricity Board and the Ceylon Petroleum Corporation are closely tied to both the economy and people’s daily lives. While we believe the government must retain oversight over these entities, they must not impose excessive costs on the public.

Prices must reflect actual production costs. The price of a unit of electricity must correspond to the cost of its generation. We are committed to upholding this principle.

At the same time, we are prepared to strengthen the necessary mechanisms to reduce production costs. Services should be provided to citizens at a cost equivalent to their actual expense.

However, we are aware that there are low-income groups who cannot afford even these costs. While we implement economic reforms and await the benefits to reach the people, we cannot simply ask them to endure the hardship in silence. The state must provide relief to these groups during this transitional period. This is the responsibility of a just government.

In every society, there are segments of the population that are disconnected from economic activity, be they the elderly, the disabled, or individuals whose circumstances prevent them from participating in the economy. It is the duty of the state to protect such groups. Talking about economic development while abandoning these communities is futile. This is a question of humanity, justice and fairness.

We therefore support a policy of providing well-targeted assistance to vulnerable communities. This assistance is not to be politicised. We view it as a matter of social justice and social protection. Based on our past experiences, welfare programmes have often been politicised. But I assure you, we will never use social protection schemes for political gain.

On another note, while we have achieved stability in several sectors, there are others where progress must be expedited. Firstly, we must attract direct foreign investment (FDI). Looking back over the past several decades, we have failed to attract sufficient FDI due to the prevailing global and local economic conditions. This must change.

However, the challenge of attracting investment does not come from a place of economic strength, but from rebuilding after collapse. Our financial market lost credibility and we experienced a situation where people could not afford daily necessities. Foreign reserves hit rock bottom. We are now in the process of recovery.

Yet, is this recovery sufficient to attract investment? I believe we must offer certain incentives to investors. Given the current context, we must focus on creating a more attractive environment for investment, which may include offering strategic relief. We are in discussions with the International Monetary Fund in this regard.

In addition, we face the question: how do we revitalise our national economy and production? Many small and medium enterprises (SMEs) collapsed during the economic downturn. Over 90% of them failed not due to internal mismanagement, but due to the broader economic collapse. Therefore, we must provide targeted relief to help them recover.

Thirdly, while economic growth is important, economic expansion is equally critical. Rural communities have become marginalised and excluded from the mainstream economy. While urban economic indicators may appear positive, they do not reflect the realities of those left behind.

For economic growth to deliver real benefits to the people, economic expansion must be pursued. I believe we must launch initiatives to integrate citizens from remote areas into the economic system. Therefore, to maintain the current stability and to transition to a stronger state, we have a tremendous task ahead of us.

We must be deeply grateful for the support extended by the International Monetary Fund in implementing this programme, as well as for the patience and endurance shown by our citizens, especially if they felt unfairly affected during this process. As I have previously stated, it is our aim to make this the final programme undertaken with the IMF’s Extended Fund Facility. We are hopeful of achieving this goal. By the year 2028, we aspire to build a stable economy with sufficient growth to service our debt independently.

A state cannot maintain sovereignty where the economy has collapsed. A nation cannot retain independence when its economy is in ruin. Whether we like it or not, we have already lost a degree of our sovereignty and independence. Therefore, the ultimate outcome must be the restoration of our national sovereignty and self-reliance. This requires a strenuous and unwavering effort.

It is not a task we can abandon. There is a clear mission to accomplish, and in pursuing that, I expect the commitment of the political leadership, the responsibility of public officials and the cooperation of the people.”

Business

President Disanayake meets IMF Deputy Managing Director Gita Gopinath

Published

10 hours ago

2025/06/16

Priyan

President Anura Kumara Disanayake met with the Deputy Managing Director of the International Monetary Fund (IMF), Ms. Gita Gopinath, and delegation this morning (16) at the Presidential Secretariat.

During the meeting, President Disanayake expressed his sincere appreciation to the IMF for its continued support in guiding Sri Lanka through its recent financial crisis. He also raised concerns regarding the recently imposed U.S. tariffs, noting their potential impact, as approximately 25% of Sri Lanka’s total exports are directed to the United States. The President further highlighted the challenges posed by on-going global conflicts and their potential implications for Sri Lanka. However, he mentioned to the delegation that appropriate measures are being taken to manage and mitigate these risks effectively.

The discussion also focused on Sri Lanka’s trade relationship with the European Union, particularly the GSP+ trade concession, which accounts for 23% of the country’s exports and provides preferential access to the EU market. The President emphasized the current government’s interest in expanding investment opportunities, stating that economic recovery would be driven through increased investor confidence. He reiterated that the current administration is people-oriented and committed to advancing in close alignment with public aspirations.

Ms. Gopinath thanked the President for the warm welcome and acknowledged the strong mandate he received in both the general and local elections, which she noted enhances the government’s ability to implement much-needed reforms. Reflecting on the country’s economic journey, she commended the remarkable progress achieved over the past two years from a state of severe crisis to renewed growth and falling inflation.

She also praised the strides made in governance reforms and emphasized the importance of sustaining and deepening these efforts. The IMF delegation reaffirmed its recognition of Sri Lanka’s substantial progress and pledged to remain a steadfast partner in the country’s reform and recovery process.

Also present at the meeting were Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Governor of the Central Bank Dr. Nandalal Weerasinghe, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Senior Economic Advisor to the President Duminda Hulangamuwa and Senior Additional Secretaries to the President Russell Aponsu.