News
Minister Cabraal dismisses calculations made by MP Hashim
Suggests he gets some coaching from Harsha de Silva, who knows subject
By Saman Indrajith
Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday that as at the end of December 2019 total loans granted by the Central Bank to all banks for pawning advances stood at Rs. 210 billion and at the end of September 2020 it had increased by 27 billion to Rs. 237 billion.
Participating in the debate on the 2020 Appropriation Bill, the Minister dismissed the figures presented by SJB MP Hashim as being inaccurate and demanded to know where the latter had obtained the misleading information from.
MP Kabir Hashim during his speech said that it was a clear indication of the failure of the government that people had pawned jewelleries to the tune of Rs. 643 billion.
Minister Cabral said by the end of December 2019 the credit card payments stood at Rs. 131 billion but had dropped by Rs. 25 billion to Rs.126 billion. “Therefore, I urge MP Kabir Hashim to get his facts right and perhaps get some expert advice on such matters by someone like MP Harsha de Silva, who knows this subject.”
The State Minister said that the year 2020 had been a very difficult and uncertain year for the country. “For over half the year we had a minority government and during the major part of the year we were speculating on whether an election could be held. The whole world was facing difficulties with the pandemic wreaking havoc. It was only after the formation of the new government that we were able to formulate a clear policy and delegate responsibilities.
Therefore, we have been able to move forward with a clear vision during the last three months,” he said.
The Minister said that the government had faced many challenges during the first three quarters of this year apart from the Covid pandemic, due to the mismanagement and misdeeds of the previous government over the past five years.
“During the past five years under the previous regime, the 6.3 per cent growth rate we maintained from 2010 to 2014 had dropped to 2.3 per cent
For the first time in 2019 the per capita income fell by USD 227 under the yahapalana government. Now, they are trying to discredit us by claiming that the country is in a debt trap. They are hoping for the fall of the government, but they will be disappointed; we will not their dream come true.”
Minister Cabral said that the debt burden was measured as a percentage of the GDP and in 2005, it stood at 91 per cent. “However, our government had reduced it to 70 per cent by 2014 and after the Yahapalana government took over they increased it back to 87 percent. This happened as they had increased the foreign debt by 49 per cent. They increased the short term loans within a short period and now we are tasked with rectifying their mistakes. The previous government paid Rs. 1,430 billion more than we did in debt interest within their five year tenure.”
Cabraal add that the previous regime had also managed to devalue the rupee and now the present government had to pay for its predecessor’s sins.
He said that the government was committed to steering the country on a path of progress and urged all MPs to cast aside their political differences and support the passage of the Appropriation Bill.
Latest News
Sun directly overhead Beruwala, Gurulubadda, Rakwana, Godakawela, Udawalawe and Thanamalwila at about 12:13 noon today (06)
On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 15th of April in this year.
The nearest areas of Sri Lanka over which the sun is overhead today (06th) are Beruwala, Gurulubadda, Rakwana, Godakawela, Udawalawe and Thanamalwila at about 12:13 noon.
Latest News
Heat Index at Caution Level in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district
Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 05 April 2026, valid for 06 April 2026.
The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
News
West Asian conflict benefits China-managed H’tota Port
The ongoing West Asia war, triggered by joint Israel-US attack on Iran on 28 Februar, has benefited the China-run Hambantota International Port (HIP).With Iran imposing restrictions on the Strait of Hormuz shipping, in retaliation for unprovoked attack, thereby choking vital shipping routes, particularly for crude oil and refined oil products, HIP situated, along the East-West shipping corridor, has received the anticipated attention.
Soon after the sinking of an unarmed Iranian frigate, just outside Sri Lanka’s territorial waters, in India’s backyard, Indian External Affairs Minister Subrahmanyam Jaishankar categorised HIP as a foreign military base, along with Diego Garcia, Bahrain and Djibouti, where both the US and China maintained major bases.
HIP, in a press release issued on Sunday (05), declared that the Port has significantly expanded its operational capacity, in response to a sharp surge in global shipping volumes, resulting from the West Asia conflict.
The company asserted that the developing situation reinforced its position as a key alternative hub along the East–West shipping corridor.
The port has doubled its Roll-on/Roll-off (RoRo) yard capacity and increased its container yard capacity by 30%, as shipping lines divert operations away from disrupted routes in search of stable and efficient alternatives.
HIP is situated just 10 nautical miles from the main East–West shipping route, allowing vessels to divert with minimal deviation while maintaining schedule integrity.
The Chinese government-owned China Merchant Port Holdings (CMPort) under controversial circumstances acquired controlling interests of the Hambantota port in 2017 during the Yahapalanaya administration. Although the Sri Lankan government repeatedly said that Sri Lanka was paid USD 1.12 bn according to the HIP website CMPort invested $974 mn in the HIP and held 85 percent of the shares.
The 2017 agreement granted CMPort a 99-year lease to develop, manage and operate the Port area. The Supreme Court dismissed a fundamental rights petition filed by lawmaker Vasudeva Nanayakkara pointing out that the original agreements pertaining to the Hambantota port had been signed in 2012 and 2013 during Mahinda Rajapaksa’s tenure as the president when he was a member of the Rajapaksa Cabinet.
The HIP press release quoted CEO of HIP Wilson Qu as having said: “What we are witnessing today is a structural shift in global shipping patterns. At HIP, we have focused on building the capacity and operational agility to respond to such changes. Our ability to scale quickly, combined with our location, allows us to support global shipping lines when reliability becomes critical. Looking ahead, we will continue to invest in infrastructure and capabilities to strengthen Hambantota’s role as a key logistics and transshipment hub in the region.”
The rise in both vehicle transshipment and container volumes has driven yard utilization levels to the highest in HIP’s history, highlighting the scale of ongoing supply chain disruptions and the port’s growing strategic importance in global trade.
To accommodate increased throughput, HIP has rapidly expanded yard space across both cargo segments, enabling it to handle higher volumes while maintaining operational efficiency and minimizing congestion. Expanding capacity within a short time frame in a live port environment presents considerable operational and technical challenges and requires significant investment. However, through close coordination across management, engineering and operational teams, HIP was able to deliver these enhancements in step with rising demand.
The HIP statement added: “The expansion reflects Hambantota International Port’s continued development as a resilient logistics platform in the Indian Ocean, as geopolitical developments reshape established maritime routes and increase demand for alternative hubs. As infrastructure scales in tandem with demand, HIP is increasingly positioned to capture a larger share of regional transshipment volumes while supporting the continuity of global supply chains.”
Amidst the continuing uncertainty caused by war and growing threat to international shipping the Hambantota International Port Group (HIPG) the owning group of HIP recently finalised an agreement to invest USD 108 mn to procure new container handling equipment- six quay cranes, 16 rubber-tyred gantry cranes (RTGs) and 40 trailers, under the initial phase of the port’s Phase II container terminal development.
By Shamindra Ferdinando
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