News

No country offers loans to Sri Lanka – SJB

Published

4 years ago

2022/05/1

Main Opposition SJB says that the international rating agencies have downgraded the country, banks and financial institutions in April as a defaulter and watch negative status. As a result the country has been plunged into a dangerous financial crisis from political and economic crises where it cannot face the international community for any financial transactions.

Addressing a press conference held at the Opposition Leader’s office in Colombo on Thursdya, SJB MP Eran Wickramaratne said that no country offers loans to Sri Lanka as a result of downgrading by the rating agencies.

“Also country cannot get a loan even from an international capital market as they would consider Sri Lanka as a country which has no capacity to repay the loans. The government is also finding it difficult to obtain loans even from Sri Lankans through local treasury bills. Despite attempts to borrow Rs. 97,500 million last week, the government was able to obtain only Rs. 46,066 million. That too as a three-month short-term loan at a high interest rate of 23 per cent,” he said.

“People have lost confidence in the government to invest in the long-term Treasury bills. The entire working class of the country has taken to the streets today saying that the government responsible for facing such a situation can no longer rule this country and that the President and the government should resign immediately. This crisis affects all parties, institutions and individuals equally.”

During the month of April Fitch rating has downgraded Sri Lanka’s long Term foreign – currency Issuer Default rating (IDR) to “C” from “CC” and views that sovereign default process has begun. S&P while lowered Selective Default from “CC” to “C” lowered 2023 and 2028 bonds to “D” default indicating that the government cannot repay the bond.

Further Fitch rating has placed National Long Term rating of 13 Banks and 12 non- banking financial institutions as Negative on April 26, 2022. This will create a situation where the international banks would not honor the LCs of the two State Banks where they will require an additional guarantee or an insurance premium increasing the cost, Wickramaratne said.

“Now the entire people of the country are saying the same thing. The voice of the Galle Face struggle is reflected in the country as well. The people are unanimously calling for the overthrow of this corrupt government, Gotabaya Go Home, Mahinda Rajapaksa Go Home, formation of a government without Rajapaksas and the abolition of the executive presidency.”

“The power struggle between the president and the prime minister is a family affair. It does not matter to the country. The Rajapaksas are now pushing for the formation of a Rajapaksa government without the Rajapaksas by using a second tier group of parliamentarians by leaving behind the corrupt ministers to back track to form an interim government. SJB would not take part in any interim regime under Rajapaksas,” Wickramaratne said.

“People say that this country does not want a Rajapaksa government. Moreover, the international community does not trust the Rajapaksas, so it is not possible to obtain any assistance from abroad with Rajapaksas in power.”

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INS GHARIAL makes port call in Colombo

Published

5 hours ago

2026/02/6

Priyan

The Indian Naval Ship (INS) GHARIAL made a port call in Colombo for operational turnarounds on 04 Feb 26. The Sri Lanka Navy welcomed the visiting ship in compliance with naval traditions.

Commanded by Commander Gaurav Tewari, INS GHARIAL is a vessel with a length of 124.8 meters.

During this visit, ten (10) Bailey Bridges, brought by ship, through the coordination of the High Commission of India in Sri Lanka, will be handed over to the Disaster Management Center. These bridges will provide temporary transportation links while bridges damaged across the island by adverse weather conditions are repaired.

The crew’s itinerary features scheduled goodwill activities with the Sri Lanka Navy, alongside visits to several tourist attractions across the island.

News

Speaker’s personal secretary accused of interference with ongoing bribery investigation

Published

6 hours ago

2026/02/6

Thilina Walpola

Harshana

SJB Gampaha District MP Harshana Rajakaruna yesterday told Parliament that the Speaker’s Personal Secretary had written to the Secretary-General of Parliament seeking information on a complaint lodged with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) by a former Deputy Secretary of Parliament against the Speaker. Rajakaruna called for an immediate investigation into what he described as interference with an ongoing probe.

Raising the matter in the House, Rajakaruna said he had formally requested the Commission to initiate an inquiry into the conduct of the Speaker’s Personal Secretary, Chameera Gallage, questioning the authority under which such information had been sought.

Rajapakaruna tabled in Parliament a copy of the letter allegedly sent by Gallage to the Secretary-General requesting details of the bribery complaint.

Addressing the House, Rajakaruna said that the letter, sent two days earlier, had sought “full details” of the complaint against the Speaker. He maintained that seeking such information amounted to interference with an investigation and constituted a serious offence under the Bribery Act.

“The Speaker’s Secretary has no right to interfere with the work of the Bribery Commission. Under what law is he acting? What authority does he have? The Speaker, like everyone else, is subject to the law of the land,” Rajakaruna said, urging the Commission to take immediate action.

He noted that the Bribery Act treated the obstruction of investigations and the destruction of documents relating to such inquiries as serious offences punishable by law, and said he believed the Minister of Justice would concur.

The allegations sparked sharp reactions in the Chamber, as Opposition members called for accountability and due process in relation to the complaint against the Speaker.

By Saman Indrajith

News

Govt: Average power generation cost reduced from Rs. 37 to Rs. 29

Published

6 hours ago

2026/02/6

Thilina Walpola

Kumara

The Ceylon Electricity Board has managed to reduce the average cost of electricity generation from Rs. 37 per unit to Rs. 29, marking a 22 percent reduction, Minister of Power and Energy Eng. Kumara Jayakody told Parliament yesterday.

Responding to an oral question raised by Opposition MP Ravi Karunanayake, the Minister said that electricity tariffs cannot be reduced unless the cost of generation is brought down.

“You cannot reduce electricity tariffs without reducing the cost of generation. What we are currently doing is buying at a higher price and selling at a lower price. When we assumed office, the cost of purchasing and generating electricity was Rs. 37 per unit. We have now managed to bring it down to Rs. 29, a reduction of 22 percent.

Our target is to further reduce this to Rs. 25. Once that is achieved, we will reduce electricity tariffs by 30 percent within three years, as we promised,” Minister Jayakody said.

He added that the government has already formulated a long-term generation plan to further expand the country’s power generation capacity.

According to the Minister, key measures include increasing the absorption of renewable energy into the national grid, expanding the national transmission and distribution network, introducing renewable energy storage systems, and constructing thermal and liquefied natural gas (LNG) power plants to replace aging facilities and meet future demand.

He also said that steps would be taken to enhance the capacity of existing hydropower plants as part of the broader strategy to ensure energy security and reduce long-term electricity costs.

By Ifham Nizam