News
Opposition MPs, former Speaker urge govt. to have debt resheduled
LSSP endorses collective repsonse
Ranil, Harini notable absentees at signing
Heads of COPE, COPF present but refrain from signing
MPs from five political parties and former Speaker Karu Jayasuriya have issued a joint statement urging the government to take immediate action to solve the economic crisis affecting Sri Lanka.
The current MPs and the former Speaker “recognizing the unprecedented nature of the economic challenges facing us” have sought “urgent, constructive, and sustainable solutions” to the pressing situation.
The joint statement was signed by the Leader of the Opposition Sajith Premadasa, MPs R. Sampanthan, MA Sumanthiran, Shanakkiyan Rasamanikkam for Tamil National Alliance (TNA), Kabir Hashim, Dr. Harsha de Silva, Rishad Bathiudeen and Eran Wickramaratne of the SJB, MP Rauf Hakeem for SLMC and MP Mano Ganesan, for the TPA. SLPP MP Prof. Tissa Vitarana on behalf of the Lanka Sama Samaja Party and former Speaker Karu Jayasuriya, Chairman of the National Movement for a Just Society have also signed the joint statement.
Full text of the statement titled ‘A collective response to our economic crisis’ said: “We the undersigned, recognising the unprecedented nature of the economic challenges facing us, seek urgent, constructive, and sustainable solutions to this pressing situation.
We note that:
(1) The country’s ratings have fallen to the level of being blacklisted In international credit markets. Since April 2020, Sri Lanka has been locked out of borrowing using International Sovereign Bonds (ISBs) in the international market,
(2) Repaying US dollar debt in this context means that the usable foreign reserves are down to below one month of imports — the lowest on record since independence.
(3) The ratio of interest on debt to government revenue was above 70% in 2020, a historical high for Sri Lanka, and amongst the highest in the world.
(4) The ratio of public debt compared to the value of Sri Lanka’s domestic production (GDP) is also the highest on record, at 120%. It skyrocketed, by almost 25 percentage points, in the last two years. Each of these situations by themselves would spell a serious economic challenge.
Occurring simultaneously, this pressing and historic economic crisis is threatening our future, in both the short term and long term.
We recognize that undoubtedly the government has a daunting task ahead, and as a country there is a need for us all to come together to overcome this challenge.
We acknowledge that Sri Lanka should take immediate measures to ensure strong social welfare for its people so that the poor and vulnerable communities are protected from the adverse impact of this economic crisis.
We further acknowledge the need for sound reform to the national economic policy that will address the root causes for this situation and ensure sustainable solutions to steer the country out of this unprecedented economic crisis, and forge an equitable and just solution for our future generations.
We are fully cognizant that Parliament has full control of public finance, and that each member of parliament has a fiduciary responsibility to ensure the proper management of public finances in Sri Lanka.
In such a context, we recognize the best way forward for Sri Lanka is to immediately Initiate a multi-step process towards an orderly negotiated postponement and restructure of repayment of its sovereign debt. Sri Lanka can then correct its policies towards a path of sustainable economic growth and debt management, while also ensuring access to essential needs and goods for the Sri Lankan economy and its people. This will reduce the pain and hardship that is currently experienced due to the shortage of foreign currency. In any path forward, it is essential that the government takes measures to consider the difficulties of the poorest and the most vulnerable people in the country and provide them with adequate social security, protection, and relief.”
News
Maldives Coast Guard Ship Huravee departs island
The Maldives Coast Guard Ship Huravee which arrived in Sri Lanka for replenishment purposes, departed the island on 04 Mar 26.
In accordance with naval tradition, the Sri Lanka Navy extended a customary farewell to the departing ship at the Port of Colombo
News
‘IRIS Dena was Indian Navy guest, hit without warning’, Iran warns US of bitter regret
A day after a US submarine sunk an Iranian Navy warship off the coast of Sri Lanka, the Foreign Minister of Iran, Sayed Abbas Araghchi, has warned that the US would “pay bitterly” for targeting a ship in international waters, The Tribune has reported.
Araghchi posted on social media platform X on Thursday saying, “The US has perpetrated an atrocity at sea, 2,000 miles away from Iran’s shores.”
The frigate IRIS Dena, a guest of India’s Navy carrying almost 130 sailors, was struck in international waters without warning, said the Iran Foreign Minister, adding, “Mark my words: The US will come to bitterly regret the precedent it has set.”
US Secretary of War, Pete Hegseth, on Wednesday confirmed that a US submarine fired a torpedo and sank the Iranian Navy vessel IRIS Dena west of Sri Lanka.
In a way, the Iran and US-Israel conflict has reached close to the Indian coast. The strike today at sea was almost 4,000 kms away from Iran, significantly expanding the radius of war. Already, fearing Iranian missile strikes, several US warships have moved eastward towards India.
These ships are in international waters. India has denied that any US Navy assets were using Indian ports. The Iranian ship, hit on Wednesday, was returning after participating in the international fleet review and exercise Milan hosted by India at Visakhapatnam.
The Iranian ship went down with almost 130 sailors on board missing. The Sri Lankan Navy, acting on a distress call, rescued 32 of the Iranian sailors. Hegseth confirmed the act by the US forces, saying the ship was hit in the Indian Ocean, stating, “an Iranian warship that thought it was safe in international waters. .. Instead, it was sunk by a torpedo”.
Hegseth did not name the Iranian ship that was attacked. But earlier, the Sri Lankan Navy reported the distress call from IRIS Dena when it was some 40 kms west of Galle, located on the south-western part of the island country. On February 16, the Iranian ship had sailed into the port of Visakhapatnam, where seventy-four nations participated.
Warships from Australia, Japan, South Korea, Russia, and dozens of others were anchored alongside the now-sunk Iranian vessel. Iran’s Navy Commander, Rear Admiral Shahram Irani, held talks with India’s Chief of Naval Staff on strengthening maritime security cooperation.
The theme was “United through Oceans.” Notably, the US Navy was supposed to send the guided-missile destroyer USS Pinckney to the exercise Milan; however, the ship was diverted to Singapore on February 15. The US did not field its warship in Milan, which had ships from Russia and Iran.
The exercise ended on February 25. Three days later, on February 28, the United States and Israel launched Operation Epic Fury. The IRIS Dena was transiting home. This morning at 5:08 a.m. local time, the IRIS Dena issued a distress call. Sri Lanka’s Foreign Minister, Vijitha Herath, informed parliament that two navy vessels and an aircraft were deployed. Thirty crew members were rescued and admitted to Karapitiya Hospital in Galle.
The Straits Times reported 32 critically wounded survivors. Reuters reported 101 missing and 78 wounded. The Sri Lankan Navy spokesman said the operation was conducted in line with the International Convention on Maritime Search and Rescue.
News
Risk of power cuts due to use of low-quality coal,PUCSL warns
The Public Utilities Commission of Sri Lanka (PUCSL) has warned of a possible risk of power cuts due to the use of inferior quality coal affecting generation capacity at the Lakvijaya Power Plant, according to a recent commission report.
The commission said the risk to the continuous electricity supply was assessed based on the peak demand forecast submitted by the Ceylon Electricity Board (CEB) for 2026.
According to the report, the analysis assumed that hydropower plants could contribute up to 1,300 MW to meet the night peak demand, while the Lakvijaya Power Plant (LVPS) would be able to contribute only up to 690 MW due to a capacity shortfall, assuming a 40 MW generation capacity reduction from each unit.
The PUCSL said the assessment was carried out taking into account the planned maintenance schedule submitted by the CEB. Under the schedule, Unit 1 of the Lakvijaya plant is due to undergo maintenance checks and repairs in June for a period of 25 days, while Unit 2 is scheduled for maintenance in July for another 25 days.
The report also noted that the 270 MW West Coast Power Plant is scheduled to undergo maintenance in April for 10 days, while the 150 MW Kelanitissa Combined Cycle Power Plant (KCCP 2) is expected to undergo maintenance during May, June and July.
Under normal conditions, the report said, there is a potential risk of a generation capacity shortage if electricity demand reaches 3,030 MW in April, 3,070 MW in June and 3,000 MW in July.
The highest recorded night peak demand so far in 2026 was 2,949 MW on February 25.
The PUCSL further warned that if one coal unit or any major power plant becomes unavailable from the existing generation mix, there would be a significant risk of a generation capacity shortage to meet the night peak demand, particularly during April, June and July.
Energy sector analysts said the use of substandard coal could further aggravate operational challenges at the Norochcholai plant, potentially affecting generation efficiency and reliability if corrective measures are not taken promptly.
By Ifham Nizam
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