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Opposition vows to fight domestic debt restructuring plans of govt

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ECONOMYNEXT –The main opposition SJB would fight to defeat the government’s plans to restructure domestic debt, opposition leader Sajith Premadas said, offering the opposition’s assistance in sending a strong message to the international community.

Premadasa said at a meeting with representatives of the Ceylon Bank Employees’ Union on Thursday May 18 that the opposition is ready to tell the international community to not touch Sri Lanka’s domestic debt.

“We will fight both in and outside parliament and internationally the government’s attempt to restructure domestic debt,” Premadasa said.

The opposition leader claimed the government has changed its position on domestic debt restructuring (DDR). The government had maintained in March that there would be no restructuring of domestic debt, only to sing a different tune after the International Monetary Fund (IMF) programme was approved.

“In March, not even the president said domestic debt would be restructured,” he said.

“They’re now saying they have to do it. Why did you keep hoodwinking the people?” he asked, adding that DDR was first on the agenda.

“You can’t dance to your own tune, nor can you make the people dance,” said Premadasa. However, the SJB is ready to assist the government in reversing the decision.

“If the government wishes to, even at this last moment, send a message to the international community, with assistance from the opposition, to not touch domestic debt, we’re ready to work together with the government to communicate this to the international community,” said Premadasa.

A top IMF official told reporters on Monday May 15 that the international lender is in constant dialog with Sri Lanka over its DDR plans. The IMF defines a macro framework, ceilings on gross financing needs (annual debt volumes that are issued and re-issued), foreign debt service, and debt stocks on a timeline for a defaulted country to make its debt ‘sustainable’.

In April, President Ranil Wickermesinghe was reported to have told the cabinet of ministers hat a debt restructuring framework to negotiate with creditors would be announced by May.In parallel, discussions will also commence with private creditors. Sri Lanka met private creditors in Washington in April.

Sri Lanka also has to restructure its domestic debt to meet gross financing need (annual financing and debt roll-over totals) ceilings from 2027-2032 to make its debt ‘sustainable’ according to an IMF debt analysis.The central bank has said domestic debt restructuring will be voluntary, but fresh jitters hit the market last week triggering a rise in bond yields.

Several countries which were hit by monetary instability from flexible inflation targeting and flexible exchange rates or similar impossible trinity regimes, which had market access had defaulted in recent years and more are on the brink of default.

External sovereign defaults started in the early 1980s with similar policies in Latin America, which has among the worst central banks in the world and some Eastern European nations.



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Experts: NPP education reforms unsuitable for SL

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Proposed education reforms have drawn sharp criticism from education professionals, teacher unions and student organisations, who warned on Thursday that the changes risk undermining child safety, widening inequality and imposing unaffordable costs on parents.

Addressing a press conference in Colombo, Dr Ayomi Irugalbandara of the Faculty of Education at the Open University of Sri Lanka said the proposed reforms appeared to be largely modelled on foreign education systems without adequate consideration of local realities.

She took particular issue with proposals to integrate social media use into the school curriculum, noting that several developed countries have moved in the opposite direction by preventing children under the age of 15 from accessing social media platforms.

“Most of these modules are not appropriate for this country,” Dr Irugalbandara said. “We warn parents that these reforms place children at risk.”

Concerns were also raised over digital content linked to the revised curriculum. Inter-University Students’ Federation Convener Madushan Chandrajith said the Grade Six Information and Communication Technology (ICT) module included QR codes that directed students to a controversial YouTube channel.

“Who will take responsibility for children accessing such content?” he asked, calling for clear accountability mechanisms for material linked through digital platforms used in schools.

Secretary of the Workers’ Struggle Centre, Duminda Nagamuwa, criticised the government’s approach to the reform process, comparing it to the fertiliser policy introduced under former President Gotabaya Rajapaksa. He alleged that the authorities were pushing ahead with education reforms despite opposition from academics, teachers and other stakeholders.

Nagamuwa also highlighted the economic burden on families, noting that Sri Lanka’s poverty rate had increased from 12.5 percent to 25 percent. He questioned how parents were expected to afford smartphones or tablet computers required for students to access QR code-linked educational content.

“The government is asking parents to bear costs they simply cannot afford,” he said.

Ceylon Teachers’ Union General Secretary Joseph Stalin said schools had already begun collecting money from parents in anticipation of the reforms, including funds to purchase smart boards.

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Sajith: Ashoka Chakra replaces Dharmachakra in Buddhism textbook

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Premadasa speaking in parliament

Opposition and SJB Leader Sajith Premadasa on Friday told Parliament that the Buddhism textbook contained a “serious error,” citing the use of the Ashoka Chakra instead of the Dharmachakra.

He said the Dharmachakra depicted in the book differs from the one featured in the state symbol and called on the Education Minister to correct the mistake.

Responding, Education Minister and Prime Minister Harini Amarasuriya said the Dharmachakra used in the textbook had been approved by the Ministry of Buddhist Affairs. She added that the advisory board on Buddhism had also endorsed it.

The Premier further noted that during her recent visit, Mahanayake Theras confirmed that the Dharmachakra in the textbook was the officially approved version.

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Kelaniya Duruthu Perahera dazzles crowds with tradition and splendour

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The Annual Kelaniya Duruthu Perahera at the historic Kelaniya Raja Maha Viharaya lit up the streets once again, concluding on Saturday night after three days of colourful pageantry.

First held in 1927 thanks to the vision of philanthropist Don Walter Wijewardene, son of Helena Wijewardene Lamathani of Sedawatte, the Kelaniya Duruthu Maha Perahera has grown into one of Sri Lanka’s most elaborate and grand low-country Buddhist pageants.

The Perahera commemorates the sacred visit of the Buddha to Kelaniya, the most revered temple in Sri Lanka’s Western Province. Celebrated annually during Duruthu Poya in January, the event showcases a fusion of historic, cultural, and religious traditions.

This year, under the guidance of Chief incumbent Venerable Professor Mahinda Sangarakkitta Nayaka Thera and Dayaka Sabha President Dr. Saman Weerasinghe, the festivities began with the ceremonial handover of the Sacred Relic Casket by Chancellor of Kelaniya University, Agra Maha Panditha Ven. Professor Kollupitiya Mahinda Sangharakkita Nayake Thera, to Chief Basnayake Nilame Dhammika Attygalle.

The sacred relic procession was followed by three Devale Peraheras dedicated to God Vibishana, God Kataragama, and God Vishnu, captivating devotees and tourists alike with traditional drumming, vibrant costumes, and ceremonial elephants.

The Perahera festivities also featured Pahalamaluwe Perahera on 8th January, Sacred City Perahera on 9th January, and the Grand Duruthu Maha Perahera on 10th January, with all events commencing at 8:00 pm. Special enclosures were arranged to accommodate foreign tourists, providing an immersive view of Sri Lanka’s rich cultural heritage.

As lanterns faded into the night sky and devotees paid homage, the Kelaniya Duruthu Perahera once again reaffirmed its place as a cornerstone of Sri Lanka’s cultural and religious calendar.

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