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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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President Returns to the island concluding officiIal visit to Germany

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President Anura Kumara Disanayake returned to the island this morning (15) after successfully concluding his official visit to the Federal Republic of Germany.

During the visit, the President held bilateral discussions with German President  Frank-Walter Steinmeier, Foreign Minister Dr. Johann Wadephul and Minister of Economic Cooperation and Development Ms. Reem Alabali-Radovan. These discussions focused on exploring new avenues for expanding cooperation between the two countries in areas such as trade, the digital economy, investment and vocational training, in line with the priorities of the Sri Lankan government.

In addition, the President attended a special meeting with representatives of Germany’s Tourism and Travel Industry Associations.

President Disanayake also delivered the keynote address at a Business Forum organized by the German Chamber of Commerce and Industry (DIHK) at its headquarters in Berlin.

During his official visit, the President also took time to meet with members of the Sri Lankan community residing in Germany.

He was accompanied by Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, along with senior government officials.

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Cardinal slams govt. over Easter Carnage injustice

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Archbishop Malcolm Cardinal Ranjith

Colombo Archbishop Cardinal Malcolm Ranjith has found fault with the incumbent government for failing to fulfil its promise to bring the true perpetrators of the Easter Sunday attacks to justice and accused the Attorney General Department officials of dancing to the tune of their political masters.

The Cardinal said on Thursday evening that despite the government’s assurances, those commitments had not been fulfilled.

Speaking at a religious ceremony at Kochchikade St. Anthony’s Church in Colombo, Cardinal Ranjith expressed his disappointment at the government’s failure to fulfil its promises, saying, “I am still concerned about the government’s failure to honour its commitment regarding the investigation into the attacks.”

The Cardinal said that six years after the terror attacks, the investigation into the incident remained insufficient.

He said that more than two dozen recommendations had been made in the first volume of the Presidential Commission Report, but no political leader or party had taken any steps to implement them. “No proper framework or mechanism has been put in place,” he lamented.

Cardinal Ranjith criticised former Presidents, Prime Ministers, and senior officials of the police and security forces, saying they had failed to take any action to prevent the attacks despite having the responsibility to do so.

The prelate expressed concern over lapses on the part of the Attorney General’s Department, which had not taken any legal or disciplinary steps in relation to the findings of the report.

He said it was shameful that the Attorney General’s Department had done nothing regarding the attacks. “We are witnessing the actions of certain politicians and high-ranking officials of these departments and the government, who seem more interested in political manoeuvring than in fulfilling their duties,” he said,

adding that the Church was ready to expose the politicisation of some higher ups in the AG’s Department.

During the last election campaign, the government had promised to ensure thorough investigations into the Easter Sunday attacks, appoint a special prosecutor and set up an office for that purpose. However, Cardinal Ranjith pointed out that this promise had also not been fulfilled.

He reiterated that despite being presented with a policy statement from the NPP, which outlined their commitment to investigating the attacks, the government had not initiated any fundamental steps in this regard. “This is something that deeply concerns us,” he said.

By Sujeewa Thathsara ✍️

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Army Commander visits Jaipur, holds talks with South Western Command officials

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Army Commander Lt Gen Rodrigo Sapta Shakti Command headquartered in Jaipur on Thursday

Jaipur, June 13 (IANS) In a significant step towards enhancing military cooperation between India and Sri Lanka, Lieutenant General BKGM Lasantha Rodrigo, Commander of the Sri Lanka Army, is on a two-day official visit to the Sapta Shakti Command headquartered in Jaipur from June 12 to 13.

Upon his arrival, Lt Gen Rodrigo was accorded a warm and ceremonial welcome by Lieutenant General Manjinder Singh, Army Commander of the South Western Command.

The visit underlined the deep-rooted defence ties and mutual respect shared between the two neighbouring nations.

During his stay, Lt Gen Rodrigo held comprehensive discussions with Lt Gen Manjinder Singh and other senior officers of the South Western Command.

The dialogue focused on a wide range of strategic and operational issues, including regional security dynamics, joint training programs, capability enhancement, and the sharing of best practices. These discussions aimed to foster greater interoperability and understanding between the two armies.

A highlight of the visit was a dynamic display of military equipment and a live combat demonstration centered on counter-terrorism operations. The demonstration showcased the Indian Armys tactical acumen, operational readiness, and technological capabilities in dealing with modern security threats.

In addition to the military engagements, Lt Gen Rodrigo also explored Rajasthan s rich cultural and martial heritage. He visited key military landmarks and heritage sites, gaining insights into Indias historical military traditions and the valour of its armed forces.

Officials emphasized that the visit reflects the enduring commitment of India and Sri Lanka to deepen their defence cooperation. Rooted in decades of shared history and mutual trust, the partnership aims to promote regional peace, stability, and a collaborative approach to emerging security challenges.

This high-level military engagement is expected to further strengthen the camaraderie between the two armies, enhance capacity-building efforts, and expand avenues for future military exchanges and joint initiatives.

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