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“Our ultimate goal is to restore national sovereignty through economic stability and self-reliance” -President

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President Anura Kumara Disanayake, delivering the keynote address at the international conference “Sri Lanka’s Road to Recovery: Debt and Governance” in Colombo today (16), declared that by 2028 Sri Lanka will have laid the foundation for a stable and self-reliant economy, one capable of independently meeting its external debt obligations. Emphasizing that true sovereignty cannot exist amidst economic collapse, he asserted, “Our ultimate goal is to restore national sovereignty through economic stability and self-reliance.” He urged public officials and citizens alike to contribute to this national endeavour, stressing that the ongoing reform process demands a collective and sustained effort.

The conference, a landmark event jointly hosted by the Ministry of Finance, the Central Bank of Sri Lanka and the International Monetary Fund (IMF), drew global attention as it examined the country’s recovery from economic crisis, the progress of debt restructuring and future challenges under the IMF’s Extended Fund Facility (EFF) programme.
The President acknowledged that while a degree of macroeconomic stability has been restored, Sri Lanka must not be lulled into complacency. “Surface-level stability is not enough,” he stated. “We must deepen this stability through structural reforms that reshape the foundations of our economy.” He also noted several achievements of the current administration within a relatively short timeframe, expressing confidence in continuing this trajectory towards lasting political, economic and social stability.
This conference was held to reflect on Sri Lanka’s experiences, lessons learned and progress made during the debt restructuring process, as well as to discuss the progress and upcoming challenges related to the Extended Fund Facility programme with the International Monetary Fund.
Central Bank Governor Dr. Nandalal Weerasinghe echoed these sentiments, crediting the IMF and international partners for their support in Sri Lanka’s turnaround from a historic crisis that culminated in a sovereign default in 2022. Recalling the severity of the crisis, marked by hyperinflation, shortages and institutional erosion, Dr. Weerasinghe attributed the collapse to years of fiscal mismanagement and unchecked vulnerabilities.
“Stabilization was just the first step,” he noted. “The real test lies in sustaining growth through structural change.”
He highlighted the progress made under the EFF programme, including: Taming inflation – now back to single digits; Rebuilding external balances – including rare current account surpluses and reserve growth; Improving fiscal discipline – with narrowing deficits and emerging primary surpluses.
Dr. Weerasinghe further underlined the importance of governance reforms, pointing to new legislation such as the Central Bank Act, the Public Financial Management Act and the Anti-Corruption Act as pillars of long-term institutional credibility.
Urging stakeholders to maintain policy consistency, empower the private sector and protect the vulnerable, he emphasized: “Sri Lanka’s transformation must be domestically driven, with strong institutions and united public commitment.”
Delivering a pivotal message, IMF First Deputy Managing Director Dr. Gita Gopinath commended Sri Lanka’s hard-won gains but reminded attendees of the cost borne by the people, particularly the most vulnerable.
 “The key lesson from this crisis is that it must never happen again,” she said, stressing the need for continued reforms targeting structural weaknesses such as unsustainable subsidies and inefficient pricing mechanisms. Though socially painful, she insisted such changes are essential for resilience.
She also cautioned against “reform fatigue,” highlighting that half of Sri Lanka’s 16 past IMF programmes faltered due to reversals. “This time must be different,” Dr. Gopinath urged. “Success should be measured not just by numbers but by whether this becomes Sri Lanka’s last IMF programme.” She called for inclusive governance, civil society engagement and equitable policymaking that reaches beyond Colombo, reaffirming the IMF’s commitment while urging national ownership of the recovery path.
Following is the full speech delivered by President Anura Kumara Disanayake;
“A few years ago, our country faced the consequences of the most severe economic crisis in its history. At that juncture, we were confronted with two possible paths: either to continue along the same failed and destructive route, or to choose a new path that would enable us to rebuild and uplift our nation.
Today, we can proudly state that the path we chose has brought significant victories to our country. That success required responsibility and commitment from the political leadership. Moreover, critical responsibilities were borne by state institutions such as the Central Bank and the Ministry of Finance. However, the greatest contribution came from the public, who bore the brunt of these reforms. They made immense sacrifices and endured hardships to help rescue the nation from this crisis.
At present, our country has achieved a level of economic stability. We have reached the stage where debt restructuring is nearing completion and for a notable period, we have been able to maintain stability in the value of the dollar. Furthermore, we have been able to generate expected state revenue and build up foreign reserves. These indicators reflect strong macroeconomic stability. Nevertheless, the deep wounds of the crisis have not yet healed. We must understand that the crisis is not yet resolved in its entirety.
Therefore, while surface-level stability has been established, it is imperative to further solidify this stability and to elevate the economy to a higher level. This requires the implementation of new reforms and transformations within the economic system. I would like to draw attention to a few critical factors in this regard.
To ensure economic stability and recovery, we need a strong public service. However, the expenditure we currently incur to maintain the public service is excessive and unsustainable. Our goal must be to provide an efficient public service at minimal cost to the citizen. We have already decided that certain state institutions should be closed.
 These institutions were established in response to socio-economic needs of a bygone era, which are no longer relevant. Some institutions are now obsolete and therefore, must be restructured or dissolved.
Additionally, we have multiple institutions performing overlapping functions. These must be consolidated. Some state institutions also require a redefinition of their objectives and goals.
Hence, we are committed to implementing a robust transformation of the state apparatus. For this to be successful, inefficiency and more importantly, corruption and bribery must be eradicated from the public sector.
Recent news reports highlight the depth of the current crisis: the Inspector General of Police is in hiding; the Commissioner General of Prisons has been imprisoned; officers from the Department of Motor Traffic and the Department of Immigration and Emigration have been arrested. This raises serious concerns about the state of our institutions. Inefficiency, bribery and corruption significantly contributed to this crisis. Corruption is not merely about immediate transactions, it resulted in vital projects being neglected and unnecessary ones being implemented, which continue to burden us today.
Thus, to overcome this crisis, enhancing institutional efficiency and decisively combating corruption are essential. We are committed, as a government, to this cause.
We believe that the state should retain a certain degree of involvement in sectors that are sensitive to the economy. Sri Lanka’s energy and financial markets are relatively small, which poses the risk of monopolies forming. To counter this, the state must maintain a presence in key sectors.
However, such state institutions must not become burdens on the public. For instance, entities like the Ceylon Electricity Board and the Ceylon Petroleum Corporation are closely tied to both the economy and people’s daily lives. While we believe the government must retain oversight over these entities, they must not impose excessive costs on the public.
Prices must reflect actual production costs. The price of a unit of electricity must correspond to the cost of its generation. We are committed to upholding this principle.
At the same time, we are prepared to strengthen the necessary mechanisms to reduce production costs. Services should be provided to citizens at a cost equivalent to their actual expense.
However, we are aware that there are low-income groups who cannot afford even these costs. While we implement economic reforms and await the benefits to reach the people, we cannot simply ask them to endure the hardship in silence. The state must provide relief to these groups during this transitional period. This is the responsibility of a just government.
In every society, there are segments of the population that are disconnected from economic activity, be they the elderly, the disabled, or individuals whose circumstances prevent them from participating in the economy. It is the duty of the state to protect such groups. Talking about economic development while abandoning these communities is futile. This is a question of humanity, justice and fairness.
We therefore support a policy of providing well-targeted assistance to vulnerable communities. This assistance is not to be politicised. We view it as a matter of social justice and social protection. Based on our past experiences, welfare programmes have often been politicised. But I assure you, we will never use social protection schemes for political gain.
On another note, while we have achieved stability in several sectors, there are others where progress must be expedited. Firstly, we must attract direct foreign investment (FDI). Looking back over the past several decades, we have failed to attract sufficient FDI due to the prevailing global and local economic conditions. This must change.
However, the challenge of attracting investment does not come from a place of economic strength, but from rebuilding after collapse. Our financial market lost credibility and we experienced a situation where people could not afford daily necessities. Foreign reserves hit rock bottom. We are now in the process of recovery.
Yet, is this recovery sufficient to attract investment? I believe we must offer certain incentives to investors. Given the current context, we must focus on creating a more attractive environment for investment, which may include offering strategic relief. We are in discussions with the International Monetary Fund in this regard.
In addition, we face the question: how do we revitalise our national economy and production? Many small and medium enterprises (SMEs) collapsed during the economic downturn. Over 90% of them failed not due to internal mismanagement, but due to the broader economic collapse. Therefore, we must provide targeted relief to help them recover.
Thirdly, while economic growth is important, economic expansion is equally critical. Rural communities have become marginalised and excluded from the mainstream economy. While urban economic indicators may appear positive, they do not reflect the realities of those left behind.
For economic growth to deliver real benefits to the people, economic expansion must be pursued. I believe we must launch initiatives to integrate citizens from remote areas into the economic system. Therefore, to maintain the current stability and to transition to a stronger state, we have a tremendous task ahead of us.
We must be deeply grateful for the support extended by the International Monetary Fund in implementing this programme, as well as for the patience and endurance shown by our citizens, especially if they felt unfairly affected during this process. As I have previously stated, it is our aim to make this the final programme undertaken with the IMF’s Extended Fund Facility. We are hopeful of achieving this goal. By the year 2028, we aspire to build a stable economy with sufficient growth to service our debt independently.
A state cannot maintain sovereignty where the economy has collapsed. A nation cannot retain independence when its economy is in ruin. Whether we like it or not, we have already lost a degree of our sovereignty and independence. Therefore, the ultimate outcome must be the restoration of our national sovereignty and self-reliance. This requires a strenuous and unwavering effort.
It is not a task we can abandon. There is a clear mission to accomplish, and in pursuing that, I expect the commitment of the political leadership, the responsibility of public officials and the cooperation of the people.”


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MLC 2025: Boult’s sixes help MI New York eliminate Unicorns in thriller

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Trent Boult's sixes turned the game back in MINY's favour [Cricinfo]

MI New York and San Francisco Unicorns rode a rollercoaster in Dallas with unending twists and turns, till inaugural champions MINY edged last year’s runners-up Unicorns to a two-wicket win. In a game that featured several small but crucial contributions from various players, Trent Boult stood out with his returns of 2 for 19, and even more the back-to-back sixes towards the end of the tense chase of 132, which took MINY to victory and to Qualifier 2 and eliminated Unicorns.

MINY will now face Texas Super Kings to decide who takes on Washington Freedom in the MLC 2025 final.

Unicorns were lagging behind in the game almost from the start, when they were reduced to 16 for 5 in the powerplay. The twist came when No. 8 Xavier Bartlett powered them to a respectable 131 with a 24-ball 44.

MINY were then cruising in their chase with an opening stand of 43, before Mathew Short’s three strikes started their slide and Hasan Khan’s two double-wicket overs added to the Unicorns comeback. MINY were left needing 24 to get off 19 balls but with only two wickets in hand. The final twist came when Boult smashed two sixes off Hassan to turn the equation into a comfortable five to win from nine balls. MINY did not falter thereafter.

MINY made the most of their decision to bowl, with Boult and Nosthush Kenjige removing Unicorns’ top four for single-digit scores. While Boult had Tim Seifert and Jake Fraser-McGurk edging behind, Kenjige had Short and Sanjay Krishnamurthi out caught. The last wicket was thanks to a sharp running catch, with Boult running backwards from short third and finishing with a juggle.

Unicorns’ problems were compounded when Hassan Khan was involved in a mix-up with Cooper Connolly, falling short to a direct hit from Nicholas Pooran while on a golden duck.

Bartlett then rebuilt the innings in partnerships with Hammad Azam and Brody Couch, smashing towering sixes down the ground. He helped Unicorns race from 50 to 100 in just four overs after the halfway mark, and finally fell when he slapped a slow and short delivery from Kieron Pollard straight to midwicket in the 18th over. Rushil Ugarkar dismissed Liam Plunkett and Couch on either side of Bartlett’s wicket to finish with 3 for 19.

A rain break delayed the start of the chase but didn’t reduce any overs. Monak Patel and Quinton de Kock were going steady, scoring 37 runs in the powerplay. But then came Short’s double blow: he trapped de Kock lbw from around the wicket, and four balls later struck the top of middle stump by going through Pooran’s bat and pad.

Monank led the chase, going at just over a-run-a-ball. But he soon pulled a Short delivery to deep square leg and MINY were 81 for 3. The alarm bells went off when Pollard, who had scored two fifties in the last three games, chipped an innocuous delivery to long-on. Fraser-McGurk took a diving catch, and suddenly, Pooran was looking worried in the dugout.

The alarm bells rang much louder when Hassan struck on consecutive deliveries, first going through Michael Bracewell’s pull to knock his stumps over, and then drawing an outside edge from Heath Richards that stuck in Seifert’s gloves. MINY were now 98 for 6, still 34 adrift with 31 balls to go.

Hassan struck two more times in the 17th over. MINY were in a lot more trouble, with the equation soon reading 19 to get from 12. Boult stepped up with consecutive sixes off Hassan and even farmed the strike to deny Kenjige much exposure.

In the end, Kenjige himself went on to hit the winning runs with three balls to spare.

Brief scores:
MI New York 132 for 8 in 19.3 overs (Quinton De Kock 33, Monank Patel  33,  Michaell Bracewell 18, Trent Boult 22*; Xavier Bartlett 1-27, Hassan Khan 4-30, Mathew Short 3-22) beat  San Francisco Unicorns 131 in 19.1 overs (Cooper Connolly 23, Hammad Azam 11, Xavier Bartlett 44, Brody Couch 19; Rushil Ugarkar 3-19, Trent Boult 2-19, Nosthush Kenjige 2-43, Tristan Luus 1-32, Kierron Pollard 1-11 )  by two wickets

[Cricinfo]

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‘A huge explosion-like sound’ – Survivors recall moment India bridge collapsed

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Locals also rushed to help rescue people from the river [BBC]

Survivors of a bridge collapse in India’s Gujarat state on Wednesday that killed at least 15 people have said that they initially thought it was an explosion or earthquake.

The cause of the collapse is still to be ascertained, and investigations are under way according to state government officials.

Anwarbhai, who was driving a van which had two other passengers, was on the bridge on Wednesday morning when he heard a deafening crack – a section of the bridge behind him had collapsed into the Mahisagar river, taking some vehicles along with it.

“There was a huge explosion-like sound and part of the bridge collapsed behind us. Our van also started rolling backwards so we quickly jumped out,” he told BBC Gujarati.

The 40-year-old bridge connected Vadodara district with central Gujarat and usually saw a lot of traffic.

Dramatic visuals after the collapse showed a truck teetering dangerously from the edge of the broken bridge – it was later moved to safety. But other vehicles, including lorries, cars and a tuktuk, plunged into the water.

At least four people are still missing and search operations are under way.

“Our priority is to check the area quickly and retrieve both bodies and any survivors,” Surender Singh, an official with the National Disaster Response Force, told news agency ANI.

ANI A truck stuck at the precipice of a collapsed bridge in Gujarat
A truck teetering off the edge of the broken bridge on Wednesday [BBC]

Sonalben Padhiyar was the only survivor among her family members after the car she was travelling in fell into the river. Recounting the terrifying moments, Ms Padhiyar told the Indian Express newspaper that she was sitting in the back when the car fell into the river headfirst.  A video of her, visibly distressed and shouting for someone to save her son, has since gone viral. She later told ANI that she screamed for a long time before help arrived. She lost six family members.

Dilipsinh Padhiyar, another survivor (not related to Ms Padhiyar), was returning home from a night shift on his two-wheeler when the accident took place. “Traffic was moving as usual,” he told the Indian Express.  He said he had barely crossed 100m on the bridge when he felt a vibration before the structure gave way. “I found myself falling into the river,” he said. Mr Padhiyar suffered injuries but managed to hold on to a metal rod and stay afloat until local fishermen arrived to help.

Eyewitnesses said the collapse felt like an earthquake, shaking the ground and sending multiple vehicles crashing into the river.

Jairaj Singh, one of the locals who rushed to the scene, told BBC Gujarati he was alerted by a phone call from a friend.

“As soon as I heard, I rushed over,” he said. “We began pulling out vehicles with ropes. People from the area came together to help.”

The collapse has set off a political row, with locals saying they had often complained about its poor condition.

Ravibhai, who lives in the area, told BBC Gujarati that the bridge would often shake when heavy vehicles drove on it.

Abhesinh Parmar, a local council chief from a village near the bridge, said it was in a “dilapidated” condition and “had potholes everywhere”.

“Rods could be seen sticking out of the structure. We complained many times, but no action was taken,” he alleged.

Rushikesh Patel, a spokesperson for the Gujarat government, denied this, saying that the bridge was inspected and repaired at regular intervals.

“Recently, Chief Minister Bhupendra Patel had approved dismantling the existing bridge and constructing a new one. We were set to issue a tender soon,” he said.

Indian Prime Minister Narendra Modi, who is from Gujarat, has expressed his condolences to the families of the victims and announced compensation.

Wednesday’s collapse is among a series of deadly accidents linked to ageing and poorly maintained public infrastructure in India.

In 2022, around 135 people were killed when a 137-year-old suspension bridge in Gujarat’s Morbi  town collapsed into a river. The bridge, a popular tourist attraction, had reopened for visitors just days earlier following repairs.

[BBC]

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Two arrested after school girls in India allegedly made to strip for period check

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Periods have long been a taboo in India where menstruating girls and women are considered impure [BBC]

A school principal and an attendant have been arrested in India after allegations that female students were stripped naked to check if they were menstruating after blood stains were found on a toilet wall.

The police action came after the mother of one of the “10 to 15 girls” who were put through the alleged humiliation lodged a complaint.

The incident took place on Tuesday in a village not far from Mumbai city. On Wednesday, parents protested at the school, demanding strict punishment against the authorities.

In a video, the school principal is seen arguing with angry parents – she denies that she ordered a strip-search or that it took place.

Senior police official Milind Shinde told the BBC on Thursday that they were investigating the allegations. The arrested women would be produced in court later in the day, he said.

The police complaint names four other teachers and two trustees of the all-girls school in Thane in the western state of Maharashtra. BBC has reached out to the school authorities for a response.

In their complaint, police have invoked sections of the law that deal with assault and intent to outrage modesty of women. They have also added sections from the stringent Pocso (Protection of Children from Sexual Offences) Act.

The parents have alleged that all the students from 5th to 10th classes – who would be between the ages of 10 and 16 – were summoned to a hall by the school principal on Tuesday. There, they were shown photos from the toilet on a projector, including that of a hand stain, and those who had their periods were asked to raise their hands. A teacher collected hand prints of all those who did.

At least 10 to 15 girls who said they weren’t menstruating were then taken to the toilet, forced to strip and went through an inspection.

The child whose mother lodged the police complaint has alleged that her daughter, who didn’t have her period, was scolded and asked why she wasn’t wearing a sanitary pad. Her hand print was also collected. She said her daughter “felt very ashamed” because of what had happened.

Some of the parents told the BBC that their daughters were traumatised.

“The incident raises serious questions about the safety of our children. Our girls are very afraid. The government should take strict action against the school,” one parent said.

The mother of one of the students told BBC Marathi that when confronted, the principal denied everything. “But the school didn’t have an answer when we asked them whether so many girls could be lying,” she said.

Periods have long been a taboo in India where menstruating girls and women are considered impure and excluded from social and religious events.

Incidents of shaming female students have been reported in the past too. In 2017, 70 students were stripped naked at a residential school in Uttar Pradesh by the female warden after she found blood on a bathroom door.

In 2020, 68 students living in a college hostel in Gujarat were strip searched after they stopped reporting their periods to authorities to avoid restrictions which barred them from entering the temple and the kitchen or touching other students.

At meal times, they had to sit away from others, and in the classroom, they were expected to sit on the last bench.

The regressive ideas are being increasingly challenged by urban educated women, but success has been patchy and women in many parts of the country continue to face discrimination.

[BBC]

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