News
Siyambalapitiya alleges move to trigger run on banks
By Rathindra Kuruwita
A sinister attempt is being made in some quarters to trigger a run on banks and the five-day bank holiday is aimed at countering that move, State Minister of Finance Ranjith Siyambalapitiya has said.
Siyambalapitiya, addressing the media, yesterday, assured that bank and other deposits and pension funds would not be affected by Domestic Debt Restructuring (DDR) and that there is no reason for people to panic.
Sri Lanka’s total debt amounted to USD 83.6 billion made up of foreign debt of USD 42.6 billion and domestic debt of USD 42 billion.
“Out of the domestic debt amounting to USD 25 billion are in Treasury bonds, USD 11 billion in Treasury Bills, USD 5.6 billion in development bonds and the rest has been from various institutions. When we restructure domestic debt, there will be no haircuts,” he said.
DDR will amount to extensions of payment dates, moratoriums and reducing interest rates, he said.
“If we can restructure foreign debt well, we don’t need too much from domestic debt. People should not panic and rush to the banks. Your deposits are safe. Your pension funds are safe,” the State Minister of Finance added.
News
Sajith: Met Dept. officials under virtual house arrest
… hands over proposal asking for PSC probe into govt.’s lapses
Opposition and SJB leader Sajith Premadasa yesterday accused the government of having gagged the Meteorology Department officials, who, he said, had been placed under virtual house arrest. He claimed that they had been barred from speaking to the media.
Speaking in Parliament, Premadasa said withholding information from the public was unacceptable. He insisted that the Meteorology Department and international agencies had repeatedly issued warnings about extreme weather events between November 11 and 26. He demanded to know why Sri Lanka’s disaster management mechanism had not been activated in a timely manner.
“The key issue is why the country’s disaster management system failed to respond when the risks were clearly identified,” he told the House, describing the lapse as a serious failure of governance.
Condemning attempts to silence officials, Premadasa said acknowledging mistakes was the only way forward. “If we are wrong, we should admit it. If we are right, we should say so. Silencing professionals will help solve problems.
The Opposition Leader also called for a National Disaster Response Force and amendments to the Disaster Management Act to strengthen preparedness and response mechanisms.
Premadasa and several other Opposition MPs have submitted a formal proposal to the Speaker seeking the appointment of a Parliamentary Select Committee to investigate the government’s failure to mitigate the impact of Cyclone Ditwah.
The Opposition has demanded a 30-member select committee tasked with producing a comprehensive report on the institutional and administrative failures during the disaster.
Describing the government’s lack of preparedness as deeply regrettable, the MPs have said that timely action would have helped save many lives and reduced the scale of destruction caused by the cyclone.
By Saman Indrajith ✍️
News
Army engineers set up new Nayaru emergency bridge
Sri Lanka Army Engineers have restored essential connectivity following the collapse of the Nayaru main bridge in Mullaitivu, which was severely damaged by intense flooding caused by Cyclone Ditwah recently. The collapse of the bridge disrupted vehicular movement along key routes, including the Mullaitivu-Welioya, Mullaitivu-Trincomalee, and Mullaitivu-Kokkilai roads, causing major inconvenience to the public and isolating several communities.
In response, Army Engineer troops carried out urgent repair and bridging operations under challenging conditions. A Compact 100 tonne heavy bridge, spanning 120 feet with 12 bays and providing two-way access.
News
Ranil ready to give up leadership if the party WC endorses UNP-SJB proposal to that effect
UNP leader Ranil Wickremesinghe has informed the party working committee of his readiness to step down if his continuation as the leader prevented the unification of the UNP and the main Opposition SJB.
The former president told the WC of his decision at a meeting held at Sirikotha yesterday (17), political sources said.
Expressing his support to the ongoing dialogue between the UNP and the SJB, Wickremesinghe has emphasised the need to bring negotiations to a successful conclusion to pave the way for a strong combined opposition.
UNP is represented by former parliamentarians Thalatha Atukorale, Sagala Rathnayaka and Ruwan Wijewardena whereas Sajith Premadasa leads the SJB in the current talks.
Wickremesinghe has assured that if WC accepted consensus between the UNP and SJB for reunification, he wouldn’t have any issue with that development, sources said.
Reiterating support for talks, Wickremesinghe also said that in case the UNP-SJB talks produced a proposal that he stepped down to enable Sajith Premaadsa or any other person to take over the leadership he would go with the WC stand on that matter, sources said.
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