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SL facing grave risk of defaulting on its debt obligations – Dr. Harsha de Silva

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Warning that Sri Lanka is in the throes of a looming debt crisis, SJB parliamentarian Dr. Harsha de Silva, said this is a serious issue, which should not be taken lightly, as the country is at serious risk of not being able to honor its debt obligations.

“As a nation, we have never defaulted on our loan commitments, but at a time the country is at crossroads over its debt burden, nobody should treat this grievous matter with levity irrespective of their party affiliations, he noted.

Stressing that the government must understand the grave risk of not being able to meet its debt commitments, the parliamentarian outlined that the situation needs to be managed in a strategic manner devoid of any arrogance.

He said Sri Lanka is saddled with servicing around US$ 6 billion in foreign debt next year (2021), and there seems to be no strategic plan to meet the challenge when taking into account the country’s current foreign reserves and revenue capacity.

“Therefore, I feel that the government should initiate official negotiations with international institutions, which have lent us money, and seek a pause or a grace period”, De Silva suggested.

Sri Lanka will have to pay more than 70% of its tax revenue as interest for the international debts the country has taken, he asserted.



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Asset acquisitions from 2009 to 2014: Weerawansa appears in court after HC issues arrest warrant

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Wimal

The Colombo High Court yesterday (14) issued a warrant for the arrest of National Freedom Front (NFF) leader and former Minister Wimal Weerawansa for failing to appear in court in connection with a case filed by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

The court subsequently ordered the recall of the arrest warrant when Weerawansa appeared before the court through his legal counsel. The case pertains to allegations of the unlawful acquisition of assets valued at over Rs. 75 million between January 01, 2009 and December 31, 2014. The CIABOC alleged that Weerawansa had acquired assets amounting to Rs 75 million.

The CIABOC has said that this is an offence punishable under the Asset and Property Act and listed 32 witnesses and 93 articles as evidence.

The charge sheet states that the assets in question include houses, vehicles and money.

The arrest warrant was issued by Colombo High Court Judge Mohamed Mihal.

The judge also directed that notices be served to the defendant’s bail signatories, requiring their presence before the court on the next scheduled hearing.

The CIABOC filed the case in November 2027 during the Yahapalanaya administration.

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High Posts Committee approves nomination of three Ambassadors and High Commissioner

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The nominations for the appointments of three new Ambassadors and a new High Commissioner have been approved by the Committee on High Posts of Parliament.

The Committee on High Posts approved the nomination of Dharshana Mahendra Perera as the High Commissioner of Sri Lanka to Malaysia, the nomination of Dassanayake Mudiyanselage Sumith Priyantha Dassanayake as the Ambassador and Permanent Representative of Sri Lanka to the United Nations in Geneva, Switzerland, Dayani Mendis as the Ambassador and Permanent Representative of Sri Lanka to the Republic of Austria, and for the nomination of Samantha Priyadarshana Weerasinghe Pathirana as the Ambassador of Sri Lanka to Romania.

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CRIB becomes corporate partner of BASL

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The Credit Information Bureau of Sri Lanka (CRIB) has become the first Corporate Partner of the Bar Association of Sri Lanka (BASL) for 2026, marking the launch of BASL’s newly introduced Corporate Partner Scheme, the BASL stated.

The text of BASL statement: “The partnership was formalised by signing a Memorandum of Understanding at the BASL Secretariat. The event was attended by Mr. Rajeev Amarasuriya, President of BASL; Mr. Pasindu Silva, Treasurer of BASL; Mr. Pushpike Jayasundera, Director/General Manager of CRIB, Mr. Janaka Lakmal, Deputy General Manager of CRIB, and Ms.Saumya Wijesinghe, Manager Legal of CRIB, together with other office-bearers and officials.

BASL represents over 26,000 legal professionals across 93 regional branches, providing a strong platform to engage legal practitioners nationwide. Through this initiative, CRIB and BASL will conduct in-person awareness programmes and webinars, focusing on credit information systems, CRIB’s services, and the Secured Transactions Registry (STR), in line with CRIB’s national campaign “We Care for Your Credit Health.”

Speaking at the event, President BASL Mr. Rajeev Amarasuriya stated that the Corporate Partner Scheme reflects BASL’s commitment to reach out to different sectors and collaborate in areas of mutual benefit to the respective organisations.

General Manager of CRIB, Mr. Pushpike Jayasundera noted that CRIB sees this as an important opportunity to enhance understanding in the legal sector of credit information and secured transactions.

The inclusion of CRIB as BASL’s first Corporate Partner underscores BASL’s efforts to support a more informed and future-ready legal profession.”

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