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Sri Lanka to brief creditors on IMF deal for economic recovery

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(PTI) The Sri Lankan government will virtually brief all its external creditors, on September 23, on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process.

On September 1, the IMF reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion.Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves.

“Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments,” Clifford Chance, the debt restructuring adviser, said in a statement on Saturday.

The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in the debt restructuring process.The IMF while announcing its willingness to enter a staff-level agreement at the end of August said that agreement with creditors was the key to the facility.

In mid-April, Sri Lanka declared its international debt default due to the forex crisis. The country owes USD 51 billion in foreign debt, of which USD 28 billion must be paid by 2027. The worsening forex situation affected the ability to fund importing fuel and essentials, triggering massive waves of public protests in the country. An uprising in mid-July forced the resignation of then President Gotabaya Rajapaksa.

Sri Lanka has to get assurances from creditors about their willingness to restructure debt for the International Monetary Fund to unlock credit from the agency and others.The objectives of Sri Lanka’s new EFF-supported programme are to restore macroeconomic stability and debt sustainability while safeguarding financial stability, protecting the vulnerable, and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s growth potential, the IMF had said.The IMF also said that debt relief from Sri Lanka’s creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps.

Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka.Sri Lanka is also expected to restructure its debt worth USD 29 billion, with Japan expected to coordinate with other creditor nations, including China on this issue.



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Utilisation of Consolidated Fund for estate workers’ incentives challenged

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Rohini

SJB MP warns Budget Chief may end up behind bars

Matale District lawmaker Rohini Kaviratne (SJB) has questioned President Anura Kumara Dissanayake’s proposal to utilise the Consolidated Fund to pay a section of the estate workers’ salary increase, beginning January next year.

President Dissanayake, who also holds the Finance portfolio, on 07 November announced that the daily wage of estate workers would be increased to Rs. 1,750 from Rs. 1,350 under the proposed new scheme. President Dissanayake proposed that estate owners contribute Rs. 200 while the Treasury granted an additional Rs. 200 as a daily attendance incentive.

Declaring that the SJB believed that the daily wage of estate workers should be Rs 2,000, the former UNPer emphasised that the government couldn’t, under any circum stances, grant privileged status to those working for big estates.

According to her, the President’s proposal was contrary to the Public Financial Management Act, No. 44 of 2024 (PFMA) that became operational on 09 August, 2024. Introduced in the wake of Aragalaya and declaration of bankruptcy, PFMA replaced the previous Fiscal Management (Responsibility) Act, No. 3 of 2003.

Kaviratne said that Finance Secretary, Harshana Sooriyapperuma, who previously served as a National List MP of the NPP, may not have been conversant with that Act, and other related laws, hence the unprecedented proposal.

The SJB MP said that she had raised the issue with the Auditor General, the National Procurement Commission, as well as the Commission to Investigate Allegations of Bribery or Corruption.

The Opposition MP warned that in case the government acted, regardless of the laws of the land, the Director Budget, too ,could end up in prisons like former Immigration and Emigration Chief Harsha Illukpitiya.

By Shamindra Ferdinando

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Oxford Walk raises $13,000 for rural communities in Sri Lanka

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Some of the participants

After a week of typical British rain, on Sunday 2 November 2025 the clouds parted, and a glorious Autumnal sun rose splicing together the blue skies over the historical and beautiful city of Oxford, England. University of Oxford Sri Lanka Society students Leo, Ethan, Pradeep, Niorla, Taya, and others clad in distinctive neon yellow vests bearing the Solar Village SDG emblem on their backs, gathered outside the prestigious Saïd Business School of the Oxford University, to greet an avid group of fundraising walkers.

Solar Village SDG, a community interest company, based in Oxfordshire UK, had organised a sponsored walk taking sizeable groups of fundraisers on an 8 km walkabout through this gorgeous city’s most famous touch points, taking in the Radcliffe Square, the Bridge of Sighs, Bodleian Libraries, Museums and numerous other historic landmarks. Oxford University’s student marshals guided the walkers through their colleges and provided fascinating facts about this international city, its world-renowned history and alumni as well as the unique aspects of Oxford University life.

The organiser, Solar Village SDG, is dedicated to promoting sustainable development, poverty reduction, and climate action in Sri Lanka. The total funds raised in the region of £10,000 including the funds raised on the day, will go towards funding two solar villages and IT classrooms in rural sites in Anuradhapura and Batticaloa, Sri Lanka, to provide solar power solutions and sustainable development. The funding page will remain open through to the end of November: https://solarvillagesdg.enthuse.com/cf/oxford-city-walkabout-2025 . Solar Village SDG anticipates the full fundraising targets to be met over the course of the coming year.

In Anuradhapura, they will support a primary school. By installing a solar panel roof at the school, a Village Development Committee will ensure much needed work is carried out. They also hope to install a smart room to support education through IT once further funds are realised.

In Batticaloa, they hope to support a community in Navat Kulam struggling without clean running drinking water, or sanitation. Solar Village SDG aims to provide solar water pumping, desalination and drip irrigation systems to support cultivation. In time, they hope to support the community with water filtration mechanisms with support from the local authorities.

Solar Village SDG’s goals align with 14 of the UN’s 17 Sustainable Development Goals (SDGs), demonstrating the company’s innovative approach to integrating poverty reduction in rural populations with climate action and education. In supporting rural communities and remote schools in Sri Lanka, they will support education, cottage gardens, a clean environment, and the empowerment of the entire community notably female-led households where the need is greatest.

The fundraiser proved to be an immense success. This success is also dependent on the outstanding team of individuals who planned, attended, and supported these efforts.

Several performers illuminated the post-walkathon celebration, including Mrs. Athis Vadivale with a Bharatanatyam performance, Ms. Eresha Jayatilake singing covers of Yohani and the Beatles, Miss Ushara Dilrukshan with covers of Sade, Mr. Kris Dilrukshan performing covers of Bruce Springsteen, and the mother-daughter duo, Mrs. Chamari and Miss Sonali Samarasinghe, with a beautiful fusion of Sinhala and Bollywood dance. Alongside these performances were exhibiting Sri Lankan artists, including Lilani Dilrukshan, Nadee Ranasinghe, and Leilani Jeevaratnam. Ms. Dilrukshan also managed the performances and art sale.

The event was also fortunate to be graced by the presence of Mr. Sameera Dayasekara, Counsel who represented the Sri Lanka High Commission.

Moreover, The Coconut Tree, one of the top Sri Lankan Cuisine Restaurateurs based in Oxford (and other major UK cities) very generously donated a delicious Sri Lankan lunch for all walkathon attendees, allowing an international audience to enjoy a popular Sri Lankan meal.

While speaking and learning about the important issues facing rural Sri Lanka the participants enjoyed a tremendously enjoyable day out.

Solar Village SDG’s own members contributed extensively to this wonderful event. Cheryl and Katsuyori Yamamoto, Kamani and Ravi Hewagama, Marisa Rawlins, Emma Kokuhennedege and Priyanga Nugegodage to name but a few. Kshamara Fernando an Aberdeen University student in Scotland contributed to the preparation of a magnificent post-event souvenir alongside Solar Village SDG’s CEO Nilmini Roelens and this is available here. Further, Nilmini and Cambridge University student/American national Rashmi Raveendran worked hard collaboratively together to create a fabulous “A year in review” video to summarise the work and accomplishments from Solar Village SDG’s first year which is available here.

Of special note is the contribution of Canada based engineer and Master’s student Devni Jayasekara who set up and managed the fundraising platform Enthuse and without whose highly valuable IT skills the fundraising could not have been facilitated. University student leadership support in the UK from Evelyn and Neo was helpful in securing engagement.

One planet Abingdon and Abingdon Carbon Cutters, two Oxfordshire based climate action groups, provided extremely valuable fundraising support to this international mix of fundraisers. The top individual fundraiser spots for Oxford City Walkabout, went to Saliya and Sandya Samaranayake, Ravi and Kamani Hewagama, the pioneer of the Solar Village concept and Chair of Solar Village SDG cic, Emeritus Professor I M Dharmadasa as well as Lilani Dilrukshan, Eleanor Dangerfield and Fatima Aftab.

The truly international flavour of this worthy endeavour was sealed in when St Paul’s Milagiriya “Evergreens” Catheeja Ismail in Maryland, USA and Tung Chi Ching (“Tunchi”) based in Sydney, Australia took the excellent initiative to organise their very own sponsored “relay walk” locally in their own adoptive countries, contributing valuably to the Solar Village SDG’s Oxford City Walkabout fundraising.

Solar Village SDG CIC’s directors Professor IM Dharmadasa, Ms Nilmini Roelens and Mr Saroj Pathirana are extremely grateful for this outstanding support, and a Sri Lanka based team of experienced volunteers will now seek to implement the projects progressively in the coming months.

By Nilmini Roelens and Rashmi Raveendran

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Sri Lanka and Latvia sign agreement on transfer of sentenced persons

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Latvian Ambassador Juris Bone shaking hands with Sri Lankan HC Mahishini Colonne

Deepening bilateral cooperation between Sri Lanka and Latvia in the field of consular and legal affairs, the Agreement on the Transfer of Sentenced Persons between the two countries has been signed on 11 November, 2025, at the High Commission of Sri Lanka in New Delhi.

The text of the statement issued by Sri Lanka HC in New Delhi: “The Agreement was signed on behalf of the Government of Latvia by Ambassador of Latvia to India, Juris Bone, who is also concurrently accredited to Sri Lanka, and on behalf of the Government of Sri Lanka by High Commissioner of Sri Lanka to India, Mahishini Colonne.

The Agreement facilitates the transfer of sentenced persons between Sri Lanka and Latvia in accordance with each other’s national laws and regulations enabling individuals to serve their imposed sentences in their home countries. Guided by the principles of humanity and respect for human rights, the Agreement represents an important bilateral instrument promoting mutual legal collaboration and the social rehabilitation of sentenced persons while upholding humanitarian considerations.

The Ministry of Justice and National Integration of Sri Lanka will serve as the central authority for implementing the Agreement in Sri Lanka, while the Ministry of Justice of Latvia will act as the corresponding authority in Latvia.”

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