News

Sumanthiran leads MPs’ call: Postpone debt repayment now

Published

5 years ago

2022/01/31

‘Deepening crisis cannot be addressed solely by meeting foreign loan obligations’

Tamil National Alliance (TNA) MP M. A. Sumanthiran, PC, on behalf of several political parties, represented in Parliament, has requested the government to delay the repayment of foreign debt. Jaffna District MP and the TNA spokesperson Sumanthiran said that he had launched an effort to seek a consensus with his colleagues in his former capacity as the Chairman of the Parliamentary Committee on Public Finance. The group questioned the government strategy meant to address the deteriorating financial crisis.

The following is the text of the statement titled ‘A collective response to our economic crisis’ issued yesterday: “Sri Lanka is in the midst of an unprecedented economic crisis, causing severe hardship to all segments of our society, especially our working people and the poor.

Undoubtedly, the government has a daunting task ahead, and as a country there is a need for us all to come together to overcome this challenge.

At the same time, the government’s approach to resolving the crisis raises some serious questions. Its focus, almost solely on meeting foreign debt obligations, is draining the country of dollars needed for importing essentials for our people. The government’s emphasis on avoiding a default at any cost appears to be downplaying a fundamental question – can our people eat? After all, a country’s pride rests not only in repaying its loans, but also in ensuring no citizen goes to bed hungry.

Recognising this dire situation, a group of leaders from over half a dozen key political parties in Sri Lanka came together in a closed-door meeting on Thursday 27th January 2022, to brainstorm ways to tide over this crisis, given the responsibility we have towards the Sri Lankan people.

I approached parliamentary colleagues and party leaders, in my capacity as a former chairman of the Committee on Public Finance in Parliament. MPs came together in the knowledge that Parliament is expected to have full control of public finance, and that each MP, therefore, also has a fiduciary responsibility to ensure the proper management of public finances in Sri Lanka.

The crisis, we noted, is of a proportion that is historically unprecedented for many reasons:

(1) The country’s ratings have fallen to the level of being blacklisted in international credit markets. Since April 2020, Sri Lanka has been locked out of borrowing using International Sovereign Bonds (ISBs) in the international market

(2) Repaying US dollar debt in this context means that the usable foreign reserves are down to below one month of imports – the lowest on record since independence.

(3) The ratio of interest on debt to government revenue was above 70% in 2020, a historical high for Sri Lanka, and amongst the highest in the world.

(4) The ratio of public debt compared to the value of Sri Lanka’s domestic production (GDP) is also the highest on record, at 120%. It skyrocketed, by almost 25 percentage points, in the last two years.

Each of these situations by themselves would spell a serious economic challenge. Occurring simultaneously, they threaten our future in both the short term and long term.

In this context, the Central Bank’s policy has been to hoard the scarce dollars to pay creditors in full and on time. This has fueled a shortage of dollars for the needs of our own people, and reduced imports of essential items such as food, medicines and fuel. We see the shortage manifesting in long queues for essential items and frequent power outages. The situation will only worsen over the year, if the government does not urgently shift gear and ensure adequate dollars are available to the Sri Lankan economy.

Already, the government’s rash chemical fertilizer policy has impacted farmers across Sri Lanka, leaving us with an imminent food crisis. The government’s current policy path on debt management, as it was in the case of fertilizer policy, is exacerbating the crisis, without a sensible or viable solution in sight.

Our recent meeting provided a platform for political leaders to share the concerns of their constituencies and identify the critical issues that require urgent attention. There was wide acknowledgement that the Central Bank hoarding dollars to make lump-sum debt payments was leading to a shortage of dollars to procure essential supplies within the country. This is resulting in severe economic hardships for the people of Sri Lanka and long-term damage to the economy, while providing windfall gains to the holders of Sri Lanka’s Sovereign Bonds.

We agreed that Sri Lanka should take immediate measures to protect the poor from the adverse impact of this economic crisis, and postpone repaying its debt as a first step. Participating MPs also felt that we need sound reform to the national economic policy to address the root causes of the crisis and ensure sustainable solutions.

This group of political leaders agreed to continue engaging and working together towards ensuring justice for the people of Sri Lanka, through solutions that are sustainable. We must steer the country out of this unprecedented economic crisis, and forge an equitable and just future for our future generations.”

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Navy Commander attends Trans-Regional Seapower Symposium in Italy

Published

5 hours ago

2026/10/12

Priyan

The Commander of the Sri Lanka Navy, Vice Admiral Damian Fernando attended the 15th edition of Trans-Regional Seapower Symposium, organised by the Italian Navy in Venice in Italy, on 6 and 7 October 2026.

The symposium was held at the Italian Navy‟s historic Arsenal in Venice under the theme “From Regional Waters to Global Influence: Generating Effects Across the Midland Seas of the World”.

Organised biennially by the Italian Navy since 1996, the symposium brings together heads of foreign navies, naval representatives, academics, industry representatives and scientific researchers to discuss maritime security and the role of regional maritime dynamics in shaping the global balance.

The sessions of the symposium aimed to present an analysis of the relevance and influence of regional dynamics on global balances and their relative implications within the maritime domain.

Thus, topics discussed included; ‘Geopolitical Background: Global and Regional Dynamics in Comparison,’ ‘Pivotal Role of Cooperation among Regional Alliances as Security Providers,’
‘Maritime Regional Security Complexes, Global Order and Sea-Based Flows – What Role for Navies?,’ ‘New Arctic Chessboard: Seapower, Resources and the Race for Connectivity,’ ‘Future-
Proof Capabilities: A Naval Force Designed to Operate Across Oceans, Act Within Regions and Deliver Effects on the Ground,’ ‘Future Seas: Industrial Scale, Decisive Mass and Innovation –
Securing the Maritime Domain’ and ‘Future-Proof Leadership: Preparing Maritime Commanders and Sailors for Complexity,’

Cooperation fostered through symposiums of this nature, which bring together a multitude of global maritime stakeholders, will enable the Sri Lanka Navy to respond collectively to maritime
challenges, in pursuit of maintaining a safe, secure, prosperous and a stable ocean region.

Latest News

Heavy showers about (100-150) mm are likely at some places in the Central, Sabaragamuwa, Uva and Southern provinces

Published

6 hours ago

2026/10/12

Priyan

WEATHER FORECAST FOR 13 October 2026
Issued at 2.00 p.m. on 12 October 2026 by the Department of Meteorology

A low-pressure area may form over the southeastern Bay of Bengal by 13 October.

Under the influence of this system, an increase in rainfall is expected over the island and the deep and shallow sea areas around the island during the next few days from tomorrow (13).

The general public, as well as the naval and fishing communities, are requested to be attentive to the future forecasts and bulletins issued by the Department of Meteorology in this regard.

Heavy showers about (100-150) mm are likely at some places in the Central, Sabaragamuwa, Uva and Southern provinces.
Fairly heavy showers above 75 mm are likely at some places in the other areas of the island. Showers or thundershowers will occur in most parts of the island.

The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.

Misty conditions can be expected at some places in the Sabaragamuwa, Central and Uva provinces during the early hours of the morning.

News

Elephant enrichment programme centred on the Thabbowa Reservoir proves successful

Published

6 hours ago

2026/10/12

Priyan

As part of the new government’s initiative to formulate scientifically grounded, long-term solutions to the human-elephant conflict, a programme aimed at sustainably fulfilling the natural food and water requirements of wild elephants within forest ecosystems is being successfully implemented.

Spearheaded by the Ministers of Environment, guided by the Secretary to the Ministry of Environment, and supported by all affiliated institutions, this initiative transforms tanks (reservoirs) and forest tracts in high-conflict areas into enriched zones for wild elephants.

To facilitate this forest enrichment drive, 113 forests have already been declared protected reserves under the Vanaspathi National Programme. The initial phase of establishing tank enrichment zones was launched around the Kala Wewa and Thabbowa reservoirs.

Accordingly, the Ministry of Environment and ‘Clean Sri Lanka’ jointly carried out an initiative to develop these reservoir
catchments into designated enrichment zones.

A year ago, an operation to eradicate invasive plant species that posed a severe environmental threat to the Thabbowa reservoir precinct was conducted with the comprehensive labour and
technical support of government officials, environmental scientists, the tri-forces, and residents.

Since the new government’s policy of “A Sustainable Biosphere, An Evergreen Life” is practically implemented at the ground level, officials from the Department of Wildlife Conservation and the Department of Forest Conservation have been continuously monitoring the ongoing progress and
field conditions of this collaborative project under ministerial directives.

During these field reviews, it was observed that following the removal of invasive flora, the tendency of wild elephants to wander into villages searching for sustenance has notably declined; instead, they increasingly frequent the naturally regenerated grasslands along the reservoir fringes.

Having proven this ecological model’s success through trials at Thabbowa and Kala Wewa, the Ministry of Environment has finalized all necessary blueprints to swiftly replicate it across other sensitive wetland systems and reserve zones where human-elephant conflict is prevalent.

By enriching wildlife habitats, this sustainable, eco-friendly, and scientific strategy protects human lives and cultivated farmlands while securing space for wild elephants in their native habitats, continuing to show promising results across high-conflict regions.