News

CEB proposes 25-35% electricity tariff hike amid IMF pressure

Published

1 day ago

May 11, 2025

editor

The Ceylon Electricity Board (CEB) is considering a 25 to 35 percent electricity tariff increase, with the International Monetary Fund (IMF) urging Sri Lanka to implement revised rates.

CEB sources confirmed that the proposed hikes align with a pricing formula agreed upon by the CEB and the Public Utilities Commission of Sri Lanka (PUCSL).

The new rates will require PUCSL approval before implementation.

Amid ongoing discussions, CEB Chairman Tilak Siyambalapitiya has resigned, reportedly due to political and regulatory interference in setting cost-reflective tariffs. Earlier this year, the PUCSL approved a 20 percent tariff reduction against the CEB’s advice, leading to renewed financial losses.

A senior CEB official revealed that after January’s reduction, losses began rising again.

In 2023 and 2024, tariff hikes had helped the CEB post profits of Rs. 61 billion and Rs. 141 billion, respectively, reducing accumulated losses from Rs. 473 billion to Rs. 271 billion. However, losses have climbed since February.

The IMF had set two key conditions: cost-reflective pricing and an automatic 10 percent hike if monthly cash flow falls below Rs. 15 billion.

The official noted that without January’s reduction, a 5 percent increase would have been needed in Q2.

The IMF has warned Sri Lanka twice in recent weeks for breaching cost-recovery benchmarks, raising fiscal risks.

A scheduled April tariff revision was skipped, with authorities offering unclear explanations.

The proposed hike aims to stabilize CEB’s finances while meeting IMF demands for sustainable energy pricing.

News

8,742 Vesak Dansals registered islandwide

Published

40 minutes ago

May 12, 2025

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The Public Health Inspectors (PHI)’s Union states that a total of 8,742 Dansals have been registered islandwide, in line with Vesak celebrations this year.

According to the PHI’s Union chairman – Upul Rohana, the highest number of ‘Dansal’ is registered in the Western Province, particularly in the Colombo Municipal Council (CMC) area.

The union has also urged organiser to reduce the use of polythene and plastic during food distribution efforts.

News

Financial assistance from President’s Fund for Gerandi Ella bus accident victims

Published

2 hours ago

May 12, 2025

editor

A sum of Rs. 1 million from the President’s Fund will be granted for each individual who lost their life in the Kotmale bus accident, the President’s Media Division states.

President Anura Kumara Disanayake has directed that a sum of Rs. 1 million be granted from the President’s Fund to each individual who lost their life in the tragic bus accident that occurred early this morning (11) in the Garadiella area, Kotmale.

Accordingly, arrangements have been made to promptly disburse these funds to the next of kin of the deceased through the President’s Fund.

In addition to this assistance, compensation will also be provided to the affected families through the Sri Lanka Transport Board and relevant insurance schemes.

Meanwhile, authorities continue to investigate the cause of the accident, which has claimed 22 lives so far.

(Pic : Accident1st)

News

Maxwell gets 5-yr. ban

Published

2 hours ago

May 12, 2025

editor

Former Secretary of the National Olympic Committee of Sri Lanka (NOCSL) Maxwell de Silva was handed a five-year ban, sources revealed.

Earlier, De Silva was suspended by the International Olympic Committee (IOC) and the Ministry of Sports due to various irregularities committed by him over several years.

Accordingly, the NOCSL Executive Committee decided to hand down a five-year ban on De Silva, considering the recommendations made by the NOCSL Ethics Committee, NOCSL President Suresh Subramaniam told the Daily Mirror.

Subramaniam further stated that the penalty on De Silva has already been communicated in writing to the IOC.

Accordingly, the former secretary, who has been banned for five years, is now completely prohibited from representing the NOCSL at any foreign event or international conference.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)