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Domestic debt restructuring won’t affect membership balance of any public funds

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President Ranil Wickremesinghe assured that the restructuring of domestic debt will have no impact on the membership balance of any public funds, including the Employees’ Provident Fund (EPF).

He emphasized that the rate of return for superannuation funds will not be affected in any way.

Furthermore, the President stated that the restructuring of domestic debt will not pose any threat to the stability of the country’s banking system, whether it be public or private banks. He specifically mentioned that the deposits of more than 50 million bank depositors will remain unaffected, and there will be no changes to the current interest rates paid on bank deposits.

President Ranil Wickremesinghe also announced that proposals for restructuring both foreign and domestic debt will be presented to the Cabinet tomorrow (28).

The President made these statements while inaugurating the Gampaha District Secretariat Administrative Complex, ‘Laksiyane Mandiraya,’ which has been constructed with the aim of providing efficient and regular government services to the people of the Gampaha district. The complex, with an expenditure of nearly Rs. 4 billion, stands at seven stories tall.

It was highlighted that Sri Lanka’s total public debt, comprising both domestic and foreign debt, amounted to $83,700 million by the end of 2022, representing 128.3% of the Gross Domestic Product (GDP). Of this amount, the foreign debt totalled $41,500 million, accounting for 63.6% of the GDP. The President also noted that the domestic debt at that time stood at $42,100 million, which constituted 64.6% of the GDP.

The President highlighted the urgency of restructuring the country’s debt, stating that without such measures, the public debt would exceed 100% of the GDP by 2035. He emphasized that foreign creditors have already expressed their agreement to participate in the debt restructuring process.

To ensure debt sustainability in Sri Lanka, the President emphasized the need for restructuring both external and domestic debt. Acknowledging the significant burden carried by foreign creditors, he mentioned that the country is set to receive 17 billion US dollars from them in the next five years. The President emphasized the importance of local creditors also contributing to this effort.

The proposed debt restructuring plan has been designed with the primary objective of safeguarding the public’s bank deposits. The President underlined the responsibility of protecting the depositors of all banks regulated by the Central Bank. He assured that the proposed domestic debt restructuring method poses no harm to bank depositors and will not lead to a collapse of the banking system. On the contrary, it will pave the way for a restructuring process that can rebuild the economy.

The President further stated that the country’s economic recovery, reduction in interest rates, the government’s ability to provide subsidies easily, and the reduction of both domestic and foreign debt burden in the next decade will yield positive results benefiting the people of the country.

During his official visit to France, the President engaged in discussions with Commonwealth Secretary General Patricia Scotland, International Monetary Fund Managing Director Kristalina Georgieva, Netherlands Deputy Prime Minister and Finance Minister Sigrid Kaag, American Treasury Secretary Janet Yellen, and Japanese Foreign Minister Yoshimasa Hayashi regarding foreign debt restructuring. The President highlighted the progress being made in Sri Lanka’s financial sector during these discussions. He expressed satisfaction that they were all eager to assist in reversing the crisis in Sri Lanka and affirmed their commitment to contribute significantly to the country’s economic recovery.

The President also said that during a recent telephone conversation with the Indian Finance Minister, Mrs. Nirmala Sitharaman, she had expressed her country’s intention to positively contribute to Sri Lanka’s debt restructuring and economic stability. The President said that he would hold detailed discussions on the matter during his upcoming visit to India.

The President also mentioned that Foreign Minister Ali Sabri, who is currently on an official visit to China, has agreed to enhance bilateral relations and strengthen economic ties between the two countries. Minister Sabri held fruitful discussions with China’s Foreign Minister, Mr. Qin Gang, sharing their views on deepening cooperation.

President Ranil Wickremesinghe further revealed that, during a meeting with the Chinese Finance Minister, Liu Kun, in Beijing, he was briefed on the economic stabilization and progress plan of the country. Minister Ali Sabri expressed gratitude for China’s special contribution during the previous crisis.

During the visit, the President held discussions with the Chairman of the Chinese Exim Bank, Wu Fulin, and other Chinese officials appointed for the purpose of restructuring Sri Lanka’s foreign debt. They assured their commitment to contribute to the debt restructuring process in the best possible manner.

The event was attended by Prime Minister Dinesh Gunawardena, Ministers Prasanna Ranatunga, Nalin Fernando, State Ministers Shehan Semasinghe, Prasanna Ranaweera, Sisira Jayakodi, Lasantha Alagiyawanna, Janaka Wakkambura, Gampaha District Development Committee Chairman and Members of Parliament Sahan Pradeep, Nimal Lanza, Sudarshanee Fernandopulle, Milan Jayathilaka, President’s Senior Adviser on Climate Change Ruwan Wijewardena, Western Province Governor Roshan Gunathilaka, and other dignitaries.

(President’s Media Division)

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Police come out in full force for Lankan contestant Anudi at Miss World

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The Sri Lanka Police have mobilised support for Anudi Gunasekara, daughter of SSP Hemantha Gunsasekara, as she competes in the 72nd Miss World pageant. A congratulatory message was officially shared this week, recognising her as Sri Lanka’s representative at the international event.  

A circular issued by the Acting Inspector General of Police (IGP) Priyantha Weerasooriya was shared with Senior DIGs, DIGs, commanding officers, directors, OICs, and headquarters inspectors across the country. The directive outlined the importance of supporting Anudi through social media engagement.

The document emphasised that online popularity plays a role in the selection process. It included instructions for downloading the Miss World mobile app, voting for the candidate, and increasing her online presence by liking, commenting, and following her pages.

Police Media Spokesman SSP Buddika Manathunga defended the initiative, describing it as a matter of national pride. “Her representation brings honour to the country,” he said, noting that public funds were not used and drawing parallels with past promotional efforts for Sri Lanka Cricket.

Anudi among 20 finalists

Anudi Gunasekara, Sri Lanka’s representative at the 72nd Miss World pageant, has advanced to the 20 finalists of the Head to Head Challenge. She has also secured a place among the Top 5 finalists from Asia.

The final competition of the Miss World Festival will be held next Saturday, on May 31 at the HITEX Convention Center in Hyderabad, Telangana.

The public have been invited to vote for contestants via the “Miss World” app which can be downloaded via Google Play Store or Apple App Store.

(sundaytimes.lk)

(This story, originally published by sundaytimes.lk has not been edited by SLM staff)

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CIABOC unearths cash-for-favors racket at Motor Traffic Dept

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A Bribery Commission raid at the Motor Traffic Department on Friday resulted in the detection of Rs. 4.1 million in cash in the office of a deputy commissioner, believed to be bundled for distribution among selected staff later in the day as part of collections from private parties during the week.

Investigators from the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) had found the cash packed in packets and

ready for distribution when they raided the premises armed with a search warrant.

Further investigations have found that the cash amounted to bribes collected from people who had visited the different divisions of the DMT from Monday to Friday of that week, sources added.

Bribery Commission officials who visited the DMT with the search warrant had come upon the cash stacked in a cupboard in the office room of one of the deputy commissioners.

The key to the cupboard, however, had been in the hands of an office assistant, who was unable to provide a satisfactory explanation of why he had the key to a cupboard with so much money in his possession.

CIABOC officials had arrested the deputy commissioner, a management assistant and the office assistant once they uncovered that the cash had been collected to be distributed among DMT employees on Friday.

The three suspects, identified as Deputy Commissioner Dilantha Nuwan Kumara, Pradeep Nishantha and D. Samantha Perera, were produced before Colombo Chief Magistrate Thanuja Lakmali Jayatunga and remanded till June 6.

(sundaytimes.lk)

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

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Legendary actress Malani Fonseka passes away

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Veteran Actress Malini Fonseka, widely revered as the “Queen of Sri Lankan Cinema,” passed away this morning (May 24) at the age of 78 while receiving treatment at a private hospital in Colombo.

Born on April 30, 1947, in Kelaniya as Wanni Arachchige Malani Senehelatha Fonseka, she later rose to fame in Sri Lankan cinema under the name Malani Fonseka.

Fonseka began her acting career on stage in 1963 and made her cinematic debut in 1968 with the film Punchi Baba.

She won the Most Popular Actress award in 1973 and has received numerous accolades, including the President’s Award, Sarasavi Award, OCIC Award, and Sumathi Award, with several honors for Best Actress.

Plays such as Nidhanaya, Bambaru Awitha, Wekande Walawwa, Aradhana, and Ammawarune are regarded as outstanding works that showcased the acting talents of Malani Fonseka.

Beyond her artistic achievements, she entered politics in 2010 and served as a National List Member of Parliament until 2015.

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