Kodituwakku’s early burst keeps Royal on top

Paceman Mahiru Kodituwakku struck early to put Mahanama under pressure as Royal continued to press for the first innings advantage on day two of their Under 19 Division I Tier ‘A’ quarter-final at the D.H.H. Ground, Madampella on Friday.

‎Replying to Royal’s first innings total of 319, Mahanama were struggling at 244 for nine wickets at stumps, still short of the target. Eshan Withanage held the lower order together with a fighting unbeaten 46 to keep their hopes alive heading into the third day.

‎Kodituwakku dealt a severe early blow to Mahanama’s innings, claiming three wickets during an impressive opening spell. Among his victims was Sri Lanka Under-19 player Dulnith Sigera, who was dismissed without scoring.

‎However, Royal were unable to fully capitalise on Kodituwakku’s fine bowling effort as several dropped catches off his bowling allowed Mahanama to recover and build partnerships.

‎Sithum Vihanga led the resistance with a solid 70, while Sanul Weerarathne contributed 37 and Chamika Heenatigala added 32 to help Mahanama remain competitive.

‎Spinner Himaru Deshan supported the pace attack with three wickets, while Ramiru Perera chipped in with two scalps to keep Royal in a strong position at the close.

‎Earlier, Royal posted 319 in their first innings with Rehan Peiris top scoring with a superb 146. Thevindu Wewalwala made 57, while Hirun Matheesha (28) and Ramiru Perera (27) provided useful contributions. Venura Kaveethra starred with the ball for Mahanama, claiming five wickets.

‎Scores

‎Royal 319 all out in 87.2 overs

‎(Rehan Peiris 146, Thevindu Wewalwala 57, Hirun Matheesha 28, Ramiru Perera 27; Venura Kaveethra 5/86, Chamika Heenatigala 2/80)

‎Mahanama 244 for 9 in 80 overs

‎(Sithum Vihanga 70, Eshan Withanage 46 n.o., Sanul Weerarathne 37, Chamika Heenatigala 32; Mahiru Kodituwakku 3/49, Himaru Deshan 3/87) (RF)

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Heat Index at Caution Level in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district

Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 03 April 2026, valid for 04 April 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

 

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Hidden truth of Sri Lanka’s debt story: The untold narrative behind the report

This article presents a quantitative and critical analysis of the volume, composition, and utilization of public debt in Sri Lanka during the period 2024–2026. In general discourse, attention is primarily focused on the size of debt alone. However, this article reveals a broader economic reality by examining the interconnections among debt sources, patterns of utilisation, and repayment capacity.

In particular, when factors such as high debt-to-national-income ratios, limited revenue-generating capacity, and a heavy reliance on recurrent expenditure are considered together, Sri Lanka’s debt problem appears not merely as a numerical issue, but as the outcome of a systemic imbalance. Furthermore, the article highlights that external factors—such as geopolitical instability in the Middle East—are likely to further intensify these challenges.

1. Introduction

During the period from September 2024 to March 2026, a multi-layered discourse has emerged regarding the volume of debt obtained by the Government of Sri Lanka and the manner in which it has been utilised. Within these discussions, particular attention has been given to the increase in debt levels. While this is a valid and necessary concern, it is essential not to accept the issue at face value, but rather to analyze it critically within a broader economic context.

The primary focus should not be limited to the narrow question of “how much debt has the government borrowed?” but should instead extend to a broader set of questions: “from where has this debt been obtained, for what purposes has it been used, and what is the country’s capacity to repay it?” In other words, a complete and accurate understanding of the economic picture can only be achieved by analysing the interconnections among debt volume, utilization, and revenue-generating capacity.

Within this context, it is estimated that by the end of 2023, Sri Lanka’s total public debt stood between LKR 27–30 trillion (Central Bank of Sri Lanka, 2023; IMF, 2024). At the same time, the debt-to-GDP ratio is observed to be in the range of 110%–128%, while the burden of debt servicing relative to government revenue remains at a high level of approximately 60%–70%. In addition, the revenue-to-GDP ratio stands at only around 8%–10%, which is considered a structural fiscal weakness (World Bank, 2023).

Against this backdrop, it becomes evident that during the period 2024–2026, Sri Lanka is not on a path of deleveraging, but rather in a transitional phase centered on debt restructuring and economic stabilisation. Therefore, this article seeks to provide a deeper and more comprehensive understanding by analyzing not only the size of debt, but also its utilisation, structure, and policy implications.

2. Total Public Debt as at End-2023

As at the end of 2023, Sri Lanka’s total public debt is estimated to be between LKR 27–30 trillion. The debt-to-GDP ratio exceeds the commonly accepted safe threshold of 70% and remains within the range of 110%–128% (CBSL, 2023; IMF, 2024). In addition, the burden of debt servicing relative to government revenue is at a very high level, in some instances reaching approximately 60%–70% of revenue. At the same time, government revenue as a percentage of GDP stands at only around 8%–10%, which is below the required level for emerging economies.

When these indicators are considered together, a clear imbalance emerges between the rising debt burden and the country’s limited revenue-generating capacity.

Furthermore, the composition of debt and external economic linkages intensify this vulnerability. It is estimated that approximately 40%–45% of total debt is external, making the country highly sensitive to exchange rate fluctuations. Moreover, imports account for around 25%–35% of GDP, while exports remain at only about 20%–22%, resulting in a trade deficit and increasing the demand for foreign exchange (World Bank, 2023).

Consequently, external debt repayments depend heavily on export earnings and foreign employment income. Under these conditions, new borrowing often appears to be used for servicing existing debt, thereby creating a debt cycle that does not contribute to long-term economic growth.

Therefore, Sri Lanka’s debt problem should not be understood merely as a numerical issue, but rather as a manifestation of a deep structural imbalance among revenue capacity, economic structure, and patterns of debt utilisation.

3. Debt Situation During the 2024–2026 Period

An analysis of Sri Lanka’s debt utilisation patterns during the period 2024–2026 clearly indicates that new borrowing has been used primarily not to generate economic growth, but to manage existing debt and support short-term stabilisation.

Under the International Monetary Fund program, a significant portion of the funds obtained has been directed toward debt servicing, interest payments, and requirements related to debt restructuring (IMF, 2024). In addition, based on the composition of government expenditure, a high proportion is allocated to recurrent expenditure, while capital expenditure remains relatively limited. Typically, nearly 70% of total government expenditure is directed toward recurrent expenditure, while capital expenditure accounts for around 20%–30% (CBSL, 2023).

This pattern of utilisation demonstrates that borrowing is being used to sustain existing fiscal pressures rather than to enhance revenue-generating capacity. In particular, the use of new borrowing to repay existing debt (debt rollover) further reinforces a debt cycle, thereby constraining long-term economic growth. Moreover, the import-dependent economic structure and shortages in foreign exchange further reduce the efficiency of debt utilisation.

Accordingly, during the period 2024–2026, Sri Lanka’s borrowing can be characterized not as growth-oriented borrowing, but rather as survival-oriented borrowing. This clearly represents a significant challenge to long-term economic stability.

4. Future Challenges

An analysis of Sri Lanka’s current economic condition clearly indicates that the country has not yet fully emerged from the crisis. It is not in a phase of debt reduction, but rather has entered a stage of debt restructuring and stabilisation. Total public debt remains at a high level, and a debt-to-GDP ratio exceeding 100% raises serious concerns regarding debt sustainability.

Although debt restructuring has been implemented under the International Monetary Fund program, it primarily serves as a short-term relief measure, and a comprehensive long-term solution has yet to be achieved. Furthermore, the fact that new borrowing is largely used for debt rollovers and short-term economic stabilization indicates that the country remains in a debt stabilisation stage.

Moreover, the current pattern of debt utilization and the overall economic structure further deepen future challenges. A significant portion of borrowed funds is directed toward servicing existing debt, financing recurrent government expenditure, and maintaining short-term stability, thereby limiting productive investment. At the same time, despite efforts to increase government revenue, the high burden of debt servicing and expenditure levels constrain fiscal space.

In terms of foreign exchange, reliance on export earnings and foreign employment income, combined with an import-dependent economic structure, continues to expose the country to external economic risks.

Within this context, ongoing geopolitical instability in the Middle East represents an additional source of pressure for an import-dependent economy such as Sri Lanka. In particular, volatility in fuel prices, security risks along key maritime routes, and potential impacts on foreign employment income could weaken the country’s foreign exchange position and overall economic stabilisation process.

In effect, the interaction between internal economic imbalances and external instability creates a condition of double vulnerability for Sri Lanka.

Despite positive signals such as declining inflation, exchange rate stabilization, and support from the International Monetary Fund, economic growth remains weak, private investment is low, and cost-of-living pressures persist. These conditions confirm that significant and complex policy challenges lie ahead.

The interaction of internal imbalances and external instability creates a condition of double vulnerability for Sri Lanka.

5. Conclusion Remarks

This analysis demonstrates that Sri Lanka’s current debt situation is not merely a numerical issue, but the outcome of a deep systemic imbalance among economic structure, public financial management, and policy decisions. During the period 2024–2026, the country is not on a path of debt reduction, but rather in a stabilisation phase based on debt management and restructuring.

New borrowing is largely used not to generate economic growth, but to manage existing fiscal pressures. This further intensifies the imbalance between the quality of debt utilisation and the country’s revenue-generating capacity.

However, when one reads between the lines of these figures and reports, many unspoken realities become evident. Decisions related to borrowing and its utilisation are closely linked to policy priorities, political objectives, and the quality of governance. Therefore, analysing numbers alone is insufficient; it is essential to critically examine the decisions, priorities, and responsibilities that lie behind them.

Accordingly, moving forward requires not only controlling the volume of debt, but also transforming the manner in which it is utilised and the policy decision-making framework that underpins it. Only through productive investment, revenue growth, and strong public financial management can Sri Lanka transition from a debt-dependent economy to one characterised by stable and sustainable long-term growth.

In conclusion, Sri Lanka’s debt narrative is not merely a story of numbers—it is a comprehensive reflection of the country’s economic decisions, patterns of utilisation, and often unspoken priorities.

References

Central Bank of Sri Lanka (CBSL) (2023) Annual Report 2023. Colombo: Central Bank of Sri Lanka.

International Monetary Fund (IMF) (2024) Sri Lanka: Debt Sustainability Analysis and Program Review. Washington, DC: IMF.

Ministry of Finance (2026) Sri Lanka Government Debt Report: September 2024 – March 2026. Colombo: Ministry of Finance, Sri Lanka.

World Bank (2023) Sri Lanka Development Update: Restoring Stability and Growth. Washington, DC: World Bank.

International Energy Agency (IEA) (2023) Sri Lanka Energy Profile. Paris: IEA.

by Professor Ranjith Bandara

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Army Chief of Staff Randy George asked to 'retire immediately' amid Iran war

General Randy George is retiring immediately as the 41st Chief of Staff of the Army amid the Iran war, with the Pentagon announcing his departure

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Russian Federation ‘deeply considering’ supplying SL’s energy needs

The Russian Federation is deeply considering supplying energy/fuel to Sri Lanka to prevent an energy crisis due to the escalating Middle East war, Russian Deputy Foreign Minister Andrey Rudenko said.

‘We are very much keen to support Sri Lanka and provide fuel/energy to Sri Lanka. This is still under consideration but it would be a positive response from our side, Rudenko said at a media forum yesterday in Colombo. The forum was organised by Pathfinder Foundation Sri Lanka and held at Colombo Club, Taj Samudra Hotel.

Rudenko who made a brief official visit to Sri Lanka said that the Middle East conflict is quite serious and that most Asian countries, including Sri Lanka, are affected by it in areas such as transportation, energy/ fuel and food security. ‘The supply chains related to these sectors have been disrupted for many countries. The escalating war situation in Iran and the Gulf region will affect most economies of the world, he said.

The Deputy Minister said that Russia is still not affected by the crisis but it could be impacted if the war continues for sometime.

‘We will be looking for a convenient payment method for Sri Lankan, when it comes to trade and investments in the future, Rudenko added.

Responding to questions Rudenko said that at present the United Nations is not doing anything to put a full stop to the war and a need of the hour is to strengthen the United Nations to change the world order.

By Hiran H Senewiratne

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Ideological confusion and identity crisis

Wednesday 1st April, 2026

The JVP-NPP government continues to signal left and turn right. President Anura Kumara Dissanayake often does the diametrical opposite of what he promised to do while he was an Opposition MP, so much so that his political opponents mockingly ask whether former JVP MP Dissanayake has disappeared and the incumbent President is a doppelganger. SLPP General Secretary Sagara Kariyawasam tongue in cheek lamented, at a media briefing on Monday, that the former progressive Opposition MP Dissanayake had gone missing and someone else resembling him had become President.

President Dissanayake is unashamedly defending Energy Minister Kumara Jayakody, who is under a cloud, claiming that ministers cannot be sacked for what they allegedly did before being appointed to the Cabinet. But while in the Opposition, he said no politician facing allegations of wrongdoing must be elected to Parliament or any other institution, much less elevated to the Cabinet. Jayakody has also been accused of manipulating the coal procurement process in favour of an India company, which has supplied more than a dozen shipments of low-grade coal, causing a massive decrease in electricity generation at the Norochcholai power plant and a huge increase in oil-fired electricity generation as a result. This is one of the reasons for the latest electricity tariff hike.

During his presidential election campaign, Dissanayake promised that if elected President, he would ensure that nobody would be above the law. But Minister Jayakody was not arrested and remanded despite a serious charge against him that he caused a loss of about Rs. 8 million to the state through a crooked deal while serving as the procurement manager of the state-owned fertiliser company about 10 years ago. He was indicted and bailed out on the same day recently. This is in sharp contrast to the manner in which the Commission to Investigate Allegations of Bribery or Corruption has acted against former Minister Johnston Fernando and his two sons; they have been arrested and held on remand for the alleged misuse of a state-owned lorry and causing a loss of about Rs. 2.5 million to the Treasury.

Dissanayake and his party urged the previous governments to uphold transparency and accountability among other things. They pressured the SLPP-UNP government to disclose the current IMF agreement. But President Dissanayake and his ministers refuse to reveal the contents of their MoUs/pacts with India and the US.

Dissanayake used to launch into tirades against India and the US while he was an Opposition MP, demanding an end to their interference with Sri Lanka’s internal affairs. He once declared in Parliament that Jaffna had become a den of Indian spies on a mission to destabilise this country. But today he is eating out of the hands of Indian and American leaders.

A powerful millers’ cartel is manipulating the rice market. Dissanayake used to thunder in Parliament, condemning previous governments for pandering to the whims and fancies of big-time rice millers. But since his election as President, he has not cared to take any action to tame the millers’ Mafia, and farmers and consumer rights groups accuse his government of going out of its way to look after the interests of the large-scale millers who are known to have huge slush funds to bankroll election campaigns.

Dissanayake and his comrades condemned the previous government for keeping fuel prices high by increasing taxes, imposing a loss-recovery levy and obtaining illegal commissions from petroleum suppliers. The JVP/NPP made a solemn pledge to do away with corruption, reduce taxes and special levies and bring fuel prices to affordable levels. But the fuel prices soared under the JVP-NPP government even before the eruption of the Iran war. It has ignored a proposal that the loss-recovery levy on fuel be converted into a special commodity tax that can be collected from the private companies engaged in fuel trade. President Dissanayake’s government has enabled supermarket chains to monetise environmental pollution, as it were, by charging customers for single-use polythene bags instead of providing them with biodegradable grocery bags free of charge, as in other countries. It has ignored a proposal by environmentalists that supermarkets, etc., be made to transfer the proceeds from the polythene tax to the Treasury so that they can be utilised for environment protection/conservation projects.

The rich are getting richer under the current dispensation, with rice millers importing Rolls-Royces and indulging in a vulgar display of their wealth while farmers are forced to pawn their agricultural equipment and consumers are complaining of high prices of rice. The JVP/NPP politicians, who came to power promising to practise austerity, are now moving about in the fuel-guzzling luxury vehicles they promised to auction at Galle Face to raise funds for education and health. What they are practising at present runs counter to the Marxist ideals they claimed to espouse while out of power.

Thus, a wag asks whether we are witnessing a transfer of consciousness, whereby some capitalists of the same ilk as J. R. Jayewardene have taken possession of the JVP bigwigs’ frames.

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SriLankan Airlines records revenue increase with AI and ML-powered Revenue Management System

SriLankan Airlines has recorded a revenue increase following the implementation of a next-generation, AI and Machine-Learning (ML) powered Origin and Destination (O&D) revenue management platform. The system enables dynamic pricing and smarter inventory optimisation, while delivering a superior passenger experience across all sales channels through real-time seat availability and predictive analytics.

Kshanaka Saparamadu, Head of Revenue Management at SriLankan Airlines, remarked, “Embracing the latest revenue management technology is a testament to our commitment to continuous innovation and digital transformation. With the introduction of PROS Revenue Management Advantage and Amadeus Revenue Availability and Active Valuation, we are not only refining our current processes but also positioning ourselves for long-term success in modern airline retailing, ensuring we stay ahead in a rapidly changing industry.”

Chamara Perera, Group Head of IT at SriLankan Airlines, added, “This transition to a dynamic, integrated revenue management system reflects our strategic focus on remaining agile in an increasingly competitive and fast-evolving airline industry. As the aviation sector undergoes rapid digital transformation, SriLankan Airlines is enhancing its ability to respond swiftly to market fluctuations and meet the evolving demands of today’s travelers.”

Powered by PROS’ AI-driven Revenue Management Advantage (RMA) and Amadeus Revenue Availability and Active Valuation (RAAV), the platform leverages AI algorithms and ML models to improve alignment of capacity and demand, optimise premium seat allocation and respond swiftly to market shifts. These capabilities deliver unmatched agility and scalability, boost yield and position SriLankan Airlines at the forefront of digital transformation in aviation.

Industry benchmarks show that O&D-based revenue optimisation models typically deliver a 3%-5% increase in passenger revenue, underscoring the new revenue management system as a key driver, among other strategic factors, to the 13% growth recorded by SriLankan Airlines during the first three quarters of the 2025-2026 financial year.

This initiative has not only enhanced SriLankan Airlines’ agility, scalability, and competitiveness in a dynamic global aviation market, but also strengthened collaboration between pricing, demand and flight analyst teams, earning two awards in the process. It was recognised with the Growth Catalyst Award at the Outperformer Customer Awards 2025 in Las Vegas by PROS, as well as the Silver Award in the AI and Data Science category at the National Project Management Excellence Awards 2025 in Colombo by the Project Management Institute Sri Lanka Chapter.

As SriLankan Airlines continues its modernisation journey, the new integrated revenue management platform will significantly improve SriLankan Airlines’ global market position, its ability to attract and retain high value connecting passengers, and competitiveness in the global aviation landscape.(SriLankan Airlines)

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