News

Justice of the Supreme Court Anthony Lalith Shiran Gooneratne was sworn in as the Acting Chief Justice before President Anura Kumara Dissanayake this morning (22) at the Presidential Secretariat.

Due to Chief Justice Preethi Padman Surasena’s travel abroad from 22 November 2025 to 27 November 2025, the President has made this appointment effective until the Chief Justice’s return to Sri Lanka.

Sri Lanka has moved a step closer to concluding its long-delayed external debt restructuring after the Government and SriLankan Airlines announced yesterday that they had reached an agreement in principle with a majority bloc of international bondholders to restructure the airline’s US$175 million Government-guaranteed bond maturing in June 2024.

The announcement ends months of uncertainty surrounding the treatment of the carrier’s debt—a key component of the country’s wider restructuring of US$210 million linked to the airline. President and Finance Minister Anura Kumara Dissanayake had assured Parliament during the 2026 Budget presentation on 7 November that this final portion of external commercial debt would be settled by the end of 2025.

In a statement, SriLankan Airlines said it held restricted negotiations with six members of the Ad Hoc Group of Bondholders between 23 October and 19 November. These members collectively control about 55% of the outstanding Notes. The talks were supported by financial adviser Lazard and legal counsel Norton Rose Fulbright, while the Bondholder Group was represented by Akin Gump Strauss Hauer & Feld.

The agreement remains conditional on Cabinet approval and non-objection from both the International Monetary Fund (IMF) and Sri Lanka’s Official Creditor Committee, as it forms part of the country’s broader debt workout framework. Once implemented, officials say the deal will help restore normal relations with external creditors while giving the airline room to stabilise its operations.

SriLankan Airlines Chairman Sarath Ganegoda welcomed the development, noting that the airline can now “look to the future with greater optimism.” He thanked bondholders for adopting a “pragmatic approach” that avoided a damaging confrontation. “Our island nation depends on a reliable national carrier for economic recovery,” he said.

Under the agreed parameters, the Government will be discharged from its guarantee once the restructuring is completed. The deal includes a 15% haircut on total claims, with the remaining balance to be settled through a mix of cash and medium-term Government Bonds carrying a 4% interest rate.

Treasury Secretary Dr. Harshana Suriyapperuma described the breakthrough as a “new step toward normalising external relations,” adding that the deal would raise the completion rate of Sri Lanka’s external debt restructuring to 99%. He expressed confidence that the agreement would support Sri Lanka’s credit rating recovery and pave the way for a return to global capital markets.

The transaction will be executed through a dual structure: a US$60 million cash tender offer and a bond exchange offer linked to the existing 2028 Sri Lankan Government 4% sovereign bond. Tendering bondholders will receive payment at 85% of their total claim value, while remaining holders may exchange their Notes for Government Bonds amortising between 2026 and 2028. Any non-participating Notes will be mandatorily exchanged at a reduced rate of 75% of the total claim.

The restructuring will only proceed once an extraordinary resolution is approved by at least 75% of voting bondholders. The Bondholder Group will also receive an agreed work fee for its negotiation efforts.

Both the Government and SriLankan Airlines expressed hope that the transaction can be finalised before year’s end, marking a crucial milestone in the country’s path toward long-term debt sustainability.

The Colombo–Kandy main road at Ganethanna will remain closed until tomorrow afternoon following a landslide in the lower Kadugannawa area this morning (22), Kegalle District Secretary Jagath M. Herath said.

He told the media that the road cannot be reopened yet because a large rock remains lodged between concrete blocks at the site, posing a risk of further collapse.

Vehicles are being redirected through alternative routes to ensure smooth traffic flow.

“We have closed the road from both sides. We are trying to reopen it by Sunday afternoon, but a large rock is still unstable and could fall again. Therefore, it is not safe to open the road at this time. Police officers are guiding vehicles via alternative routes.” Herath added.

He also noted that on Monday, students traveling for the Advanced Level exams will need access. “We hope to reopen a section of the road and arrange buses from the Mawanella depot to ensure travel for students and teachers,” he said.

Sri Lanka’s licensed finance companies (LFCs) are being pushed toward a decisive shift in their business model, as economic recovery now hinges on industrial expansion rather than the consumption-heavy credit patterns that defined the past decade.

The Lanka Rating Agency (LRA), in its latest sector review for 2025, warns that unless LFCs redirect capital toward production, they risk losing relevance in an economy attempting to rebuild its export base and generate sustainable jobs.

According to LRA analysts, the sector’s sizeable asset base, strengthened risk-management frameworks, and improving capital buffers place LFCs in a position to influence the country’s next phase of growth.

But this will require moving beyond familiar ground such as vehicle financing and personal loans and stepping into investment-oriented segments industrial modernization, project lending, supply-chain finance, and working capital for export manufacturers.

Such a reorientation, the Agency argues, is not merely desirable but necessary. Sri Lanka’s firms are under pressure to climb the value chain, raise productivity, and compete more aggressively in regional markets.

 “LFCs can become catalysts for capital formation if they redirect credit to activities that generate foreign exchange and long-term employment,” the report notes.

 A transition toward outward-oriented lending would also strengthen corporate balance sheets at a time when businesses must scale to survive.

Financial data for 2025 shows that the industry is entering the New Year with stronger fundamentals, creating room for this strategic shift. Regulatory capital stood at approximately Rs. 433 billion in the first quarter of FY25/26, supporting a robust capital adequacy ratio of about 22%well above minimum regulatory thresholds.

Sector assets reached nearly Rs. 2.28 trillion, growing at an annual compound pace close to 8%. The gross non-performing loan ratio fell sharply to 8.3%, from 13.6% a year earlier, reflecting improving credit quality.

Profitability has also stabilised: LFCs posted Rs. 69.4 billion in PAT in FY24/25 and Rs. 18 billion in the first quarter of FY25/26.

However, vulnerabilities persist. Sector liabilities expanded 29.1% year-on-year, pushed up by a 76% surge in borrowings, and liquidity pressures remain.

 A significant share of deposits and loans mature within 12 months, creating rollover risk. LFCs are also exposed to commodity volatility after the gold-backed loan portfolio jumped 30% in FY24/25, driven by a 34% rise in global gold prices. Roughly half of long-term assets are still funded using short-term deposits an imbalance that leaves institutions sensitive to interest-rate shocks.

The Central Bank’s consolidation pathway also looms large. Under the NBFI Master Plan, finance companies must reach a minimum stability score of 60 by 2027 to function independently, pushing weaker firms toward mergers or exit. Currently, the 12 largest LFCs control nearly 80% of industry assets, with loans and advances amounting to Rs. 1.75 trillion, or 76.6% of total assets.

Despite these pressures, the LRA maintains that the sector has the structural capacity to support a shift toward an investment-driven growth model if it can commit to industrial project finance and manage its balance-sheet risks with greater discipline.

For policymakers seeking to revive exports and rebuild productive capacity, the evolution of the LFC sector may determine whether Sri Lanka’s recovery becomes durable or slips back into consumption-driven volatility.

Minister of Environment, Dhammika Patabendi, has informed pilgrims visiting the Adam's Peak, to refrain from taking water or other beverage bottles less than one liter.

Minister Patabendi, further advised pilgrims to avoid bringing food and beverages that are packaged with polythene wrappers.

This year's Sri Pada pilgrimage season has been named "Muni Siripa - Green Pilgrimage" under the program to minimize environmental pollution caused by plastic materials.

The Sri Pada pilgrimage season will officially commence on the Unduwap full moon poya day.

News 1st

Former President Ranil Wickremesinghe Flies to Chennai for MP Jeevan Thondaman’s Wedding

Former President and United National Party leader Ranil Wickremesinghe departed from Katunayake Airport early this morning (21st), bound for Chennai, India. He was accompanied by his wife, Maithree Wickremesinghe, for the journey. According to airport officials, the couple arrived at Katunayake Airport in the early hours and boarded SriLankan Airlines flight UL-121 at 08:40 a.m.

The Wickremesinghes are travelling to India to attend the wedding celebrations of Parliamentarian Jeevan Thondaman, the only son of the late minister and former leader of the Ceylon Workers’ Congress (CWC), Arumugam Thondaman.

Jeevan Thondaman’s wedding is set to take place on the 23rd of this month in Chennai, India. His bride, Seethai S. Nachiyar, comes from a politically-involved family in India and is professionally a medical doctor.

The ceremony is expected to draw a host of political figures from both Sri Lanka and India. Invitations have reportedly been extended to former presidents, including Ranil Wickremesinghe and Mahinda Rajapaksa, among other prominent leaders.

Following the wedding celebrations in Chennai, Jeevan Thondaman is scheduled to return to Sri Lanka, where a public reception will be held in Colombo and at the CWC headquarters in Kotte for friends, supporters, and party members to offer their blessings to the newlyweds.

The World Anti-doping Agency (WADA) has lifted the ban it imposed on Sri Lanka Anti-doping Agency, taking into consideration the amendments to the Act to be in compliance with the regulations of the international agency.

In its latest communication to the Director General, Sri Lanka Anti-doping Agency (SLADA), the international agency states that with the recommendations of the independent Compliance Review Committee, WADA’s executive committee has taken the decision to remove SLADA from the list of non-compliant signatories with immediate effect. The communication points out that the executive committee reached the decision following the steps taken by Sri Lanka to enforce the relevant amendments to the anti-doping legal framework to be inline with WADA’s Code. Earlier, on 19 August, WADA announced that SLADA is non-compliance with the international code highlighting several technical facts.

On 7 October, Sri Lanka Parliament passed the Bill to amend the Convention Against Doping in Sports Act No.33 of 2013. The amended Act, Convention Against Doping in Sports Act No.21 of 2025, aligns SLADA’s anti-doping legislation with international standards as stipulated by WADA.

“The International Anti-doping Agency, being responsible for maintaining uniformity in anti-doping standards in sports, does bring regulations on any country to comply with the international standards. Non-compliance to WADA standards may result in countries being non recognised at international sports competitions,” pointed out SLADA Director General (DG) Dr. Shiromi Pilapitiya. Non-compliance with the WADA Code does not restrict countries from participating and winning competitions. “Being in compliance with the world standards enables Sri Lanka sports personnel to be well-recognised internationally, giving them more scope for successful achievements,” Dr. Pilapitiya added, further commenting on the current situation. 

By Dhaneshi Yatawara

Several sound amplification systems installed around the Ananda Samarakoon Open Air Theatre in Nugegoda have been removed by police, following concerns that the noise could disturb students sitting for the A/L examinations.

Despite the removal, authorities have issued special guidelines for a public rally scheduled for today (21) at 2:00 p.m. in Nugegoda, restricting the use of loudspeakers and other sound equipment to ensure minimal disruption.

The death toll from landslides in two regions of Indonesia’s Central Java rose to 30 as rescue efforts continued, the country’s disaster mitigation agency said on Friday.

Some 21 people remain missing after landslides triggered by torrential rain struck the city of Cilacap last week and the Banjarnegara region over the weekend, the agency said.

Rescuers found 7 more bodies in Banjarnegara, the worst-affected area, on Thursday, bringing the death toll to 10 with 18 still missing, Abdul Muhari, the agency’s spokesperson said in a statement late on Thursday.

Dozens of houses were damaged, seven people injured, and more than 900 residents evacuated following the landslide there, Muhari said.

At least 700 rescuers including police and military personnel continue to look for the missing, using excavators to speed up the search, he added.

“We face several obstacles in the search, particularly with landslide ponds filled with debris and continuously flowing waters also risks new landslides due to rains,” Muhari said.

In Cilacap, rescuers found four more bodies this week bringing the death toll to 20 with three people still missing, Muhari said.

Authorities have extended search operations there until next week, and nearly 400 residents have been evacuated.

Indonesia’s wet season started in September and will continue until April, according to the weather agency, raising the risk of floods and extreme rainfall in many areas.

( Source : adaderana.lk)

China has signalled a fresh expansion of its development presence in Sri Lanka, with Beijing now studying a proposal to supply a fleet of electric buses to the island.

Chinese Ambassador Qi Zhenhong, speaking at the 2025 China Aid Training Alumni Reception in Colombo, described the initiative as part of a “new starting point” in bilateral relations one shaped by recent high-level visits and renewed progress in stalled infrastructure projects.

But as Colombo weighs the offer, concerns are mounting over whether the country’s chronically loss-making public transport system particularly the Sri Lanka Transport Board (SLTB)—is structurally prepared to operate and maintain a modern electric-bus fleet without deep reforms.

According to the Ambassador, China is reviewing the electric-bus project at Sri Lanka’s request. The proposal aligns with Colombo’s long-term goals of cutting fuel imports, reducing urban pollution, and modernising an ageing bus fleet that is widely criticised for overcrowding, delays, and frequent breakdowns.

Electric buses would reduce operational fuel costsdiesel accounts for over 35% of SLTB’s recurrent expenditure and its efficiency could improve service reliability if managed under a disciplined maintenance regime.

China’s experience in clean-mobility technologies, from large-scale EV deployment to advanced battery systems, adds to the attractiveness of the offer.

Yet the numbers paint a stark picture.The SLTB has recorded annual operating losses exceeding Rs. 45–50 billion in recent years, burdened by overstaffing, outdated fleets, and politically driven fare controls.

The enterprise operates more than 6,000 buses, many well past their service lifespan, with availability rates frequently falling below 50%.

Introducing a fleet of high-value electric buses into an organisation with such structural weaknesses raises major risks. Electric buses require specialised charging infrastructure, battery-management systems, and trained technicians none of which the SLTB currently possesses. Without operational reforms, experts warn that Sri Lanka could end up with expensive assets underutilised or rapidly deteriorating, repeating past failures in donor-funded transport upgrades.

Ambassador Qi highlighted broader Chinese-supported progress, from the resumption of work on the Central Expressway to near-finalisation of the Sinopec energy project. He pointed to expanding human-resource exchanges, with nearly 1,000 Sri Lankans trained in China across sectors from agriculture to disaster management.

He also noted opportunities arising from China’s new Five-Year Plan, growing outbound tourism, and sustained technological advances in AI, hydrogen energy, and biopharmaceuticals. Beijing frames these developments as pathways for mutual gain especially for Global South partners navigating geopolitical uncertainty.

But for Sri Lanka, still grappling with debt restructuring, the key concern is whether acceptance of the electric-bus programme deepens long-term dependency or supports sustainable modernisation.

The Chinese proposal arrives at a moment when public dissatisfaction with transport services is at a peak. Buses are overcrowded, unreliable, and unsafe, especially for women and schoolchildren. Any move toward electric mobility could mark a turning point  if paired with governance reforms, transparent procurement, and a clear financial plan.

The real test will be whether Sri Lanka can leverage Beijing’s offer to fix its transport system—or whether it risks repeating a cycle of costly assistance without lasting reform.

The first public rally organized jointly by several opposition groups against the government—based on 21 key issues—is scheduled to be held today (Nov. 21) in Nugegoda.

The rally, titled “The Great Voice of the People Against the Deceptive Malima Government’s Foolish Rule,” is being organized by the Sri Lanka Podujana Peramuna (SLPP) and is set to begin at 2 p.m. at the Ananda Samarakoon Open Air Theatre in Nugegoda.

According to the organizers, the protest is being held on the basis of 21 grievances, including:

• The suspicious release of shipping containers
• The failure to reduce fuel prices as promised
• The failure to reduce electricity tariffs by one-third
• Protecting the “rice mafia”
• Increasing the tax burden
• Undermining the nation's dignity
• Favoritism toward political allies
• Corruption involving ministers’ and MPs’ assets
• Failure to provide jobs for graduates and qualified youth
• Pushing farmers into hardship
• Escalating cost of living
• Undermining the rule of law
• Spreading hatred
• Politicizing everything
• Destroying local culture
• Disregarding war heroes
• Forming friendships with separatist groups
• Entering into fraudulent agreements
• Being exposed for making false statements
• Failing to serve the country
• Having no future plan for the nation
• The SLPP states that the rally’s purpose is to pressure the government to fulfill its promises.

SLPP General Secretary, Attorney-at-Law Sagara Kariyawasam, said that the rally is being held to push the government to honor the commitments it made to the people.

Commenting on the event, MP Namal Rajapaksa said:

“A strong public opinion is rising in the country—that this government has become one that lies endlessly, cannot work, and is incapable of delivering results. The opposition has a responsibility to awaken the government and remind it of its obligations. We are fulfilling that responsibility.”

Provincial correspondents report that large numbers of buses from regions such as Kandy, Anuradhapura, and Badulla departed early this morning to attend the rally.

Organizers say that around 270 buses from various areas have already left for Nugegoda. Former Minister Lakshman Yapa Abeywardena stated that many buses are also expected from Galle, Matara, Hambantota, and Kalutara districts. He added that buses using the expressway will be departing after 11 a.m. today.