News

The Sri Lankan Rupee showed minimal movement against the US Dollar on February 18, remaining mostly unchanged compared to the previous day, with only a slight increase in exchange rates.

According to the Central Bank of Sri Lanka, the buying rate of the US Dollar edged up marginally from Rs. 305.47 to Rs. 305.48. Similarly, the selling rate experienced a minor increase, rising from Rs. 313.01 to Rs. 313.02.

The Rupee also continued to demonstrate stability against a range of other foreign currencies, including those widely used in Gulf countries, reflecting overall steady conditions in the foreign exchange market.

The National Water Supply and Drainage Board (NWSDB) has reported a disruption in water distribution to multiple areas in and around Colombo following an unexpected failure in the main transmission pipeline running from Ambatale to Dehiwala.

As a result of the breakdown, water supply has been temporarily suspended in several locations, including Moratuwa, Rawathawatta, Soysapura, Ratmalana, Dehiwala, Mount Lavinia, Wellawatte, Pamankada, Mulleriyawa, and Kolonnawa.

In addition, the NWSDB stated that residents in Battaramulla may experience reduced water pressure due to the same issue. Authorities are expected to carry out repair work to restore normal supply as soon as possible

Authorities have summoned Maithree Wickremesinghe, the spouse of former President Ranil Wickremesinghe, to appear before the Financial Crimes Investigation Division on February 20 to provide a statement related to an ongoing financial investigation.

The development was disclosed by the Criminal Investigation Department when the case concerning the alleged misappropriation of public funds was taken up before the Colombo Fort Magistrate’s Court.

Investigators are examining allegations that state funds exceeding Rs. 16.2 million were improperly utilized. The complaint claims that the money was spent on a private overseas visit to the United Kingdom in 2023, where the former president had traveled to attend his wife’s graduation ceremony.

In a related development, former Presidential Secretary Saman Ekanayake, who had been taken into custody over the same case, was released on bail by Colombo Fort Magistrate Isuru Neththikumara. The court ordered his release on two surety bails of Rs. 2 million each, following a request made by President’s Counsel Kalinga Indatissa.

Ranil Wickremesinghe had also been arrested in connection with the investigation but was later granted bail by the same court. The inquiry remains ongoing as authorities continue to gather statements and examine evidence related to the alleged misuse of government funds.

Sri Lanka’s Health Minister Nalinda Jayathissa held discussions with newly appointed Prime Minister Tarique Rahman during his official visit to Dhaka for the swearing-in ceremony of the new government.

During the meeting, Minister Jayathissa extended congratulations to Prime Minister Rahman on behalf of the Government and citizens of Sri Lanka.

The two leaders also explored opportunities to enhance bilateral ties, with special emphasis on collaboration in the pharmaceutical industry and the tourism sector.

Earlier in the day, Minister Jayathissa attended the official inauguration ceremony marking Prime Minister Rahman’s assumption of office.

The Colombo Stock Exchange ended the day slightly in the red, as cautious investor sentiment cooled the previous session’s upward momentum. Turnover and share volumes both declined, with market activity remaining confined to a narrow range near historic highs.

The Capital Goods sector dominated trading, generating nearly LKR 1 billion in turnover. Access Engineering PLC stood out as a key driver of activity, recording strong trading interest and posting a modest price gain, helping cushion broader market losses.

By the close, the All Share Price Index (ASPI) slipped 17.29 points to 23,882.82, while the S&P SL20 edged down marginally to 6,708.71. Total market turnover reached LKR 4.23 billion with more than 160 million shares traded, though the number of declining stocks continued to outpace gainers, reflecting persistent selling pressure.

Crossing transactions accounted for roughly 9% of daily turnover, led by a large block trade in Vallibel One PLC, which recorded the day’s biggest negotiated deal.

Overall, the session maintained a cautious tone, with investors selectively accumulating shares while closely watching corporate earnings announcements and short-term market direction.

Peru’s Congress voted on Tuesday to censure the country’s interim president, effectively ending the brief tenure of Jose Jeri after just over four months in office.

The extraordinary session, which convened as lawmakers were officially on legislative recess, concluded with 75 votes in favor, 24 against, and three abstentions.

Jeri, who ascended the presidency just last October following the removal of Dina Boluarte, was the eighth head of state to lead the South American nation in just 10 years.

His censure comes as national elections are scheduled to take place in just two months. The motion was propelled by an alliance between a minority leftist opposition and a bloc of right wing parties, with both sides arguing that he lacked "functional suitability" to lead the country through the upcoming transition.

Jeri’s removal was also driven by a series of corruption probes launched by the prosecutor’s office. Jeri faces two major investigations for alleged influence peddling.

The most damaging scandal involved leaked footage of Jeri arriving late at night at a local restaurant to meet Zhihua Yang, a Chinese businessman whose company had recently secured government approval for a major hydroelectric plant.

Public outcry intensified over the clandestine nature of the meeting, which was omitted from the official presidential agenda, and the fact that Jeri appeared to be wearing a hooded sweatshirt in an attempt to disguise his identity.

The second stems from a report by local media, which revealed that five women close to the president held private meetings in his personal office until midnight. According to the report, all five women subsequently secured lucrative government contracts.

While Jeri has denied any wrongdoing — denouncing the investigations as a "destabilization plot" orchestrated by his political enemies — his public approval ratings plummeted.

Fernando Rospigliosi, the current president of Congress, announced that the legislature would convene again Wednesday to elect the successor to lead the country until a new administration is sworn in.

Source:Adaderana.lk

The Government of Sri Lanka has secured a Special Drawing Rights (SDR) financing package equivalent to US$50 million from the World Bank Group to accelerate a nationwide digital transformation programme aimed at modernizing public service delivery.

The funding will support the Sri Lanka Digital Transformation Project, a flagship initiative under the Digital Economy Strategy (2025–2030), designed to improve efficiency, transparency, and accessibility in government services through advanced digital platforms.

Cabinet approval to seek international development financing for the project was granted in October 2025, paving the way for negotiations involving government stakeholders and the World Bank. With negotiations now concluded, the project is set to move into its implementation phase.

Under the agreed framework, the Ministry of Finance, Planning, and Economic Development will serve as the borrower on behalf of the government, while Gov Tec Sri Lanka will oversee project execution, coordinating digital infrastructure upgrades and service integration across state institutions.

Approval for the financing arrangement was formally endorsed by the Cabinet of Ministers following a proposal submitted by the President in his capacity as Minister of Finance. The borrowing terms were reviewed and recommended by the Public Debt Management Office in accordance with the provisions of the Public Debt Management Act No. 33 of 2024.

Officials say the initiative marks a significant step toward building a digitally enabled public sector, enabling citizens and businesses to access government services faster, more transparently, and with reduced administrative barriers.

Former Secretary to the President, Saman Ekanayake, is set to be presented before the Colombo Fort Magistrate’s Court once again today (18) in connection with an ongoing investigation into the alleged misuse of public funds.

Ekanayake was previously remanded when the case was taken up on February 11. The legal proceedings relate to allegations involving former President Ranil Wickremesinghe, who is accused of misusing more than Rs. 16.2 million in state funds. The complaint claims the money was used to finance a private trip to the United Kingdom in 2023, where Wickremesinghe attended his wife’s graduation ceremony.

Authorities allege that Ekanayake facilitated the trip by approving the release of public funds, thereby aiding and abetting the alleged offence. He was subsequently arrested and placed in remand custody.

During the previous hearing, Magistrate Isuru Neththikumara ordered Ekanayake to remain in remand after reviewing submissions presented by Additional Solicitor General Dileepa Peiris, representing the Criminal Investigation Department (CID), and President’s Counsel Kalinga Indatissa, who appeared on behalf of the defence.

Millions of Muslims around the world are marking the beginning of the holy month of Ramadan on different days this year, reflecting variations in moon-sighting practices among countries.

Authorities in Saudi Arabia confirmed that the Ramadan crescent was sighted on Tuesday evening, making Wednesday the first day of fasting. Several other nations including Qatar, United Arab Emirates, Kuwait, Bahrain, Palestine, Sudan, Somalia, and Djibouti also announced Wednesday as the first day of Ramadan.

In Iraq, both Sunni and Shiite religious authorities confirmed that fasting would begin on Wednesday, while in Yemen, the Houthi administration declared that areas under its control would also start observing Ramadan the same day. Sunni Muslims in Lebanon will likewise begin fasting Wednesday, according to Grand Mufti Abdul Latif Derian.

However, several countries announced a Thursday start after the crescent moon was not sighted locally. Religious authorities in Egypt, led by Grand Mufti Nazir Ayyad, confirmed that Ramadan would begin a day later. The same decision was taken by Jordan, Syria, Indonesia, Pakistan, Iran, Tunisia, and Malaysia.

Meanwhile, authorities in Türkiye, Oman, Singapore, and Australia set Thursday as the first day of fasting based primarily on astronomical calculations confirming the lunar calendar timeline.

In Morocco, officials are expected to conduct the traditional moon sighting on Wednesday evening to determine the official start of the month.

Ramadan, the ninth month of the Islamic lunar calendar, begins with the sighting of the crescent moon. While many countries continue to rely on physical moon sightings, an increasing number are adopting astronomical calculations, particularly when scientific data indicates that visual observation is unlikely.

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), visited the Central Bank of Sri Lanka on February 17, 2026, as part of her official visit to the country.

Her visit coincides with a significant milestone, marking both the 75th anniversary of Sri Lanka’s membership in the IMF and the 75th anniversary of the Central Bank. During her time at the Central Bank, Dr. Georgieva met with Governor Nandalal Weerasinghe and senior officials to discuss the country’s economic progress and ongoing reforms.

Governor Weerasinghe expressed appreciation for the IMF’s continued support, particularly through the Extended Fund Facility (EFF), which has played a key role in supporting Sri Lanka’s economic recovery and facilitating the debt restructuring process. He also acknowledged the IMF’s technical assistance in areas such as monetary policy development, macroeconomic analysis, and strengthening financial sector frameworks.

Dr. Georgieva praised Sri Lanka’s achievements under the current IMF programme, describing the country’s recovery efforts as a positive example. She also highlighted the Central Bank’s contribution to restoring economic stability following the recent financial crisis.

While recognizing the economic challenges Sri Lanka has faced in recent years, the IMF chief expressed confidence that the country has the potential to achieve stronger and more sustainable growth, provided that structural reforms continue to be implemented.

President Anura Kumara Dissanayake held a meeting with Sergio Gor, the US Ambassador to India, and the Special Representative for South and Central Asia of the United States, in New Delhi on the morning of February 18.

The meeting coincided with President Dissanayake’s visit to attend the ‘AI Impact Summit 2026,’ where he was invited by Indian Prime Minister Narendra Modi. Discussions focused on strengthening diplomatic engagement and exploring regional cooperation amid the global technology and artificial intelligence dialogue.

The Department of Meteorology has forecast intermittent rainfall across several regions of the country, including the Northern, North Central, Central, Uva, Eastern, and Southern provinces.

Some areas in the Eastern and Uva provinces, as well as the districts of Polonnaruwa, Matale, and Nuwara Eliya, are likely to receive fairly heavy rainfall exceeding 75 mm.

Elsewhere on the island, showers or thundershowers are expected to develop at various locations after 1.00 p.m., according to the forecast.

In addition, misty conditions are likely in parts of the Central and Sabaragamuwa provinces and in the Galle and Matara districts during the early morning hours.

Authorities have advised the public to take necessary safety precautions, particularly due to the risk of temporary strong winds and lightning that may accompany thundershowers.