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UPI ID : enb@axis.com
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PDMO reshapes Sri Lanka’s financesBy Bandula Sirimanna ST 19-04-2026Sri Lanka’s economic recovery has reached a pivotal institutional milestone with the Public Debt Management Office (PDMO) now fully operational in the Ministry of Finance.Following the decisive implementation of the Public Debt Management Act, No. 33 of 2024, the nation has successfully transitioned its debt operations to the independent management office redefining the country’s credit credibility.“The debt-ridden country stands on a stabilised foundation: As of April 15, 2026, the national debt-to-GDP ratio has been optimised with over 92 per cent of external debt restructuring agreements now fully implemented”, a senior official of the Finance Ministry told the Sunday Times Business.By centralising borrowing strategy and enhancing transparency through the PDMO, it has evolved from a state of default to a regional benchmark for fiscal resilience and institutional reform.This rapid institutional maturity was globally recognised recently when Sri Lanka received the prestigious Regional Debt Management Office Award for Asia-Pacific at the inaugural Commonwealth Public Debt Management Awards.Total finance required for 2026 would be Rs 6,840 billion, including Rs 3,100 billion for outstanding treasury bills.Foreign debt repayment due in 2026 is expected to be US$2,122 million, including $1,191 million as principal and $931 million as interest payments.The Treasury is targeting a primary surplus of 2.3 per cent of GDP to maintain the IMF’s Extended Fund Facility (EFF) targets.Sri Lanka is currently in the “implementation phase”, signing individual bilateral agreements to operationalise the June 2024 Memorandum of Understanding (MoU).A bilateral agreement with Germany was formalised on April 9, 2026, to restructure 188 million in outstanding debt while the implementation of the agreement with Belgium has been finalised for rescheduling approximately 9.6 million.The implementation of the China Exim Bank agreement is already concluded for $4.2 billion of debt.
India calls Colombo Dockyard takeover a significant strategic investmentApril 19, 2026 News WireIndia’s Foreign Secretary Vikram Misri has described Mazagon Dock Shipbuilders Limited’s acquisition of a 51% controlling stake in Colombo Dockyard PLC as a “significant development” that represents investment in a highly strategic sector.Speaking on the development, Misri said the deal highlights growing India-Sri Lanka cooperation in maritime and industrial sectors.Mazagon Dock Shipbuilders Limited (MDL), India’s state-owned defence shipbuilder under the Ministry of Defence, recently announced the completion of its acquisition of a controlling stake in Colombo Dockyard PLC for a total investment of USD 26.8 million.Following the transaction, Colombo Dockyard has officially become a subsidiary of MDL, marking the Indian company’s first international acquisition.MDL said the move aligns with India’s Maritime Amrit Kaal Vision 2047 and is expected to strengthen maritime links between India and Sri Lanka.The board of Colombo Dockyard has also been reconstituted under MDL leadership, while the company said it is targeting a 20% growth in revenue and profits during the current financial year through new orders and operational improvements.Colombo Dockyard is Sri Lanka’s largest shipyard and a key player in the country’s maritime industry. (Newswire)Vice President Radhakrishnan calls on Sri Lankan President Dissanayake, discusses energy sector cooperation‘No time to lose’ on energy cooperation projects, says Foreign Secretary at press briefing April 19, 2026 The HinduMeera SrinivasanMeera Srinivasan Vice President C.P. Radhakrishnan on Sunday (April 19, 2026) called on Sri Lankan President Anura Kumara Dissanayake and held wide-ranging discussions on bilateral cooperation across sectors. Energy sector cooperation was among the key aspects discussed, officials said, with India emphasising that there is “no time to lose” on projects including the proposed ‘energy hub’ in the eastern Trincomalee district.“The Indian Vice-President stated that both countries expect to further strengthen cooperation in the fields of economy, education, health, tourism, investment and trade, with particular emphasis on enhancing collaboration in energy security and port development,” a statement from President Dissanayake’s office said, adding that “comprehensive discussions” were held on India-funded housing projects and programmes under the $ 450 million-package extended towards cyclone recovery. The two sides signed a set of Memoranda of Understanding to firm up projects as part of the assistance. Further, the two sides discussed addressing fishermen issues “in a humanitarian manner”, considering the livelihoods of fishing communities on both sides, a post on the Vice President’s official account on social media platform ‘X’ said. Mr. Radhakrishnan is in Sri Lanka on a two-day official visit that officials said was the first bilateral by any Vice President. He was accompanied by Union Minister of State for Fisheries, Animal Husbandry & Dairying Prof. S.P. Singh Baghel, Foreign Secretary Vikram Misri and two members of Parliament.I’m not here to do politics: Sri Lankan Deputy High Commissioner clarifies on meeting with Puducherry fishermenEnergy cooperationIn a press briefing later, Foreign Secretary Misri told media that the Indian side thanked President Dissanayake for the release of 47 Indian fishermen, who had been in Sri Lankan custody, in recent weeks. Further, citing the impact of the West Asian war on the global energy sector, he underscored the “urgency of” the proposed energy hub in Trincomalee, that includes a possible fuel pipeline from south India, and the developing of the World War II era oil tank farms in the eastern district. In April 2025, India, Sri Lanka, and the UAE signed a tripartite MoU to develop Trincomalee into a strategic energy hub, but the project is yet to take off substantively. While no clear timelines have been agreed upon, discussions are ongoing, Mr. Misri said. “Progress on this project would have stood [Sri Lanka] in really good stead especially at a time when both energy prices and energy availability is a difficult question for several countries…so clearly there is no further time to lose on strategic projects such as these,” he said, adding that India, in Sunday’s discussion with the Sri Lankan side, underlined the “importance, strategic nature and urgency” of the project.‘We grow together’In addition to calling on President Dissanayake, Vice President Radhakrishnan attended a luncheon meeting hosted by Prime Minister Harini Amarasuriya, before attending a reception with the Indian diaspora and members of the Malaiyaha Tamil [or Indian Origin Tamil] community. Speaking at the well-attended event in Colombo’s Wellawatta neighbourhood — where many Tamils in the capital reside — Mr. Radhakrishnan announced that the Overseas Citizenship of India (OCI) card, a multiple entry life-long visa extended to foreign nationals of Indian origin, will now be extended to sixth generation Indian-origin Sri Lankans. He also assured that the process of obtaining the OCI card would be simplified to help applicants. “In my meeting with your President, I said we grow together,” Mr. Radhakrishnan said, emphasising that India would always stand with Sri Lanka in the country’s success and struggles, be an “affectionate elder brother”. India sends 38,000 metric tonnes of fuel to support Sri LankaEarlier, Mr. Radhakrishnan met with Leader of Opposition Sajith Premadasa and leaders of Tamil political parties from the north, east and the hill country. “We held constructive discussions on expanding trade, deepening economic ties, and unlocking practical opportunities that can benefit both our nations,” Mr. Premadasa said in a social media post. Mr. Radhakrishnan is scheduled to travel to the central Nuwara Eliya district on Monday, where he will meet beneficiaries of the Indian housing project.
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