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UPI ID : enb@axis.com
UPI ID : enb@axis.com
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 summons Iranian envoy over firing at India-flagged ships in HormuzIn a statement, Ministry of External Affairs said the ambassador met Foreign Secretary Vikram Misri, who conveyed India’s “deep concern” over the incident.India has summoned Iran's Ambassador to New Delhi Mohammad Fathali, lodging a strong protest after Iranian forces allegedly fired at two India-flagged cargo vessels in the Strait of Hormuz.The envoy was called to the foreign ministry in New Delhi this evening (18 April).In a statement, the Ministry of External Affairs said the ambassador met Foreign Secretary Vikram Misri, who conveyed India's "deep concern" over the incident.The Business Standard Google News Keep updated, follow The Business Standard's Google news channel"During the meeting, Foreign Secretary conveyed India's deep concern at the shooting incident earlier today involving two Indian-flagged ships in the Strait of Hormuz," the statement said.Misri stressed the importance India places on the safety of merchant shipping and mariners, recalling that Iran had earlier facilitated the safe passage of several India-bound vessels.Reiterating concern "at this serious incident of firing on merchant ships," he urged the ambassador to convey India's position to authorities in Iran and resume facilitating safe passage for ships heading to India through the strait.The Iranian envoy assured that he would communicate these concerns to Tehran, the statement added.The incident reportedly involved two India-flagged vessels carrying energy supplies, including a super tanker said to be transporting around two million tonnes of Iraqi crude oil. The ships were allegedly fired upon by the Iranian navy north of Oman and were forced to turn back.The development comes amid heightened volatility in the Strait of Hormuz. Several commercial vessels attempted to cross after Iran announced yesterday that the waterway had been reopened, following a 50-day blockade.However, Iran reimposed restrictions today and reportedly opened fire on at least two merchant vessels, raising fresh concerns over maritime security and energy flows through one of the world's most critical shipping routes.Shipping data showed that more than a dozen tankers, including three sanctioned vessels, managed to pass through before Iran reimposed restrictions on Saturday and reportedly opened fire on at least two merchant ships.The renewed tensions have raised fresh concerns over maritime security and global energy flows through the strategic channel, which handles around 20% of the world's oil and gas shipments.Earlier this week, India told the United Nations General Assembly that attacks on commercial shipping in the Strait of Hormuz were "totally unacceptable" and called for safe and uninterrupted navigation through the vital waterway.
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