Friday May 22, 2026
Friday May 22, 2026
Friday, 22 May 2026 00:00 - - {{hitsCtrl.values.hits}}
SJB MP S.M. Marikkar
Main Opposition party, Samagi Jana Balawegaya (SJB) MP S.M. Marikkar yesterday alleged that losses arising from 17 coal shipments imported under the Government could exceed Rs. 30 billion, while urging authorities to hold those responsible accountable either individually or collectively.
Speaking in Parliament, Marikkar claimed that all 17 coal shipments received so far were substandard and had significantly affected power generation at the Lakvijaya Power Plant.
“The total 17 shipments are a failure with substandard coal. Before the first nine shipments, the loss was Rs. 8,497 million; now, definitely it must be over Rs. 30 billion,” he said.
Referring to allegations previously levelled against former Power Minister Arjuna Ranatunga and former Ceylon Petroleum Corporation (CPC) Chairman Dhammika Ranatunga over losses caused to the Government, Marikkar argued that current authorities too should face accountability if losses had occurred under their watch.
“Then the Government should individually or collectively be held responsible,” he said.
Citing a report by the Public Utilities Commission of Sri Lanka (PUCSL), Marikkar claimed that from 1 January to 13 May, the Lakvijaya Power Plant had been scheduled to generate 155,961 MWh of electricity, but generation shortfalls caused by poor-quality coal had forced authorities to rely on more expensive furnace oil and diesel generation.
He also alleged that the Government had resorted to costly spot tenders to compensate for the failed coal shipments, leading to additional financial losses.
Marikkar warned that the financial impact on the energy sector could worsen further by September.
“By September, the Government would incur a massive loss which they wouldn’t be able to calculate even,” he noted.
He also linked rising electricity costs to declining investor confidence, claiming Sri Lanka’s high energy prices were discouraging foreign direct investment (FDI) despite repeated Government claims of attracting investors.
“None of the FDI that they bragged about has materialised so far,” he said.
Marikkar also criticised Government expectations surrounding upcoming disbursements under the International Monetary Fund (IMF) program, arguing that the anticipated fifth and sixth tranches of around $ 700 million would provide only temporary relief.
“Many Government MPs today said that once the $ 700 million tranche of the IMF facility is approved, things will improve. But, the reality is that it will only be enough for 1.5 months of Sri Lanka’s oil bill,” he said.
Drawing comparisons with the economic crisis of 2022 under former President Gotabaya Rajapaksa, Marikkar warned that the country was once again heading towards economic instability.
“At present, this Government is going in the same direction as we saw under the Gotabaya Rajapaksa regime in 2022. It’s like a kite that has broken its string,” he said.
He also pointed to the depreciation of the rupee and rising prices of imported essentials, including milk powder, as signs of worsening economic conditions.
“The rupee is going down by the hour and imported items, such as milk powder, are rising. We urge people to at least know the reality now,” he added.
