An Echelon Media Company
Thursday April 18th, 2024

Commonwealth calls for peaceful Sri Lanka transition

ECONOMYNEXT – The Secretary General of the British Commonwealth Patricia Scotland has called for peaceful transition of power in Sri Lanka after the collapse of a soft-peg and public protests force President Gotabaya Rajapaksa to flee the country.

“The Commonwealth is a community that is underpinned by our shared values,” Scotland said in a statement.

“As one of the oldest democracies in Asia and a founding member of the modern Commonwealth, Sri Lanka has always shown its strong commitment to these tenets, which are cherished and trusted by its people.

“I call on all those in positions of leadership to safeguard democratic principles, the rule of law and human rights.”

Sri Lanka is in severe monetary crisis after seven years of money printing and stimulus under flexible inflation targeting/output gap targeting triggered three currency crises in a row.

“It is important that the concerns of the people of Sri Lanka on governance and other issues are addressed and I urge continued dialogue to this end and call on the international community to continue to assist Sri Lanka in this hour of economic need,” Scotland said.

“I am hopeful that these challenges will be met according to the letter and spirit of the Constitution of Sri Lanka and the values enshrined in the Commonwealth Charter.”

The fulls statement is reproduced below:

STATEMENT BY THE COMMONWEALTH SECRETARY-GENERAL ON SRI LANKA

14 July 2022

The Commonwealth Secretary-General, The Rt Hon Patricia Scotland QC, has called on political leaders in Sri Lanka to safeguard democratic governance, the rule of law and human rights, in adherence with the values and principles of the Commonwealth Charter. The Secretary-General also reiterated the Commonwealth Secretariat’s commitment to support Sri Lanka in protecting and strengthening its institutions and constitutional governance and facilitating economic stability. She called on all in Sri Lanka to exercise restraint with a view to a peaceful transition.

Speaking on the situation, the Secretary-General, The Rt Hon Patricia Scotland QC, said:

“The Commonwealth is a community that is underpinned by our shared values. As one of the oldest democracies in Asia and a founding member of the modern Commonwealth, Sri Lanka has always shown its strong commitment to these tenets, which are cherished and trusted by its people. I call on all those in positions of leadership to safeguard democratic principles, the rule of law and human rights.”

The Secretary-General has been in contact with the Hon. Ranil Wickremesinghe and other leaders of Sri Lanka. In her statement on the situation, the Secretary-General also said:

“It is important that the concerns of the people of Sri Lanka on governance and other issues are addressed and I urge continued dialogue to this end and call on the international community to continue to assist Sri Lanka in this hour of economic need. I am hopeful that these challenges will be met according to the letter and spirit of the Constitution of Sri Lanka and the values enshrined in the Commonwealth Charter. The Commonwealth Secretariat stands ready to assist Sri Lanka in ensuring constitutional principles, and the values of the Commonwealth Charter, are upheld.”

Comments (1)

Your email address will not be published. Required fields are marked *

  1. Dickie Bird says:

    Was the Secretary General of the Commonwealth Patricia Scotland deaf and dumb while Sri Lanka was under going an Economic crisis. Where was she?
    Was not Sri Lanka important to the Commonwealth?
    What letter and spirit of the SL Constitution & what values enshrined in in the Commonwealth Charter does this Ms. Scotland QC refer to.
    What shared values does she refer to?
    Are there values adhered by Britain & the British Commonwealth [BC] ?
    To date Britain entertain the SL terrorists the LTTE. They are all there. BC never made any effort to settle the Terrorists uprising that took place in SL for (30) years destroying the very fabric & economy of the Country.
    The Great Britain gave them shelter, enjoyed their wealth, supported to them to obtain their vote to get elected & molly cuddle them todate and took SL to the UNHCR which was identified their Master USA as a Cess Pool took war crimes action against SL. Only country to wipe out terrorists while Britain returned from Afganistan with their tails between their legs.
    Patricia Scotland, is the BC still attempting to stamp their Colonial jack boot on SL?
    BC never steped into settle the Terrorists war. Entertained the LTTE & their sympathisers there. Enjoy their money & the vote.
    Therefore what business Patricia Scotland & BC have to dictate to Sri Lanka. We experienced how your Prime Minister David Cameron behaved at the last Commonwealth Conference held in SL? Your Country’s representative was dancing with the tiger sympathysers in the North.
    How much artefacts, important Manu scripts of Hela medicine info looted from SL & shipped to UK? [Dr. S.Jaishankar EAM of India said Britain owe India in todays terms $ 45tr for all Britain has looted from India.
    Ms. Scotland how about informing Britain the former Colonial Masters to pay SL 1/10 as of the quoted value by things looted from India to SL.?
    Yours is a shameless British Commonwealth.
    Can SL take Britain’s Tony (B)lair, his then Cabinet & Forces personnel for Illegal invasion of Iraq. Can SL or will BC take them before the UNHRC led by a scum called Michelle Bachelete?
    Gulf Strategy Fund run by Foreign Commonwealth Office has paid $74m up to 2020 via GSF to(06) Gulf Countries & further Pounds 10m allocated to 2020/21 though being accused of perpetrating war crimes against YEMEN & to Bahrain to cover up Torture Allegation on death Row inmates.
    SHAMELESS BRITAIN AND THE BRITISH COMMONWEALTH NOW PREACH TO SRI LANKA ON VALUES, Ms. Scotland? Are you not ashamed & if not must be thick skinned.
    Let Britain follow Constitutions principles before the Secy Gen. of the BC can preach to SL the values of BC Charter.
    WHAT YOU GOT TO DO AS THE SECY. GENERAL, stop the preaching & assist SL to overcome the Monetary Crisis & if unable MYOB & tell Briain they have still more to settle for Civilian deaths in Afganistan. Each death valued at Pounds 2000+ the value of a life in Afganistan to the British.

View all comments (1)

Comments (1)

Cancel reply

Your email address will not be published. Required fields are marked *

  1. Dickie Bird says:

    Was the Secretary General of the Commonwealth Patricia Scotland deaf and dumb while Sri Lanka was under going an Economic crisis. Where was she?
    Was not Sri Lanka important to the Commonwealth?
    What letter and spirit of the SL Constitution & what values enshrined in in the Commonwealth Charter does this Ms. Scotland QC refer to.
    What shared values does she refer to?
    Are there values adhered by Britain & the British Commonwealth [BC] ?
    To date Britain entertain the SL terrorists the LTTE. They are all there. BC never made any effort to settle the Terrorists uprising that took place in SL for (30) years destroying the very fabric & economy of the Country.
    The Great Britain gave them shelter, enjoyed their wealth, supported to them to obtain their vote to get elected & molly cuddle them todate and took SL to the UNHCR which was identified their Master USA as a Cess Pool took war crimes action against SL. Only country to wipe out terrorists while Britain returned from Afganistan with their tails between their legs.
    Patricia Scotland, is the BC still attempting to stamp their Colonial jack boot on SL?
    BC never steped into settle the Terrorists war. Entertained the LTTE & their sympathisers there. Enjoy their money & the vote.
    Therefore what business Patricia Scotland & BC have to dictate to Sri Lanka. We experienced how your Prime Minister David Cameron behaved at the last Commonwealth Conference held in SL? Your Country’s representative was dancing with the tiger sympathysers in the North.
    How much artefacts, important Manu scripts of Hela medicine info looted from SL & shipped to UK? [Dr. S.Jaishankar EAM of India said Britain owe India in todays terms $ 45tr for all Britain has looted from India.
    Ms. Scotland how about informing Britain the former Colonial Masters to pay SL 1/10 as of the quoted value by things looted from India to SL.?
    Yours is a shameless British Commonwealth.
    Can SL take Britain’s Tony (B)lair, his then Cabinet & Forces personnel for Illegal invasion of Iraq. Can SL or will BC take them before the UNHRC led by a scum called Michelle Bachelete?
    Gulf Strategy Fund run by Foreign Commonwealth Office has paid $74m up to 2020 via GSF to(06) Gulf Countries & further Pounds 10m allocated to 2020/21 though being accused of perpetrating war crimes against YEMEN & to Bahrain to cover up Torture Allegation on death Row inmates.
    SHAMELESS BRITAIN AND THE BRITISH COMMONWEALTH NOW PREACH TO SRI LANKA ON VALUES, Ms. Scotland? Are you not ashamed & if not must be thick skinned.
    Let Britain follow Constitutions principles before the Secy Gen. of the BC can preach to SL the values of BC Charter.
    WHAT YOU GOT TO DO AS THE SECY. GENERAL, stop the preaching & assist SL to overcome the Monetary Crisis & if unable MYOB & tell Briain they have still more to settle for Civilian deaths in Afganistan. Each death valued at Pounds 2000+ the value of a life in Afganistan to the British.

Sri Lanka’s discussions with bondholders constructive: State finance minister

ECONOMYNEXT – Sri Lankan authorities continue to engage all debt restructuring negotiations in good faith, within principles of equitable treatment among creditors, and with maximum transparency within the norms of such negotiations, State Minister of Finance, Shehan Semasinghe has said.

“It is standard practice, when a representative group of bondholders is formed, to entertain confidential discussions with such group and its appointed advisors. In the case of Sri Lanka, the Ad Hoc Group of Bondholders represents holders controlling more than 50% of the bonds, which make them a privileged interlocutor for Sri Lanka,” Semasinghe said on X (twitter).

“It is well understood that given the price sensitive nature of the negotiations, and according to market regulations, discussions with the Group and its advisors are to be conducted under non-disclosure agreements. This evidently restricts the ability of the Government to unilaterally report about the substance of the discussions.

“The cleansing statement, which was issued on the 16th of April, at the conclusion of this first round of confidential discussions with members of the Group, aims at informing the Sri Lankan people, market participants and other stakeholders to this debt restructuring exercise, about the progress in negotiations. It provides the highest possible level of transparency within the internationally accepted practices in such circumstances.

“As informed in this statement, confidential discussions held in recent weeks with bondholders’ representatives proved constructive, building on the restructuring proposals presented by both parties. During the talks both sides successfully bridged a number of technical issues enabling important progress to be made. Sri Lanka articulated key remaining concerns that need to be addressed in a satisfactory manner.

“The next steps would entail further consultation with the IMF staff regarding assessments of the compatibility of the latest proposals with program parameters. Following these consultations, we hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.”

Continue Reading

Sri Lanka rupee weakens at 301.00/302.05 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 301.00/302.05 to the US dollar in the spot forex market on Tuesday, from 299.00/10 on Tuesday, dealers said. Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent up from 11.95/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent down from 12.10/15 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent.

A bond maturing on 15.03.2031 closed at 12.30/50 percent. (Colombo/Apr17/2024)

Continue Reading

Sri Lanka Treasury Bill yields down across maturities

ECONOMYNEXT – Sri Lanka’s Treasuries yields were down across maturities at Wednesday’s auction with the 3-month yield moving down 7 basis points to 10.03 percent, data from the state debt office showed.

The debt office sold all 30 billion rupees of 3-month bills offered.

The 6-month yield fell 5 basis points to 10.22 percent, with 25 billion rupees of bills offered and 29.98 billion rupees sold.

The 12-month yield dropped 4 basis points to 10.23 percent with 18.01 billion rupees of bills sold after offering 23 billion rupees. (Colombo/Apr17/2024)

Continue Reading