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Tuesday April 16th, 2024

Embattled Sri Lanka President revokes Emergency Law after losing 42 MPs’ backing

ECONOMYNEXT – Under pressure from the public to resign, Sri Lanka President Gotabaya Rajpaksa has revoked an Emergency Law declared on April 1 after protesters attempted to enter his private residence.

“I.. do hear by with effect from midnight of April 5, 2022, revoke the proclamation issued by me in terms of powers vested in me,” President Rajaoaksa said in a gazette issued.

President’s decision comes as his ruling Sri Lanka Podujana Peremuna (SLPP)-led coalition suffered a major blow on Tuesday with 42 legislators withdrew their support to the party in the parliament.

He needs parliament approval to continue the State of Emergency for one month from the day he declared.

However, with the withdrawal of support from 42 SLPP legislators, his ruling coalition has a possibility of losing the vote.

Opposition legislator Abraham Sumanthiran on Tuesday called for the Emergency Law to be put to a vote.

The move also comes after tourism industry stakeholders protested on Tuesday in front of Tourist Promotion Bureau asking to revoke the Emergency Law while business chambers had sent a statement over the damage the Emergency Law could caused to Sri Lanka’s crisis-hit economy.

Rajapaksa imposed the emergency followed by a curfew on Sunday (03) and social media ban after some spontaneously gathered protesters via social media started to attack houses of SLPP legislators.

However, protesters defied president’s 36-hour curfew law on Sunday and agitated several parts of the roads, making the State of Emergency ineffective. (Colombo/March 05/2022)

Comments (3)

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  1. bindu says:

    Go Ta Go

  2. Mohamed says:

    Mr President now it’s time to listen to people’s voice we all faced severe hardship without Gas,Fuel,Daily Power Cut, No milk to drink Morning Tea, No flour to make stringhopper etc etc therefore pls resign with immediate form your post.

  3. Subtropical depression says:

    Gota is a sorry banda, with a leaking amude.

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Comments (3)

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Your email address will not be published.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

  1. bindu says:

    Go Ta Go

  2. Mohamed says:

    Mr President now it’s time to listen to people’s voice we all faced severe hardship without Gas,Fuel,Daily Power Cut, No milk to drink Morning Tea, No flour to make stringhopper etc etc therefore pls resign with immediate form your post.

  3. Subtropical depression says:

    Gota is a sorry banda, with a leaking amude.

Sri Lanka State FinMin meets BCIU in US; discusses post-crisis investment prospects 

ECONOMYNEXT – Sri Lanka’s State Finance Minister Shehan Semasinghe met Business Council for International Understanding( BCIU) in Washington on the sideline of the IMF/World Bank Spring Meetings late on Monday and discussed investment prospects in the island nation which is gradually recovering from an unprecedented economic crisis.
“Our discussion centered on the potential that Sri Lanka offers for international investors. Explored various sectors, including education, tourism, renewable energy, agriculture and technology, where strategic investments can drive sustainable economic growth and development,” Semasinghe said in his X (Twitter) platform. 
“We reviewed the current macro-economic landscape of Sri Lanka, including recent reforms that have transformed to results. Glad to concluded the forum by marking constructive dialogue and a shared commitment to support the economic development of Sri Lanka.” 
“We thank participants, stakeholders holders and global partners for the significant interest shown in unlocking the full potential of the Sri Lankan economy and fostering greater international understanding and cooperation.” (Colombo/April 16/2024) 
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India allows Sri Lanka to import 10,000MT of onions

ECONOMYNEXT – India has relaxed an export ban allowing 10,000 metric tonnes of onions to be shipped to Sri Lanka, the Indian High Commission in Colombo said.

“The exemption for Sri Lanka reiterated India’s Neighbourhood First policy, adding to the Sinhala and Tamil New Year festivities here,” the statement said.

Onion prices went up in Sri Lanka after India and Pakistan banned exports.

The Directorate General of Foreign Trade has issued a notice allowing National Co-operative Exports Limited to ship 10,000 MT of onions.

The UAE has also been allowed to import 10,000MT of onions on top of 24,400MT already permitted.

A large Indian and South Asian expat community lives in the UAE. (Colombo/Apr15/2024)

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Iran President to visit Sr Lanka amid rising tension, inaugurate Uma Oya project

ECONOMYNEXT – Iranian President Ebrahim Raisi will arrive in Sri Lanka on April 24 on a one-day official visit to inaugurate Tehran-assisted $529 million worth Uma Oya multipurpose development project with 120MW hydro power generation capacity, official sources said.

The announcement on President Raisi’s visit comes two days after Iran launched explosive drones and fired missiles at Israel in its first direct attack on Israeli territory, a retaliatory strike that raised the threat of a wider regional conflict.

“The President is visiting to inaugurate the Omaoya project. He will be on a one-day visit,” an official at Iran embassy in Colombo told EconomyNext.

A Sri Lankan Foreign Ministry official confirmed the move.

This is the first time an Iranian President coming to Sri Lanka Iranian after then President Mahmoud Ahmadinejad’s visit in April 2008.

The Omaoya project was originally scheduled to be completed in 2015, but had been delayed several times due to unexpected issued faced during the project cycle and funding issue after the United States imposed economic sanctions on Iran and economic crisis in Sri Lanka.

The project was started in 2010 and the funding was to be received as loan grant from the Iranian government. However, Iran was able to provide $50 million before the sanctions. Sri Lanka has to bear the cost after the sanctions.

The project includes storing water in two reservoirs with dams before being brought through a 23 km tunnel to two turbines located underground and generating hydro power with a capacity of 120 megawatts and added to the national grid.

After power generation, the water is expected to be brought to three reservoirs while supplying water to 20,000 acres of old and new paddy fields in both the Yala and Maha cultivating seasons.

The Memorandum of Understanding (MOU) for the construction was signed between the two countries in 2007 while Sri Lanka’s Cabinet approved the execution of the contract agreement between the Executing Agency, Sri Lanka’s Ministry of Irrigation and Water Management (MOIWM) of the GOSL and Iran’s FARAB Energy and Water Projects (FC).

When commencing the project on March 15, 2010, the scheduled date of completion of the project was on March 15, 2015. But the schedule completion date was extended to December 31, 2020 due to the unexpected water ingress into the head race tunnel and followed by social impacts.

The trade between the both countries suffered after the US sanctions. However, Sri Lanka inked a deal in December 2021 with Iran to set off export of tea to Iran against a legacy oil credit owed by state-run Ceylon Petroleum Corporation to the National Iranian Oil Company.

Sri Lanka owes $251 million for crude imported before the US imposed sanctions on Iran. (Colombo/April 15/2024)

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