An Echelon Media Company
Friday June 2nd, 2023

“Leaked” Supreme Court determination on 20A “disappointing,” say lawyers

File photo – Opposition Members protest the 20A in Parliament

ECONOMYNEXT – In an unprecedented event, a document purporting to be the determination of the Supreme Court on the proposed 20th Amendment to the Constitution is available on the internet and has appeared on several news sites since this afternoon.

The determination, a document which contains the decision of the Supreme Court in response to 39 petitions filed by political parties, human rights activists, the Bar Council and other groups, was sent to the office of the Speaker of Parliament Mahinda Yapa Abeywardene on Friday.

The Speaker was to announce the determination to Parliament at its next session on October 20, and Parliamentary sources say there is some consternation about the supposed leak, but they would not confirm whether it is the genuine document.

Several Constitutional lawyers EconomyNext interviewed said on condition of anonymity that the document “seems to be genuine.”

Lawyers who opposed the 20A say the determination in the leaked document if genuine “is disappointing.” Many of them had hoped the SC would compel the government to seek approval through a referendum, but according to this document, most of the proposals made in the 20A can be approved through a two-thirds majority in Parliament which the government has.

Opposition political parties were hoping for a referendum through which they could have built a broad anti-government coalition.

Constitutionalist Dr Asanga Welikala in a response on Twitter this evening said:

“Predictably disappointing determination by the Sri Lankan Supreme Court on the 20th Amendment Bill. All clauses deemed impinging on entrenched provisions will avoid a referendum on basis of committee-stage amendments (and one if amended according to the Court’s suggestion).”

He went on to say that the determination “reads like a verbose attempt to show the Court is checking the executive by finding fault with some aspects of the Bill but in the end permits the executive to get away with committee-stage amendments or minor alterations.”

“There is no serious analysis or indeed understanding of the ways in which the Bill affects popular sovereignty and constitutional government. The findings on the removal of PM’s advice and expansion of the dissolution power are especially shallow,” he added

“The government has been given the judicial go-ahead to pass a superficially revised version of the Bill without a referendum. The revisions required by the Court will in no way ameliorate the harm that the constitutional amendment will do to constitutional democracy” Welikala who the Director of the Edinburgh Centre for Constitutional Law said. (Colombo, October 10, 2020)’

Reported by Arjuna Ranawana

Leave a Comment

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

Leave a Comment

Leave a Comment

Cancel reply

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

Sri Lanka to ramp up weekend fuel deliveries after petrol price cut

More deaths reported at Sri Lanka fuel queues

ECONOMYNEXT – Sri Lanka’s state-run Ceylon Petroleum Corporation will be operating on the weekend to complete all fuel deliveries to end vehicle queues forming outside fuel stations after the price revision earlier in the week, Energy Minister Kanchana Wijesekera said.

“Instructions have been given to CPC and Ceylon Petroleum Storage Terminals to continue fuel deliveries on Saturday and Sunday this week to supply sufficient stocks to all fuel stations,” Minister Wijesekera said in a TWITTER.COM MESSAGE

“To reduce expenses on overtime, CPC and CPSTL have not been operating on Sundays and public holidays in the last 4 months,” Wijesekera said.

“Non-placement of orders by fuel stations from last Saturday, anticipating a price reduction, not maintaining minimum stocks, immediate increase in demand by consumers after the price revision, and quota increase have created shortages in the fuel stations.”

The Minister in April 2023 said all fuel stations would be required to maintain a minimum of 50 percent of stock tank capacity.

“I have asked CPC to review and suspend the license of fuel stations that had not maintained minimum stocks.” (Colombo/ June 02/ 2023)

Continue Reading

Sri Lanka bonds yield up at close, rupee at 291.75/292.50 against the US dollar

ECONOMYNEXT – Sri Lanka’s bonds closed steady on Friday, dealers said, following the central bank’s decision to cut its main policy rate by 250 basis points.

The Spot US dollar closed at 291.75/292.50 rupees, dealers said.

The rupee opened at 290.25/75 to the US dollar Thursday and closed at 292.50/295.50 to the US dollar.

A bond maturing on 15.09.2027 closed at 24.70/90 percent up from 24.50/90 percent a day earlier, dealers said.

A bond maturing on 15.05.2026 closed at 25.75/26.25 percent up from 25.00/26.00 percent a day earlier.

A bond maturing on 01.05.2025 closed at 27.00/30 percent, up from 26.30/27.00 per cent at last close.

A bond maturing on 01.07.2032 closed at 20.25/21.00 percent, up from 20.00/40 per cent at last close.
(Colombo/ June 02/2023)

Continue Reading

Sri Lanka’s shares edge up on positive macroeconomic sentiments

ECONOMYNEXT – Sri Lanka’s shares closed higher in trade on Friday, over positive macro-sentiments encouraging investors to redeem their interest towards buying, an analyst said.

The main All Share Price Index was up 0.72 percent or 62.19 points to 8,753.80,  while the most liquid index S&P SL20 was up 0.68 percent or 16.87 points to 2,487.29.

Sri Lanka’s inflation in the 12-months to May 2023 has eased to 25.2 percent from 35.3 percent a month earlier according to a revised Colombo Consumer Price Index calculated by the state statistics office.

Prior to the Monetary Policy investors were quite optimistic that inflation is to lower and interest rates will decrease and since exp, an analyst said.

Sri Lanka Central Bank is waiting for the government proposal on the domestic debt restructuring (DDR), the central bank governor Nandalal Weerasinghe said amid uncertainty over DDR and speculations over instability in the banking sector.

“On debt restructuring, the borrower is the ministry of finance’s treasury. Certainly we will announce what the strategy will be. We are waiting for a government proposal,” Weerasinghe said.

Sri Lanka’s investors are waiting on assurances to be made on debt restructuring and optimization, Central Bank Governor Nandalal Weerasinghe said, “It is up to the government to clear the uncertainty, because from our side we have done that part.”

The central bank cut the key policy rates by 250 basis points to spur a faltering economic growth as inflation was decelerating faster than it projected.

The speculation of DDR has hit the market and the risk premium has kept the market lending rates well above the central bank’s policy rates. The government has yet to present its plans on DDR.

Weerasinghe said the central bank has done its best to reduce the risk premium through bringing down the market lending rates while keeping the policy rates unchanged.

Sri Lanka’s President Ranil Wickremesinghe has discussed progress of International Monetary Fund program and debt restructuring during a visit of Deputy Managing Director Kenji Okamura, statement said.

“The discussion primarily focused on the progress of the IMF program between Sri Lanka and the IMF,” a statement from President’s office said.

“Attention was also paid to the on-going debt restructuring negotiations.”

However Officials from IMF have said Sri Lanka has to focus on expanding taxes.

“We discussed the importance of fiscal measures, in particular revenue measures, for a return to macroeconomic stability,” Deputy Managing Director Kenji Okamura said in a statement.

The finance ministry this week issued rules requiring everyone above 18 year of age to register to pay income tax.

“I was encouraged by the authorities’ commitment to negotiate a debt strategy in a timely and transparent manner.

The market generated a revenue of 738 million rupees, while the daily average was 1 billion rupees.

Top gainers in trade were Vallibel One, LOLC Finance and Browns Investment. (Colombo/June02/2023)

Continue Reading