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Wednesday September 27th, 2023

President-elect Gotabaya to swear in today

President-elect Gotabaya Rajapaksa, whose landslide victory was formally declared by Election Commission Chairman Mahinda Deshapriya yesterday afternoon, will be sworn in as the country’s seventh Executive President today.

The swearing in ceremony will take place in the ancient capital of Anuradhapura at 11am at the historic Ruvanweli Stupa site. The stupa was constructed around 140BC by King Dutugemunu, who is frequently hailed as a heroic Sinhalese warrior king that united the island nation defeating the conquering Tamil king Elara.

Having obtained 6,924,255 votes (52.25%), Rajapaksa won the presidential election quite comfortably with a margin of over 1.3 million votes. His opponent Sajith Premadasa came in second place with 5,564,239 votes (41.99%). Third party candidate Anura Kumara Dissanayake polled only 418,553 votes, which was only 3.16% of the total vote.

According to the Election Commission Chairman, this year’s presidential election was a tightly contested one with a historic 35 candidates running for president and a voter turnout of 83.72%.

Following his ceremonious swearing in today, President Rajapaksa will worship at the sacred Sri Maha Bodhi tree, after which he will address the nation for the first time as President of the Republic.

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Sri Lanka to introduce social security system: minister

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

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Sri Lanka’s stocks up in trading on Wednesday morning

ECONOMYNEXT – Sri Lanka shares were picking up in trading on Wednesday morning.

Turnover was at 50 million. Trading in the Capital Goods Industry Group was driving turnover.

The All Share Price Index was up 0.37 percent or 41.78 points to 11,289.94, while the S&P SL20 was also up 0.68 percent or 21.66 points to 3,187.65.

Hatton National Bank, Commercial Bank and LOLC saw gains in morning trade, while Tokyo cement and Lanka Hospitals were trading down during morning trading. (Colombo/Sep27/2023)

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Sri Lanka rupee opens at 323.50/324.10 to the US dollar, bond yields stable

ECONOMYNEXT – Sri Lanka’s rupee opened at 323.50/324.10 to the US dollar on Wednesday, after closing on Tuesday at 323.70/324.20 to the US dollar, dealers said.

A bond maturing on 01.08.2026 was quoted at 15.50/70 percent on Wednesday up from Tuesday’s close at 15.45/65 percent.

A bond maturing on 01.05.2028 was quoted at 14.50/55 percent from closing at Tuesday at 14.30/55 percent. (Colombo/Sep27/2023)

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