Constitutional Amendments

Sajith demands the government provide relief for Covid hit areas

Thursday October 15, 2020 7:17 pm

ECONOMYNEXT – Sri Lanka’s Leader of the Opposition Sajith Premadasa is demanding that the government offer relief packages to workers and families in the areas affected by the second wave of Covid 19 infections which has now struck more than 1,600 people.

Large swathes of the highly populated Gampaha district are under Police or quarantine curfews, factories and businesses are closed and many people’s livelihoods have been affected.

Premadasa in a statement released to the public today October 15, said that the second wave “is directly due to the negligence of the government.”

“However the government is not taking any measures to help those who are affected economically by this wave,” he said.

Instead, the government is “only interested in increasing its power,” Premadasa said in an oblique reference to the proposed 20th Amendment to the Constitution.

Premadasa said that daily wage earners were the worst affected and the government must immediately provide relief in the form of cash grants and dry rations. (Colombo October 15, 2020)

Reported by Arjuna Ranawana

FILED UNDER: Opposition Leader Sajith Premadasa,Relief Measures,Sri Lanka COVID19

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Markets

Sri Lanka stocks recover with banking and finance sectors leading the way

Stock Market. Free public domain CC0 image.

Wednesday March 29, 2023 6:46 pm

ECONOMYNEXT – Sri Lanka’s stocks edged up on Wednesday recovering from the two-day loss, with banking and finance sectors pushing up the market as buying interest returned for the day, easing selling pressure, brokers said.

The main All Share Price Index (ASPI) closed up 0.42 percent or 39.03 points to 9,272.43.

The market was on a downward trend since last week as investors are adopting a wait-and-see approach until more clarity is given regarding local debt restructuring after the International Monetary Fund approved the extended loan facility.

“Buying interest has renewed and selling pressures are wearing off,” Ranjan Ranatunga of First Capital Holdings said.

Shares at Lanka IOC was gaining during the following week on the news that the Sri Lanka cabinet has granted approval for three oil companies from China, the United States, and Australia in collaboration with Shell Pl to lease 150 fuel stations for each company to operate in the local market.

However, sudden price revision of fuel by the Energy Ministry has hit the shares dragging it down, analysts said.

A crossing was seen by Horana Plantations, with a 51 percent stake change coming into play, the crossing had generated 700 million rupees from the total turnover, Ranatunga said.

The market saw a net foreign inflow of 32.8 million rupees, and the total offshore inflows recorded so far in 2023 are 3.3 billion rupees.

The most liquid index, S&P SL20, closed 0.64 percent or 16.95 points up at 2,673.25.

The market saw a turnover of 1.4 billion on Wednesday, below this year’s daily average of 1.8 billion rupees.

Top gainers were Sampath Bank, Vallibel One and DFCC Bank.(Colombo/March29/2023)

Bonds & Forex

Rupee closes weaker at 328.50/329.50 against the US dollar, Bond yields steady

Wednesday March 29, 2023 5:58 pm

ECONOMYNEXT – Sri Lanka’s treasury bond yields were down and the rupee closed weaker in the spot market on Wednesday following an undersubscribed treasury bill auction, dealers said.

A 01.07.2025 bond closed at 31.25/30 percent on Tuesday, steady from 31.20/60 percent on Tuesday.

A 15.09.2027 bond closed at 28.25/29.00 percent, unchanged from Tuesday.

A one-year bill closed at 24.00/30 percent, down from 24.25/25.00 percent.

Sri Lanka rupee closed at 328.50/329.50 rupees against the US dollar weakened, from 325/328 rupees from a day earlier. (Colombo/ March29/2023)

Economy

Sri Lanka tuk tuk, bus fares to be cut on lower fuel prices

CROWDED: An overloaded bus in a suburb of Colombo, leaning sideways with passengers clinging to foot boards.

Wednesday March 29, 2023 4:22 pm

ECONOMYNEXT – Sri Lanka’s bus fares will be cut from 12.9 percent from midnight onwards, a public transport regulator said while tuk tuk drivers said they are cutting their free market fares with immediate effect.

“The minimum rate will be cut to 30 rupees from tonight,” Lasantha Alagiyawana acting Transport Minister told reporters Wednesday.

The minimum bus fare was previously 35 rupees.

Three wheeler association President, Lalith Dharamsena said the first kilometer is charged from 100 rupees and 80 rupees for the second kilometer.

The price of Petrol 92 Octane will be slashed by 15 percent or 60 rupees to 340, Petrol 95 Octane 95 will be reduced by 26.5 percent or 135 rupees to 375, Auto Diesel by 19.8 percent or 80 rupees to 325, and kerosene by 3.3 percent or 10 rupees to 295.

Wijesekera said on President Ranil Wickremesinghe’s advice and in line with the price formula agreed with the International Monetary Fund (IMF), the prices will be reduced from midnight today. (Colombo/Mar29/2023)