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Tuesday April 16th, 2024

Sri Lanka Buddhist monk Gnansara thero sentenced to four years RI: report

ECONOMYNEXT — General Secretary of the Bodu Bala Sena (BBS) Galagodaaththe Gnanasara Thero has been sentenced to four years of rigorous imprisonment over an allegedly defamatory comment made in 2016, a media report said.

The privately owned Ada Derana news network reported on its website that the verdict was delivered by Colombo High Court Judge Aditya Patabendige on Thursday March 28.

Other reports said the controversial monk was sentenced over a comment against Islam at the Kuragala Buddhist temple.

The monk has also been ordered to pay a fine of 100,000 rupees.

The Attorney General had filed the case against Gnanasara thero on charges of causing religious and racial disunity in Sri Lanka in the form of remarks he had made at a press conference held on March 30, 2016, reports said.

The firebrand monk has been accused of promoting Islamophobia in Sri Lanka.

In 2012, Gnanasara Thero was allegedly at the forefront of an anti-Muslim campaign which called on the majority Sinhalese to boycott Muslim-owned businesses.

The United States in 2014 cancelled a visa issued to the monk while social media platform Facebook blocked his account after the BBS’s alleged involvement in violence against Sri Lanka’s minority Muslims in the Western coastal town of Aluthgama.

He was arrested for contempt of court in 2018 during the previous administration but was later pardoned by President Maithripala Sirisnena.

Critics have said Gnanasara Thero has been used to create a rift between the Sinhala majority and Muslim minority for political reasons. But the monk has denied the allegation and has said Sri Lanka’s Sinhala majority has issues that have been ignored by politicians, issues that he had tried to address.

Since the 2019 Easter bombings, the monk has maintained that his cause is not against ordinary Muslims who have coexisted with the Sinhalese for centuries but with extremist, Wahabist elements in Muslim society.

Speaking to reporters in November last year, Gnanasara Thero said recommendations by the BBS, widely seen as an ultranationalist outfit, will make it to the proposals of the presidential task force he leads.

Related: BBS proposals will make it to ‘one country, one law’ task force: Sri Lanka hardline monk

The monk said the BBS had spoken about unethical conversions, destruction of archaeological monuments and cultural invasion. (Colombo/Mar28/2024)

 

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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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Sri Lanka to discuss two contentious points with bondholders: report

ECONOMYNEXT – Sri Lanka and sovereign bondholders are to discuss two matters in the near future which the two sides failed to reach agreement at March talks in London, a media report quoting a top aide to President Wickremesinghe as saying.

Sri Lanka and bondholders had discussed four matters on restructuring international sovereign bonds in late March and agreement had been reached on two, President’s Chief of Staff Sagala Ratnayake was quoted as saying on state-run ITN television.

A restructuring proposal by bondholders was not in line with IMF requirements, and Sri Lanka had sent a counter proposal, he said.

The matters will be discussed at round of talks in the near future.

Sri Lanka was optimistic of reaching an agreement with the bondholders before June, officials have said.

According to matters already in the public domain, sovereign bond holders are keen to get a bond tied to dollar gross domestic product, as they feel IMF growth projections are too low.

In past re-structuring so-called value recovery instruments, a type of warrant, gave their owners extra payments if a country did better than expected and were tied to items like oil prices.

Bondholders had initially proposed bond which would have a lower hair cut initially, and it will have additional hair cuts if growth is low (about 3.1 percent) as projected in an IMF debt sustainability analysis. (Colombo/Apr15/2024)

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