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Saturday June 3rd, 2023

Sri Lanka Easter attack probe: Cardinal sceptical of politically compromised law enforcement

Malcolm Cardinal Ranjith

ECONOMYNEXT – Sri Lanka’s Catholic church is sceptical of a politically compromised law enforcement’s ability to probe the “grand conspiracy” behind the 2019 Easter Sunday bombings, Colombo Archbishop Malcolm Cardinal Ranjith said.

There can be doubts about finding out what really happened with a “police that acts according to the wishes of the current political leadership, a criminal investigation department (CID) that follows the political leadership’s agenda, and a legal system and law enforcement personnel that political leaders are trying to control,” Ranjith said.

The cardinal was speaking at a press conference Tuesday (13) morning to announce the submission of an interim report compiled by seven bishops of the church on purported shortcomings of a report by the Presidential Commission of Inquiry (PCoI) that investigated the series of bombings.

“We urge the government not to brush [the investigation] under the carpet by taking a few people to court and acting as if it’s done and dusted,” he said, adding that there are “hidden mysteries” behind the attack that need to come to light.

Related: Cardinal does 180, claims he never said Easter bombings were politically motivated

Further investigations should be based on some of the contents in the PCoI report as well as certain revelations made by MPs in parliament, the cardinal said.

“The former Attorney General had said unequivocally that there was a grand conspiracy behind the attack. We have a right to know what that conspiracy was. Did he make his statement based on the contents of the commission report, or the contents of the 22 volumes that were hidden and submitted later because apparently they could not be released, we do not know,” he said.

Days before his retirement, outgoing Attorney General Dappula de Livera said on Ma 18 this year that there was clear evidence of a grand conspiracy linked to the April 21 2019 bombings that killed 269 people and injured over 500.

Related: Sri Lanka Attorney General claims “grand conspiracy” behind Easter attack

Twenty-two volumes of the PCoI report, purportedly containing sensitive information, were submitted to the Attorney General on March 12, this year, over a month after the ‘final’ PCoI report was handed over to the president.

The PCoI recommended that criminal proceedings be instituted against former President Maithripala Sirisena and others over the incident.

Related: Sri Lanka Easter attacks commission recommends criminal proceedings against President Sirisena

The government has been claiming for some months now that Maulavi (Islamic preacher) Mohamed Ibrahim Mohamed Naufer and one Rasheed Hajjul Akbar, both of whom are in custody, had been identified as the only confirmed masterminds of the attack. Public Security Minister Rear Admiral Sarath Weerasekara told reporters in May that no other suspect had been identified as having masterminded the attacks and stressed that the government has no intention to hide its findings.

Related: FBI confirmed Maulavi Naufar masterminded Sri Lanka Easter attacks: Minister

The official account has been contested by opposition lawmakers and others. Main opposition Samagi Jana Balavegaya (SJB) MP Harin Fernando in a controversial statement made in parliament on April 20 claimed that the Islamic preacher was never brought before a presidential commission of inquiry that probed the Easter bombings.

Fernando also claimed that an intelligence officer who had been arrested in connection with the bombings was transferred to the custody of military intelligence before a statement could be recorded. Investigations by former Criminal Investigation Department (CID) Director Shani Abeysekara had revealed that the suspect had had discussions with the perpetrators of the attack, Fernando said.

“If the government or any institute thinks that our people will be satisfied by having 20, 30 cases in court instead of [an adequate investigation], they’re just fooling themselves,” said Ranjith.

“We will not end our struggle here, just because some cases have been filed. We will continue,” he added. (Colombo/July13/2021)

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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)

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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)

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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)

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