Politics

Sri Lanka election commission to accept nominations for local polls Jan 18-21

File photo of polling booth

Wednesday January 4, 2023 10:55 am

ECONOMYNEXT – Nominations for Sri Lanka’s local government elections will be accepted from January 18 to 21, Election Commission Chairman Nimal Punchihewa said.

Punchihewa told EconomyNext on Wednesday January 04, however, that a date for the election can only be announced after nominations have been accepted.

Notices calling for nominations for 340 local government bodies were also released by district secretaries on Wednesday.

Sri Lanka’s local government elections scheduled for 2023 have been mired in controversy with opposition parties accusing the government of delaying the polls because the ruling Sri Lanka Podujana Peramuna (SLPP) fears an embarrassing defeat.

Members to the local government bodies need to be appointed by March 20, for which elections need to be held before March 10. However, an official date for the election has yet to be announced and until this week there was uncertainty whether polls would take place at all. In fact, the uncertainty persists, particularly in the wake of a writ petition filed before the Supreme Court by a retired military official seeking an order suspending the local government elections citing Sri Lanka’s ongoing currency crisis, the worst in decades.

According to media reports, the petitioner has questioned the benefit to the public of holding an election at present, noting Sri Lanka’s economic situation.

The main opposition, the Samagi Jana Balawegaya (SJB), meanwhile has been claiming for weeks that neither the SLPP nor President Ranil Wickremesinghe has any intention of holding the local government polls anytime soon.

The party said last week that it has already received a large number of applications requesting nomination. Interviews with candidates were held on December 30 at the party headquarters. (Colombo/Jan04/2022)

FILED UNDER: anura kumara dissanayake,election,election commission,local government,nimal punchihewa,politics,Ranil Wickremesinghe,SJB,Sri Lanka

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Accidents

Sri Lanka establishes committee to investigate aircraft incidents

An aircraft lands at the Jaffna International Airport, which was opened in October 2019 and promises to push the tourism frontiers in Jaffna.

Roshani Fernando

Thursday March 23, 2023 5:39 pm

By Roshani Fernando

Thursday March 23, 2023 5:39 pm

ECONOMYNEXT: Sri Lanka’s has established an expert committee under the state-run Civil Aviation Authority to investigate aircraft accidents and to implement precautionary methods in the Sri Lankan airspace, an Official said.

“Even if it is only one flight, there is a chance an accident may occur,” Civil Aviation Authority of Sri Lanka, Director General, P. A. Jayakantha said.

“This particular committee is there to investigate aircraft accidents and act as a mechanism to take over if something goes wrong”.

Sri Lanka has encountered around 2,700 minor aircraft accidents and incidents mostly on the ground in the 19 years through 2021, the CAA annual reports showed.

The new committee will analyze the past accidents and take precautionary measures while also conducting investigations and provide independent reports in the future, Jayakantha said.

The team is provided with required training and qualifications by the CAA along with an International organization, free of charge.

“Internationally also it is a requirement to have a team to investigate the aircraft accidents,” Jayakantha added.

“For a long time we have not fulfilled this requirement and that is why we established this team with the cabinet approval. Moreover, recently, Sri Lanka’s two aircrafts, one training aircraft and a commercial aircraft met an accident”

The committee will be on active duty, until the Accident Investigation Act is passed and a proper Aircraft Accident and Incident Investigation Bureau is established. (Colombo/ Mar23/2023)

Bonds & Forex

Sri Lanka bond yields steady, Rupee 319/325 at close

Thursday March 23, 2023 5:35 pm

ECONOMYNEXT – Sri Lanka’s treasury bond yields closed steady on Thursday while rupee closed weaker, dealers said.

A 01.07.2025 bond closed at 30.60/31.00 percent on Tuesday, down from 30.25/75 percent on Wednesday.

A 15.09.2027 bond closed at 27.80/28.10 percent, steady from 27.90/28.00 percent from Wednesday.

Sri Lanka rupee closed at 319/325 against the US dollar depreciating from 318/320 from a day earlier. (Colombo/ March23/2023)

Markets

Sri Lanka shares dive to two-week low on local debt restructuring fears

Thursday March 23, 2023 5:35 pm

ECONOMYNEXT – The Sri Lanka market fell for a fourth session to a two-week low on Thursday, led by financials, as worries over domestic debt restructuring continued after the IMF loan was approved earlier this week resulting in investors adopting a wait-and-see approach until further clarity was provided, analysts said.

The main All Share Price Index (ASPI) closed down 1.38 percent or 131.07 points to 9,395.98, lowest since March 02.

Analysts said, majority of the banks have been on slower investment trends on fears of domestic debt restructuring after the IMF approval and waiting for more clarity on the local debt restructuring.

“The market is on muted sentiments despite the IMF loan being approved and is going through a period of consolidation,” Ranjan Ranatunga of First Capital Holdings said.

The market saw a net foreign outflow of 298 million rupees and the total offshore inflows recorded so far in 2023 to 3.3 billion rupees.

The most liquid index, S&P SL20, closed 1.64 percent, or 45.33 points, down at 2,722.94.

The market saw a turnover of 3.4 billion rupees on Thursday, above this year’s daily average of 1.8 billion rupees.

This is the highest turnover generated since March 08, which is when the market was driven off of positive sentiments from International Monetary Fund deal hope after Chinese assurances.

Top contributors to revenue was Agalawatte Plantations, on off board transactions of a stake change, contributing revenue of 1.6 billion rupees, Ranatunga said.

Top contributors to revenue industry wise was Food and Beverage and Telecommunications.

Sri Lanka Telecom has been seeing positive uptrends as the Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies.

Top losers were Sampath Bank, Hatton National Bank and Commercial Bank.

Sri Lanka is looking at options to re-structure domestic debt, or local law local currency debt (LLLC), without harming the banking sector and announce them the International Monetary Fund said in a report.

Banks have been witnessing profit taking and selling pressures after continuous uptrends prior to the IMF loan had been approved.

Analysts said, selling pressures is expected to ease as the IMF hopes to reduce inflationary pressures which will in turn lead to reductions in interest rates. (Colombo/Mar23/2023)