Sri Lanka FinMin defeats no-trust vote, fails to secure two-thirds

ECONOMYNEXT, Finance Minister Ravi Karunanayake comfortably defeated the so-called joint opposition’s no-confidence resolution with a majority of 94 votes, but was disappointed because he failed to secure a two-thirds majority.

The 225-member parliament voted 145 against the motion, five short of a two-thirds majority, while 51 were in favour and 28 were absent.

President Maithripala Sirisena was in the house during the debate on Karunanayake, which turned into a discussion on the government’s economic management.

Sirisena’s presence was seen as a strong sign of solidarity with Karunanayake who played a key role in getting the President to be the common candidate at the January 2015 elections.

A highlight of the debate was some SLFP ministers in the government urging both the President and the Prime Minister not to extend Central Bank of Sri Lanka Governor Arjuna Mahendran’s term when it expires later this month.

Mahendran has been at the centre of a bond scandal amid allegations that his son-in-law had inside information and benefited from bond sales and made undue profits. Mahendran has denied the allegations. (COLOMBO, June 9, 2016)

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