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Thursday June 20th, 2024

Sri Lanka main opposition SJB unfazed by SLPP-UNP alliance

File photo of SJB convention

ECONOMYNEXT – The newly announced alliance between the ruling Sri Lanka Podujana Peramuna (SLPP) and the United National Party (UNP) is no threat to the main opposition Samagi Jana Balawegaya, according to an SJB spokesman.

SJB national list MP Tissa Attanayake told reporters on Monday January 10 that the SLPP and the UNP have joined forces because neither party enjoys enough support to contest alone.

“The UNP-SLPP alliance is in no way a challenge to the SJB,” said Attanayake.

The MP said the SJB expects to contest the polls together with all parties and organisations affiliated with the party.

The nationalist SLPP and its former rival the centre-right UNP, the party headed by President Ranil Wickremesinghe, will join forces to contest the local government elections that may or may not take place in March this year.

UNP general secretary Palitha Range Bandara told reporters following a discussion between the president and SLPP representatives on Monday that the two parties will contest the election together under the SLPP’s Pohottuwa (lotus bud) symbol for some of the local bodies, the UNP’s elephant symbol for some and a common symbol for the others.


Sri Lanka’s ruling SLPP, president’s UNP team up for local govt elections

However, it is unclear whether the local government elections will take place at all. Despite the election commission announcing January 18 to 21 as dates for accepting nominations for the local polls, there is a cloud of uncertainty over the widely anticipated election. Opposition parties continue to accuse the government of resorting to various underhand tactics to delay the election while the election commission itself is reportedly divided on whether it should go ahead with the polls.

A number of government ministers have said the cash-strapped country cannot afford to hold elections at present, while some analysts warn that an election at this juncture could derail or at least slow down Sri Lanka’s recovery process. President Wickremesinghe, though he has said he will not participate in the UNP’s election campaign, is also reportedly decidedly not in favour of an election at present, choosing instead to prioritise his mandate to bring Sri Lanka out of its worst currency crisis in decades. (Colombo/Jan10/2023)

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  1. mohamed Sulaiman says:

    RANIL RAJAPAKASHA and the Bloody RAJAPAKSHAS know their FATE if they do have an ELECTION, RANIL should BE MAN enough to face the challenge.

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  1. mohamed Sulaiman says:

    RANIL RAJAPAKASHA and the Bloody RAJAPAKSHAS know their FATE if they do have an ELECTION, RANIL should BE MAN enough to face the challenge.

Sri Lanka shares debt management experience at global forum

ECONOMYNEXT – Sri Lanka has shared its experiences at a forum on debt management to “provide lessons for others”, State Minister of Finance Shehan Semasinghe has said.

Semasinghe spoke on “The Role of Debt Management in Navigating Crises” at the 14th Debt Management Facility (DMF) Stakeholders’ Forum, in Livingstone, Zambia.

“I shared the experiences of Sri Lanka which can provide valuable lessons for others and explored the critical elements of capacity building and sound institutional practices in managing debt, particularly in the context of economic challenges,” Semasinghe said on X (twitter).

“Sri Lanka’s experience demonstrates that effective debt management is not just about managing numbers but also about building robust institutions and capacities.”

The journey underscores the importance of transparent, accountable governance and the need for international support and cooperation in times of crisis, he said.

“Sri Lanka prioritized addressing gaps in public debt management by drafting a consolidated Public Debt Management Act, ensuring clarity and legal robustness and establishing a centralized Public Debt Management Office with operational autonomy.

“The role of debt management in navigating crises is multifaceted and critical. Further, by investing in capacity building, adhering to sound institutional practices, and strategically managing debt restructuring and liability operations, countries can better withstand economic shocks and pave the way for sustainable recovery.”

Developing countries face severe debt distress as they are more vulnerable to external shocks, Semasinghe said, and “managing global debt requires coordinated international efforts on debt restructuring where necessary, timely fiscal policy adaptation and help sustainable economic growth.”

The state minister also pointed out the financial impact of climate change was an emerging challenge, as countries need investment to mitigate and adapt to climate impacts, “especially through non-debt creating inflows, which would require private capital mobilization.” (Colombo/Jun20/2024)

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Sri Lanka rupee closes stronger at 305.10/30 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger ahead of the long weekend at 305.10/30 to the US dollar on Thursday, up from 305.40/55 to the US dollar Wednesday, dealers said, while some bond yields edged up.

A bond maturing on 15.12.2026 closed at 10.45/80 percent, up from 10.35/75 percent.

A bond maturing on 01.07.2028 closed at 11.20/45 percent.

A bond maturing on 15.09.2029 closed at 12.00/15 percent, up from 11.95/12.35 percent.

A bond maturing on 01.12.2031 closed at 12.05/25 percent.

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Sri Lanka stocks close up, JKH trade pushes turnover

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed.

The broader All Share Index closed up 0.19 percent, or 23.11 points, at 12,249; while the more liquid S&P SL20 Index closed up 0.15 percent, or 5.33 points, at 3,610.

Turnover was 2 billion. Nearly half of this (Rs980mn) came from a crossing on John Keells Holdings Plc. The share closed down at 202.00.

“There were several crossings today which pushed turnover,” market participants said.

“Institutions and high net-worth activity drove the market, while the retail investors we feel are still about uncertain and adopting a wait-and-see approach.”

Melstacorp Plc was among the companies that saw active volumes (Rs194mn) in the day. The share closed up at 87.10.

Top contributors to the index included TeeJay Lanka Plc (up at 41.70), Sampath Bank Plc (up at 79.50), Hatton National Bank Plc (down at 201.00). Hayleys Plc (up at 105.00) and its subsidiary Hayleys Fabric Plc (up at 46.60) were also positive contributors. (Colombo/Jun20/2024)

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