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Sunday December 3rd, 2023

Sri Lanka must use court verdict to recover stolen assets: CBK

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ECONOMYNEXT – The government must use a recent Supreme Court verdict on Sri Lanka’s economic crisis to recover “stolen assets” and redistribute them among the public, former president Chandrika Bandaranaike Kumaratunga said.

In a statement to the media on Sunday November 19, Kumaratunga said the Supreme Court’s verdict on who was responsible for “bankruting” Sri Lanka was a rare and special one.

“The only question I have is, there are many other people connected to it who have not been named. But this is a very rare ruling in this country, and it is a great one,” she said.

Noting that the apex court hasn’t sentenced the parties named in the verdict, Kumaratunga said the petitioners hadn’t sought a penalty for the accused.

“But citizens can go to court and seek punishment and compensation,” she said, adding that millions of Sri Lankans who have had to go hungry as a result of the economic crisis can use the opportunity to get redress.

The former president went further and said money allegedly stuffed in foreign bank accounts and offshore companies or invested in hotels and residences in Sri Lanka can also be found through police investigation, using the court’s verdict.

“The government can appropriate these assets, convert them to cash and absorb it to the Treasury or redistribute it among the people,” she said.

“This is nothing new. The World Bank has a stolen assets unit which has mechanisms in place for finding such things. We can obtain their assistance.  In the Philippines assets were recovered and brought back to their country, to a great extent,” said Kumaratunga.

“This can be done. I urge the government to take action on this immediately,” she added.

Meanwhile, former president Mahinda Rajapaksa has said he does not accept the verdict holding him, two of his brothers and officials affiliated with their administration responsible for Sri Lanka’s financial crisis.


Sri Lanka crisis: former prez does not accept apex court verdict


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  1. Kumudhu says:

    Only a small amount of alleged billions stolen by Marcos of Philippine has been brought back. Marcos family member is the current President.

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  1. Kumudhu says:

    Only a small amount of alleged billions stolen by Marcos of Philippine has been brought back. Marcos family member is the current President.

Sri Lanka UGC wants to boost number of IT-related degrees

ECONOMYNEXT – Sri Lanka’s University Grants Commission is of the view to boost the number of Information Technology (IT) related degrees in state universities with an aim to pave the way for a digital economy.

Sri Lanka’shigher education system has been producing more graduates in Arts stream while the degrees in highly demanded IT and other engineering services are being looked at only now.

“We do have a high demand for engineering, science, AI, computer and electronical engineering

studies,” Chairman of University Grants Commission, Sampath Amaratunga, told reporters at aa media briefing on Friday

“However, while avoiding neglecting the humanities, we should develop new IT skills.”

Amaratunga confirmed that a student who studied in any stream could obtain an IT degree, including students who studied in the arts stream.

The UGC data show that out of 18,490 engineering technology stream students who sat for their Advanced Levels (A/L) in 2022, 10634 were eligible for university.

“Even streams like agriculture should be encouraged to use technology,” Amaratunga said. (Colombo/Dec 2/2023)

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Sri Lanka leader inaugurates Climate Justice Forum at COP28 in Dubai

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe launched Climate Justice Forum (CJF) at the ongoing 2023 United Nations Climate Change Conference (COP28) held in Dubai in a move to gather support for vulnerable nations hit by climate-change led disasters.

This year’s climate summit held in Dubai’s EXPO2020 features a raft of issues for countries working to find common ground in tackling climate change, including whether to phase out fossil fuels and how to finance the energy transition in developing countries.

Wickremesinghe inaugurated the Climate Justice Forum at COP28 on Saturday and emphasized the critical importance of addressing climate issues with a sense of justice and equity.

The President had been in talks with many nations vulnerable to climate change disasters including African and South American countries to get their support for the CJF.

The move is to compel advanced and developed countries to look into the poor nations hit by the climate changes and help them to get over economic and debt burdens by either investing more in green energy initiatives or writing off debts to ease financial pressure.

Sri Lanka, which is now facing an unprecedented economic crisis, has seen increasing losses and damages, both human lives and physical properties due to climate change-led disasters like floods, drought, and earth slips.

In his speech at the COP28 forum, Wickremesinghe on Friday said the Climate Justice Forum will provide a platform for constructive and proactive engagements. (Dubai/Dec 2/2023)

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Sri Lanka IMF review goes to executive board on December 12

ECONOMYNEXT – The first review of Sri Lanka’s International Monetary Fund program is scheduled to go the lender’s Executive Board for consideration on December 12.

Sri Lanka officials were expecting the review to be completed in December as soon as official creditors gave their assurances.

According to the notice Sri Lanka had missed one performance criterion and has requested modifications.

Sri Lanka has outperformed on a number of quantity targets including inflation. In addition to quantity PCs there was also one non-accumulation of arrears.

There would also be re-phasing of access. The review was originally expected around September with another review based on December data, leading to September and March disbursements.

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