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Monday September 25th, 2023

Sri Lanka opposition MP endorses president’s views on reform, calls for consensus

MP Harsha de Silva (l) with President Ranil Wickremesinghe at the tea party hosted in parliament after the president’s throne speech. Image credit: President’s Media

ECONOMYNEXT – Endorsing a view expressed by President Ranil Wickremesinghe that Sri Lanka must be developed into a hub of the Indo-Pacific region, main opposition Samagi Jana Balavegaya (SJB) MP Dr Harsha de Silva called for a united, multi-party government to “work towards creating this new Sri Lanka.”

“[President Wickremesinghe] in inaugural address says [Sri Lanka] must be developed in to a modern export oriented competitive social market economy as a hub of the emerging Indo-Pacific economic domain. I agree  [100 percent],” de Silva tweeted on Wednesday August 03.

“We must come together; specifically an all or multi party government for a limited period of time to work towards creating this new [Sri Lanka] on a common minimum program. If so future generations would vindicate us,” he added.

Political analysts say the SJB’s response to President Wickremesinghe’s open invitation for an all-party government has been less than warm.

On Tuesday, SJB parliamentarian S M Marikkar said that the party will support an economic recovery programme that will see Sri Lanka put on the right path, but it has no desire to take up positions in the cabinet. The party does not wish to burden the public with a 40-minister strong cabinet, he claimed.


Sri Lanka ruling party calls for all-party govt; main opposition sceptical

SJB and Opposition Leader Sajith Premadasa writing to the President on Tuesday said the party accepts his invitation to discuss the proposed restoration of the 19th amendment to the constitution and parliamentary oversight committees.

President Wickremesinghe has written to all members of parliament, inviting them to join an all-party government to see Sri Lanka through what has become its worst economic crisis since Independence.

In his parliamentary speech on Wednesday, he expressed his belief that, before the end of the 21st century, the Indo Pacific region will be the most powerful economic domain in the world.

“In this context, the strategic geographical location of our country is extremely important. We should make best use of this favourable position. Bearing this in mind, our future corporate laws and policies should be formulated. A country cannot be sustained by taking loans, and therefore should reduce the borrowings to the extent possible. Therefore, I am joining with you hounorable MPs in compiling rules and regulations and policies that will allow our country to get maximum benefit from the Indian Ocean centric new economic power,” he said.

Wickremesinghe urged all parties to get rid of traditional thinking in striving to build the Sri Lankan nation.


Sri Lanka president cautions against nurturing loss-making SOEs, calls for reform


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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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