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Sunday September 24th, 2023

Sri Lanka opposition MP Harsha de Silva appointed COPF chair

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 – Sri Lanka main opposition Samagi Jana Balawegaya (SJB) MP Harsha de Silva has been appointed as chairman of the parliamentary Committee on Public Finance (COPF) following a proposal by President Ranil Wickremesinghe, de Silva’s office confirmed.

The development follows months of controversy around the ruling Sri Lanka Podujana Peramuna (SLPP) allegedly blocking de Silva’s appointment to the post, despite the president having agreed to it.

Opposition and SJB leader Sajith Premdasa told parliament on May 25 that the president has conveyed to SJB legislators de Silva and Kabir Hashim at a meeting attended by Prime Minister Dinesh Gunawardena and Leader of the House Susil Premajayantha that he is agreeable to the appointment.

Responding to Premadasa, Chief Government Whip Prasanna Ranatunga said while the president had indeed agreed to de Silva’s appointment, government MPs in the COPF had expressed concern.

Related:

Sri Lanka COPF chair deadlock persists despite president consenting to Harsha

For weeks, the SJB and other opposition groups have been crying foul over the government’s refusal to appoint the economist-turned-politician as COPF chair. An allegedly surreptitious attempt to have de Silva’s SJB colleague Mayantha Dissanayake came a cropper after Dissanayake, who had initially accepted the position, resigned mere days later. Government MPs have claimed that the SJB had wanted Dissanayake to step down due to internal rifts in the party.

For his part, de Silva has said the government has been violating parliamentary procedures and governance by running the committee without a chairman since January.

On May 12, the main opposition questioned the legality of raising a ceiling on Treasury bills to 6,000 billion rupees from 5,000 billion over dispute over the committee chairmanship.

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  1. Ratnam says:

    Why it took so long to confirm his worthy appointment is a mystery. The President who appoints a commission even at the drop of a coin should appoint one being an issue of foremost national interest: but we can assure us fore hand there will be no report for public consumption.

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  1. Ratnam says:

    Why it took so long to confirm his worthy appointment is a mystery. The President who appoints a commission even at the drop of a coin should appoint one being an issue of foremost national interest: but we can assure us fore hand there will be no report for public consumption.

Sri Lanka India industrial zone around Trinco, maritime links mooted

ECONOMYNEXT – Sri Lanka’s Ports Minister Nimal Siripala de Silva had highlighted the desire of both the Governments to work closely to develop the industrial zone at Trincomalee, after accepting an invitation to participate in a maritime summit.

The Global Maritime India Summit (GMIS) will be held in India from October 17-19, 2023 at Mumbai where Sri Lanka has been invited at a partner country.

At a curtain raiser event on September 22, India’s High Commissioner in Colombo, Gopal Baglay had said both countries were working on enhancing sea connectivity according to a vision document launched during a recent visit of the President of Sri Lanka to India.

Minister de Silva will lead a delegation from Sri Lanka to the summit.

Secretary to the Ministry of Ports, Shipping and Waterways, Government of India, T K Ramachandran said the Global Maritime India Summit aims strengthen the Indian maritime economy by promoting global and regional partnerships and facilitating investments.

The event will give an opportunity to the Government of Sri Lanka to attracting greater investment from India in development of its maritime infrastructure, Ramachandran said.

It will also facilitate greater business to business interactions. (Colombo/Sept24/2023)

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Sri Lanka brings back import para tariff on milk

ECONOMYNEXT – Sri Lanka has brought back an import para tariff called the Ports and Airports Levy, to several grades of milk powder.

Milk powder has been removed from a list of PAL exemptions, making them liable for a 10 percent tax.

The PAL para tariffs are also a contentious issue in terms of export competitiveness, and the government has previously given undertakings that they will be eliminated.

Trade freedoms of the poor figure in an IMF/World bank reform program with the governments.

Milk is a protein rich food, in a country where children of poor families are facing stunting and malnutrition.

Economic nationalism is seen at high levels in food, with several businessmen are pushing for trade protection, amid an overall autarkist (self-sufficiency) ideology, going directly against policies followed in East Asia, which the same as hold up as examples.

Sri Lanka keeps dairy product prices up ostensibly to bring profits to a domestic dairy company and farmers.

Sri Lanka also keeps maize prices up, ostensibly to give profits to farmers and collectors. (Colombo/Sept22/2023)

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Sri Lanka govt warns liquor manufacturers: pay defaulted tax or lose licence

ECONOMYNEXT – Sri Lanka government which is struggling to raise the state revenue despite   higher taxes, has warned liquor manufacturers to pay defaulted taxes or lose their licence.

The government is now getting tough with past tax defaulters amid concerns over falling short of this year’s revenue target agreed with the International Monetary Fun (IMF).

“Liquor manufacturing firms owe us 660 crore rupees (6.6 billion rupees),” Siyambalapitiya told  reporters on Thursday (21).

“Most of this or around a third is the only excise tax amount to be paid. The rest is penalty. If a liquor manufacturer does not pay on time, we impose a penalty of 3 percent per month This means 36 percent (penalty) per annum,” he said.

“We have given them deadline to repay the basic excise taxes. If they don’t pay, we will cancel their licence.”

President Ranil Wickremesinghe’s government committed an ambitious revenue target among many other reforms to the International Monetary Fund (IMF) in return to a $3 billion loan package.

However, the revenue could face a short fall of 100 billion rupees, State Finance Minister Ranjith Siyambalapitiya has said.

A new Central Bank Act also has legally prevented the government of printing money at its discretion as  in the past.  (Colombo/September 24/2023)

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