An Echelon Media Company
Thursday March 23rd, 2023

Sri Lanka opposition mum as monks burn India-backed constitutional amendment

ECONOMYNEXT – As sections of Sri Lanka’s Buddhist clergy took to the streets against a proposed full implementation of an India-backed constitutional amendment to resolve Sri Lanka’s ethnic issue, the country’s opposition parties remained mum on the protests and on their own stance on devolution.

Opposition National People’s Power (NPP) leader Anura Kumara Dissanayake when asked by a journalist about the monks’ protest on Wednesday February 08 claimed that President Ranil Wickremesinghe had set a trap.

“I ask the people of this country to not get caught in this trap. What Wickremesinghe wants is to brush the real problems aside and bring out other problems to create a disturbance in society,” said Dissanayake.

The NPP leader said President Wickremesinghe will not fully implement the 13th amendment to the constitution as repeatedly assured by him.

“He won’t bring it. He plays this game every time. He wants to set fire to this country and protect his power,” he said.

Dissanayake did not elaborate on his party’s position on the 13th amendment.

A group of Buddhist monks staged a protest against the amendment near the parliament complex Wednesday morning as President Wickreemsinghe told MPs that he is committed to devolving power within a unitary state as a permanent solution to the island nation’s decades-long ethnic issue.

Tensions rose at the protest as police tried to block the monks who only dispersed after an official from the presidential secretariat spoke to them and assured a response from the president.

Some of the monks set fire to a copy of the 13th amendment in full view of the media and police personnel in a scene that was eerily reminiscent of Wickremesinghe’s United National Party (UNP) burning a draft bill of a new constitution presented to parliament by former President Chandrika Bandaranaike Kumaratunga’s government in 2000 also a solution to the conflict.

Meanwhile Sri Lanka’s main opposition the Samagi Jana Balawegaya (SJB) has yet to make its views known on the rising opposition to the 13th amendment from nationalist quarters.

A small number of MPs on both sides of the aisle have expressed their opposition, but the president has said he will go ahead with full implementation.

The SJB boycotted a recent all-party conference (APC) on the ethnic issue but said it supports devolution of power, though the party has yet to articulate its position on the amendment’s full implementation.

Wickremesinghe told parliament on Wednesday that there will be no division of the country, contrary to fears expressed by some Buddhist monks.

Related:

Sri Lanka president reiterates commitment to devolution within unitary state

The 13th amendment to Sri Lanka’s constitution emerged from the controversial Indo-Lanka Accord of 1987 as a purported solution to the worsening ethnic conflict, four years after war broke out. Provincial councils came in the wake of this amendment, though land and police powers have yet to be devolved to the provinces as originally envisioned. Both Sinhalese and Tamil nationalists have historically opposed the amendment, the former claiming it devolved too much, the latter complaining it didn’t devolve enough.

A full implementation of the amendment would see land and police powers devolved to the provinces, a development that is not likely to garner support from Sri Lanka’s more nationalist-oriented parties including sections of the ruling Sri Lanka Podujana Peramuna (SLPP).

Meanwhile, India has expressed its support for Wickremesinghe’s assurances that the amendment will be fully implemented. India’s support is crucial to the cash-strapped island nation as it struggles to recover from its worst currency crisis in decades. India has officially communicated to the International Monetary Fund (IMF) that it will support Sri Lakna’s debt restructuring process, which is a prerequisite for a desperately needed 2.9 billion dollar IMF bailout.

The leftist Janatha Vimukthi Peramuna (JVP), which controls the NPP, staged a violent insurrection in the late 1980s in opposition to the Indo-Lanka Accord. Former President Ranasinghe Premadasa also opposed the accord signed by his predecessor President J R Jayawardena.

Meanwhile, Jaffna district MP an former Northern Province Chief Minister C V Vigenswaran on Wednesday welcomed the president’s decision, while noting however that the 13th amendment falls short of the aspirations of the Tamil people.

Related:

Sri Lanka reconciliation: Vigneswaran backs president, wants monks not to interfere

(Colombo/Feb08/2023)

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka establishes committee to investigate aircraft incidents

An aircraft lands at the Jaffna International Airport, which was opened in October 2019 and promises to push the tourism frontiers in Jaffna.

ECONOMYNEXT: Sri Lanka’s has established an expert committee under the state-run Civil Aviation Authority to investigate aircraft accidents and to implement precautionary methods in the Sri Lankan airspace, an Official said.

“Even if it is only one flight, there is a chance an accident may occur,” Civil Aviation Authority of Sri Lanka, Director General, P. A. Jayakantha said.

“This particular committee is there to investigate aircraft accidents and act as a mechanism to take over if something goes wrong”.

Sri Lanka has encountered around 2,700 minor aircraft accidents and incidents mostly on the ground in the 19 years through 2021, the CAA annual reports showed.

The new committee will analyze the past accidents and take precautionary measures while also conducting investigations and provide independent reports in the future, Jayakantha said.

The team is provided with required training and qualifications by the CAA along with an International organization, free of charge.

“Internationally also it is a requirement to have a team to investigate the aircraft accidents,” Jayakantha added.

“For a long time we have not fulfilled this requirement and that is why we established this team with the cabinet approval. Moreover, recently, Sri Lanka’s two aircrafts, one training aircraft and a commercial aircraft met an accident”

The committee will be on active duty, until the Accident Investigation Act is passed and a proper Aircraft Accident and Incident Investigation Bureau is established. (Colombo/ Mar23/2023)

Continue Reading

Sri Lanka bond yields steady, Rupee 319/325 at close

ECONOMYNEXT – Sri Lanka’s treasury bond yields closed steady on Thursday while rupee closed weaker, dealers said.

A 01.07.2025 bond closed at 30.60/31.00 percent on Tuesday, down from 30.25/75 percent on Wednesday.

A 15.09.2027 bond closed at 27.80/28.10 percent, steady from 27.90/28.00 percent from Wednesday.

Sri Lanka rupee closed at 319/325 against the US dollar depreciating from 318/320 from a day earlier. (Colombo/ March23/2023)

Continue Reading

Sri Lanka shares dive to two-week low on local debt restructuring fears

ECONOMYNEXT – The Sri Lanka market fell for a fourth session to a two-week low on Thursday, led by financials, as worries over domestic debt restructuring continued after the IMF loan was approved earlier this week resulting in investors adopting a wait-and-see approach until further clarity was provided, analysts said.

The main All Share Price Index (ASPI) closed down 1.38 percent or 131.07 points to 9,395.98, lowest since March 02.

Analysts said, majority of the banks have been on slower investment trends on fears of domestic debt restructuring after the IMF approval and waiting for more clarity on the local debt restructuring.

“The market is on muted sentiments despite the IMF loan being approved and is going through a period of consolidation,” Ranjan Ranatunga of First Capital Holdings said.

The market saw a net foreign outflow of 298 million rupees and the total offshore inflows recorded so far in 2023 to 3.3 billion rupees.

The most liquid index, S&P SL20, closed 1.64 percent, or 45.33 points, down at 2,722.94.

The market saw a turnover of 3.4 billion rupees on Thursday, above this year’s daily average of 1.8 billion rupees.

This is the highest turnover generated since March 08, which is when the market was driven off of positive sentiments from International Monetary Fund deal hope after Chinese assurances.

Top contributors to revenue was Agalawatte Plantations, on off board transactions of a stake change, contributing revenue of 1.6 billion rupees, Ranatunga said.

Top contributors to revenue industry wise was Food and Beverage and Telecommunications.

Sri Lanka Telecom has been seeing positive uptrends as the Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies.

Top losers were Sampath Bank, Hatton National Bank and Commercial Bank.

Sri Lanka is looking at options to re-structure domestic debt, or local law local currency debt (LLLC), without harming the banking sector and announce them the International Monetary Fund said in a report.

Banks have been witnessing profit taking and selling pressures after continuous uptrends prior to the IMF loan had been approved.

Analysts said, selling pressures is expected to ease as the IMF hopes to reduce inflationary pressures which will in turn lead to reductions in interest rates. (Colombo/Mar23/2023)

Continue Reading