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Monday December 5th, 2022

Sri Lanka President emails resignation from Singapore

ECONOMYNEXT – Sri Lanka’s embattled president Gotabaya Rajapaksa, who has fled the country fearing for his life, has sent his resignation letter via email to Parliament Speaker Mahinda Yapa Abeywardena, the Speaker’s office said.

However, an official announcement was delayed until the Speaker’s office re-checked the authenticity and legality.

Rajapaksa, who fled the country and flew to Male in an Air Force flight on Wednesday early morning was expected to send the letter later on the same day. However, it was delayed as Rajapaksa, was not able to reach his “final destination”, his close allies have told Economy Next.

The letter was sent via email to the Speaker and an official who is aware of the matter said they are checking the legality of the latter and if such letter could be sent via email.

“The Speaker has received the resignation latter of President Gotabaya Rajapaksa via the office of Sri Lankan embassy in Singapore,” Speaker’s Media Secretary Indunil Abeywardena said in a tatement.

“After clarifying the accuracy and finalising the legality of the letter, the speaker will officially announce with regard t this by tomoorow.” 

However, a government source said the original letter would be handed over to the Speaker through a key official of Rajapaksa staff.

Rajapaksa sent the letter after he reached Singapore late on Thursday from Maldives, flying in a Saudi Arabian Airline. His stay in Maldives was facilitated by the Ibrahim Mohamed Solih’s administration in Maldives with its Parliament Speaker Mohamed Nasheed personally visiting to the Male airport to receive him amid many Sri Lankans living in Male protested against the move.

“President GR has resigned. I hope Sri Lanka can now move forward,” Nasheed tweeted.

“I believe the President would not have resigned if he were still in Sri Lanka, and fearful of losing his life. I commend the thoughtful actions of the Govt of Maldives. My best wishes to the people of Sri Lanka. ”

Rajapaksa was forced to flee after tens of thousands of protesters stormed into his official residence on Saturday (09). The protesters had demanded his resignation for his policy failures after his government printed trillions of rupees which eventually caused Balance of payment crisis, dollars shortage and steep decline in foreign currency reserves.

The lack of dollars later led to shortage of essentials like food, medicine, cooking gas, and essential foods including milk powder. His policy on overnight chemical fertilizer policy ban led to a food shortage and the island nation is facing a looming food shortage.

It was not immediately clear if Rajapaksa would request for political asylum in any foreign country. Singapore government confirmed his entry into city nation.

“In response to media queries, it is confirmed that Mr Rajapaksa has been allowed entry into Singapore on a private visit,” the Singapore’s Ministry of Foreign Affairs said in a statement.

“He has not asked for asylum and neither has he been granted any asylum. Singapore generally does not grant requests for asylum.”

Sources close to the president have said he was aiming for a country in the Middle East. (Colombo/July 14/2022)

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  1. mohamed Sulaiman says:

    Now he might change his religion;Because he doesnt deserve to be Buddhist.

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  1. mohamed Sulaiman says:

    Now he might change his religion;Because he doesnt deserve to be Buddhist.

Sri Lanka proposed power tariff not to recover past losses: Minister

ECONOMYNEXT – The government has not proposed a power tariff increase to recover past losses, Minister of Power and Energy Kanchana Wijesekera in response to a statement attributed the head of the power regulator commission.

“The proposal that was presented was for an automatic cost reflective tariff mechanism to be implemented to supply uninterrupted power & to recover the current cost of power supply,” Minister Wijesekera said in message.

“Govt has not proposed to recover past loses of CEB from a tariff revision…”

The cabinet of ministers had given the nod tariff revisions twice a year to prevent large losses from building up as in the past.

The Public Utilities Commission has disputed costs protected for the power utility saying the petroleum utility was keeping large margins in selling fuel.

The government in a budget for 2022 also proposed to tax surcharge to recover losses.

The regulator also disputed power demand forecasts.

Also read; Sri Lanka regulator disputes CEB costs, demand projections for 2023

The PUCSL cannot increase tariffs to recover past losses, Chairman Janaka Ratnayake said. (Colombo/Dec05/2022)

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Sri Lanka’s shares gain in mid market trade

ECONOMYNEXT – Sri Lanka’s shares edged up in mid day trade on Monday (05), continuing the positive run for seven straight sessions on news over a possible debt restructuring from Paris Club, analysts said.

All Share Price Index gained by 0.69% or 60.10 points to 8,829, while the most liquid shares gained by 0.96% or 26.59 points to 2,801.

“The market was pushed up over the news of a potential 10 year debt moratorium,” analysts said.

The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis. 

Related – Paris Club proposes 10-year moratorium in 15-year Sri Lanka debt re-structure: report

The market generated a revenue of 2.1 billion rupees.

Top gainers during 1130 hours were Expolanka, Browns Investment and LOLC.  (Colombo/Dec05/2022)


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Sri Lanka bond yields slightly down

ECONOMYNEXT – Sri Lanka’s bond yields were slightly down at open on Monday while t- bills were inactive, dealers said.

The Central Bank’s guidance peg for interbank transactions was at 363.18 rupees against the US dollar, appreciated from 363.19 rupees on Friday.

“Only one bond is being quoted today, and the rest remaining unquoted” a dealer said.

A bond maturing on 15.05.2026 quoted at 29.30/30.00 percent down from 29.50/75 percent at Friday’s close.(Colombo/ Dec 03/2022)

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