Sri Lanka President has no plans to take-over ministries: UNP Deputy Minister

ECONOMYNEXT – Sri Lanka’s President Maithripala Sirisena has no plans to take over ministries, Deputy Minister Harsha de Silva said in a as market participants took stock of possible political uncertainty.

"Spoke to Pres @MaithripalaS,"Deputy Economic Policy Minister Harsha de Silva said in a message.

"He insisted didn’t mean taking over responsibilities of PM @RW_UNP but only use NEC (National Economic Commission) more re ‘national economy’."

There is some concern as markets opened Monday whether there would be a repeat of a 2004-style finance ministry take-over by then-President Chandrika Kumaratunga.

"At the moment bonds up to 15-year are trading below 10 percent (yield)," a dealer said. "If there someting happens rate can move up by 100 basis points."

President Sirisena had said at an election rally over the weekend while the United National Party was running the economy for the past three years, he will take-over the responsibility in 2018.

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