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Thursday March 23rd, 2023

Sri Lanka President says will fully implement 13th amendment

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe said he will fully implement an earlier amendment to the constitution which was aimed at giving more autonomy to provinces in a bid to solve the island’s ethnic conflict.

The 13 amendment which has been part of Sri Lanka’s constitution for 37 years is a solution which stops short of a Federal state. But it has not been fully implemented especially in terms of police and land powers.

The solution is backed by India. Indian Foreign Minister Subramanium Jaishankar was in Sri Lanka earlier this month. India has also supported Sri Lanka’s debt re-structuring.

“As the President I should implement it,” he was quoted as telling a meeting of political parties called on January 27.

“If it is not implemented someone should bring another amendment and abolish it. We cannot stay on the fence saying we will not abolish it and we will not implement it.”

President Wickremesinghe said he was not for a Federal solution but was in favour of power sharing.

“Our provincial councils have less power than the authority running the City of London,” he had said.

A land commission will have to set up. Provincial police commissions will have be set up.

“If there any objections an amendment can be brought to defeat it,” he said. “I plan to make a statement to parliament on February 08.

“Most the people sitting here are Sinhalese. Non of them will sell-out the country.”

Ex-Presidents Mahinda Rajaksa, Maithripala Sirisena, Prime Minister Dinesh Gunewardene, representatives from Tamil and Muslim parties were present, the statement said.

Comments (3)

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  1. Hawkeye says:

    One has to comb through the fine print if and when this amendment is passed in Parliament to help ensure there is no window dressing to satisfy merely the donner nations. Notwithstanding this, when official letters are sent they should appear in Tamil and English.
    As an example, we know that Pension Department [PD] sends a letter to a 92-year-old Tamil to comply with certain requests so that PD can verify that this person is indeed alive. What a joke! why can’t this letter be sent in English OR Tamil so that this person in his/her advanced age may be able to understand what is required to be done to help ensure they get their pension? With all due respect, Sinhala is not an international language and is used on this small island.

  2. Nadarajah Navaratnarajah says:

    JR is a great man. what he signed with Rajeeve Gandhi had to remain for 37 years for the nephew to implement it.
    He will go down in history as a person to do things boldly without fear.

  3. Dr P Thilakawardhana says:

    He is relishing the chance he got after all the years, and he would do anything short of selling his mother to be in ‘ control’, looks like he will end up just like the one who tried to hold a pile of oranges with his arms. And he is bound to make irreversible, damaging decisions on his own without consulting anybody. Looks like he is buying a ONE-WAY TICKET to oblivion dragging all the countrymen with him.

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Comments (3)

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

  1. Hawkeye says:

    One has to comb through the fine print if and when this amendment is passed in Parliament to help ensure there is no window dressing to satisfy merely the donner nations. Notwithstanding this, when official letters are sent they should appear in Tamil and English.
    As an example, we know that Pension Department [PD] sends a letter to a 92-year-old Tamil to comply with certain requests so that PD can verify that this person is indeed alive. What a joke! why can’t this letter be sent in English OR Tamil so that this person in his/her advanced age may be able to understand what is required to be done to help ensure they get their pension? With all due respect, Sinhala is not an international language and is used on this small island.

  2. Nadarajah Navaratnarajah says:

    JR is a great man. what he signed with Rajeeve Gandhi had to remain for 37 years for the nephew to implement it.
    He will go down in history as a person to do things boldly without fear.

  3. Dr P Thilakawardhana says:

    He is relishing the chance he got after all the years, and he would do anything short of selling his mother to be in ‘ control’, looks like he will end up just like the one who tried to hold a pile of oranges with his arms. And he is bound to make irreversible, damaging decisions on his own without consulting anybody. Looks like he is buying a ONE-WAY TICKET to oblivion dragging all the countrymen with him.

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)

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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)

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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)

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