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Tuesday May 30th, 2023

Sri Lanka prominent clergy against proposed return of Ranil Wickremesinghe as PM

ECONOMYNEXT – Two prominent clergymen in Sri Lanka on Thursday (12) expressed opposition to the widely speculated appointment of United National Party (UNP) leader Ranil Wickremesinghe as prime minister, claiming that it would be contrary to the wishes of the people.

Chief Sanghanayake in the Sri Lanka Amarapura Sec Omalpe Sobitha Thero and head of Sri Lanka’s Catholic Church Malcolm Cardinal Ranjith expressed their opposition to the proposed appointment Thursday evening mere minutes before it was speculated to be due.

Both clergymen said the appointment would be unconstitutional and not in line with the demands of the protestors who have been campaigning for an end to Rajapaksa rule. The cardinal warned that appointing Wickremsinghe would lead to further unrest in the country. Analysts, however, say Wickremesinghe can be legally made PM if he can show support in parliament.

Wickremesinghe’s critics insist he is sympathetic to the Rajapaksa family.

Sobitha thero said the former prime minister’s return would not reflect the wishes of the people as he was rejected at the 2020 parliamentary polls. The UNP didn’t win a single seat at the election, with Wickremsinghe occupying the party’s sole national list seat.

The monk said the demand is for an all-party interim government.

However, he spoke favourably of opposition leader Sajith Premadasa’s bid for the premiership, despite the latter having softened his stance with regard to the president’s resignation, a demand his party had been insisting on.

Meanwhile, opposition Janatha Vimukth Peramuna (JVP) leader Anura Kumara Dissanayake speaking to reporters after a meeting with Sobitha thero said Wickremesinghe serves the interests of the Rajapaksas and that they look out for each other.

His appointment would be an attempt to protect the Rajapaksa family who the people have completely rejected, he said.

“Gotabaya trusts Ranil. Ranil trusts Gotabaya. But the people of this country doesn’t trust these conspiracies, this palace intrigue,” he said. (Colombo/May12/2022)

Comments (5)

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  1. Nuwan says:

    Good. The person clergymen oppose can be the best person for a crisis
    After all how many dollars can O’Malpe and O’Malcolm bring? RW can at least ask the Japanese for a grant based on his Uncle connect……

  2. anon says:

    Cardinal nor Buddhit clergy does not give us anything to eat.

  3. Cholmondeley Pinto says:

    Get lost from politics both of you

  4. dickie bird says:

    Why don’t these Clergy mind their own busines close to their temples. Their business are in Temples & not in Politics.

  5. Noor Nizam says:

    Cardinal Malcolm Ranjith (piyathumanee), you are just screaming in the political wilderness of Sri Lanka.
    Clergies should “NOT” dabble in politics. Your involvement and engagements with the JVP/NPP gang and “Anti-Sri Lanka” groups and your planned visits to certain capitols and engagements with interested groups who were craving for “Regime Change” in Sri Lanka since 2005 in recent months has revealed your vicious intentions, though you are a leading religious of a religious denomination in Sri Lanka. Your public statements and press conferences using your position as the Cardinal of the Catholic Church in Sri Lanka is also partly the reason for this chaotic political and social disaster that has taken place in Sri Lanka history. You are vey much to be blamed for the present calamity that the humble people of our “Maathruboomiya” are facing.
    It is better for you now, like as you had connived with interested political groups to demand PM Mahinda Rajapaksa to leave the office of PM, which he had obliged, to “LEAVE” the political game field where you have been active/rather leave the Cardinalship and make room for a new face to lead the Catholic community in Sri Lanka.
    Noor Nizam – Peace and Political Activist, Political Communications Researcher, SLFP/SLPP Stalwart, Patriotic Sri Lanka Citizen.

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Comments (5)

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

  1. Nuwan says:

    Good. The person clergymen oppose can be the best person for a crisis
    After all how many dollars can O’Malpe and O’Malcolm bring? RW can at least ask the Japanese for a grant based on his Uncle connect……

  2. anon says:

    Cardinal nor Buddhit clergy does not give us anything to eat.

  3. Cholmondeley Pinto says:

    Get lost from politics both of you

  4. dickie bird says:

    Why don’t these Clergy mind their own busines close to their temples. Their business are in Temples & not in Politics.

  5. Noor Nizam says:

    Cardinal Malcolm Ranjith (piyathumanee), you are just screaming in the political wilderness of Sri Lanka.
    Clergies should “NOT” dabble in politics. Your involvement and engagements with the JVP/NPP gang and “Anti-Sri Lanka” groups and your planned visits to certain capitols and engagements with interested groups who were craving for “Regime Change” in Sri Lanka since 2005 in recent months has revealed your vicious intentions, though you are a leading religious of a religious denomination in Sri Lanka. Your public statements and press conferences using your position as the Cardinal of the Catholic Church in Sri Lanka is also partly the reason for this chaotic political and social disaster that has taken place in Sri Lanka history. You are vey much to be blamed for the present calamity that the humble people of our “Maathruboomiya” are facing.
    It is better for you now, like as you had connived with interested political groups to demand PM Mahinda Rajapaksa to leave the office of PM, which he had obliged, to “LEAVE” the political game field where you have been active/rather leave the Cardinalship and make room for a new face to lead the Catholic community in Sri Lanka.
    Noor Nizam – Peace and Political Activist, Political Communications Researcher, SLFP/SLPP Stalwart, Patriotic Sri Lanka Citizen.

Sri Lanka’s stocks end over one-month low on weak macroeconomic sentiments

ECONOMYNEXT – Sri Lanka’s shares end lower on Tuesday as selling pressure continues while investors continues for more clarity on local debt restructuring, an analyst said.

The main All Share Price Index (ASPI) was down 0.50 percent or 42.52 points to 8,532.60, the lowest since April 27.

The most liquid index was up 0.14 percent or 3.42 points to 2,418.90.

“Investors are adopting a wait and see approach on the need for more clarity on debt restructuring and debt optimization and decisions taken at the Policy Review Meeting,” an analyst said.

Sri Lanka’s government was to disclose the stance on domestic debt restructuring towards the end of May, which is why investors have adopted a wait and see approach, however officials have stated there will be a delay in the process of revelation. 

A news article circulating says, non-agreement on the percentage of haircut that the external creditors would take in Sri Lanka’s debt restructuring has taken the Central Bank to the drawing board which has led to the delay in announcing the debt restructuring strategy. 

Sri Lanka’s Monetary Policy Review is scheduled for 01 June 2023, investors are quite optimistic that inflation is to lower and interest rates will decrease, an analyst said.

Analysts said the low volumes seen in the market are due to the debt restructuring concerns, and investors are waiting for the monetary policy review for the next month.

“Stocks went down due to selling pressures resulting from relaxed import restrictions, which are expected to reduce the monopolistic powers held by domestic retailers,” an analyst said.

The main reason for the market’s negative sentiment is the loss of monopoly as import restrictions ease, an analyst said.

The market generated revenue of 575 million rupees, while the daily average turnover was 1.2 billion rupees.

Top losers during trade were Vallibel One, Ceylon Tobacco Corporation and Elipitiya Plantations.

The market generated a foreign inflow of 33 million rupee and the net foreign inflow was 112 million rupees. (Colombo/May 29, 2023)

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Sri Lanka rupee closes at 293.50/294.50 to dollar , bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee closed at stronger at 293.50 /294.50 against the US dollar in the spot market on Tuesday, while bond yields were unchanged, dealers said.

The rupee closed at 296.75 /297.25 to the US dollar on Monday after opening around 296.50 /297.50 rupees.

A bond maturing on 01.09.2027 closed at 26.50/65 percent unchanged from Monday’s close.

Sri Lanka’s rupee is appreciating amid negative private credit which has reduced outflows after the central bank hiked rates and stopped printing money. (Colombo/ May 30/2023)

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Sri Lanka food producers on countdown; 6-months to reduce trans fat content

ECONOMYNEXT – Sri Lankan food manufacturers only have another six months to reduce the amount of trans fat in food items as the government plans to ban high trans-fat food from January 2024 onwards, an official said.

“A six-month grace period has been given to existing manufacturers, sellers and distributors whose products contain trans-fat,” an official of the Ministry of Health told EconomyNext requesting anonymity.

According to a Ministry of Health gazette issued on… a person shall not sell, offer for sale, expose or keep for sale or advertise for sale, any packaged food product containing trans-fat unless the total amount of trans-fat of such food product per 100 grams or 100 milliliters of the food product is declared on the label of such packaged food product.

However, these regulations will not be applicable for export oriented food products.

Trans-fat is a type of fat that has certain chemical properties and is usually found in processed foods such as baked goods, snack foods, fried foods, shortening, margarine, and certain vegetable oils.

Eating trans-fat increases blood cholesterol levels and the risk of heart disease.

Meanwhile, the World Health Organization (WHO) has praised Sri Lanka for enacting a legislation on trans-fat to protect health and prevent premature deaths from coronary heart disease, a statement from the WHO said.

“Eliminating trans-fats from food supplies is a cost-effective measure with enormous health benefits,” the statement quoting Poonam Khetrapal Singh, Regional Director, WHO South-East Asia said.

“By enacting legislation on trans-fat, Sri Lanka has once again demonstrated its resolve to protect and promote the health of its people”.

The regulations are coming into effect as Sri Lanka is struggling with food insecurity as the country recovers from its worst economic crisis.

However, an improvement in food security across all provinces has been recorded, according to an assessment by a Crop and Food Security Assessment Mission (CFSAM) of two UN agencies. (Colombo/ May 30/2023)

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