Politics

Sri Lanka ruling party calls for all-party govt; main opposition sceptical

Tuesday August 2, 2022 12:46 pm

ECONOMYNEXT – The ruling Sri Lanka Podujana Peramuna (SLPP) extended an open invitation to all parties that represent Sri Lanka’s parliament to form a national government, while the main opposition Samagi Jana Balavegaya (SJB) said it does not wish to burden the public with a 40-minister strong cabinet.

SLPP MP Jagath Kumara told reporters on Tuesday August 02 that he believes President Ranil Wickremesinghe will form an all-party government with broad consensus.

“Rather than wait for their leader to become president, we invite all parties to unite under one plan to save the country and create an environment for our dear people to live in,” said Kumara.

President Wickremesinghe has written to all members of parliament inviting them to join an all-party government to see Sri Lanka through its worst economic crisis since Independence.

The main opposition SJB on Tuesday expressed its scepticisim about the initiative.

SJB parliamentarian S M Marikkar told reporters that the party will support an economic recovery programme that will see Sri Lanka put on the right path, but it does not wish to take up positions in the cabinet.

“As a party, we must support an initiative that seeks to put the economy on the right track through a parliamentary committee system. But that does not in any way mean joining an all-party government and enjoying the benefits of a cabinet position. We do not endorse that,” said Marikkar.

“If the plan is to appoint 40 cabinet ministers and 40 deputy ministers and also appoint relevant ministry officials along with all the benefits that go with it under the guise of an all-party government, the people of this country cannot bear that burden,” he said. (Colombo/Aug02/2022)

FILED UNDER: all-party government,crisis,economy,politics,president,Ranil Wickremesinghe,SJB,SLPP,Sri Lanka

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Legal

Sri Lanka finding ways to clear 1.1mn pending cases: Justice Minister

Tuesday December 5, 2023 7:45 am

ECONOMYNEXT – Sri Lanka is taking a series of steps to speed up 1.1 million pending court cases and encourage alternative dispute solving mechanisms, Justice Minister Wijedasa Rajapakshe said.

“The delay in court cases is a serious problem,” Minister Rajapakshe told a briefing at the President’s Media Centre.

“We have already taken several steps to expedite cases.”

There were 5,680 cases in Supreme Court, 4,054 in the Court of Appeal, 6,168 in the High Court of Civil Appeal, 8,363 in the Commercial High Court, 28,000 in the High Court, 254,000 in District Courts and 791,000 in Magistrates Courts.

In 2015, only 49 percent of complaints to mediation boards were resolved. Following reforms, the ratio has been increased to 70 percent.

The value of disputes going to mediation board has been raised to one million rupees from 500,000 rupees.

To solve land problems in the post-war period, special mediation boards on property was set up in the North and the East.

Mediation boards on property will be set up in another 16 districts.

Commercial High Courts were increased to four from three.

Another Commercial High Court will be set up in the future. The consideration of cases that can go to a High Court was raised from 4 million rupees to 10 million rupees.

A commercial dispute resolution law will be introduced next January.

A small claims court has been established.

Case involving disputes below 2 million rupees can be directed to small claims court.

Markets

Sri Lanka stocks close up as some investor interest returns

Monday December 4, 2023 6:12 pm

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

Bonds & Forex

Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

Monday December 4, 2023 5:24 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)