An Echelon Media Company
Tuesday December 5th, 2023

Sri Lanka to go into 10-day lockdown as COVID-19 surges

ECONOMYNEXT – Sri Lanka will go into a 10-day lockdown from 10pm Friday (20) to 4am August 30, the national COVID-19 task force announced Friday afternoon.

Moments before the announcement was made, State Minister Channa Jayasumana told reporters that President Gotabaya Rajapaksa had agreed to a request by the country’s Buddhist prelates to shut down the country for one week to contain a rising wave of delta variant-led COVID-19 infections.

Rajapaksa is expected to address the nation Friday night. No official statement has been made on what to expect in the speech.

Minister Gamini Lokuege, who also spoke to reporters outside the president’s office, said essential services will continue.

The government had previously declared its intention to not go for a lockdown, despite the chorus of calls for a tightened movement restrictions growing ever louder, from experts, politicians and others, as cases continued to spike.

Sri Lanka confirmed 186 COVID-19 deaths for Wednesday (18), the highest daily death toll yet. With 3,806 new infections for Thursday, active cases in the island have risen to nearly 48,000. (Colombo/Aug20/2021)

UPDATE

Head of the national COVID-19 task force Army Commander Gen Shavendra Silva said workers in the apparel sector and agriculture willb e permitted to commute to work.

Pharmacies will be allowed to stay open during the quarantine curfew period.

People commuting to work do not need a to get special permission but will need to identify themselves at checkpoints, he said.

People over 60 who haven’t been vaccinated will will receive their jabs during the curfew period, he added.

 

 

 

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

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.

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Sri Lanka stocks close up as some investor interest returns

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).

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

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)

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