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Saturday March 2nd, 2024

Sri Lanka university students block p’ment road in protest of defence uni bill

File photo of IUSF protest

ECONOMYNEXT – State university students in Sri Lanka have blocked the road to the parliament complex in Sri Jayawardenapura, Kotte, in protest of a controversial defence university bill, media footage showed Tuesday (03) afternoon.

The Inter University Students’ Federation (IUSF) launched the protest in front of parliament against the Kotelawala National Defence University (KNDU) bill, demanding the bill be withdrawn.

The protestors claimed the bill is threatening free education in Sri Lanka and is an attempt to militarise tertiary education in the country.

Police have stopped the protesters from making their way to the parliament premises, and the students have now blocked the road leading to the House.

The KNDU bill was first presented in 2018 under the previous United National Party (UNP)-led Yahapalana government. The current government under President Gotabaya Rajapaksa brought in the bill again in July for a second reading.

Sri Lanka’s opposition parties including the main opposition Samagi Jana Balavegaya, which broke away from the UNP, the UNP itself, and the leftist Janatha Vimukthi Peramuna (JVP)-led National People’s Power (NPP) have said that the bill, if passed, could remove the KNDU from the purview of the ministry of education and the University Grants Commission (UGC) and be brought entirely under the purview of the ministry of defence.

As per clause 18 of the bill, the board of governors of the KNDU will be appointed by the minister of defence and will consist of nine members. This includes the secretary and additional secretary to the ministry of defence, one nominee each from the UGC and the treasury, the chief of defence staff, the commanders of the army, navy and air force, and the vice-chancellor of the university who will be a military officer.

Clause seven of the bill states: Where the [defence] minister is of the view that any situation prevailing in the university is likely to endanger national security or is detrimental or prejudicial to national policy or is likely to disrupt the smooth functioning of the university, he may direct the board of governors to take all such steps as he may deem necessary, to bring such situation under control.

Clause five (o) of the bill states: “The university shall, subject to the provisions of this act, have the power to establish campuses, colleges, faculties, departments, centres, academic institutions and such other specialised institutes, schools and divisions as may be required by the university.”

Sri Lanka’s leftist parties have historically been opposed to privatising education. (Colombo/Aug03/2021)

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Sri Lanka eyes SOE law by May 2024 for better governance

ECONOMYNEXT – Sri Lanka is planning to pass a Public Commercial Business (PCB) Act improve governance of state-owned enterprise by May 2024 as part of an anti-corruption efforts following an International Monetary Fund assessment.

Sri Lanka’s state enterprises have been used by politicians to give ‘jobs of the boys’, appropriate vehicles for personal use, fill board of directors and key positions with henchmen and relatives, according to critics.

Meanwhile macro-economists working for the state also used them to give off-budget subsides or made energy utilities in particular borrow through supplier’s credits and state banks after forex shortages are triggered through inflationary rate cuts.

The government has taken billons of dollars of loans given to Ceylon Petroleum Corporation from state banks.

There have also been high profile procurement scandals connected to SOEs.

An SOE Reform Policy was approved by Sri Lanka’s cabinet of ministers in May 2023.

The Public Commercial Business (PCB) Act has now been drafted.

A holding company to own the SOEs will be incorporated and an Advisory Committee and Board of Directors will be appointed after the PCB law is approved, the statement said. (Colombo/Mar01/2024)

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Sri Lanka rupee closes at 308.80/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 308.80/90 to the US dollar Friday, from 309.50/70 on Thursday, dealers said.

Bond yields were broadly steady.

A bond maturing on 01.02.2026 closed at 10.65/75 percent up from 10.50/70 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent from 11.90/12.10 percent.

A bond maturing on 01.07.2028 closed at 12.15/35 percent down from 12.20/25 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent up from 12.30/45 percent.

A bond maturing on 15.05.2030 closed at 12.30/45 percent down from 12.35/50 percent.

A bond maturing on 01.07.2032 closed at 12.50/13.00 percent from 12.55/13.00 percent. (Colombo/Mar1/2024)

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Sri Lanka stocks close up 0.37-pct, Expo to de-list

ECONOMYNEXT – The Colombo Stock Exchange closed up 0.37 percent on Friday, and SG Holdings, the parent company of Expolanka Holdings Plc, said it was taking the company private.

Expolanka is the largest listed company on the Colombo Stock Exchange.

“Expolanka Holdings PLC has, at the Board Meeting held on 1st March 2024, considered a request from its principal shareholder and resolved to initiate the de-listing of the Company’s shares from the Official List of the Colombo Stock Exchange subject to obtaining necessary shareholder approval and regulatory approvals,” the company said in a stock exchange filing.

As per arrangements with SG Holdings Global Pte Ltd, the Company’s majority shareholder, it will purchase its shares from shareholders who may wish to divest their shareholding in the Company at a purchase price of Rs 185.00 per share. The share closed up at 150.50.

The broader All Share Index closed up 0.37 percent, or 39.47 points, at 10,691; while the S&P SL20 Index closed down 0.64 percent, or 19.59 points, at 3,037.

Turnover stayed above the 1 billion mark for the sixth consecutive day, registering 1.4 billion.

Crossings in Melstarcorp Plc (135mn) up at 89.50, Hatton National Bank Plc (64mn) up at 158.00, Hemas Holdings Plc (53mn) up at 75.00 and Central Finance Company Plc (26mn) up at 103.50, added significantly to the day’s turnover.

“The upward trend is continuing, with more retail buying also coming in, the number of trades was more than 10,000 today,” a market participant said. “Investors are looking for undervalued stocks and buying in quantities.” (Colombo/Mar1/2024).

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