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Chinese Fin Min assures to support SL’s credit optimization

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Chinese Finance Minister Liu Kun has reaffirmed China’s commitment to extend comprehensive support for the implementation of a medium-term and long-term programme that is mutually beneficial to both parties and aimed at optimizing Sri Lanka’s debt.

The Chinese Finance Minister conveyed this commitment during bilateral discussions held last morning (19) in Beijing with President Ranil Wickremesinghe, the President’s Media Division said.

Minister Liu Kun emphasized that China has a profound understanding of the economic challenges confronting Sri Lanka and commended the progress and measures Sri Lanka has taken thus far to address the on-going economic crisis.

Furthermore, he expressed China’s unwavering commitment to providing robust support for the enhancement of the necessary infrastructure crucial for Sri Lanka’s development.

The Chinese Finance Minister also highlighted the in-depth discussions that transpired regarding financial interactions between Sri Lanka and China, underscoring the collaboration with international organizations closely associated with China, aimed at furnishing additional support to Sri Lanka.

President Wickremesinghe expressed his profound appreciation for China’s consistent support as Sri Lanka endeavours to overcome economic challenges. Discussions also delved into the program designed to spur economic recovery and foster the creation of a competitive, digitally advanced and environmentally friendly economy in Sri Lanka.

Prez holds talks with major Chinese corporations

President Ranil Wickremesinghe also conducted significant deliberations yesterday (19) with representatives from several major Chinese corporations, including China Communications Construction Corporation, Sinopec Company and BYD Company.

These discussions placed considerable emphasis on the exploration of prospective investment opportunities and avenues within Sri Lanka. Key focal points included the development of the port city as an international financial centre, the formulation of new financial regulations specific to the Port City and the establishment of judicial and arbitration mechanisms exclusively applicable to the Port City.

Furthermore, the dialogue encompassed various sectors, including the electrification of Sri Lanka’s transportation systems, electric vehicle assembly and electric train services, the PMD said.

The corporate representatives of these companies expressed their unwavering commitment to extending optimal support for the advancement of Sri Lanka’s economy and to seize the investment prospects the country offers.

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Electricity tariffs reduced

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The Public Utilities Commission of Sri Lanka (PUCSL) has approved a reduction of electricity tariffs by 22.5 per cent overall, PUCSL chairman Prof. Manjula Fernando said today (July 15).

The tariff revision, which will be effective from midnight today, is as follows :

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FR petition filed over Presidential Election dismissed with costs

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The Supreme Court has dismissed the Fundamental Rights (FR) petition filed seeking an order to prevent holding of the Presidential Election as the 19th Amendment to the Constitution has not been properly passed in Parliament, subject to costs.

This verdict was issued when the relevant petition filed by Attorney-at-Law Aruna Laksiri was taken up for consideration today (15) before a Supreme Court judge bench comprising Chief Justice Jayantha Jayasuriya, Justices Arjuna Obeysekara and Priyantha Fernando.

Accordingly, the court ordered the petition dismissed with costs of Rs 500,000 to be paid by the petitioner before July 31, 2024.

The petition argued that the 19th Amendment to the Constitution was not properly passed in Parliament and therefore called for a referendum to ensure its proper passage.

The Election Commission and its members, the General Secretary of Parliament and the Attorney General had been named as respondents of this petition.

The petitioner claimed that through the 19th Amendment to the Constitution, Article 70 of the Constitution has been amended to deprive the President of the power to dissolve an elected Parliament after one year has passed.

The petitioner asserted that the amendment has not been approved by a referendum, even though a Supreme Court bench ruled that the amendment should be referred to a referendum.

The petitioner pointed out that the amendment cannot be considered as a law because it has not been approved by a referendum and signed by the President.

Therefore, the petitioner had argued that it is wrong to continue to accept the 19th Amendment as a law.

(adaderana.lk)

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Sabry to visit Romania & Poland

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Foreign Minister Ali Sabry will pay official visits to Romania and Poland from 16 to 19 July 2024.  

According to a statement issued by the Ministry of Foreign Affairs in Colombo, he will meet with his counterparts and other senior government ministers and officials.

Minister Sabry will also formally open the new Sri Lanka Embassy in Bucharest which commenced operation in 2023.

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