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CoPF decides on Parate Law

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The Committee on Public Finance (CoPF) has approved, subject to conditions, the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill which was amended to facilitate legal provisions for the suspension of Parate Law until December 15 2024. 

Accordingly, the banks’ practice of acquiring properties of whose loans are yet to be paid off will be suspended until December 15 and the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 will be amended to facilitate the necessary legal provisions.
The approval was given when the Committee on Public Finance met in Parliament recently (30) under the chairmanship of Member of Parliament Dr. Harsha De Silva.

Officials representing the Ministry of Finance said that they hope to provide temporary relief to the creditors. Accordingly, the committee questioned the officials what action will be taken in this regard after December 15. Thus, the officials present failed to give a clear answer in this regard and the committee recommended to provide a road map for the actions to be taken after December 15 to those subject to Parate Law.

Also, the committee recommended that all the parties who have done business with the banks subject to Parate Law should be given a fair opportunity to negotiate with the banks.

The committee also questioned the officials about the distribution of loans under the Parate Law. The chair of the committee inquired about the manner in which the micro, small scale and medium scale enterprises in particular have received loans under this law and the criteria under which they are classified. The officials did not have the correct data about this and the chair of the committee instructed the officials to provide that data to the committee.

The committee also inquired the percentage of the sectors that were most affected. Furthermore, the committee asked the officials to provide data on the implementation of the Parate Law in other periods compared to the specific period in which there was an economic recession due to the impact of the corona virus in 2020, 2021 and 2022. The officials present mentioned that the data on this matter this will be presented to the committee in the future.

Meanwhile, the committee has also given its approval for the orders under the Foreign Exchange Act No. 12 of 2017 and the regulations under the Sri Lanka Securities and Exchange Commission Act No. 19 of 2021. Also, the committee approved the regulations under the Import and Export (Control) Act No. 1 of 1969.

State Minister Dr. Suren Raghavan, Members of Parliament Premnath C. Dolawatta and Madhura Withanage participated in this committee.

Also, officials representing several government institutions including the Ministry of Finance, Economic Stabilization and National Policy, the Auditor General’s Department, the Central Bank of Sri Lanka, and Sri Lanka Customs were present in this committee.

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UN Rights chief türk to visit Sri Lanka this month

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The United Nations Human Rights High Commissioner Volker Türk will visit
Sri Lanka this month or early July, a Foreign Ministry source confirmed. No dates have been finalised for the visit, though the government has agreed to the visit by Mr. Turk.

It’ll be the first time in nine years that a UN Human Rights Commissioner will be visiting Sri Lanka, the last being Zeid Ra’ad Al Hussein in February 2016 during Maithripala Sirisena’s presidencyMr. Turk, an Austrian national who took up his duties in October 2022, will visit at a time the government grapples with how it will address human rights concerns raised by the international

community.

In his report to the UN body in August last year, just ahead of
Sri Lanka’s presidential and parliamentary elections, Mr. Turk said the newly elected government should recommit to addressing the root causes of conflict and undertake fundamental constitutional and institutional reforms to address the accountability gap and work towards reconciliation.

These include the immediate moratorium on the Prevention of Terrorism Act and assurances that any replacement legislation is consistent with international human rights law, repeals or amends existing laws or proposed laws that unduly restrict the rights to freedom of opinion and expression, association, and peaceful assembly, including the Online Safety Act and the ICCPR Act.

Mr. Turk’s predecessor Michelle Bachelet requested a visit to
Sri Lanka, but the matter was put under consideration, and the visit did not materialise.

The Office of the High Commissioner for Human Rights (OHCHR) set up the Sri Lanka accountability project, an external evidence-gathering mechanism within the OHCHR, during Ms Bachelet’s period in office, a move strongly opposed by the government.

The OHCHR says that as of July 5, 2024, the repository established within the framework of the OHCHR project comprises 96,215 items and contains information from more than 470 different sources (more than 220 witnesses and 250 organisations), including international and multilateral organisations.

Foreign Minister Vijitha Herath, who addressed the high-level segment of the UNHRC in March this year, rejected the OHCHR Sri Lanka project and outlined government plans for a credible and sound domestic process to address accountability issues in the country.

“We will ensure that the domestic mechanisms and processes established to address challenges emanating from the conflict will continue their work in an independent and credible manner within the constitutional framework,” the minister told the UNHRC.

Despite a visit by the Human Rights Commissioner, the government will remain opposed to any international legal options to advance accountability in Sri Lanka and maintain that there are adequate domestic mechanisms to address accountability issues.

(sundaytimes.lk)

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Trade unionist Ranjan Jayalal takes helm as Kaduwela Mayor

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Prominent trade union leader Ranjan Jayalal has officially been appointed as the new Mayor of the Kaduwela Municipal Council.

Jayalal, a key member of the Ceylon Electricity Board Employees’ Union and a strong advocate for labor rights, was nominated by the National People’s Power (NPP) following their recent victory at the local government elections.

His appointment was formally confirmed through the government gazette issued by the Election Commission on May 31.

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Sri Lanka must take practical steps to join BRICS – Russian Ambassador

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If Sri Lanka is interested in joining the BRICS alliance, the country must take practical steps, says the Russian Ambassador to Sri Lanka, Levan S. Jagaryan.

Speaking during an event at the Bandaranaike International Centre for International Studies in Colombo, Ambassador Levan S. Jagaryan said Russia and China have been offering support to Sri Lanka, but he has not seen adequate interests from the Sri Lankan side.

Responding to a question raised by a journalist about Sri Lanka joining BRICS, the Russian Ambassador to Sri Lanka said, he has been questioned about the matter on several occasions.

Ambassador Levan S. Jagaryan said, “Last October, on the 1st, I met with President Anura Kumar Dissanayake and brought with me an invitation letter from the President of Russia, inviting Sri Lanka to participate in the BRICS summit. I spoke with a language interpreter, but I don’t know if the translation was accurate. The President told me that due to the upcoming general elections, he wouldn’t be able to visit Russia. If Sri Lanka is to join BRICS, it’s not just a matter of Russia; all the member countries need to agree, and there are several steps to take before that happens.”

Russian Ambassador to Sri Lanka Jagaryan stated that he has not seen much interest at the moment and therefore requested Sri Lanka to take some practical steps, if it is serious about joining BRICS.

(adaderana.lk)
(This story, originally published by adaderana.lk has not been edited by SLM staff)

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