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Debt restructuring of USD 12.5 bn. to take place sans Parliament approval?

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A special meeting to appraise the Members of Parliament on CBSL duties was held yesterday (Sep. 03) in Parliament under the patronage of Speaker – Mahinda Yapa Abeywardana.

Members of Parliament, Dr. Nandalal Weerasinghe, Governor of the Central Bank, members of the Governing Board and the Monetary Policy Board, high officials of the Central Bank including Deputy Governors, the Secretary General of the Parliament Mrs. Kushani Rohanadeera, a group of parliamentary officials were present at this meeting held.

The meeting was held by the Governor of the Central Bank, members of the Governing Body and the Monetary Policy Board, Deputy Governors of the Central Bank, in fulfillment of the legal requirement that the Parliament or a Committee should inquire into the duties performed by the Central Bank once in every four months pursuant to the provisions of Section 80 (2) (a) of the Central Bank of Sri Lanka Act, No. 16 of 2023, upon a request made by the Parliament.

However, it is reported that only a handful of MPs had attended the meeting.

Dr. Suren Raghavan, Ashoka Priyantha, Colombo District MP Premanath C. Dolawatte, Anuradhapura District MP – Weerasena Gamage, Kalutara District MP – Anupa Pasquel, MP A.H.M. Fowzie and Matara District MP – Weerasumana Weerasinghe had attended the meeting.

During the meeting, it has been revealed that a debt restructuring of USD 12.5 billion has been planned with foreign private creditors without the approval of the Parliament.

MP Weerasumana Weerasinghe had commented that this will lead to Sri Lanka having to pay a 24% interest.

In response, the CBSL governor has stated that the relevant decisions are being taken by the Finance Ministry and not the CBSL.

The Governor of the Central Bank of Sri Lanka also pointed out that the inflation in Sri Lanka has been brought down to 5% compared to the existing situation and the policy interest rate has been brought down. 

The Governor further mentioned that it was possible to strengthen the rupee by stabilizing the exchange rate through the strengthening of reserves.
The Governor of the Central Bank pointed out the issues related to stabilizing the country’s financial system. He also stated that it is a point to note that the banking system in this country was prevented from collapsing, especially in the midst of the economic crisis. He also mentioned that the new Central Bank Act as well as the new laws introduced for the regulation of the banking system was beneficial. Moreover, technical matters regarding the measures taken to stabilize the financial system in this country, including the appointment of a financial system monitoring committee by the new Central Bank Act, for the stability of the entire financial system including the banking system and the non-banking financial system as well as the stock market and the insurance sector was clarified.

(Source : Aruna)

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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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