News

PUCSL takes U-turn on retrospective electricity price hike

Published

1 year ago

January 20, 2023

editor

Public Utilities Commission of Sri Lanka (PUCSL), the island nation’s power regulator, has taken a U-turn and agreed to the cabinet decision on a retrospective electricity tariff hike with immediate effect after a meeting with President Ranil Wickremesinghe.

Janaka Ratnayaka, the PUCSL Chairman, earlier had told media that the cabinet decision to raise electricity tariff retrospectively was against the law and he would not allow such price hike.

“We had a discussion with all the directors of PUCSL on January 12, after the cabinet decision was published where we had decided to not to implement any retrospective electricity tariff going against the electricity and the PUCSL act,” Ratnayaka told reporters on Friday.

“On January 19, all the directors were asked to come to the National Council to discuss this. But before that other three members of the board were called by the President without informing me,” he said.

“After the meeting, at the National Council these three members said they did not receive the decision on time and did not have the time to review the cabinet decisions and data. They said because of that they had agreed with me”.

Ratnayaka said the three commission members went back on the decision taken at the board meeting on January 12, which was that the cabinet decision should be implemented immediately.

“They (the three members) had 7 days from January 12 to 19 and within those days they could have informed me in writing that they had revised their decision. Without doing that, they put me in trouble by suddenly changing their decision in front of the National council,” Ratnayaka said.

“If anyone can (change and) implement an independent commission’s decisions like this, we are doomed. I will personally take legal actions against their actions in the coming days.”

After the National Council, members have asked for a board meeting. Ratnayaka said a board meeting will be called next week.

“Me as the Chairman of the PUCSL and many other members of this organization are strongly stand on our decision,”

He said the tariff needs to be increased and the scientific method of implementing it is now being carried out by the PUCSL.

(economynext.com)

(Except for the headline, this story, originally published by economynext.com has not been edited by SLM staff)

News

Man arrested over selling overpriced Vadai to tourist

Published

55 mins ago

April 18, 2024

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The Tourist Police in Moragolla has arrested a man over selling an overpriced Vadai and tea to a foreign tourist in Kalutara.

Footage of the incident had sparked public ire after going viral online.

It has been revealed that the suspect is a 60 year old residing in Kalutara and is usually seen loitering near the eatery.

Police say that investigtations have revealed that he had duped foreigners visiting the eatery many times.

He is to be produced before the Kalutara Magistrate Court tomorrow (April 19).

It is also reported that officials of the Consumer Affairs Authority (CAA) and the Moragolla Tourist police have also arrived at the eatery, and sternly advised the owner after questioning him.

News

NPP’s 7-point statement on Easter attacks, presented to the Cardinal

Published

1 hour ago

April 18, 2024

editor

The National People’s Power (NPP) today (April 18) presented to Archbishop of Colombo – Cardinal Malcolm Ranjith, their 7-point statement pledging to mete out justice to the victims of the Easter Sunday attacks.

The statement included key points such as implementing law against those responsible for the attacks so as to mete out justice to those who lost lives in the attacks and family members of the victims and to take action against those who were directly or indirectly involved in the attacks.

NPP members Professor Krishantha Abeysinghe, Attorney-at-Law Sunil Watagala, President’s Counsel Upul Kumarapperuma, Rohan Fernando and Aruna Shantha Nonis participated in the occasion.

News

IMF ready to support Sri Lanka’s discussions with bondholders

Published

1 hour ago

April 18, 2024

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The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said on Thursday.

“We hope an agreement consistent with the parameters of the IMF-supported program and official creditors’ Comparability of Treatment requirements can be reached soon, ahead of completing the second review under the program,” the spokesperson said.

Sri Lanka said it failed to reach an agreement with bondholders to restructure about $12 billion debt earlier this week, raising concerns there could be a delay in the island nation receiving a third tranche of its $2.9 billion IMF program in June.

The government said one of the main stumbling blocks had been that the “baseline parameters” of the bondholders’ plan had not matched those embedded in its IMF program.

“We encourage both parties to continue their discussions swiftly,” the IMF statement added.

Sri Lanka will consult with the IMF to assess if the latest proposals discussed with bondholders were within the parameters of its bailout program.
The island nation defaulted on its foreign debt in May 2022 and kicked off negotiations with bilateral creditors several months later, eventually securing an agreement in principle with China, India and the Paris Club last November.

Sri Lanka plunged into its worst financial crisis since independence from the British in 1948 after its foreign exchange reserves fell to record lows in early 2022, leaving it unable to pay for essentials including fuel, cooking gas, and medicine.

(Reuters)