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IMF agreement gives us confidence, grateful to India: Lankan envoy
Sri Lanka’s High Commissioner in New Delhi, Milinda Moragoda, has declared that the preliminary agreement with the International Monetary Fund (IMF), under which Sri Lanka could receive $2.9 billion to tackle the ongoing economic crisis, is a “first step” in the long haul of economic recovery, but would provide the country and investors “confidence” to attract increased investments and remittances.. The HC has said so at ‘ The Indian Express Idea Exchange’ programme. The Indian Express quoted Moragoda as having said that with the IMF agreement taking shape, Sri Lanka now expected more countries to offer assistance, while underlining that India was the “only partner” to have stepped up even without a framework in place.
“The key fact here is that having the staff-level agreement gives us confidence. The money is not huge but it gives us confidence — one for investors to come in, maybe for our remittances, which have dropped by half, to increase and…also for other bilaterals, like Japan, to come. We are grateful to India, which encouraged us to go to the IMF. Finance Minister (Nirmala) Sitharaman and External Affairs Minister S Jaishankar played a role in that. India was the only country, the only partner, which stepped up without us having any kind of programme,” Moragoda said.
Earlier this year, Sri Lanka, battling the worst economic crisis in its history, had plunged into unprecedented turmoil, with an acute shortage of essentials, such as fuel and medicine, triggering massive protests, which forced Gotabaya Rajapaksa to flee the country and resign as President, a post taken over by Ranil Wickremesinghe.
Following the IMF package, Moragada identified power, oil and tourism as some of the areas where structural reforms, through cooperation with India, can help restore macroeconomic stability. India, he said, can explore developing the port city of Trincomalee as an energy hub.
Asked what the low-hanging fruit was when it came to vital structural reforms, Moragada said: “I would take the electricity sector. I would use the relationship with India, the connectivity grid with India, and bring in private investment in electricity generation. That could mean new power plants in renewable energy, or it could mean buying existing plants, through a privatisation process. I would go as far as to liberalise the last mile distribution, like you have done and use the grid to India to create capacity and export, and also import, if we need it. But I think India can be the catalyst for that, but we need to move quickly.”
Asked if Rajapaksa, who is reportedly in Thailand, plans to return, Moragoda said, “He will return soon, I think, to Sri Lanka.” But the possibility of him finding a place in the country’s political leadership is thin, said Moragoda, who took over as High Commissioner last year. (The interview was conducted just before Gotabaya Rajapaksa’s return to Sri Lanka over the weekend)
“He has to find his place. I don’t think in politics, he should maybe look more at the social side…Former Presidents can be icons. For instance, (US President) Jimmy Carter is known more for what he did after leaving office than what he did while in office,” Moragoda said.
The crisis, however, was long in the making, the politician-turned-diplomat said. He suggesting that the elder Rajapaksa’s technocratic approach could have been a factor behind the crisis, which, he suggested, needed a stronger, more direct political outreach.
“To some extent, the vacuum in this was that the main political parties were not in a position to engage because our President himself is not a politician. Once he was elected, he did not really get involved in politics at all…Politicians felt disengaged from the system altogether. And the economy was crumbling. There was no political way of filling this vacuum. So this whole movement came up,” he said.
News
Buddhist hierarchy demands prison perks for monk convicts
MONETABRIEF– Sri Lanka’s two most senior Buddhist chapters, Malwatte and Asgiriya, demanded special concessions for monks serving prison sentences, following the disrobing of convicted monk Ven. Galagodaatte Gnanasara in line with established procedures.
The chief prelate of the Asgiriya chapter, Most Venerable Warakagoda Sri Gnanarathana, told Prisons Commissioner Senaka Palletenna that Ven. Gnanasara, who is serving a six-year sentence for contempt of court, must be released immediately.
Prison authorities have no power to release or pardon convicts, but Palletenna told the monk in Kandy on Friday that he would convey his request to the relevant government authorities.
“There is no point in talking about this and that… The entire country has been shaken (??????? ) . He must be released,” the Asgiriya chief prelate said.
The Malwatte chief prelate, Most Venerable Thibbatuwawe Sri Siddhartha Sumangala, appeared to accept the court verdict against Ven. Gnanasara, but asked the prisons chief whether a separate section could be established for convicted monks.
Palletenna noted that a special ward for the clergy already existed at Welikada Prison.
At least 63 convicted Buddhist monks are currently incarcerated within Sri Lanka’s criminal justice system.
Meanwhile, a group of 34 Buddhist monks named in a Colombo Fort Magistrate’s Court order to vacate the vicinity of the Presidential Secretariat ended their protest and dispersed after lunch on Friday.The monks are demanding an unconditional pardon for Ven. Gnanasara, who has previously been imprisoned, making him a reconvicted prisoner.
News
Debate on NCM against Speaker postponed indefinitely
The debate on the no-confidence motion against Speaker Dr. Jagath Wickramaratne, submitted by the Samagi Jana Balawegaya (SJB), has been postponed indefinitely pending the Attorney General’s opinion on certain technical issues in the motion.
Government representatives raised the matter at a meeting of the Committee on Parliamentary Business, pointing out that several provisions of the motion required clarification and that the Attorney General’s advice should be obtained.
As obtaining the opinion would take time, the debate could not be scheduled for the next parliamentary week, parliamentary sources said.
Chief Opposition Whip Gayantha Karunatilaka said a date for the debate would be decided after the Attorney General’s advice was received.
Meanwhile, Parliament is scheduled to meet from October 20 to 23, Secretary General of Parliament Kushani Rohanadeera announced.
The parliamentary business for the week was finalised at a meeting of the Committee on Parliamentary Business held on Friday (16) under the chairmanship of Deputy Speaker Dr. Rizvie Salih.
On each sitting day, the period from 9.30 a.m. to 10 a.m. will be allocated for parliamentary business under Items 1 to 6 of Standing Order 22. Questions for Oral Answers will be taken up from 10 a.m. to 11 a.m., followed by questions under Standing Order 27(2) from 11 a.m. to 11.30 a.m.
On Tuesday, October 20, an Opposition-sponsored Adjournment Motion will be debated from 11.30 a.m. to 5.30 p.m.
On Wednesday, October 21, a resolution under the Public Debt Management Act and a Supplementary Estimate will be taken up for debate and approval from 11.30 a.m. to 5 p.m. The annual reports of five statutory institutions will subsequently be presented for approval without debate, while questions at the Adjournment Time will be taken up from 5 p.m. to 5.30 p.m.
On Thursday, October 22, the Second Reading debates on two Bills to amend the Poisons, Opium and Dangerous Drugs Ordinance (Bills Nos. 79 and 80) will be held from 11.30 a.m. to 5 p.m.
The annual reports of five statutory institutions will then be taken up for approval without debate, followed by an Opposition-sponsored Adjournment Motion from 5 p.m. to 5.30 p.m.
On Friday, October 23, the Second Reading debate on the Elimination of Rabies and Registration of Dogs Bill will be held from 11.30 a.m. to 5 p.m. A Government-sponsored Adjournment Motion will be debated during the final half-hour of the sitting.
News
Karannagoda pushed for £24,536 for Yoshitha’s UK training, Court told
Former Navy Commander Admiral Wasantha Karannagoda had, by letter dated May 19, 2014, requested the Secretary to the Ministry of Defence to approve the funds required for former Navy Lieutenant Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, to attend the Royal Navy Young Officers Course at the Royal Navy Training College in the United Kingdom, the Colombo High Court was told on Thursday (15).
The court was informed that £24,536 in public funds had been spent on the training programme. The details emerged during testimony by a Navy representative appearing on behalf of former Navy Commander Admiral Travis Sinniah before Colombo High Court Judge Udesh Ranatunga, when the money laundering case against Rajapaksa was taken up for hearing.
Responding to questions during cross-examination, the witness explained that payments for Navy officers attending overseas training programmes were generally made in foreign currencies, including US dollars and British pounds.
Meanwhile, Navy Captain Nuwan Thushara Arangala, testifying for the prosecution, told court that Rajapaksa had received a total of Rs. 5,159,626.37 in salaries and allowances during his nine years of service in the Navy.
The court was informed that Rajapaksa had served as a Navy Lieutenant from December 14, 2006, to February 28, 2017, although his service had been suspended on February 28, 2016.
According to the testimony, his monthly gross salary was Rs. 16,390, in addition to allowances for food, uniforms, housing and special duties.
The witness clarified that these allowances did not include payments made for overseas training programmes or participation in sporting events while representing the Navy.
During the proceedings, the prosecution also submitted Rajapaksa’s annual declarations of assets and liabilities for the period from 2009 to 2015.
A National Savings Bank official also testified regarding savings accounts and fixed deposits maintained by Rajapaksa, stating that no withdrawals had been made from the accounts since they were opened.
Rajapaksa is facing charges under the Prevention of Money Laundering Act over his alleged failure to explain the source of nearly Rs. 735 million acquired between August 1, 2012, and August 29, 2013, in Rajagiriya and Bambalapitiya.
The prosecution alleges that funds suspected to have been derived from unlawful activities were deposited in bank accounts and fixed deposits.
The court also heard testimony concerning the appointment of a guardian for Daisy Forrest, the second defendant in the case, and matters relating to the clearance of an imported outside broadcasting (OB) truck associated with CSN television.
Further examination of witnesses was scheduled for October 30, with the court directing 11 prosecution witnesses to appear on that date.
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