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Hand over economic management to independent technocrats: SJB MP

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By Sanath Nanayakkare

Samagi Jana Balavegaya MP Patali Champika Ranawaka said in Colombo recently that managing the economy of the country should be handed over to a group of independent technocrats.

“The general public and the business people are growing increasingly less confident about the capacity of the political leadership to pull the country out of the current economic crisis. So, the situation calls for the government to turn over the management of the economy to a group chosen through a process that emphasises their relevant skills and proven performance to put the economy back in shape,” Ranawaka said.

The MP said that such technocrats needed to be truly independent and need not just serve the interests of popular politics because if a sovereign default happens, all Sri Lankans, those who voted for the government and those who didn’t, would have to face grave repercussions.

Ranawaka made these comments at an Advocata forum themed, “A National Consensus for Economic Reforms.

Ranawaka said that Sri Lanka has got into a precarious financial situation today where it can’t raise enough capital either in the domestic market or in the international capital market.

“In the next eight months, we have to honour commitments on International Sovereign Bonds and Sri Lanka Development Bonds worth nearly USD $ 3 billion with only USD $ 1.5 billion cash in hand. In this backdrop, Sri Lanka runs the risk of a default and potential bankruptcy at some point. Even if the authorities begin talks on renegotiating and rescheduling of our foreign loans, that would technically mean declaring bankruptcy. When Prime Minister Mahinda Rajapaksa asked the government of India to postpone Sri Lanka’s debt by three years, that also tantamount to acknowledging bankruptcy. If the country hits bankruptcy, it will have a negative impact across the board. It won’t be easy recovering after a default and bankruptcy. It could lead to multiple defaults. Defaults by Argentina on its foreign debt as well as the debt crisis in Greece led to a loss of confidence in their economies. They haven’t recovered fully. They may recover for some time and they falter again. Elections were held in Greece from time to time to resolve the economic issue. Masses elected leaders from the left, centre and right in the political spectrum, but nothing has worked meaningfully. The economic malaise has dragged on for 10 years in Greece. Argentina is no different. If a sovereign debt default occurs in Sri Lanka, we may face a similar situation. It would be unwise to think that when the situation aggravates, it would help the Opposition to come to power. Whoever comes to power, would have to bear the same pain and pressure, so a sovereign default must be averted,” he said.

He said that the government is still not serious about this serious situation.

“Our concern is whether political leaders and responsible authorities are paying the issue the attention it deserves. This crisis can’t be solved by providing each Grama Niladhari division with Rs. 3 million to spend on building rural infrastructure. If a default happens, its negative spillover could see the loss of thousands of jobs triggering a social explosion. The racial and religious tensions which are under wraps could flare up again and foreign investors would try to capitalise on the situation. A fine example for this is; about six months ago the Urban Development Authority put up more than 50 strategic national properties for sale under what was called ‘Selendiva’. It was said that USD 5 billion would be raised from its proceeds. Nevertheless no buyer has made any bids to date. We are often told that USD 3.6 billion is coming from Oman, USD 2.5 billion is coming from some other country and so on. But these have not materialised yet. Why? Everyone has realis-ed that Sri Lanka is on its way towards bankruptcy. And investors know that they can buy these assets for five million dollars once that happens. It is very clear that nobody is coming to buy these assets right now. There are no friends left here for us. In 2019, during our administration, we arranged four investments for the much hyped Port City and the foundation stones were laid. I can tell you that those investments or anything else won’t come to Port City next year. All countries in the world are experiencing varying degrees of volatility and instability as the virus has again plunged the world back into uncertain territory. No friends have been left for us in the midst of it.

“So coming to a national consensus on structural reforms needed to get out of the economic crisis is critical right now. It’s up to the government to show the right signals that it is ready to move along the correct political and fiscal path to get the support of everyone to do it,” he said.



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Ex-SriLankan Chief faces arrest warrant over unsuitable sureties

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Colombo Chief Magistrate Asanga S. Bodaragama yesterday issued a warrant for the arrest of former SriLankan Airlines Chief Executive Officer Kapila Chandrasena over alleged violations of court-imposed bail conditions in connection with the production of allegedly unsuitable sureties.

The move came after the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) requested the court to revoke Chandrasena’s bail and remand him until the conclusion of trial, arguing that the conditions under which bail was granted had been breached.

The Commission told court that two individuals produced as sureties for Chandrasena were later found to be unsuitable and had allegedly been presented in a manner that undermined the court’s trust.

The matter was taken up when a motion seeking the issuance of a warrant to arrest and produce Chandrasena was called before Magistrate Bodaragama. Chandrasena had earlier been released on bail in connection with the controversial 2013 procurement of a fleet of 10 Airbus aircraft for SriLankan Airlines.

Meanwhile, Additional Magistrate Lahiru Silva remanded two suspects, identified as Mohamed Rizwan and Mohamed Irshan, until May 13 after they were produced by Keselwatte Police in connection with furnishing sureties for Chandrasena.

Police told court that the two men, residents of Sanchi Arachchiwatte near the Hulftsdorp court complex, had acted as sureties in exchange for Rs. 15,000 each despite having no personal connection to the accused.

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SC orders EC to conduct elections for Kalmunai MC and Sainthamaruthu UC

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The Supreme Court yesterday directed the Election Commission to take necessary steps in accordance with the law to conduct elections for the Kalmunai Municipal Council and the Sainthamaruthu Urban Council.

A three-judge bench comprising Janak de Silva, Priyantha Fernando and Sampath Abayakoon delivered the ruling in a Fundamental Rights petition filed by two residents of Sainthamaruthu.

The petitioners said they were residents within the Sainthamaruthu Urban Council area and the area had not been included in a 2020 gazette notification calling for nominations for the local government elections. They contended that the omission amounted to a violation of their fundamental rights guaranteed under the Constitution.

In its judgment, the Court also directed the President, represented by the Attorney General, to issue a gazette notification specifying the number of wards, their boundaries, names, numbers or alphabetical designations assigned to each ward, based on recommendations of the National Committee for the Kalmunai Municipal Council and the Sainthamaruthu Urban Council.

The Court held that such steps were necessary to ensure that the electoral process proceeded in accordance with the legal framework governing local government elections.

Counsel Suren Gnanaraj appeared with Rashmi Dias for the petitioners.

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NCC marks its 145th anniversary

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Director of the NCC, Major General A.P.C.R. Premathilaka, and senior NCC officials attend an almsgiving ceremony for the Maha Sangha held at the Headquarters Administrative Complex to mark the NCC anniversary.

The National Cadet Corps (NCC) commemorated its 145th anniversary with a series of religious observances and ceremonial events held on April 28 and 29, invoking blessings for the institution and paying tribute to cadets and officers who sacrificed their lives for the nation.

The commemorative events commenced at the NCC Headquarters on April 28 with a Pirith Chanting Ceremony organized to seek the blessings of the Triple Gem for the continued progress and prosperity of the Corps. The Maha Sangha was ceremonially escorted in a vibrant procession featuring traditional dance troupes representing the 3rd, 9th, and 26th battalions.

Religious rites were conducted under the guidance of the Chief Incumbent of Sri Sudarshanaramaya Temple, Kalubowila. During the ceremony, merits were transferred to all NCC officers and cadets who made the supreme sacrifice in safeguarding the sovereignty of the motherland.

Following the overnight Pirith chanting, an almsgiving ceremony for the Maha Sangha was held at the Headquarters Administrative Complex in the early hours of April 29.

The Chief Incumbent commended the organizers for the successful arrangements and highlighted the importance of preserving religious and cultural traditions within national institutions. Cadets, commanding officers of all 30 battalions, executive and training officers, Tri-Forces permanent staff members, and civilian employees of the Corps also participated in the religious observances.

Meanwhile, the NCC’s annual flag blessing ceremony was held with solemnity and grandeur at the Gangaramaya Temple in Colombo on April 29.

Accompanied by traditional Hewisi drummers, Corps flags were carried in procession into the temple premises, where Pirith chanting and religious blessings were conducted for the National Cadet Corps flag, training centre flags, provincial headquarters flags, and all battalion flags representing the Corps’ 30 battalions.

The ceremony brought together Cadet Regimental Sergeant Majors (Cadet RSMs), commanding officers, executive officers, provincial deputy directors, training officers, and commandants of NCC training centres representing all battalions countrywide.

Senior NCC officials, including Brigadier (Administration and Quartering), the Corps Secretary, Colonel (Training), and the Head of Procurement, joined the Director of the NCC, Major General A.P.C.R. Premathilaka, in the religious observances.

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