News
President emphasizes need of immediate reforms in global financial structure
President Ranil Wickremesinghe addressing the 3rd South Summit of the Group of 77 and China on Sunday (21) in Kampala, Uganda, highlighted the numerous challenges the world faces, such as conflicts, pandemic repercussions, climate disasters and financial market uncertainties. The President also emphasized the disproportionate impact on vulnerable G77 economies.
He stressed the urgency of reforming the global financial structure because the contemporary international debt resolution structure is more suited for a world where the Paris Club and London Club dominated global debt resolution. Currently the global debt and particularly debt in the developing world is dominated by international bond markets, and non-Paris Club lenders.
The President lamented the diversion of financial resources to debt service, hindering spending on essential public services and human development, impacting Sustainable Development Goal (SDG) targets. He criticized the Common Framework for its inability to provide speedy debt resolution, causing delays in addressing recent sovereign debt distress in many G77 countries.
Addressing climate finance, President Wickremesinghe highlighted the failure of the global financial system to meet the Global South’s needs for mitigating and adapting to climate change. Despite commitments made in global forums, he pointed out the lack of real contributions. He introduced Sri Lanka’s Tropical Belt Initiative, aiming to catalyse private investments for global public goods, including biodiversity, oceans, and forest resources.
Expressing concern about rising protectionist tendencies in global trade, the President urged decisions to be made in multilateral forums rather than unilaterally. He emphasized the need for coordination between the G77 and BRICS to ensure the smooth efficiency of global trade and investment.
While advocating for global financial reforms, the President called on the G77 + China to formulate strategies for member countries to prepare for energy transition, digital transformation, the green economy, and a skilled workforce for the new global economy.
As the largest alliance of developing countries within the United Nations, the G77 provided a platform for the Global South countries to express and advance their collective economic interests. It also served as a forum for joint discussions on international economic issues, fostering mutual cooperation among its member countries. The 3rd Southern Summit was convened under the theme of “Leaving No One Behind,” aiming to enhance collaboration among its 134 member nations in areas such as trade, investment, sustainable development, climate change, poverty alleviation, and the digital economy.
(PMD)
Latest News
Sun directly overhead Kokkuvil, Nallur, Kodikamam and Nagar Kovil at about 12.11 noon today (28)
The sun is going to be directly over the latitudes of Sri Lanka during 28th of August to 07th of September due to its apparent southward relative motion.
The nearest places of Sri Lanka over which the sun is overhead today (28) are Kokkuvil, Nallur, Kodikamam and Nagar Kovil about 12.11 noon.
News
Eight politicians in drug kingpin probe
Police to arrest and question four former ministers, others over links to Basik
By Norman Palihawadane
Police are investigating alleged links between suspected major drug trafficker Shiran Basik and a number of prominent politicians, with eight of them due to be arrested and questioned as investigators widen their probe into his financial dealings and network of associates, police headquarters, according to a senior police officer.
Among those set to face questioning include a sitting MP, four former ministers, and at least one of them is a female. Police are also investigating allegations that Basik provided large sums of money to politicians during election campaigns and extended other financial and material benefits to political figures.
Investigators are also looking into claims that two politicians were provided with facilities to construct houses and hotels, while efforts are under way to establish the extent of political support and assistance allegedly provided to Basik.
The Colombo Central Crime Investigation Bureau (CCIB) is expected to question the politicians based on information reportedly disclosed by Basik during interrogation. Two electoral organisers are also expected to be taken into custody as part of the ongoing investigation, according to police sources.
Meanwhile, statements are being recorded from managers and employees of several businesses allegedly linked to Basik, while investigators continue to examine information and records recovered from his mobile phone.
Basik, 48, was brought back to Sri Lanka on August 14 after being arrested in Dubai and deported. He was taken into custody by officers of the Criminal Investigation Department’s Airport Unit at Bandaranaike International Airport and subsequently handed over to the CCIB for further investigation.
Police initially obtained a 72-hour detention order to question Basik before securing approval to detain him for 90 days.
Basik, a resident of Dehiwala, is facing investigations over alleged large-scale drug trafficking as well as firearms, and unlawful assembly of weapons-related offences. Police are also examining whether he had any involvement in recent prison-related incidents and have said information has emerged linking him to the 2012 Welikada Prison riot.
The investigation has also expanded to Basik’s alleged assets and business interests in Sri Lanka and overseas.
Police have said information uncovered during questioning indicates that Basik had claimed ownership of five hotels along Colombo’s Marine Drive. Investigators have also identified two houses and two mobile phone shops in Boralesgamuwa allegedly linked to him.
A court has ordered a comprehensive examination of bank accounts linked to Basik, with the Financial Intelligence Unit of the Central Bank of Sri Lanka to conduct a review of his financial accounts. A separate investigation into his wealth and properties is being conducted by the Illegal Assets Investigation Division.
Investigators are also examining claims that Basik owns properties, including hotels and vehicles, in several European countries, as well as a high-value vehicle in Dubai. These claims remain subject to further investigation.
Basik had left Sri Lanka for Dubai in 2018, where police said he lived a lavish lifestyle while operating businesses. He was arrested by UAE authorities before being deported to Sri Lanka.
During initial questioning, Basik told investigators that Dubai police had stopped and searched him at a shopping mall and examined his mobile phone. He claimed that footage relating to Iranian missile and drone attacks was found on the device and that he was subsequently questioned over alleged links to Iran.
Police are continuing to examine the circumstances surrounding his arrest and deportation, as well as the information contained in his mobile phone and other evidence gathered during the investigation.
The ongoing probe is being conducted under the supervision of Senior DIG Ranmal Kodituwakku and SSP Kamal Ariyawansa.The allegations against Basik and the politicians named in connection with the investigation have not been established in court, and the investigations remain ongoing.
News
CJ first SC judge to benefit from 22A, if enacted: BASL
The Bar Association of Sri Lanka (BASL) has opposed the proposed “Twenty-Second Amendment to the Constitution”, saying it raises serious concerns over judicial independence and the rights and interests of the public.
In a statement signed by BASL President Rajeev Amarasuriya and Secretary Nalin De Silva, the association said it had challenged the constitutionality of the proposed amendment before the Supreme Court.
The BASL noted that the Chief Justice would be the first Supreme Court judge to benefit from the proposed amendment if it becomes law. It also referred to widespread speculation that the amendment was being expedited to facilitate an extension of the incumbent Chief Justice’s tenure, which is due to end on December 1, 2026.
Full text of the statement:
“The Bar Association of Sri Lanka (BASL) has taken a principled position opposing the Bill titled the “Twenty-Second Amendment to the Constitution” on the basis that it raises serious concerns regarding the independence of the Judiciary and the rights and interests of the people. Accordingly, the BASL has challenged the constitutionality of the proposed amendment before the Supreme Court.
“It is observed that it will be the Honourable Chief Justice who will be the first Judge of the Supreme Court who will benefit from the 22nd Amendment, if this Bill is enacted into Law.
There is widespread belief that this amendment is being rushed to facilitate the extension of the tenure of the Honourable Chief Justice which would otherwise complete on 1st December 2026. In this backdrop, in the recent past, we have witnessed allegations being made in Parliamentary Proceedings as well as on Social Media concerning the Judiciary including the incumbent Chief Justice.
“During this period, the BASL has also been subjected to unfounded attacks on social media and other platforms.
“The Judiciary, like every other institution exercising public power, must remain subject to legitimate scrutiny and accountability. Judgments, judicial conduct and the administration of justice may properly be subjected to fair, informed and responsible criticism. Where credible concerns or allegations arise regarding any member of the Judiciary, including the Chief Justice, they should be examined objectively and addressed through the appropriate constitutional and parliamentary processes which are in place, with due regard to fairness and due process.
“At the same time, everyone must exercise responsibility when making allegations concerning individual judges, lawyers and others. Personal attacks based upon unsubstantiated allegations can undermine public confidence in the administration of justice and affect the independence and integrity of the judicial process and the system of justice
“Judicial independence is not intended to shield any individual from legitimate scrutiny or accountability. It is a safeguard for the people, ensuring that disputes are determined impartially and that individual rights, the Rule of Law and the constitutional order are protected.
“The BASL therefore calls upon all organs of the State, all parties concerned and the media to respect the role of the Judiciary and the system of administration of justice, while ensuring that any genuine concerns are addressed fairly, responsibly and through the procedures established by the Constitution and the law.”
-
Business7 days agoSriLankan Airlines makes ShakthiSAT Mission possible for talented Sri Lankan student
-
Features6 days agoMy secondary schooling after Royal Primary
-
Features6 days agoFrom the First to the 22nd: A short history of Amendment Politics and Reform Frustrations
-
News4 days agoMissing doctor’s body found in Mahiyanganaya
-
Latest News7 days agoTharanga edges out Chopra in 88m javelin battle
-
Features6 days agoHow Shelton Kodikara became first Professor of International Relations
-
Features6 days agoHow St. John’s College Shaped Panadura for 150 Years
-
News4 days agoAustralia declines to release Finance Secy Suriyapperuma’s citizenship details
