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SJB demands transparency in debt restructuring process
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The Samagi Jana Balawegaya (SJB) has urged the government to maintain transparency in the ongoing debt restructuring process as national elections are around the corner and that the next government will have to honour the conditions agreed upon by the incumbent administration.
The SJB said so soon after the government of Sri Lanka rejected international bondholders’ proposal in respect of restructuring more than $12 billion in debt.
Some of the proposal’s “baseline” assessments and a lack of a contingency option in the case of continued economic weakness were the two main reasons the deal was not agreed, the government said in a statement.
The following is the text of statement issued by Dr. Harsha de Silva, MP, on behalf of the SJB: “These initial comments are based on the first reading of the press release by the Finance Ministry moments ago.
“We reserve the right to make additional comments upon in depth study of the proposals in the attachments.
“At the outset, we note with disappointment that there has been absolutely no transparency in the government’s debt restructuring process even though we had requested for the same. In fact I personally requested a meeting with the relevant stakeholders, both as the economics spokesperson for the main Opposition SJB, and as the Chairman of the COPF. That opportunity was not provided, instead a meeting with government officials was arranged to discuss the IMF programme which we had no reason to attend as we anyway meet the delegation during their visits and exchange views on the same.
“From the media statement it is obvious that the government has failed to strike a deal favourable to the people of
Sri Lanka. We acknowledge however, that it is better to withdraw from the discussions than to agree to a bad deal.
“Having said that, the statement by the President’s Chief of Staff Sagala Ratnayaka that the two sides agreed on two of the four issues is not accurate when the note categorically states that no agreement had been reached, only that they ‘came closer to meeting of minds’ if a significant additional payment was made and even then, contingent upon the government side agreeing to the bondholders remaining conditions.
It is clear that the participating bond holders do not want to move away from the original macro linked bond (MLB) structure they proposed based on the performance of the Sri Lanka economy to be measured on their much higher ‘alternative baseline’ as opposed to that of the IMF. The main problem with this approach from the point of view of Sri Lanka is with their proposed structure of sharing the upside. It is not acceptable given the pain already incurred and will be incurred for decades to come by domestic creditors forced upon by the domestic debt restructure. It is now clear the alternative restructuring proposal by the government consisting of a mix of plain vanilla and MLB has been rejected by the bond holders.
“We do understand the need for some type of value recovery instrument (VRI) that could be a component of the final restructured series, but we are of the opinion that to link the same to every bond takes away the freedom of a future government to manage the nation’s liabilities in the most beneficial way for Sri Lanka. It is possible to discuss the VRI structure that is detachable from the main instrument.
“We are happy to note the inclusion of a discussion on a possible governance linked bond (GLB) structure and would be interested in discussing how that can be worked into a possible instrument to be agreed upon.
“We urge the government to be much more transparent in this restructuring process given that elections are around the corner and that the next government and those to come will be held responsible to honor the conditions agreed upon by this government in its final months. We are fully aware that any unilateral suspension of meeting any of the agreed payments would mean a second default which would be an absolute disaster.”
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Susantha Chandramali passes away at the age of 61
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Veteran Sri Lankan actress Susantha Chandramali has passed away at the age of 61.
She will be remembered for her rolls in Saroja, Jaya Pita Jaya, Ran Kevita, Nidahase Piya DS, Charulatha, Sujatha, and Kande Gedara.
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Five gangs operating under single command: PresidentFive gangs operating under single command: President
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By Saman Indrajith
President Anura Kumara Dissanayake yesterday said that security authorities were conducting probes based on reports that five different gangs involved in recent crimes had been acted under one person’s command.
Speaking in Parliament at the end of the debate on expenditure heads of the Ministries of Defence and Public Security and Parliamentary Affairs in his capacity as the Minister of Defence, the President said an analysis of five recent crimes revealed that except for the Minuwangoda shooting incident, the others had been carried out by five gangs. There was suspicion they acted simultaneously under a single command. Additionally, there were concerns that similar activations could occur in Batticaloa and the Northern Province, as such groups were previously established by past regimes to operate on command, the President said.
The President said that the coordinated attacks appears to be part of a well-organized plot at a time when some hoped the government would collapse due to economic crisis, etc.
The NPP supported the abolition of the Prevention of Terrorism (PTA), but it would only do so until a robust legal framework is established to tackle extremism and organized crime, president Anura Kumara Dissanayake said yesterday in parliament.
If organized criminal and racist/extremist groups operate in a country, it is not an ‘ordinary’ situation and a new law is needed to deal with them, he said.
“We were opposed to the PTA from 1979. we have not changed our ways. However, if the normal laws are not adequate to deal with organized criminal and racist/extremist groups, we need new laws. We are taking steps to establish a new set of rules,” he said.
Racism and extremism are the two main reasons why Sri Lankan national security was threatened in the past, he said.
“We will not let these trends grow,” he said.
Organized crime groups are not just a collective of criminals. They have been allowed to grow for decades, with the proactive support of politicians.
“Some politicians are now shedding tears about crime. I would like to remind them who nurtured these people,” he said.
Because of political patronage, some individuals attached to institutions that had been established to fight crime also joined these criminal groups. Several police officers have been arrested over recent underworld related assassinations, he said. Some police officers have sold their weapons to the organized groups, the president said.
“This is why 73 T-56 weapons fell into the hands of criminal groups from an army camp. 35 have been recovered. This didn’t happen during our tenure. There was an investigation into this incident before we came into power, but powerful politicians stopped this investigation. The second son of a president received seven licences firearms from the state,” he said.
Before the NPP came into power the country was headed towards a criminal state, he said. A large number of professionals have become affiliated with these powerful criminals, he said.
“In some cases, lawyers surround criminals when they receive bail and do not leave his side until he returns home. What can we do about this? There are two options. One is we can join hands with these criminal groups like those before us. The second option is to take these criminals on and crush them and this is the option we will take,” he said.
Dissanayake also said that they are cleaning up the police. A number of transfers are taking place and despite what the opposition says, none of these transfers are politically motivated, he said.
“We are getting intelligence information about some policemen who do not do their duty to tackle crime. If they are acting in cahoots with criminals, shouldn’t we take steps to put an end to it? We need to crush the network of corrupt policemen,” he said.
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Cost of President’s foreign travel: Govt. gives breakdown
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By Saman Indrajith
Chief Government Whip Minister Nalinda Jayatissa, speaking in parliament on Friday, gave a breakdown of expenses incurred during the three state visits by President Anura Kumara Dissanayake, in response to claims that these visits could not be undertaken with 1.8 million rupees as stated by the government.
Jayatissa said Rs. 1.2 million was spent on the President’s visit to India, Rs. 386,000 on the China visit, and Rs. 279,970 on the Dubai visit.
He explained that the President had received free air tickets for the China and Dubai visits, while Rs. 386,000 was spent on air tickets for the India trip.
The total expenses borne by the Presidential Secretariat for the India visit amounted to Rs. 1,222,000, including the air tickets. “This sum also covered plaques presented to state leaders,” Jayatissa said.
He further stated that President Dissanayake was allocated a per diem of USD 2,055 for the China visit and USD 960 for the Dubai visit, but he returned the entire amount to the Presidential Secretariat.
Jayatissa said opposition MPs could not comprehend how President Dissanayake managed three foreign visits for Rs. 1.8 million, because they had come to believe that it is acceptable for a head of state to waste collosal amounts of public
“These MPs have no problem with formee President Mahinda Rajapaksa spending Rs. 3,572 million on overseas trips during his tenure.
He noted that the Rs. 3,572 million represented only the expenses borne by the Presidential Secretariat, with additional costs covered by various ministries.
“We will disclose the full amount spent by ministries on foreign visits,” he added.
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