News
Sri Lanka adopting new economic model: CBSL Chief
By Rathindra Kuruwita
Sri Lanka was now transitioning to a new economic model, breaking away from the previous unsustainable model, Governor of the Central Bank Dr. Nandalal Weerasinghe said Sunday.
Addressing the National Law Conference 2023 under the theme ‘NAVIGATING THROUGH CRISIS –THE LAW’S ROLE’, Dr. Weerasinghe said that interest rates were coming down and that there was a clear path going forward.
“However, this is not the end of the story. A lot of people think that things will be going back to normal. No, this is the start of a new journey,” he said.
Dr. Weerasinghe said that Sri Lanka would start an IMF programme soon and that the government has not only promised stabilisation of the economy in the short term but also to increase the capacity of the economy to grow in the medium to long term.
“We will also make important structural reforms.
We should be able to transform the economic model to a new one. We have been living beyond means and this can’t be done,” he said.
Commenting on the tax reforms, the CBSL Governor said that a lot of fixed income earners are affected by the tax increase. Most of the professionals are protesting because they have to pay increased taxes while the income remains the same.
“There is no way for them to avoid taxes. That’s why they protest demanding lower taxes or higher incomes. However, the lawyers are not protesting. Why? It’s because they know how to avoid taxes”, the Governor noted.
A heated argument broke out between Jaffna District MP Archchuna Ramanathan and Fisheries Minister Ramalingam Chandrasekar during the Kilinochchi District Coordination Committee meeting held yesterday (16).
A video footage of the incident shows the MP and the Minister engaging in a heated verbal exchange, following which a physical confrontation appeared to develop when the Minister attempted to grab files reportedly in the possession of MP Ramanathan.
“If you lay a hand on me, I’ll lay a hand on you too… got it?” Ramanathan is heard telling the Minister during the exchange.
Police and officials present at the meeting intervened to prevent the situation from escalating further.
The circumstances that led to the confrontation were not immediately clear.
Archbishop of Colombo Malcolm Cardinal Ranjith has filed an intervening petition before the Court of Appeal in connection with a petition filed by former head of the State Intelligence Service, Major General (Retired) Suresh Sallay, challenging his arrest and detention under the Prevention of Terrorism Act over investigations into the Easter Sunday terror attacks.
The Cardinal has sought permission from the court to make submissions in relation to Sallay’s petition and requested that it be dismissed.
The Colombo High Court yesterday fixed for Aug. 31 the pre-trial conference in the money laundering case filed by the Attorney General against former President Mahinda Rajapaksa’s son, Yoshitha Rajapaksa, and his great-aunt Daisy Forrest.
The case was taken up before Colombo High Court Judge Rashmi Singappuli.
State Counsel Oswald Perera requested court to fix a date for the pre-trial conference and informed the judge that the prosecution would announce its position regarding the second accused, Daisy Forrest, at the conference. He also said the prosecution intended to notify court of amendments to the indictment.
After considering the submissions, Judge Singappuli ordered that the pre-trial conference be held on Aug. 31.
The Attorney General has indicted Yoshitha Rajapaksa and Daisy Forrest under the Prevention of Money Laundering Act, alleging that they deposited nearly Rs. 59 million in bank accounts knowing, or having reason to believe, that the funds had been unlawfully acquired.
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