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Stock market in free fall for 11 days because of President’s scare tricks – Dayasiri

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By Rathindra Kuruwita

President Ranil Wickremesinghe was under the impression that he could scare Sri Lankan institutions into submission and force an economic recovery with his presidential powers, Sri Lanka Freedom Party (SLFP) General Secretary, MP Dayasiri Jayasekera said yesterday in Colombo.

Jayasekera said that the government was trying to restructure domestic debt, as per IMF recommendations.

“The total domestic debt is around Rs 12.3 trillion. Out of that around Rs 3.78 trillion has been issued as Treasury bills and about Rs 8.5 trillion as Treasury bonds. Among those who have brought a lot of the bonds and bills are the ETF and the EPF,” he said.

The MP warned that the EPF and the ETF would be greatly affected by domestic debt restructuring and that millions of private sector workers would be affected.

“Moreover, a domestic debt restructure will affect savings. Millions of old people, who live off their savings, too, will suffer. The stock market has been in a free fall for 11 days since the President said he would not hesitate to close it down if necessary. He is also now threatening to close down the banks.”



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FSP asks govt. to pull out of defence deal with India

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Pubudu Jagoda

The Frontline Socialist Party (FSP) yesterday demanded an immediate termination of what it called a “secretive and dangerous” defence agreement signed between Sri Lanka and India, during Indian Prime Minister Narendra Modi’s 05 April visit.

Addressing a press conference at the party’s headquarters in Nugegoda, FSP Education Secretary Pubudu Jagoda described the agreement as a “betrayal of the nation” and a “crime against the people,” urging the government to invoke Article 12 of the deal and exit it with the required three months’ notice.

Jagoda said the document, which surfaced on social media after being published by a news portal, appears to be the actual agreement signed between the two countries. “The government has not denied its authenticity. That silence is telling,” he said.

Jagoda added that the agreement bears the signatures of Sri Lanka’s Defence Ministry Secretary Sampath Thuiyakontha and Indian High Commissioner Santosh Jha.

“What’s most troubling,” Jagoda warned, “is that both governments attempted to keep the agreement under wraps. Unlike the 1987 Indo-Lanka Accord, which was made public with all annexures, this agreement was hidden from the people, and even now, we don’t know how many other agreements exist between India and Sri Lanka.”

Jagoda said that a Right to Information request made on 04 April was met with a reply from the President’s Office stating that it had no copies of the agreement—raising serious concerns about transparency, even at the highest level. “One could question whether the President has seen it because his office does not have it,” Jagoda said.

The 12-clause of agreement reportedly covers areas such as exchange and training of military personnel, defence industry collaboration, classified information protection, and military medical services, including battlefield healthcare and telemedicine.

Jagoda said the definition of “classified information” in Clause 7 was alarmingly broad. “It allows India to label virtually anything as secret. Even weapons or military assets transferred under this agreement cannot be revealed—not even after the agreement ends,” he said, citing Clause 7.3.

Clause 10 prohibits either country from taking disputes to international courts or involving third-party mediators. “It’s like asking a rabbit to negotiate with a tiger,” Jagoda quipped, drawing parallels to the complications of the 1987 accord, which eventually saw Indian peacekeeping troops refusing to leave until a change in the Indian government.

Jagoda accused the NPP-led government of hypocrisy, pointing out that the JVP, the main component of the current regime, had vehemently opposed Indo-Lanka Accord in 1987. “Now they’ve gone and signed an even more dangerous deal,” he said.

Citing Clause 12, which allows either party to withdraw with three months’ notice, the FSP called on the government to act immediately to exit the pact. “We urge the people to unite and defeat these underhanded, sovereignty-eroding deals. The FSP stands ready to lead that fight,” Jagoda said.

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Police crush protest, arrest student activists

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Police arresting protesters in Colombo yesterday. (Photo credit Derana)

The police yesterday arrested a group of students, including the Convener of the Inter-University Students’ Federation (IUSF), Madushan Chandradith, during a protest held by the Allied Health Science Graduates’ Union in front of the Health Ministry yesterday.

The police obtained an order from Maligakanda Magistrate’s Court, earlier in the day, to prevent protesters from invading the Colombo Hospital Square and the Health Ministry.

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Deshabandu faces misconduct probe on Monday

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Inspector General of Police T.M.W. Deshabandu Tennakoon is set to face formal questioning on Monday (19 May) over serious allegations of misconduct and abuse of power, parliamentary sources said yesterday.

A special Committee appointed to investigate the claims will commence formal proceedings next week, following several rounds of preliminary discussions held within the parliamentary complex in recent weeks.

The IGP has been officially notified to appear before the Committee and is expected to face the inquiry for the first time at 2:00 PM in Committee Room No. 8.

The Committee, which met again on Thursday (15) to finalise arrangements, is investigating allegations that Tennakoon misused his official powers in a manner deemed severe and improper.

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