News
20A: PM in the same boat as SJB– Kiriella
By Saman Indrajith
SJB Kandy District MP Lakshman Kiriella yesterday said that people had a right to know who had prepared the 20th Amendment to the Constitution and the government should reveal the names of its architects.
Addressing the media at the SJB Headquarters in Etul Kotte, MP Kiriella said: “Those who framed all Constitutions since 1948 are known. In 1948, we got a constitution that had been prepared by Lord Soulbury. The preparation of the Soulbury Constitution. All parties including delegations from Jaffna, Up-country and Southern provinces were given the opportunity to submit their proposals. There was a framer so others could contact him to make suggestions. That should be the procedure. After that in 1970, we had the Republican Constitution. It was framed by Dr. Colvin R. de Silva and others. We had a Second Republican Constitution in 1978 with President JR Jayewardene as its author. President Chandrika Kumaratunga tried to introduce a new constitution – Prof G. L. Peiris was its author. Thereafter, we brought in the 19th Amendment to the constitution. I presented it to the House. It was prepared by Dr. Jayampathy Wickremaratne.”
“Now, we have before us a draft amendment which has no architect. As MPs of the Opposition whom we to question on the content of the draft Bill? Everybody we have contacted in the government told us they were not aware of the content of the draft bill. Justice Minister too says that he did not draft it. We have a right to know who drafted it.”
The MP said that the government should explain to the people who had made the draft bill. “The Prime Minister too is in the same boat as regards the content of 20th Amendment Bill. So, how can the government defend this in Parliament or anywhere else? When the draft bill was presented to the Cabinet, the ministers had been notified that it was there to be approved and not discussed. It would not be that easy when the Bill is presented to Parliament.”
Business
Sri Lanka reaches in principle agreement for restructuring sovereign debt with external commercial creditors
On the 19th of September 2024, Sri Lanka announced that it has reached Agreements in Principle on the restructuring of approximately USD$ 17.5 billion of external commercial debt (as of end 2023).
These agreements have been reached with holders of its International Sovereign Bonds, following negotiations with the Ad Hoc Group of Bondholders (“AHGB”), a representative group of international investors, and the Local Consortium of Sri Lanka (“LCSL”), a representative group of domestic financial institutions. Collectively, the two groups hold in excess of 50% of the Bonds.
Under the agreements, holders of the Bonds will be consenting to a present value concession of 40.3% in the baseline scenario, calculated with a discount factor of 11%. The agreements provide Sri Lanka with enhanced debt relief compared to the Joint Working Framework agreed in July 2024, including a further reduction in interest payments provided in the new agreement.
Sri Lanka also announced that it has finalized agreement in principle with China Development Bank (“CDB”) on the key financial terms of the restructuring of approximately US$ 3.3bn of sovereign debt.
As a result of the agreements already achieved with Eximbank of China and members of Sri Lanka’s Official Creditor Committee (“OCC”) as well as CDB and bondholders, Sri Lanka will have obtained over USD 17bn of debt service relief during the IMF program period (around USD 2.4bn from Eximbank of China, USD 2.9bn from the OCC, USD 2.5bn from CDB and USD 9.5bn from the bondholders).
His Excellency the President expressed his deep appreciation for all of Sri Lanka’s creditors who engaged in good faith throughout this process, and also for the International Monetary Fund and the OCC Secretariat for the continuous and constructive support.
The official announcement is available at: https://links.sgx.com/FileOpen/Sri%20Lanka%20%20Announcement%20of%20Agreement%20in%20Principle%20-%2019_09_2024.ashx?App=Announcement&FileID=819175
The National Security Council convened this morning (19) at the Presidential Secretariat, chaired by President Ranil Wickremesinghe, to discuss security arrangements for the upcoming 2024 presidential election.
The council focused on ensuring the election is conducted independently and fairly, with full support pledged to the Election Commission to maintain law and order.
Key discussions included safeguarding candidates, securing polling centres, and upholding security at polling stations.
Additionally, President Wickremesinghe directed security agency heads to take all necessary steps to maintain peace and stability in the country during the post-election period, ensuring minimal disruption to the daily lives of citizens.
A fully equipped modern library funded by the Chinese Embassy in Sri Lanka was officially handed over to D.B. Welagedara Central College Kurunegala by the President’s Secretary, Mr. Saman Ekanayake.yesterday (18),
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