President Ranil Wickremesinghe emphasized during an interview organized by Harvard University, through Zoom technology, that Sri Lanka’s access to the growing Indian and African markets should not be disrupted by any big power rivalry or conflict. The President also highlighted the rising competition between China and the Quad, which has been further aggravated by the newly formed ‘Aukus’ pact between Australia, the United States, and the United Kingdom. Additionally, he stated that Sri Lanka supports ASEAN’s vision of the Indo-Pacific region and is committed to ensuring the freedom of navigation in the Indian Ocean and the security of undersea cables, as it is essential for the future of the country.

He said that Sri Lanka aims to achieve a significant development goal in the next 25 years by working alongside other countries in the Indian Ocean and South Asia. The government’s 25-year new reformist program will drive the country towards this objective, and the President has invited the entire Sri Lankan youth community, including those living in the diaspora, to actively participate in building a developed Sri Lanka. President Wickremesinghe also stated that Sri Lanka plans to become an upper-middle-income country by 2048, which marks the 100th anniversary of independence from colonial rule, and achieving this goal depends on the country’s commitment to economic reforms.

ECONOMYNEXT – Sri Lanka is projected to lend 2,533 million US dollars mainly to the US and Euro areas during an International Monetary Fund deal in 2023 including a mandatory 1.4 billion US dollars collected from exports and remittances, according to official documents.

Sri Lanka is expected to get two tranches of 331.2 million dollar (254 million special drawing rights each) in March and September 2023 from the IMF.In 2023 Sri Lanka has to repay 256.4 million dollars from an earlier IMF loan taken during an earlier currency crisis.

Net inflows from the IMF would be 406.12 million US dollars in 2023 if the first review is completed in September 2023.Sri Lanka has committed to collect at least 1.4 billion US dollars from remittances and exports and lend to the US and other developed nations during 2023 under the IMF deal.

A large volume has already been collected. An ad hoc peg is now operated under the IMF deal to buy dollars and export to the West, as ‘below-the-line outflows. Sri Lanka’s foreign reserves are usually loaned to highly rated sovereign or sovereign linked borrowers, mainly in the US.

But there have been amounts of Euro assets in Sri Lanka’s foreign reserves at times, triggering forex losses when the dollar to Euro parity changed.Under the IMF program there is a performance criterion to increase net international reserves by 1,948 million dollars during 2023.

Sri Lanka is also expected to repay a 200 million US dollar swap to Bangladesh during 2023, which will also raise the NIR.At the moment Sri Lanka’s central bank is in debt after borrowing from India, Bangladesh, India including on Asian Clearing Union dues as well as the IMF. Year end net international reserves would still be negative.

Sri Lanka’s gross reserves are expected to rise by 2.5 billion US dollars to 4.4 billion US dollars in 2023 indicating that the country will lend 2.5 billion US dollars to the US and other highly rated borrowers. It may include re-invested interest coupons.

Sri Lanka is also expected to get 650 million dollars from the Asian Development Bank and 250 million dollars from the World Bank as part of partner support for the IMF deal. Outside of core monetary reserves linked to reserve money, balances in Treasury accounts are also counted as forex reserves.

The BAR Association of Sri Lanka (BASL) has condemned a protest staged outside the Law of Chamber of BASL President Saliya Pieris, PC on Friday.The protest was staged against the representation of Saliya Pieris, PC for notorious Sri Lankan drug kingpin Nadun Chinthaka alias “Harak Kata”.

Condemning the protest, BASL said in a statement that Saliya Pieris, PC was only conducting his professional duties with regard to a particular client.

“We are of the view the said protest seriously hinders his right to represent a client, a professional right which has been safeguarded by law,” it pointed out.

The BASL called on the Inspector General of Police (IGP) to take action to ensure that Saliya Peiris’s professional duties as an Attorney-at-law, are not hindered and to ensure his safety.

Full text of the letter: ” We write with reference to an organized protest outside the chamber of Mr Saliya Pieris, President of the \Bar Association of Sri Lanka.

We have been made aware the said protest relates to Mr. Pieris conducting his professional duties with regard to a particular client. We are of the view the said protest seriously hinders his right to represent a client, a professional right which has been safeguarded by law.In the case of Wijesundara Mudiyanselage Naveen Nayantha Bandara Wijesundara v Sirwardena and Others (SCFR 13/2019), the Supreme Court observed that:

“The first piece of legislation passed by the Parliament soon after the promulgation of the 1978 Constitution was the Judicature Act No. 02 of 1978. As the administration of justice in any civilized society cannot be effectively implemented without lawyers, the legislature in its wisdom, through the Judicature Act, established the legal profession.

Thus, there is no dispute that the legal profession is a sine qua non for the due administration of justice in this country and for that matter in any civilized society. The said profession is essential for the maintenance of the Rule of Law and maintenance of law and order and its due existence is of paramount importance to the organized functioning of the society which is primarily the basis for the smooth functioning of the country as a whole.”

Further, Section 41 of the Judicature Act which has clearly set out the right of representation, and, has further shed light on the above mechanism established for implementing the administration of justice in the country.

It is as follows; Section 41 of the Judicature Act (Right of Representation)

(1) Every attorney-at-law shall be entitled to assist and advise clients and to appear, plead or act in every court or other institution established by law for the administration of justice and every person who is a party to or has or claims to have the right to be heard in any proceeding in any such court or other such institution shall be entitled to be represented by an attorney-at-law.

(2) Every person who is a party to any proceeding before any person or tribunal exercising quasi-judicial powers and every person who has or claims to have the right to be heard before any such person or tribunal shall unless otherwise”

Therefore, we strongly demand that you take action to ensure that Mr. Peiris’s professional duties as an Attorney-at-law, are not hindered and to ensure his safety.”