News
Cabraal defends govt. decision on ECT

By Shyam Nuwan Ganewatte
State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday said that obtaining the assistance of India was the ideal option for Sri Lanka in developing the East Container Terminal of the Colombo Port because the facility was expected mostly to be engaged in transshipment cargo to and from India.
Addressing the media at the Waters Edge in Battaramulla, the Minister said that India was the largest client obtaining the services of the ECT and most of the business of the terminal was destined to that country.
“There is no influence from India on our government in this regard. We can make use of this terminal working with Indians to their satisfaction.
“There are discussions on this issue even within our party. There could be different opinions. But we have to reach a compromise. It is difficult to work in a manner to accommodate each and every opinion. The government is ready and open to discuss any suggestion that would enable us to do this better.”
He said that as per the investment agreement Sri Lanka would have 51 percent control of it and there would be no selling or leasing of a part of the terminal. The government had to be realistic as to who should be allowed to invest in the project, the minister said in response to a question from a journalist.
Minister Cabraal said that the prevailing pressure on the rupee was a temporary phenomenon and that the situation would improve in the coming days.
News
President requests the opposition to support the implementation of the IMF agreement

President Ranil Wickremesinghe urged the Opposition to unite and disregard political differences to assist in carrying out the IMF agreement, which would aid in the development of Sri Lanka’s economy.
The President emphasized that his duty is not to condemn previous administrations but to concentrate on the development of the country. He also declared his dedication to constructing a better future by creating laws and frameworks that prevent the recurrence of past errors.
President Ranil Wickremesinghe delivered this message in a special address to Parliament this morning (22) regarding the receipt of the Extended Credit Facility from the International Monetary Fund.
He stated that despite allegations being leveled against him that his objective was not to rescue the country from an economic crisis but to safeguard the Rajapaksa family, the international community had acknowledged his efforts to carry the country across the economic vine bridge.
The President further said that he had faith in rebuilding the beloved country where he was born, brought up and educated, and said that many past experiences were the reasons for confirming that faith.
News
SJB, JVP move SC against Finance Secy. for contempt of court

The main Opposition, Samagi Jana Balavegaya (SJB), and the Janatha Vimukthi Peramuna (JVP) yesterday (21) moved Supreme Court against Treasury Secretary Mahinda Siriwardana over his failure to provide funds required by the Election Commission to conduct the Local Government polls, ignoring an interim order issued by the apex court, on 03 March.
Ranjith Madduma Bandara, MP, is the petitioner for the SJB and Vijitha Herath, MP, moved court on behalf of the JVP, the leading party in the Jathika Jana Balawegaya (JJB).
Two Opposition parties declared action against Siriwardana the day after the Freedom People’s Alliance (FPA) issued a seven-day ultimatum to the Finance Secretary to release the funds.
EC Chairman Nimal Punchihewa is on record as having said that in spite of SC directive he didn’t receive fresh funding.
The petitioners sought the issuance of summons on Siriwardana for contempt of court over failure to carry out its interim orders, given on 03 March.
The petitioners want the Finance Secretary punished in terms of Article 105 (3) of the Constitution.
The SJB stated that Siriwardana had refrained from carrying out the March directives, on the basis of a Cabinet decision, taken on 13 Feb., 2023. The SJB also pointed out that the offensive conduct of the Treasury Secretary, inter alia, causes grave prejudice to the esteemed authority of the Supreme Court and in turn disturb the public confidence in the authority of the highest Court in the country. (SF)
News
Minister indicates reduction in fuel prices in April

Power and Energy Minister Kanchana Wijesekara told Parliament yesterday that fuel prices would be reduced considerably according to the fuel price formula at the next fuel price revision, due in April.
The Minister said that the government would be able to procure fuel shipments, at lower prices, during competitive bidding, with the receipt of the IMF bailout.
There had been practical issues, and problems, in opening Letters of Credit, and obtaining credit facilities, in the recent past, as Sri Lanka could not give a guarantee to fuel suppliers, Minister Wijesekara said.
“We could not open LCs and obtain credit facilities when procuring fuel. After the IMF bailout, we will be able to procure fuel at lower prices during competitive biddings. We will be able to obtain a long-term credit facility as well. Fuel prices in the global market seem to have declined and the rupee has also gained strength against the US Dollar. Having considered all these factors, fuel prices will be reduced by a considerable margin which could be felt by the people,” he said.
-
News4 days ago
Sri Lankan recognized as a Fellow by Society of Architectural Historians
-
Features6 days ago
Earth’s Greatest Rivalry
-
Breaking News7 days ago
Credit Suisse slump renews fears of global banking crisis
-
News7 days ago
Underworld figures flown to Colombo from Madagascar
-
Editorial6 days ago
Smash glass ceiling
-
News4 days ago
New orchid species discovered in Walankada Forest Reserve
-
News3 days ago
Geoffrey Bawa exhibition opens in New Delhi
-
Features6 days ago
A middle path for Sri Lankan agriculture: Sustainable intensification – II