News
Devolution talks: Gevindu alleges Ranil giving in to TNA

by Shamindra Ferdinando
Rebel SLPP lawmaker Gevindu Cumaratunga yesterday warned that post-war national reconciliation couldn’t be achieved by appeasing the Tamil National Alliance (TNA).
National List MP Cumaratunga said so commenting on the discussion President Ranil Wickremesinghe had with lawmakers representing the Northern and Eastern Provinces. The talks centered on devolution of power. The Tamil National People’s Front led by Gajendra Kumar Ponnambalam skipped the meeting.
MP Cumaratunga found fault with President Wickremesinghe for succumbing to TNA ultimatum that it wouldn’t accept government invitation unless members representing both Northern and Eastern Provinces were called together.
“The original plan was for the President to meet legislators representing the two provinces, separately. But, that plan was changed soon after the TNA warned it wouldn’t attend a separate meeting for Northern Province Tamil MPs, lawmaker Cumaratunga said. The TNA parliamentary group consists of 10 members.
In spite of the LTTE’s demise 14 years ago, the TNA apparently believed it could pursue its separatist agenda by putting pressure on individuals, the MP said, drawing President Wickremesinghe’s attention to the TNA wartime relationship with the LTTE as its mouthpiece. The leader of Yuthukama civil society group said that the TNA current strategy should be examined against the backdrop of its recognition of the LTTE way back in 2001 as the sole representative of the Tamil speaking people.
Responding to The Island query, lawmaker Cumaratunga pointed out that in the absence of a consensus among Tamil members representing the Northern and Easern Provinces, President Wickremesinghe couldn’t bring talks on power devolution to a successful concluson.
One-time TNA Chief Minister of the Northern Province C.V. Wigneswaran’s proposal made in parliament for the setting up of an interm administraive arrangement at provincial level until Provincial Council elections were held had been rejected by the TNA.
MP Cumaratunga questioned the rationale in leaving Sinhala lawmakers representing the Eastern Province out of the meeting chaired by President Wickremesinghe. The decision to restrict the meeting to a selected group of lawmakers couldn’t be justified under any circumstances, he pointed out
President Wickremesinghe had quite conveniently forgotten that he was elected by Parliament to complete the remainder of ousted President Gotabaya Rajapaksa’s five-year term, MP Cumaratunga said. Instead of addressing pressing economic issues, President Wickremesinghe was bending backwards to appease the TNA, the MP said, adding that India couldn’t absolve itself of the responsibility for causing terrorism here to facilitate high profile separatist project.
Should we give in to New Delhi’s evil designs, MP Cumaratunga asked, citing numerous examples to stress that Eastern Province couldn’t be merged with the Northern Province as demanded by the separatist movement. The Supreme Court in late Oct 2006 de-merged the Eastern Province from the North as the merger effected in the wake of July 1987 one sided Indo-Lanka Accord was subject to a referendum in the Eastern Province to ascertain whether the majority accepted that arrangement.
The TNA and other interested parties were also propagating lies that attacks were directed at Tamils’ religious sites and lands in the Northern and Eastern Provinces, MP Cumaratunga said.
The nationalist MP said that another issue that has caused concern was the move to introduce a new Central Bank Act. President Wickremesinghe, in his capacity as the Finance Minister should review the Bill titled ‘Central Bank of Sri Lanka’ in the wake of the Supreme Court determination that 46 out of 134 clauses of the said Bill violated the Constitution, hence the need to introduce several dozen amendments.
Alleging Speaker Mahinda Yapa Abeywardena of misinterpreting the SC determination in a bid to deceive parliament and the country, MP Cumaratunga urged the President to present a new bill prepared after having incorporated the amendments proposed by the Attorney General’s Department.
Appreciating the government decision to put off the one day debate and vote scheduled to be taken on May 11 on the Bill, MP Cumaratunga however expressed concern that incorporation of desired amendments at the Committee Stage could go awry. The MP recalled how those who had been in power manipulated the Committee Stage process to insert what they wanted instead of what was agreed on.
Business
Sri Lanka’s foreign reserves up by USD 2billion over the past year – Acting Finance Minister

Acting Finance Minister Ranjith Siyambalapitiya during a press conference held today (21) at the Presidential Media Center, focusing on the theme of ‘Collective Path to a Stable Country’ said that over the past year, the government successfully increased the country’s foreign reserves from 1.8 billion dollars to 3.8 billion dollars.
He added that in August 2022, the exchange rate stood at Rs. 361 per dollar, but by August 2023, one dollar could be acquired for Rs. 321. This shift is not the result of artificial control but rather a reflection of the rupee’s value adjusting in response to supply and demand for the dollar, which holds significant economic importance.
The interest rate for deposits, previously at 14% in 2022, has been lowered to 11%, while the loan interest rate, previously at 15.5%, has been reduced to 12% this year. Notably, last year, the primary account deficit was Rs. -247 billion, but this year it has turned into a surplus of Rs. 27 billion. This marks the first surplus in the primary account balance in over 40 years.
Tourist arrivals, which numbered 496,430 in 2022, have surged to 904,318 during the first two quarters of this year. Equally impressive is the growth in tourism earnings, which rose from 832.6 million US dollars in 2022 to 1,304.5 million US dollars in the first two quarters of this year, reflecting a remarkable 56.7% increase compared to the previous year.
In the past year, the amount of money remitted by Sri Lankans living abroad to Sri Lanka has surged from 2,214.8 million US dollars to 3,862.7 million US dollars this year, marking a remarkable 74.4% increase according to data from the Ministry of Finance.
On August 1, 2022, the QR code system was introduced as a measure to manage petroleum demand due to foreign exchange shortages. This led to a significant disparity between normal demand and supply, resulting in a notable increase in diesel consumption by 28% and petrol consumption by 83% in June 2023, when the QR system was partially relaxed. However, as of September 1, the QR code system, which directly impacts economic growth, has been completely lifted.
Upon assuming office, President Ranil Wickremesinghe faced a daunting challenge of addressing a 14-hour power outage, which had a direct impact on the economy. Presently, the government ensures a continuous and stable electricity supply to the population.
As of August 23, 2023, there were 1467 imported goods banned due to foreign exchange shortages. Currently, the ban applies to only 279 items. Furthermore, the import of vehicles, which had been halted in 2020, now includes buses and trucks for public transport.
In April 2022, the country faced difficulties in meeting its debt obligations. However, the government has since secured the first installment under the International Monetary Fund’s Extended Credit Scheme, contributing to stabilizing the country’s economy compared to the previous year.
(PMC)
News
President Wickremesinghe meets US President Joe Biden in New York

President Joe Biden of the United States and President Ranil Wickremesinghe engaged in a cordial meeting in New York on Thursday (20).
The high-profile meeting took place amidst a lavish dinner hosted by President Biden, for all the heads of state who had participated in the 78th session of the United Nations General Assembly.
Latest News
Ministerial Consultative Committee unanimously consent to canceling the nominations submitted for the Local Government Elections

The Ministerial Consultative Committee on Public Administration, Home Affairs, Provincial Councils & Local Government chaired by Prime Minister Dinesh Gunawardena as well as the Minister of Public Administration, Home Affairs, Provincial Councils and Local Government unanimously consented to cancel the nominations submitted for the Local Government Elections given that those who have submitted nominations have faced great difficulties due to the postponement of the elections.
-
News7 days ago
C4 whistle-blower’s father among those killed with EPRLF’s Padmanabha in Chennai
-
News6 days ago
National Security House Committee head asks why Diaspora doesn’t want India and TNA investigated
-
Editorial7 days ago
Gota as scapegoat
-
Latest News6 days ago
President Ranil Wickremesinghe addresses G77 & China Summit in Cuba
-
News4 days ago
G-77 summit: President RW calls for earmarking 1% of GDP for R&D over a decade
-
Latest News5 days ago
More questions to answer for India, Sri Lanka in Asia Cup final
-
Latest News4 days ago
Siraj’s spell for the ages gives India eighth Asia Cup title
-
Features5 days ago
Channel 4 resurrects Easter Sunday, rips open can of squirming worms