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ETCA, Indo-US strategy detrimental to Lanka’s independence – Wimal

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Wimal Weerawansa

By Shamindra Ferdinando

National Freedom Front (NFF) leader Wimal Weerawansa says the proposed Economic and Technology Co-operation Agreement (ETCA) with India should be examined in the context of India’s geopolitical strategy in respect of Sri Lanka.

Referring to a recent declaration by SLPP MP Rear Admiral (retd.) Sarath Weerasekera that the government parliamentary group hadn’t been consulted on the proposed agreement discussed at any level though Cabinet spokesman Bandula Gunawardena announced finalisation of the ETCA by March this year, dissident SLPP MP Weerawansa alleged that New Delhi was tightening its grip on Sri Lanka.

In a brief interview with The Island, following JVP leader Anura Kumara Dissanayake’s visit to India, Weerawansa discussed a range of issues, including the IMF’s intervention, US-India strategy pertaining to post-war Sri Lanka and what he called a murderous tax regime meant to heap further burden on those struggling to make ends meet.

Pointing out that the ETCA would be an extension of the Free Trade Agreement (FTA) the two countries signed during President Chandrika Bandaranaike Kumaratunga’s tenure, MP Weerawansa warned of unprecedented catastrophe if President Ranil Wickremesinghe was allowed to go ahead with his agenda.

MP Weerawansa asked whether bankrupt Sri Lanka struggling to cope with rising unemployment could open the service sector to India, thereby further aggravating the problems here. The NFF parliamentary group consists of six MPs, including National List member Mohammed Muzammil.

Acknowledging the financial assistance to the tune of USD four billion provided in the wake of the economic-political-social crisis in 2022, MP Weerawansa questioned whether India was taking advantage of the situation here to rapidly advance its expansionist policy.

Responding to another query, MP Weerawansa said that the Wickremesinghe-Rajapaksa government should be held responsible for facilitating the Indian project.

Alleging that the Indian take-over of Sri Lanka was being blatantly carried out in the name of the much-touted India’s ‘Neighbourhood First’ policy and her maritime vision SAGAR (Security and Growth for All in the Region), the former minister urged political parties to examine and compare the situation here and the developing situation in the Maldives following the election of China-backed Mohamed Muizzu as the new Maldivian President in last September.

Indian-backed Ibrahim Mohamed Solih suffered defeat at the presidential poll, thereby dealing a significant blow to the overall New Delhi’s strategy there, MP Weerawansa said, adding that some Sri Lankans had been deceived, perhaps willingly by Indian declaration that Indians should choose Sri Lanka as their next travel destination. Indian action was meant to undermine the tourism industry in the Maldives, MP Weerawansa said, New Delhi should never be allowed to pursue such corrosive strategies.

Commenting on the recent launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, the NFF leader alleged that in the name of strengthening financial connectivity India was taking over the smaller economy. If the incumbent government went ahead with ETCA, the consequences would be far reaching and the damage to the country’s independence, cherished for over two millennia, irreparable.

The former minister said that the IMF remedies wouldn’t help the country to regain economic stability though the government depicted the USD 2.9 bn bailout package as the panacea for all our ills. As a result of steep increase in electricity tariffs and unbearable tax regime the local industries couldn’t compete with foreign companies, MP Weerawansa said. The President backed by the SLPP seemed bent on undermining the national economy.

One-time JVP propaganda secretary said that the current JVP leadership contributed to the developing strategy. Their recent high profile visit to India close on the heels of their US tour late last year revealed the ugly truth. Those ex-members of the military and police who had pledged their support to the JVP should be mindful of the developments taking place on the political front as India sought to consolidate its regional supremacy.

Referring to an Indian submarine visiting Colombo port on the day before Independence Day this year, MP Weerawansa said that a section of the influential India media declared that it was a huge diplomatic victory for India over China in Sri Lanka as it happened in the aftermath of Sri Lanka imposing one-year moratorium on Chinese research vessels visiting her ports.

In spite of continuing turmoil in every sector, the government sought to protect the interests of the affluent. Quoting a recent UNDP survey, MP Weerawansa pointed out that just 10% of the rich shared 64% of the gross national income. According to the UNDP, 50% of the population, struggling to make ends meet, shared just four percent of the gross national income.

It would be a grave mistake on the part of the down-trodden to believe the ruling class, having learnt a bitter lesson in the wake of unconstitutional change of power in 2022, was likely to look at issues at hand in a humane manner.

The ex-minister also dealt with issuing of freehold titles to farmers by an utterly irresponsible and scheming government. Alleging that a significant number of farmers would mortgage their land because of wide scale poverty/indebtedness, MP Weerawansa said that the rising cost in paddy production also due to VAT (Value-Added Tax) on tools and other essentials would cause farmers to give up cultivation.

“We would end up importing rice to meet the growing paddy shortfall,” MP Weerawansa said, adding that a strategic rethinking was necessary to identify challenges and reach consensus on a common programme to stabilize the country. The IMF package wouldn’t save us, the NFF leader said, reminding Sri Lanka sought such interventions on 16 previous occasions.

The former firebrand JVPer said that Speaker Mahinda Yapa Abeywardena was yet to respond to his specific allegation that US Ambassador Julie Chung, during the violent protest campaign in Colombo on July 09, 2022, asked him to take over the presidency, regardless of Constitutional provision that deemed the Premier should be the successor.



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Oil price falls back to pre-Iran war levels

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The price of oil has fallen to levels not seen since before the Iran war as traffic through the key Strait of Hormuz shipping route gradually resumes.

Global benchmark Brent crude briefly fell below $72.48 (£55) a barrel, the price it was at the day before the US and Israel launched attacks on Iran on 28 February, before edging up to $73.23.

Energy prices have been on a wild ride since Iran responded to the strikes by effectively closing the strait, a critical waterway for oil and gas shipments.

The cost of crude has been moving sharply lower since the US and Iran signed a  Memorandum of  Understanding (MOU) on 17 June which set out a 60-day period for negotiations on Tehran’s nuclear programme and other measures to end the war.

Representatives from the two sides met in Switzerland last weekend for talks to end the war, which resulted in the US partially lifting sanctions on Iranian oil exports.

The number of vessels crossing the Strait of Hormuz has risen significantly since the MOU was signed, according to maritime intelligence firm Kpler.

Its latest data suggests 284 vessels have made the transit from 18 June, the day after the deal was signed, although that is is still well below the pre-conflict average of some 138 crossings each day.

The ships passing through the waterway in recent days include those carrying crude oil, liquefied natural gas (LNG), fertiliser and other goods, Kpler told the BBC.

The US and Iran had also formed a “communication line” to prevent misunderstandings “with the aim of safe passage for commercial vessels through the Strait of Hormuz”, mediators Qatar and Pakistan said in a joint statement on Monday.

There has been a “tremendous shift” with far more ships using the strait in recent days, said Dimitris Maniatis, the chief executive of Marisks, a maritime risk advisory firm working with ships stuck in the region.

A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said.

The US navy has also provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles that has been laid out since the war, Maniatis said.

But the number of ships crossing the strait is still below levels seen before the war, when it was used by more than 100 ships a day.

Hundreds of ships still appear to be waiting in the Gulf.

A line chart showing how Brent crude oil prices have fluctuated since the USA and Israel attacked Iran on February 28th. The price rose rapidly above $80 from early March and peaked at just below $120 in April. The current rate as of 25 Jun 2026 is back down to below $80, similar to before the Iran war began.

Fuel prices at the pump rose sharply when the Iran war began, and now the focus is on how quickly they will fall.

“On the back of the lowest oil price since before the Iran war started, drivers should see the average price of petrol fall below 150p [a litre] in the next week or so,” said Simon Williams, head of policy at UK motoring group the RAC. He added the price of diesel “ought to go back under 160p.

Petrol peaked at 159.53p a litre on 28 May, according to the RAC, while diesel has fallen from a high of 191.54p on 15 April.

The average price of regular gasoline in the US has dropped to around $3.93 a gallon after reaching $4 a gallon in April, its highest since 2022, but is still well above pre-war levels.

US President Donald Trump on Wednesday ordered an investigation into major energy companies, accusing Shell, ExxonMobil and other firms of “gouging” drivers by not reducing fuel prices even as oil costs fell.

“Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” Trump told reporters in the Oval Office.

The American Petroleum Institute, which represents the oil and gas industry in the US, said fuel prices “don’t move in lockstep with crude oil”.

British energy firms have faced similar accusations of unfairly hiking petrol prices since the Iran war.

The UK competition watchdog said last month  that there was no widespread evidence of this, adding that average profit margins were “broadly unchanged” between February and March

(BBC)

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Representatives from the Ceylon Chamber of Commerce meet PM

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Representatives from the ’The Ceylon Chamber of Commerce’ met with Prime Minister Dr. Harini Amarasuriya on Wednesday [24th of June] at the Parliament premises.

During the meeting, discussions focused on the Sri Lanka Economic and Investment Summit 2026 (SLEIS 2026), which is scheduled to be held on 12 and 13 October 2026. Attention was also given to digitalization initiatives, the introduction of digital technologies in schools under new education reforms, and the transformative role of Artificial Intelligence (AI) in Sri Lanka’s education sector.

Representatives of the Chamber noted that the summit would serve as an important platform for encouraging both local and foreign investment, while also contributing to the shaping of the country’s future economic policies.

The meeting was attended by Krishan Balendra, Chairman of The Ceylon Chamber of Commerce; Vinod Hirdaramani, Deputy Vice Chairman; Shiran Fernando, Secretary General and Chief Executive Officer; Aliki Perera, Deputy Secretary General and Chief Operating Officer; and Anagi Rodrigo-Weerasekera, Chief Economist and Head of Economic Intelligence, along with several other representatives.

[Prime Minister’s Media Division]

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Progress of Housing Project for Malayagam Community families funded by India reviewed

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A discussion to review the progress of the housing project under which 4,700 houses are being constructed for the Malayagam community with Indian assistance was held this afternoon (24) at the Presidential Secretariat under the chairmanship of the Chief of Staff to the President, Prabath Chandrakeerthi.

Under this housing programme, 2,026 houses are to be provided to families identified by the National Building Research Institute (NBRI) as being at disaster risk. The remaining houses are expected to be allocated to eligible workers residing in the plantation sector.

Accordingly, the houses will be provided to Malayagam community families living on estates belonging to 22 Regional Plantation Companies, as well as estates under the State Plantations Corporation, Janawasama and Elkaduwa Plantations.

For the construction of each house, the Government of India has allocated Rs. 2.8 million, while the Government of Sri Lanka has contributed Rs. 400,000.

During the discussion, Chandrakeerthi instructed officials to ensure that the housing project is completed before the end of this year. He further directed that land identified for the construction of houses be released without delay and that the National Building Research Institute provide the necessary reports to identify suitable land for the project.

The housing project is being implemented jointly by the Ministry of Plantation and Community Infrastructure, the National Housing Development Authority, the State Engineering Corporation and the Plantation Human Development Trust.

Among those present were Additional Secretary (Development) of the Ministry of Plantation and Community Infrastructure, K. S. Wijayakeerthi; Director General (Engineering), N. D. N. Pushpakumara; Director General (Planning), W. A. K. S. Damayanthi; the Secretary General of the Planters’ Association; and officials from the National Housing Development Authority, the State Engineering Corporation, relevant institutions and plantation companies.

(PMD)

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