News
Finance Committee: Monetary Board insulted Parliament; SBJ calls for action against ‘culprits’
By Shamindra Ferdinando
Amidst A deepening financial crisis that prompted President Gotabaya Rajapaksa to summon an All Party Conference (APC) on Wednesday (23) to discuss ways and means of addressing the issues at hand, the Monetary Board has skipped a meeting called by the Committee on Public Finance (CoPF) yesterday (24) to inquire into current developments.
The CoPF alleged that the meeting previously scheduled to be held last Monday (21) had been re-fixed for Thursday (24) on a request made by the Central Bank.
However, at the last moment, the Central Bank had informed the CoPF that the entire Monetary Board couldn’t attend the meeting as board member S. R. Attygalle, Secretary to the Ministry of Finance was to hold discussions with the World Bank.
The Monetary Board consists of Governor of the Central Bank Ajith Nivard Cabraal (ex-officio), Treasury Secretary S.R. Attygalle (ex-officio) , President’s Counsel Sanjeeva Jayawardena, Dr. Rani Jayamaha and Samantha Kumarasinghe.
CoPF Chairman Anura Priyadarshana Yapa , MP, has said that this should be brought to the notice of Speaker Mahinda Yapa Abeywardena. The Chairman has said so after several members of the watchdog committee alleged the Monetary Board insulted Parliament. The members present on the occasion included State Ministers, Indika Anuruddha and Kanchana Wijesekera and MPs, Vijitha Herath, Prof. Ranjith Bandara, Nalin Fernando, Dr. Harsha de Silva and Mujibur Rahuman.
The CoPF declared that the Monetary Board would be called again on April 01.
Recently, former Deputy Governor of the Central Bank Dr. W.A. Wijewardena in a brief interview with The Island asserted that the country wouldn’t have in the current predicament if the Central Bank floated the Rupee in April 2021 during the tenure of Prof W.D. Lakshman as the Governor of the Central Bank.
Dr. Harsha de Silva questioned the circumstances the Monetary Board skipped yesterday’s meet summoned by the CoPF. Lawmaker de Silva said that the Parliament was informed by fax at 10.45 am informing their inability to come. The former UNP State Minister said that as the financial crisis could only be dealt in Parliament there was no purpose in having conferences. The lawmaker was referring to the APC held at the Janadhipathi Mandiraya on Wednesday. Declaring that the President has no power to formulate law, MP de Silva said that the members of the Monetary Board disrespected Parliament. They do not have a right to do so. If they do not heed summons from Parliament what is the purpose in having a Parliament at all, the SJB MP said.
The SJB boycotted Wednesday’s APC chaired by President Rajapaksa. Declaring that the Parliament couldn’t allow this to happen, MP de Silva pointed out that Finance Minister Basil Rajapaksa, too, didn’t attend the Parliament. The FM missed parliament for three months, the MP said. A State Bank has defaulted today. The government should inquire into this. The MP lambasted that government policy that has endangered the entire banking system. The MP lambasted the Governor and top officials for the rapidly crisis. The former State Minister dismissed APC talks asserting that there was no purpose in the whole exercising.
The Monetary Board couldn’t be allowed to act contrary to the Constitution.
Latest News
Sun directly overhead Pomparippu, Anuradhapura, Mihinthale, Galenbindunuwewa, Agbopura and Serunuwara about 12:11 noon today (11)
On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from 05th to 15th of April in this year.
The nearest areas of Sri Lanka over which the sun is overhead today (11th) are Pomparippu, Anuradhapura, Mihinthale, Galenbindunuwewa, Agbopura and Serunuwara about 12:11 noon.
News
Opposition NCM against Energy Minister defeated
A no-confidence motion brought by the Opposition against Energy Minister Kumara Jayakody was defeated in Parliament yesterday by a majority of 104 votes.At the end of the debate, 49 members voted in favour of the motion, while 153 voted against it.
The motion, submitted to the Speaker on 19 March, was signed by Opposition Leader Sajith Premadasa, SJB MPs, and other Opposition members.
It accused Minister Jayakody of failing to ensure the procurement of adequate and quality coal for the Lakvijaya Coal Power Plant in Norochcholai, alleging that such negligence amounted to a breach of ministerial responsibility over a critical national energy asset.
The motion also cited ongoing legal proceedings against the Minister, noting that he has been indicted by the Commission to Investigate Allegations of Bribery or Corruption and produced before the Colombo High Court under Section 70 of the Bribery Act, in connection with alleged acts of corruption during his tenure as Procurement Manager of the Ceylon Fertiliser Company Limited.
The motion read: Vote of No Confidence against Kumara Jayakody, Minister of Energy,— Whereas the Provision in Section 6 of the Part III of the Code of Conduct for Members of Parliament which states that: “The Members shall on all occasions act in accordance with the public trust entrusted with them and shall always behave with probity and integrity, including the use by them of any public resources.” has been violated; And whereas the following rules of conduct set out in Section 9 of the Part V of the Code of Conduct for Members of Parliament have prima facie been breached, namely:- “(a) to be conscience; (c) to act so as to merit the trust and respect of the people; (e) to hold themselves accountable for the conduct and duties for which they are responsible;” And whereas it is observed that the Minister has failed, in his capacity as a Minister of the Cabinet of Ministers, to discharge the fundamental duties incumbent upon him in accordance with Article 28 of the Constitution;
And whereas it is established that the Minister of Energy has failed to discharge his primary duty of ensuring the procurement of adequate and good quality coal for the Norochcholai Lakvijaya Coal Power Plant;
And whereas such gross negligence in overseeing a critical national energy asset constitutes a fundamental breach of ministerial responsibility;
And whereas the Minister of Energy has failed to carry out the subjects and functions vested in him by the Notification of Gazette Extraordinary No. 2412/08 of 25th November 2024 of the Democratic Socialist Republic of Sri Lanka, including taking necessary steps to reduce the losses at the institutional management level and technical damages that occur to the electricity generation and distribution system and reduction of costs for generating electricity and removal of uncertainties during generation;
And whereas the Commission to Investigate Allegations of Bribery or Corruption has filed formal indictments before the Colombo High Court against the incumbent Minister of Energy under Section 70 of the Bribery Act (Chapter 26) for the offence of “corruption” in connection with acts of corruption allegedly committed while he was serving as the Procurement Manager of the Lanka Fertilizer Company;
And whereas, in light of the foregoing, the Minister of Energy has irretrievably forfeited the confidence of Parliament and the people of Sri Lanka by causing losses to public finances, endangering national energy security, corruptly mishandling the procurement process, being subjected to active judicial proceedings for the offence of “corruption”, and betraying the Government’s own “anti-corruption mandate”, and his continued tenure as the Minister of Energy is contrary to the public interest, the rule of law, and the principles of good governance;
That this Parliament resolves that it has no confidence in the competence of Kumara Jayakody, Minister of Energy to function as a Minister of the Cabinet of Ministers any longer.”
by Saman Indrajith
News
Chinese Ambassador assures Lanka China will not allow a fuel crisis to develop here
Chinese Ambassador to Sri Lanka Qi Zhenhong yesterday assured that China would not allow a fuel crisis to arise in Sri Lanka, under any circumstances, reaffirming Beijing’s continued support to the country.
The Ambassador made these remarks addressing the media after attending a dry ration distribution programme for 350 low-income families at Sri Chandananda Buddhist College, at Asgiriya, in Kandy.
Highlighting the longstanding ties between the two countries, Ambassador Qi said China has consistently stood by Sri Lanka and remains ready to extend assistance whenever required.
Amid concerns over global energy disruptions, stemming from the ongoing Middle East conflict, he noted that several countries are already facing difficulties, but stressed that China is prepared to support Sri Lanka at any time.
He said that any potential fuel shortage in Sri Lanka could be managed with the involvement of China’s Sinopec.
Reiterating Beijing’s commitment to Sri Lanka’s economic recovery and development, the Envoy also expressed hope that the current ceasefire in the Middle East would hold, while assuring that China stands ready to respond to any future developments and assist Sri Lanka as needed.
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