By Saman Indrajith The SJB yesterday accused the government of using trickery to prevent the judicial review of its new laws to bring down the value of money in the Employment Provident Fund by 30% as a part of IMF dictated economic reforms. Chief Opposition Whip Kandy District MP Lakshman Kiriella said that the government […]

By Rathindra Kuruwita Brain drain is the worst manifestation of the country’s economic crisis, Freedom People’s Congress (FPC) member and MP, Prof. G.L Peiris, said on Thursday.Prof. Peiris said that a large number of academics had left state universities. In recent years, the number of students enrolled at the state universities had risen significantly, he […]

ECONOMYNEXT –Sri Lanka’s main opposition party the Samagi Jana Balawegaya (SJB) will present an amendment to the Employees’ Provident Fund (EPF) Act to ensure an equitable treatment in restructuring domestic debt, an SJB legislator said. MP Harsha de Silva told reporters on Wednesday July 12 that the party will propose an amendment that, if passed, […]

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When the five days long stretch of holidays ended last week and the Colombo bourse reopened for trading on Tuesday, the market surged 6.71 percent (633.69 points up) on the broad All Share Price Index (ASPI) while the Standard and Poor SL 20 index covering the 20 largest and more liquid companies quoted on the […]

By Rathindra Kuruwita Unless Sri Lanka addressed its governance issues, the country would have to restructure its debt again like most countries that had unsustainable levels of corruption, Executive Director of Verité Research Nishan de Mel said in a recent televised interview. Dr. De Mel said that as the government had decided to pay the […]

The Sri Lanka Banks’ Association has emphasized that by optimizing domestic debt, the hard-earned funds of the working people in the country will be safeguarded from potential losses. During an interview on the ‘101 Katha’ program,produced by the Presidential Media Division, Russel Fonseka,  the Chief Executive Officer of the Bank of Ceylon and a member […]

‘CBSL employees receiving higher interest rate of 29 percent’ Pivithuru Hela Urumaya (PHU) leader and dissident SLPP MP Udaya Gammanpila yesterday (04) said that though the government insisted that its Domestic Debt Optimisation (DDO) programme would have no impact on the banking sector, banks could lose as much as Rs 97 bn. Addressing the media at […]

Parliament disregarded COPE recommendation for PSC By Shamindra Ferdinando Eksath Janaraja Peramuna (EJP) leader and SJB MP Patali Champika Ranawaka, MP, has called for the setting up of a special commission to investigate those who bankrupted the economy.  Ranawaka said that those who had served as Finance Ministers, Governors of the Central Bank and members of the […]

Tuesday 4th July, 2023 Some SLPP grandees would have the public believe that they are opposed to the government’s domestic debt restructuring (DDR) programme because it has adversely affected the working class and exempted the super-rich. SLPP MP Namal Rajapaksa has gone on record as saying that he is averse to the DDR scheme, and […]

by Jehan Perera President Ranil Wickremesinghe notched up another achievement when Parliament ratified the Domestic Debt Restructuring (DDR) programme with a majority of 60 votes, with 122 members voting for and 62 against, with 40 abstentions. Parliamentarians who would need to think about their re-election prospects would have been reluctant to vote for a programme […]

By Shamindra Ferdinando Dissident SLPP MP Gevindu Cumaratunga has strongly opposed the government move to place the debt-restructuring programme under President Ranil Wickremesinghe’s control as the latter does not represent Parliament. Addressing Parliament on Saturday (01), the leader of civil society group ‘Yuthukama’ pointed out that the Resolution on the Domestic Debt Optimisation (DDO) was [...

frowns on privileged status to wealthy investors, bid to restore dissolved LG bodies By Shamindra Ferdinando Top Opposition Spokesman Prof. G. L. Peiris yesterday (02) demanded that the government cancel, what he called, the deeply flawed ‘Aswesuma’ social security project, to pave the way for a fresh scheme. Addressing the media at the Nawala Office […]

The Sri Lanka Parliament’s Committee on Public Finance (CoPF) has discussed the lack of consent of beneficiaries of the Employment Provident Fund on a planned domestic debt restructuring plan, its chair Harsha de Silva has said. “…#COPF meeting discussed the #DDO plan but concerns were raised about burden falling on superannuation funds esp #EPF without […]

Sri Lankan state can’t allow even a small bank to collapse because that will trigger a bank run with a devastating impact on the economy. Governor of the Central Bank of Sri Lanka CBSL) Dr. Nandalal Weerasinghe said, on Thursday night, taking part in a televised discussion. Dr. Weerasinghe said that Domestic Debt Restructuring (DDR) […]