Sunday, April 14, 2024

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Sri Lanka Original Narrative Summary: 26/01

  1. Pivithuru Hela Urumaya leader Udaya Gammanpila proposes payment of wages on a weekly basis for public and private sector workers: claims it would help the cash-strapped govt and private sector to cope up with the continuing economic crisis.
  2. CB Governor Dr Nandalal Weerasinghe says the Central Bank prevented the contraction of the economy by hiking interest rates: analysts contradict the Governor and say it’s universally acknowledged that interest rates are lowered to stimulate growth and increased to curtail growth.
  3. CB Governor Dr Nandalal Weerasinghe says Sri Lanka suppressed interest rates for 2 years by “printing” large volumes of money before he took office: CB data shows in the first 269 days of Weerasinghe’s tenure upto 31Dec’22, “money printing” by the CB had been Rs.868 bn at an average of Rs.3.2 bn per day, which is 45% higher than during the tenures of his 2 immediate predecessors.
  4. Ven. Thiniyawela Palitha Thera withdraws private plaint filed by him against former CB Governor Ajith Nivard Cabraal in the Fort Magistrate’s Court: Fort Magistrate Thilina Gamage dismisses case.
  5. China’s Exim Bank offers a 2-year “moratorium” on its loans to Sri Lanka: India also had previously agreed to a “maturity extension” of its loans to Sri Lanka: no mention of agreement to suffer any “haircuts” on its loans: analysts point out that IMF’s requirement of “Debt Sustainability” will not be possible without substantial haircuts by both bilateral and private creditors.
  6. Motor Traffic Department says a method of issuing the driving licence to the mobile phone, is being formulated.
  7. Armed gang robs an ATM of a private bank in Gampola by threatening the security officer at gunpoint.
  8. Newly constituted Constitutional Council meets for the first time, presided by Speaker Mahinda Yapa Abeywardana: PM Dinesh Gunawardena and Opposition Leader Sajith Premadasa also participate.
  9. Elections Commission Member Ms. P S M Charles tenders resignation to the President: rumors abound of deep divisions within the EC over several issues including the holding of the LG Election.
  10. Health Ministry admits the country’s health care system is facing a severe shortage of over 140 essential medicines, including 43 “cancer” drugs: Health Secretary Janaka Chandragupta says purchase orders have been placed for the medicines that are in short supply.

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