Sri Lanka Original Narrative Summary: 15/10

Date:

  1. Analysts say 18 months has now elapsed since the hurriedly announced Debt Default: point out that the forex received during that period was only USD 333 mn from the IMF, with very tough conditions: state that the only Debt that has been restructured upto now is that of the helpless EPF Members who have been hit with a cleverly-disguised ‘haircut” in their interest for 2022 by a massive 20%: further point out that foreign creditors haven’t suffered a single cent as a “haircut”, so far.
  2. Reliable political sources say a proposal to abolish the Presidential system and revert to a Parliamentary system where the PM has executive powers is under serious consideration among the upper echelons of power: speculation mounts that such a proposal has been sent from the President’s Office to the Legal Draftsman’s Office.
  3. Legal sources say the Parliamentary seats of 25 MPs are in danger of being lost, consequent to the Supreme Court decision where SLMC MP & Minister Nazeer Ahmed’s Parliamentary seat was vacated as a result of the MP crossing over from his original Party.
  4. Ceylon Bank Employees Union General Secretary Ranjan Senanayake says the Govt is preparing to divest the ownership of 6 State Banks, including the Bank of Ceylon, People’s Bank and National Savings Bank.
  5. State Minister of Water Resources Sanath Nishantha says water charges will have to be increased in keeping with the electricity charges hike.
  6. State Minister of Indigenous Medicine Sisira Jayakody reveals plans to introduce cannabis cultivation as a component of the export industry once the proposal gains approval from the Cabinet: further clarifies the plan would be to utilize cannabis as a medical resource rather than for recreational purposes.
  7. Exits of “hot-money” investments from SL Govt Securities jumps by a significant 50% in the week ending 13th October’23 to USD 24 mn from USD 16 mn in the previous week.
  8. SL Accounting firm of the PwC network announces exit from the global PwC network: says the firm will join the Deloitte network, with effect from 28 October’23: the PwC network will however maintain a presence in the region.
  9. International, high-speed passenger ferry service between Nagapattinam on the eastern coast of Tamil Nadu and Kankesanthurai in the northern province of Sri Lanka, resumes from 14 October’23, after a gap of nearly 4 decades: Indian PM Narendra Modi & President Ranil Wickremesinghe highlight the importance of launching the ferry service between the two nations.
  10. All-rounder Chamika Karunaratne replaces captain Dasun Shanaka for the rest of SL’s Cricket World Cup campaign: replacement made necessary after Shanaka suffered a right thigh muscle injury during SL’s 2nd World Cup match against Pakistan on Sunday.

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