Another group of MPs from the Sri Lanka Podujana Peramuna (SLPP) have decided to unplug themselves from the government to serve independently in Parliament, risking the simple majority of 113 seats secured by the regime, political sources disclosed.
The matter has also been briefed to Party Leader Mahinda Rajapaksa, and the move has been taken due to the non-reception of solutions to the grievances they had been forwarding to the Party leadership for a long time, according to sources.
Are these MPs to actually leave the government, chances are high that the Ruling Party loses the simple majority of 113 seats in Parliament, and the declining support was even visible during the last vote on the 2023 Budget, where the government secured 123 votes in favour.
We are looking at the New Year 2023 after having undergone the bleakest of times, immense hardships, as well as the uncertainties and hopelessness of the last year. I understand the great burdens that are placed on all of us and the setbacks that a majority of us have suffered due to the country’s abject economic collapse. Yet I believe that we have already gone through the worst of these times. I sincerely appreciate all of you who are committed to our country first and I thank you for your patience and courage as we took the critical, initial steps to stabilise the economy.
Indeed, 2023 will be a critical year in which we plan to turn around the economy.
2023 is also the 75th year of independence from the British Empire. Looking back, it is obvious that we have not done as well as other ex-colonies. This is why the youth of our country are calling for a system change – especially at this juncture. This cannot be ignored.
Therefore, we must boldly implement the proposed social, economic and political reforms to build a prosperous and productive Sri Lanka in the coming decade.
Following a tremendous amount of hardships put on the shoulders of the people of Sri Lanka through from one catastrophe to another amidst an economic crisis, the worst of its kind since independence, provoking a political turmoil across the land, we, the citizens of this small island, yet managed to pass another year without letting ourselves submit to inhumanity. This, on all accounts, will be the most important remark that is being written in history books from hereon.
Are we at the liberty to wish for a prosperous New Year which is starting from today, 01.01.2023? Honestly no, at least not without an unconscious mind. The year itself steps out of the crib with astronomically high electricity tariffs imposed on the people, along with a potential hike on the prices of many commodities and service in the near future. It is undeniable that life would be more difficult this year.
Meanwhile, several progressive measures are being taken to address the National Crisis, one that has been contaminating for too long, through a political solution. Are to solve this seemingly unsolvable crisis once and for all, it will undoubtedly be a head start to recover ourselves from the recession.
Signs that 2023 is prone to elections are already on the radar, where Local Government and Provincial Council polls are believed to be held this year, hence many political parties’ engagement towards expanding their campaigns. They too represent the hopes of the people of Sri Lanka, and therefore, it is very important to keep hope about democracy.
Whilst the year 2023 being also predominantly notable for marking the 75th Independence Day of Sri Lanka, it is important to denote that we as a country are suffering the consequences of the very wrong decisions taken by our administration economically, socially and politically in the last 74 years. Nonetheless, we, after all, are human, and are we to understand this pattern running up for more than seven decades, the 75th year will be enough for us to achieve a change.
In the simple goal of understanding that reality, we as the LNW Family wish everyone strength, goodwill and courage to face this New Year. And yes, may we find courage, big time..
People must boldly implement the proposed social, economic and political reforms to build a prosperous and productive Sri Lanka in the coming decade, President Ranil Wickremesinghe says in his New Year message – stresses he understands the great burdens that are placed on and the setbacks that have suffered by the people due to the abject economic collapse.
The Ministry of Public Administration, Home Affairs, Provincial Councils and Local Government issues circular stating that a special advance exceeding not more than Rs. 4,000 will be paid to government officers for the year 2023.
President Ranil Wickremesinghe expresses condolences over the demise of Pope Emeritus Benedict XVI aged 95 – states Pope Emeritus Benedict XVI leaves a footprint of “ecumenical dialogue.” – The former Pope led the Catholic Church for fewer than eight years until 2013, becoming the first Pope to resign since Pope Gregory XII in 1415.
Former President of Peradeniya University’s Students Union Anuradha Vidanage, who was arrested in connection with the assault on former Vice Chancellor of the University Prof. Athula Senaratne and his son, remanded until January 04 after being produced before the Kandy Magistrate’s Court.
International economic news aggregator Bloomberg reports Sri Lanka’s inflation slowed in December for a third straight month as ‘tight monetary policy’ crumpled demand and supply conditions ‘normalised.’ – says the CCPI eased to 57.2% from a year ago as claimed by the statistics department compared with 61% in November and a median of 56.6% in a Bloomberg survey – Data shows moderating global commodity and food prices eased price pressures, transport costs rose 132.1% from a year go, while food prices rose 64.4%.
The Department of Motor Traffic (DMT) amends the MTA6 and MTA8 forms used for vehicle ownership transfers, effective from December 30, 2022, says the forms have been amended with the aim of improving customer service.
Kanrich Finance Limited (KFL) directed to settle its public liabilities in full within the period from 26.12.2022 to 28.02.2023 in terms of the Finance Business Act, due to continuous capital deficiencies faced by the finance company – CBSL Monetary Board issued the directive as a move to strengthen the non-bank financial sector under the ‘Masterplan for Consolidation.’
Social Activist and prominent Catholic Voice Chirantha Amarasinghe accuses ‘devotees’ of the Rajapaksa clan of hijacking the ‘Aragalaya’ protest, produces evidence for one ‘Master Sunil Jayantha’ claiming that his involvement with the Aragalaya leads to a bigger plot along with controversial pro-Rajapaksa critic Dan Priyasad.
President Ranil Wickremesinghe directs the Secretary of the President’s Fund to clear applications backlog by December 31st, allocates Rs. 1,500 million for medical aid, asserts work has been completed on 10,360 applications of the 11,000 applications received.
Press conference called in by JVP/NPP Leader MP Anura Kumara Dissanayake ends without any questions from media persons for the first time in history – MP stresses the government shall not gamble with the mandate of the people.
2023 will be a challenging year for the whole world. Between economic uncertainty, violent weather and the ravages of war, there is no country that does not face tough decisions and uncertainty in the year to come. Malaysia is no exception. But unlike many countries, Malaysia is fortunate enough to have a new government, with a new, mature leader who is respected and trusted worldwide. This is a privilege that few countries enjoy today.
But it is a small miracle that Malaysia emerged with this privilege, thanks solely to its new Prime Minister’s ability to unite political allies and enemies alike to work together and serve Malaysians. Unfortunately, it seems that some senior political leaders are intent to find ways to scuttle and sabotage the government at any cost.
The essence of democratic governance is that it puts the people in charge of their destiny. Political parties build platforms, take them to the people, and those with the most persuasive arguments are, rightly or wrongly, chosen by the people to govern. When they fail, it is again up to the people to decide whether it is worth giving them another chance, or whether it is time to try something new. In theory, such a Darwinian method of selecting rulers should tend towards better leadership. In practice, rulers often abuse their power to distort the process and in doing so, erode the sovereignty a democracy needs to succeed.
Malaysia has been a victim of this pattern for decades. Whatever else can be said about Yang Amat Berhormat Dato’ Seri Anwar Ibrahim, no one can deny that successive governments moved mountains to repeatedly deny the Malaysian people a chance to decide on the merits of the policy platform that Ibrahim brought to the table. Whenever the prospect of him becoming a serious political contender arose, criminal charges or political “moves” materialized like clockwork, the actions of an elite few, to deny the will of the many. When the bag of dirty tricks was finally empty, and when other parties had exhausted their options to stop him, Anwar finally achieved the impossible and secured a political victory that stunned his opponents.
The greatest risk that Malaysia faces in 2023 is that the same cabal of powerful people and vested interests that bent the law to keep Anwar from coming into office will now seek to scuttle his government out of spite, not with an alternative plan to form a government, but to politically paralyze Malaysia once again and blame it on Anwar.
As of right now, his opponents have their work cut out for them. There is no stronger sign of Anwar’s strength in parliament than the fact that the opposition went through such great lengths to block a roll call vote and prevent the government from showing Malaysia the extent of Anwar’s majority. If it was indeed a slim majority, the opposition would have had no reason to try and obscure that fact, let alone to be so proud of having done so. The only fathomable reason for the opposition to be proud of having stopped a roll call vote is that they did not want the Malaysian people to see how many Parliamentarians Anwar had succeeded in bringing into his fold.
Some may celebrate this sort of political gamesmanship as a clever tactic to ‘outfox’ Anwar and deny him a chance to prove his numbers. But Anwar is not the real victim of this focus on gamesmanship, on ‘moves’, and on rule-by-sabotage. At a time like this, politics is not a game. For the poorest of the poor, it is a matter of life or death, of feast or famine. It does no favors to ordinary Malaysians whose faith in democracy is waning after successive hung Parliaments and paralyzed regimes.
Advocates of free speech often remind people that the right of free speech is not just about the right of someone to speak, but also about the right of the audience to hear what the speaker has to say. For decades, people found ways to deny Malaysians of their right to hear what Anwar Ibrahim had to say. Now, those same people, discredited by the electorate, must not be allowed to deny Malaysians a chance to see how Anwar would govern.
This is not just an Anwar Ibrahim moment. It is a Malaysian moment. If his government is paralyzed by another “move”, it is unlikely to be replaced in the short term, and the paralysis that follows will do unspeakable damage to the economy and Malaysia’s world standing. This is why ordinary Malaysians, more and more of whom are being exposed to what he has to say, are likely to follow Anwar and strengthen him, not weaken him.
This is why any serious attempt to scuttle the government is bound to backfire on those who try to cause such a calamity. This time, Malaysians will blame them for the bedlam that follows. They will not get to dictate who to blame, because it is clear to all who are willing to see that Anwar is a popular world leader and Malaysia’s best chance to rejuvenate the economy and retake the spotlight in the international order.
As Anwar has long been an outspoken victim of many of the injustices and inequalities that he aims to correct, Malaysians, foreign investors and statesmen are all building their confidence in the independence of the judiciary and the freedom of the press in Malaysia under a ruler who is sincerely invested in such principles.
Even in his first month on the job, Anwar has moved governance in a direction unlike ever before seen in Malaysia. He has shunned luxuries, declared war on corruption and bureaucracy, put the spotlight on the untapped economic potential of East Malaysia. He is trying to transform the economy to focus on creating value, and do away with patronage networks and middlemen. As he conceded at his very first press conference, this is not the hand of cards that Anwar wanted to play, but instead it is the coalition with which the King and Malaysian people are counting on him to succeed with.
The challenges this government must address are daunting. From cleaning up the public sector, grappling with the devastating impact of the floods, and unleashing the prosperity that will come from releasing the economic potential of every Malaysian, Anwar and his coalition have their work cut out for them. No opposition should give a government a free pass. But Malaysians deserve a mature opposition that will engage on an intellectual level with Anwar’s policy proposals. Where they disagree with his policies they can articulate and defend alternate views, insist on transparency and take a clear stance on issues – as Anwar has – that Malaysians can judge at the next election.
Malaysia has waited far too long to have the opportunity to try, if not the man Anwar Ibrahim, the political vision that he has incubated for so long. Some of his ambitions, such as curtailing waste and bloat in the public sector, may sound uncomfortable, but are inevitable if Malaysia is to realize the same prosperity and efficiency of its tiny neighbor, Singapore.
In 2023, Malaysians must insist that they get a chance to see whether the Prime Minister can realize his vision and his promises and deliver the prosperity and dignity that Malaysians deserve. Now that the fearmongering has failed to keep him from power or oust him, the people can see for themselves whether Anwar’s vision was dangerous enough to justify imprisoning him to keep him off the ballot. They can see if it makes a difference to have a leader at the helm who is taken seriously by the international community and who is well read on Islam, economics and international relations. Once he has had a chance to try and deliver on his promises, whether he has succeeded or failed will be for Malaysians to decide one day, at GE16.
Even though Anwar and his allies have managed so far to stay one step ahead of the opposition, every minute he is forced to spend on petty politics is a minute wasted that they could otherwise spent delivering on his promise to the King and the people to unite and govern Malaysians.
As unlikely as it may seem today, if the opposition somehow manages to pull off another underhand maneuver, and some other hotel lobby becomes the next “Sheraton” for a move to cut the government off at its knees and deny Anwar a chance to deliver, it is Malaysians who will lose, as they may never again have the chance to learn whether a truly transparent, egalitarian liberal democracy is the destiny that Malaysia deserves. And if Malaysians lose that opportunity, those who denied it to them may pay a hefty political price.
Former Pope Benedict XVI has died at his Vatican residence, aged 95, almost a decade after he stood down because of ailing health.
He led the Catholic Church for less than eight years until, in 2013, he became the first Pope to resign since Gregory XII in 1415.
Benedict spent his final years at the Mater Ecclesiae monastery within the walls of the Vatican.
His successor Pope Francis said he had visited him there frequently.
The Vatican said in a statement: “With sorrow I inform you that the Pope Emeritus, Benedict XVI, passed away today at 9:34 in the Mater Ecclesiae Monastery in the Vatican.
“Further information will be provided as soon as possible.”
The Vatican said the body of the Pope Emeritus will be placed in St Peter’s Basilica from 2 January for “the greeting of the faithful”.
Plans for Pope Benedict’s funeral will be announced in the next few hours, the Vatican said.
The head of the Catholic Church in England and Wales, Cardinal Vincent Nichols, said Pope Benedict was “one of the great theologians of the 20th century”.
In a statement he said: “I remember with particular affection the remarkable Papal Visit to these lands in 2010. We saw his courtesy, his gentleness, the perceptiveness of his mind and the openness of his welcome to everybody that he met.”
“He was through and through a gentleman, through and through a scholar, through and through a pastor, through and through a man of God – close to the Lord and always his humble servant.”
Although the former pontiff had been ill for some time, Vatican authorities said there had been an aggravation in his condition because of advancing age.
On Wednesday, Pope Francis appealed to his final audience of the year at the Vatican to “pray a special prayer for Pope Emeritus Benedict”, whom he said was very ill.
Born Joseph Ratzinger in Germany, Benedict was 78 when in 2005 he became one of the oldest popes ever elected.
For much of his papacy, the Catholic Church faced allegations, legal claims and official reports into decades of child abuse by priests.
Earlier this year the former Pope acknowledged that errors had been made in the handling of abuse cases while he was archbishop of Munich between 1977 and 1982.
People’s Bank has taken steps to further strengthen trade related services with India by opening an Indian rupee (INR) account with HDFC Bank, India.
This account will facilitate executing telegraphic transfers, performing foreign exchange transactions and result in expediting international trade transactions.
People’s Bank Chai-rman Sujeewa Rajapakse said: “We are very pleased to partner with the India’s leading financial service provider HDFC Bank which has a branch network of over 6000.
This will undoubtedly allow us to provide an enhanced range of international banking services to our clients who aspire to capitalise on the huge market opportunity our giant neighbour is presenting.”
CEO/General Manager Ranjith Kodituwakku said: “The INR account opened with HDFC Bank will allow us to provide all types of trade-related transactions including remittances and student payments to India.
The trust that HDFC’s customers and providers of capital have placed in it over the years has almost become legendary in the Indian corporate world and we at People’s Bank are happy to provide the same service to our customer base that wants to reach the Indian market.”
The Indian government has opened five special vostro accounts for trade in rupee with Sri Lankan banks with a view of facilitating trade with the island nation, official sources said
SBI Mauritius Ltd and People’s Bank of Sri Lanka opened an SVRA with State Bank of India (SBI). In addition, Bank of Ceylon opened an account in its Indian subsidiary in Chennai recently.
Union Bank of India has opened spec opened special rupee account of Ros Bank Russia while Chennai-based Indian Bank has opened such accounts of three Sri Lankan banks, including Colombo-based NDB Bank and Seylan Bank
These special vostro rupee accounts (SVRA) with banks of Sri Lanka rationalizing the rupee trade arrangement.
Under the rules, any surplus in these rupee accounts can be invested in treasury bills and government securities. Banks want to understand how these securities will be transferred to the buyers.
Under the arrangement announced by the RBI on July 11, an authorised bank in India can open special rupee vostro accounts of correspondent banks of any partner trading country.
In view of the increasing interest of the global trading community in the Indian Rupee (INR), Reserve Bank of India (RBI) allowed for a settlement mechanism to carry out transactions in the rupee, with immediate effect.
This system will pave the way for facilitating trade with countries currently unable to conduct transactions in US Dollars, Euro, or other dominant foreign exchange currencies.
Kanrich Finance Limited (KFL) has been directed to settle its public liabilities in full within the period from 26.12.2022 to 28.02.2023 in terms of the Finance Business Act, due to continuous capital deficiencies faced by the finance company.
The Monetary Board of the Central Bank of Sri Lanka had issued this directive as a measure to strengthen the Non-Bank Financial Institutions Sector under the ‘Masterplan for Consolidation.
The aforesaid direction was issued in the best interest of depositors and promissory note holders of KFL, subsequent to securing measures to have adequate funds available for KFL to fully settle its public liabilities and further directing KFL to exit from the finance business after such settlement, CB said.
Accordingly, KFL will take necessary actions to settle the entirety of public liabilities with interest accrued up to 26.12.2022 at agreed upon interest rates.
All depositors and promissory note holders of KFL are requested to avail this settlement plan and claim their funds prior to 28.02.2023.
Ina latestet development Nation Lanka Finance PLC (NFL) has stepped into amalgamate with Kanrich Finance Ltd. under the Master Plan for Consolidation of Non-Bank Financial Institutions.
NFL said the company has received the approval of the Monetary Board of the Central Bank for the move aimed at meeting the deficit of the Capital Adequacy requirements.
The NFL will be the surviving entity and is required and expected to complete the Amalgamation process with the relevant approvals on or before 31 March 2023.
The NFL requires Rs. 2.5 billion to comply with regulatory requirements. At present existing capital funds as at 31.03.2022 is Rs. 413 million. It concluded a Rights Issue of Rs. 1.1 billion recently.
V.R. Ramanan owns 55.5% stake in NFL and U.H. Dharmadasa holds 9.6% along with related party Ceyoka Ltd., (8%) and H.K.J. Dharmadasa (6.5%). The NFL has 13,728 shareholders.
The Securities of the company were transferred to the Watch List as per the Enforcement Rules of the CSE on 29 September 2020; 7 September 2021 and 9 September 2022, due to the emphasis of matter on going concern contained in the Independent Auditor’s Reports in the Financial Statements for the years ended 31 March 2020, 2021 and 2022.
The emphasis of the matter on going concern was expressed by the Auditors due to adverse impact on the profitability of the company as a result of continuous restrictions imposed on the company consequent to non-compliance with the minimum Core Capital requirements laid down by the regulatory authority.
The company requested to the, Securities and Exchange Commission of Sri Lanka (SEC) to grant an extension to resolve the aforesaid matter (i.e. emphasis of matter on going concern) and accordingly SEC granted 05 extensions up to 31 December 2021; 31 March 2022, 30 June 2022, 30 September 2022 which has been further extended until 31 December 2022.
As at 30 September 2022, retained loss of NFL was Rs. 964 million up from Rs. 545 million as at 31 March 2022. Assets amounted to Rs. 8 billion and liabilities were Rs. 7.7 billion. For six months ended 30 September 2022, NFL reported a net operating loss of Rs. 416.7 million as against a loss of Rs. 198 million a year ago.
(Bloomberg) — Sri Lanka’s inflation slowed in December for a third straight month as tight monetary policy crimped demand and supply conditions normalized.
The consumer price index in the capital Colombo eased to 57.2% from a year ago, the statistics department said in a statement released Friday. That compares with 61% in November and a median of 56.6% in a Bloomberg survey.
Moderating global commodity and food prices eased price pressures. Transport costs rose 132.1% from a year go, while food prices rose 64.4%, the data showed.
A worker at a wholesale market moves packets of rice to a truck after a nationwide curfew was lifted for a few hours in Colombo, Sri Lanka, on Thursday, May 12, 2022. Sri Lankan President Gotabaya Rajapaksa has defied calls to resign, pledging instead to form a new government after violent clashes this week left eight people dead in an escalation of a monthslong crisis over food and fuel shortages. Photographer: Buddhika Weerasinghe/Bloomberg , Bloomberg
Cooling prices support the Central Bank of Sri Lanka’s disinflation expectations and gives the monetary authority more room to help turnaround the economy that is weathering its worst economic meltdown in decades. It has raised borrowing costs by 9.5 percentage points to 15.5% so far this year.
The central bank last month forecast inflation would slow to 4%-5% by the end of 2023 after peaking near 70% this year.
Sri Lanka has fulfilled most preconditions for a $2.9 billion International Monetary Fund bailout and is currently focused on bilateral debt restructuring in order to secure board approval for the program.
Public officers have been granted a special advance of an amount not exceeding Rs. 4000 in 2023, as per a circular issued by the Ministry of Public Administration.
Dated 29.12.2015, the Public Administration Circular 26/2015 outlines the following;
It has been decided by the Government to pay a Special Advance of an amount not exceeding Rs. 4000 for the year 2023, as per the provisions of the said circular subject to the substitution of year 2022 for year 2015 in para 03 of the said circular and substitution of year 2023 for year 2016 in all places where it is mentioned.
The payment of this advance should commence on 01.01.2023 and be completed on 28.02.2023. No payment should be made after 28.02.2023. This advance should be completely recovered within the year 2023.
This circular is issued with the concurrence of the General Treasury.
