Joint Chambers together with Institute of Chartered Accountants of Sri Lanka and Joint Apparel Association Forum call upon the President to take immediate steps to appoint a competent person as the interim Prime Minister and a small Cabinet of Ministers to be appointed in consultation with the Prime Minister acceptable to all leading political parties represented in Parliament. 

This must be done with immediate effect in order to take urgent action to restore law and  order and economic activity in the country.

Further, it is abundantly clear that concluding the IMF staff level agreement in a timely manner as planned, could be jeopardized due to the absence of a legitimate government, Joint Chambers and Chartered Accountants of Sri Lanka said. . 

While awaiting the IMF program, it is critical that Sri Lanka secures Bridge Financing to help get through the next six months, they added.

They also called upon all political parties to leave aside their political agendas and differences in order to support the formation of an interim government under a leadership accepted by all

Joint chambers and CA Sri Lanka has urged the expediting of much needed constitutional amendment to repeal the 20th amendment and abolishment of the executive presidency within a reasonable timeframe through a consensual approach.

These organizations requested the President to respect the voice of the public and resigns immediately after the interim government is firmly in place.

They appealed to the people of this country to remain calm and not resort to violence that will make it even harder for the country to emerge from this crisis while urging  all religious leaders to advise the public on the need to desist from violence while expressing their voice in a peaceful manner as done so effectively up to yesterday. 

In a statement the Joint Apparel Association Forum (JAAF) noted that the violence that erupted on the streets of Colombo and in other parts of Sri Lankaon Monday, and the resultant loss of life is both unfortunate and deeply saddening. 

They  call upon leaders and authorities to immediately restore political stability across the country. They should also ensure a safe living and working environment for all people, as the country  collectively navigates through this very difficult crisis.

By the same token, they strongly support the efforts taken by the Bar Association of Sri Lanka to ensure a peaceful, democratic transition of power. It is critical that a new government be appointed urgently to all the current political vacuum.

India has enormous security and strategic interests in Sri Lanka and it is ready to reinforce economic engagement with its southern neighbor ata time where the country is engulfed with widespread rioting of the people..

 These attacks had been carried out by ruling party supporters against crowds protesting at the government’s handling of the economic crisis at Galle face green in Colombo  injuring 78 people.

This  unruly attack triggered countrywide riots of the people against ruling party  local government members and parliamentarians who were behind the attack on anti government protesters. 

Police said violence throughout the island on Monday 09  has resulted in eight deaths and number of arson attacks on houses and properties.More than 230 have been injured in those incidents.

47 vehicles and 38 houses came under arson attack, while 41 vehicles and 65 houses had been severely damaged. Most of the vehicles and houses destroyed belonged to former ministers or MPs of the ruling party.

In this back drop of socio economic instability and public unrest, ironies abound as India hastens to come to the aid of Sri Lanka, a close neighbour, ravaged by economic mismanagement and food and fuel shortages, diplomatic sources said. 

The dire state of the Sri Lankan economy, probably its worst ever, has provided India with its best chance to regain primacy in the region after the Covid pandemic and some unfortunate domestic decisions saw its vaunted ‘neighbourhood first’ policy in deep distress, political analyts said. 

As a close neighbour, India has reiterated its support for the democracy, stability and economic recovery of Sri Lanka.

The official spokesperson of India’s Ministry of External Affairs has conveyed this in response to media queries on the recent developments on the island nation, the Indian High Commission in Colombo said.

“As a close neighbour of Sri Lanka, with historical ties, India is fully supportive of its (Sri Lanka’s) democracy, stability and economic recovery.”

The spokesperson also recalled that India, in keeping with its Neighbourhood First policy, has extended this year alone support worth over US$ 3.5 billion to Sri Lanka to help overcome the ongoing crises.

India  has also expressed willingness to commit up to another $2 billion in financial assistance to Sri Lanka while also supporting the island nation with food and fuel.

 Official spokesman noted that  “India will always be guided by the best interests of the people of Sri Lanka expressed through democratic processes.”

The Ceylon Chamber of Commerce is alarmed by the violent attacks on protesters outside Temple Trees and at Galle Face and calls upon the Government and the armed forces to take immediate action to prevent peaceful demonstrators being attacked.

An impartial investigation should be carried out to identify those responsible and hold them accountable, the CCC said in a statement.

Failure to take immediate action to protect the fundamental rights of citizens will result in grave repercussions on the maintenance of law and order and disrupt the ongoing initiatives to resolve the serious economic and political crises faced by the country.

Inspector-General of Police (IGP) C.D. Wickramaratne has directed the Criminal Investigation Department to initiate a probe into the attacks on the anti-government protesters outside the Temple Trees and at the Galle Face Green.

A mob of government supporters who met with former PM Mahinda Rajapaksa at the Temple Trees last morning (May 09) was seen assaulting the peaceful protesters and damaging the properties nearby.

In retaliation anti-government protesters have set on fire  32 Houses of several lawmakers including the ex Prime Minister  ,several ministers . MPS and members of provincial councils  local government institutions and pradeshiya sabhas claiming they were behind the mob attack on Galle Force demonstrators, local media reported on Monday.Seven people have died and more than 190 have been injured since Monday following  the mob attack sponsored by the government  at Mina Go Gama in Colombo Galle face and  the subsequent wide rioting in retaliation by  the people.

Sri Lanka’s construction industry is facing thousands of job losses and a steep decline in construction projects due to increasing costs of raw materials, paired with a fuel and electricity crisis.

Construction is one of the key sectors that has boosted the country’s overall economic growth in the past. The sector provides employment for nearly 1 million people including 600,000 direct jobs.

Sri Lanka’s construction contractors involved in public infrastructure and building projects are now in a difficult situation with the Finance Ministry’s decision to suspend almost all such projects in bid to curtail capital expenditure, several leading contractors complained, adding that many are still to receive their due payments from the Treasury for completed and ongoing projects running up to billions of rupees.

Unpaid claims of road contractors and contractors of other development projects carried forward stood at over Rs.35.2 billion since 2019 and the final amount of dues up to this year is still to be finalised, a Finance Ministry official said.

The payments for last year were also overdue up to some extent as the Treasury had not settled the payments in accordance with the date of the agreement, he added.

The Ministry has taken a decision to phase-out the contractors’ payment for five years for the work done in development projects including express highways following the pandemic and the current economic crisis, he disclosed.

Majority of the previous outstanding bills, including that of the previous Government, have been approved and settled by the respective ministries. About Rs. 243 billion worth of bills have been settled in 2020 out of the long overdue amount of Rs. 400 billion to the contractors, he revealed.

However there were carried forward dues for contractors which have to be settled after a comprehensive review on the progress of their work in state projects as some of them were suspended midway, he added.

Such affected contractors should apply to the Public Finance Department of the Treasury for a redress, he said, adding that the payments will have to be further delayed under the present crisis situation.

Around 75 per cent of construction work in the country has come to a standstill owing to the increase in the cost of building materials together with the spike in fuel prices, says the National Construction Association of Sri Lanka.

Its Vice President, M.D. Paul stated that the price of a cube of sand has increased by over Rs. 8,000 to almost Rs.22,000, after the fuel price hikes. However, since the fuel price hikes also increase all transport costs, a cube of sand now costs Rs.30,000, he added. Moreover, metals, and all other building material costs have increased by 60 to 70 per cent..

With over 70 percent of depreciation in the rupee currency since March 7, the cement prices have risen to near 3,000 rupees from 850 rupees during the Covid-19 pandemic, industry stake holders say. 

And the price hike along with severe shortage of cement had made it hard for the industry.

Importers stated that they are turning away from traditional vendors like China and India, and turning to Bangladesh for their cheaper, albeit low quality cement.And the job losses are already felt by the industry now.

“Due to several factors causing a debilitating impact, over 100,000 jobs will be lost within the next 3 months, unless immediate remedial action is taken.” Nissanka N. Wijeratne, the Secretary General/CEO Chamber of Construction Industry.