Energy Minister Kanchana Wijesekera has submitted a complaint to the Criminal Investigation Department against two institutions under his authority.
Accordingly, the minister says that he has complained to investigate the affairs of the Ceylon Petroleum Corporation and the Ceylon Petroleum Warehouse Terminal Company.
It is stated that the minister has submitted this complaint to investigate the allegations made by various persons regarding the fuel purchase process, tender procedure, non-proper ordering of fuel, selection method of suppliers, delivery problems and payment delays.
The Seven Moons of Maali Almeida. By Shehan Karunatilaka. Sort Of Books; 368 pages; £16.99
Being a ghost, it turns out, much resembles being a war photographer: “Long periods of boredom interspersed with short bursts of terror”. Once a louche snapper with a taste for risky assignments and beautiful men, Malinda Almeida joins literature’s long roll call of deceased narrators. Over the seven days and nights that follow his demise, Maali (as he is known) must make sense of his own murder and of the civil conflicts that convulse Sri Lanka while he floats invisibly around Colombo, that “stinking city where deeds go unpunished and ghosts walk unseen”.Listen to this story.
The unhappy country produces illustrious writers but disordered politics. Many Sri Lankan authors flourish abroad, yet Shehan Karunatilaka has stayed to watch the serial calamities unfold. In 2010 his prize-winning debut, “Chinaman: The Legend of Pradeep Mathew”, used the search for a vanished cricketing icon as a vehicle for its scorchingly satirical journey. “The Seven Moons of Maali Almeida”, his second novel, returns to late 1989.
A bloody four-way struggle—between brutal government forces, Tamil separatists, Marxist-chauvinist guerrillas and Indian “peacekeepers”—has proved that “the chances of violence ending violence are one in nothing.” Peace of a sort arrived in 2009, although the country’s current meltdown suggests that this novel’s tropical dystopia has not dated. “Follow any turd upstream and it leads to a member of parliament,” snarls the photographer from his disembodied position of authority.
Maali has combined war-zone photojournalism with fixing for the competing spies who buzz around the corpses on Sri Lanka’s jungle battlefields. Whose death squad has left him among the “long slabs of meat” that “garbage men” will dump in fetid Beira lake? And will his killer negatives—images that expose the hidden state actors behind massacres—ever come to light? Maali has a week to settle his fate before the fusspot celestial bureaucracy forces him to choose between an afterlife as a long-term phantom or passage through “The Light” into rebirth and oblivion.
The quest that ensues is comic, macabre, angry and thumpingly alive. Maali’s sardonic, scurrilous monologue fills in his back story as a gambling-addicted lensman who loves the son of a Tamil politician; he hopes that his photo exposés will “do for Lanka’s civil war what naked napalm girl did for Vietnam”. It takes in the country’s manipulated ethnic strife and even the social geography of Maali’s quasi-Buddhist limbo. It has bite, brilliance and sparkle, though readers may sometimes wish for steady illumination rather than another pyrotechnic burst.
Maali’s posthumous pilgrimage shows him “how ugly this beautiful land is”. Still, the furious comedy in Mr Karunatilaka’s novel never courts despair. Acts of love and loyalty can count beyond the grave. The dead militants who pursue revenge, not karma, because “the world will not correct itself” don’t get the final word. That goes, more or less, to the sage spirit of a leopard who asks “why humans destroy when they can create”. Neither ghosts nor writers have the answer to that yet.
Colombo Fort Additional Magistrate Keminda Perera has ordered the release of former Minister Mervyn Silva, who was arrested yesterday (18), without bail.
The Additional Magistrate has stated that there is no need for bail for Mervyn Silva, who stopped the slaughter of cows in Kelaniya, and that it is sufficient for him to appear before the court on November 16.
In 2007, the Criminal Investigation Department arrested Mervyn Silva and brought him to court in accordance with the instructions of the Attorney General regarding the forced break-in of the Sri Lanka Television Corporation in 2007.
President Ranil Wickremesinghe has planned to visit Japan next month.
It is said that there will be discussions with the Prime Minister of Japan regarding the debt restructuring of Sri Lanka.
President Ranil Wickramasinghe has stated in an interview with Reuters that he hopes to ask Japan to invite the main countries that have given loans to Sri Lanka, including China and India, to start bilateral debt restructuring talks.
The Election Commission has decided to hold a special discussion with representatives of registered political parties that do not represent Parliament. The purpose of this is to discuss the amendments to be made in the electoral system.
This discussion will be held on the 23rd and apart from political party representatives, election monitoring organizations will also participate in this discussion, says Nimal G Punchihewa, Chairman of the Election Commission.
In this discussion, the political parties are to be informed about the amendments proposed by the Parliamentary Committee on Electoral Law Reforms and the Election Commission has also intended to get proposals from the political parties in this regard.
A discussion was recently held with the representatives of the political parties representing the Parliament regarding these amendments.
The Sri Lanka Podujana Peramuna (SLPP) speaking at a discussion held with President Ranil Wickremesinghe today (18) urged that the safe return of former President Gotabaya Rajapaksa be guaranteed.
The discussion was held at the Presidential Secretariat this evening.
Speaking at the discussion, National Organiser of the SLPP former Minister Basil Rajapaksa noted that the SLPP will extend its fullest support to the President in the mission to rebuild the country by resolving the economic crisis.
He added that ex President Rajapaksa’s safe return to the island must be guaranteed, revealing that it is the SLPP’s most important request from the government including President Wickremesinghe.
The same request has been made on several occasions by Venerable Iththepane Dhammalankara Thero and other Maha Sangha.
Prasanna Ranatunga, Sagara Kariyawasam, Rohitha Abeygunawardena, Johnston Fernando, Pavithra Wanniarachchi, Namal Rajapaksa and Sanjeewa Edirimanna attended the discussion on behalf of the SLPP.
Sagala Ratnayake, Vajira Abeywardena, Ruwan Wijewardena and Shamal Seneviratne attended the meeting on behalf of the President. Several other UNP envoys including former MPs Akila Viraj Kariyawasam, Range Bandara and Prof. Ashu Marasinghe were also to attend the meeting but unable to due to being not well.
Sri Lanka’s Minister of Foreign Affairs Ali Sabry met the Colombo-based Ambassadors and High Commissioners at the Ministry of Foreign Affairs for a briefing on current developments ahead of the 51st session of the Human Rights Council in Geneva.
Minister Sabry outlined the current developments in Sri Lanka, including the democratic transition of office in accordance with the Constitution, the Ministry of Foreign Affairs said.
He outlined several areas of progress already visible in addressing some of the immediate challenges which has led to a greater degree of stability for the people.
On the political front, the Minister briefed regarding the work underway towards forming an All-Party Government. He also recalled that the 22nd Amendment to the Constitution which effectively restores the 19th Amendment, has been gazetted and is before the Parliament.
This measure will contribute towards strengthening parliamentary democracy, oversight of the executive branches of government and the independence of key institutions. He also explained the progress that has been initiated towards a comprehensive review of the PTA.
The government is taking focused measures to mitigate the adverse impact of the current economic situation on the vulnerable sectors of the population in order to ensure the economic and social rights of the people and to prevent further disparities.
The Minister also noted that despite the unprecedented situation in the country in recent years, including in the aftermath of the COVID pandemic, advancements have been made in the area of human rights and reconciliation through domestic processes.
The government is in the process of building consensus so that further progress can be made on matters related to human rights, justice and equity. The Foreign Minister emphasized that Sri Lanka will continue its constructive engagement with the Human Rights Council at the upcoming 51st session.
Finance Secretary Siriwardana made a presentation on the current economic situation, focusing on the social safety measures that the Government has adopted for vulnerable groups, with a view to mitigating adverse impacts.
The Attorney General elaborated on the legal framework related to the Government’s response to the recent incidents related to protests and the imposing of the State of Emergency.
Foreign Secretary Aruni Wijewardane highlighted Sri Lanka’s continuing and extensive engagement with several procedures and processes of the United Nations human rights framework.
During the discussion that followed the presentations, the Resident Coordinator of the United Nations Hanaa Singer-Hamdy expressed appreciation for the consistent efforts of the Government in facing the challenges and expanding the social safety net of vulnerable groups. She also acknowledged the review of the PTA.
The UN Resident Coordinator announced that the UN will be partnering with the Government of Sri Lanka on a five-year framework of cooperation which will include areas of social and economic rights and social cohesion amongst others.
The Bank of Ceylon has been able to report Rs. 21.8 billion of Profit Before Tax (PBT) during the first six months of the year amidst unprecedented challenges facing many headwinds due to never experienced turmoil in the economy,BOC chairman Kanchana Ratwatte said .
The net interest income of Rs. 80.8 billion was reported with 57% growth contributing 72% to total operating income of the Bank.
Interest income grew by 62% materializing the loans and investment growth reported in the previous year. Out of the total interest income of Rs. 197.5 billion, 67% was represented by the interest income from loans and advances and considerable contribution was delivered by income from Overdraft, Term loans and Retail loans.
The investment instruments which mainly comprises Government Treasury Bonds and Bills brought the major portion of interest income earned from the investment portfolio which stood at Rs. 63.8 billion..
Total net non-fund-based income of the Bank amounted to Rs. 31.5 billion. During the first six- month period ended 30 June 2022,.
Net fee and commission income of Rs. 7.8 billion was derived through the retail transactional level banking services and trade finance including card transactions and remittances.
Mark to market loss of Rs. 2.4 billion was resulted from the investment in unit trusts and equity shares due to adverse market price fluctuations.
Rs. 49.5 billion of impairment provision for loans and advances was charged to statement of income during the period.
The operating expenses of Rs. 21.5 billion consists of personnel costs, assets maintenance, deposit insurance and other overhead expenses. YoY increase of 14% has been reported in operating expenses due to increase in personnel expenses as the Bank ensures the safety and well-being of the employees in this trying times.
VAT on financial services which is charged based on the value addition made by the financial services has a direct relationship to the PBT and emoluments showed a marginal dip of 3%. Income tax expense for the period was accounted as Rs. 5.9 billion at an effective tax rate of 27%.
The Surcharge tax of Rs. 6.7 billion was deducted from the equity as per the Surcharge Tax Act No.14 of 2022 certified on 08th April 2022.
The Bank has already effected the payment of Rs. 3.4 billion for the 1st installment which was due on 20th April 2022 and the liability to pay the balance amount has been recognized under current tax liability as of end June 2022.
During the period the Bank’s total assets grew by 17% and reached Rs. 4.5 trillion, preserving its industry leadership.
The gross loans and advances showed a marginal growth of 7% during 1H-2022 and stood at Rs. 2.7 trillion due to low credit appetite in line with the sluggish movement in the economy. The lending to the private sector grew by 12% during the period and the Bank continued to extend its support towards business revival.
The Government is now considering the domestic debt restructuring as a part of a broader policy package to address massive debt vulnerability running up to trillions of rupees, finance ministry sources said.
Total outstanding domestic debt was Rs. 12 trillion as at the end of March 2022 while the gross domestic borrowings of the Government surpassed Rs 1.6 trillion in the first four months of 2022, ministry data shows.
Around 60 percent of the domestic borrowing (over Rs. 1 trillion) was raised from Treasury bonds, 31 percent (Rs. 518.2 billion) from Treasury bills, and 4.4 percent (Rs 73.8 billion) through provisional advances from the Central Bank, and Rs 65.6 billion was raised from Sri Lanka development bonds.
In this context, President Ranil Wickremasinghe shocked the local debt market by saying domestic debt may have to be included in restructuring.
However domestic debt has already received upfront hair cut via over 60 percent inflation and inclusion debt restructure could cause financial instability, debt market sources warned.
According to Central Bank sources the restructuring of domestic debt would exert an adverse impact on domestic bank balance sheets.
In order to avoid the impact on the domestic financial system, measures should be taken to recapitalise some banks or replenish superannuation funds such as Employees Provident Fund (EPF) and Employees Trust Fund( ETF),CB sources said
A country’s debt is sustainable if it can repay it by borrowing from the market; this is known as ability to refinance, former Central Bank Deputy Governor and eminent economist Dr.W.A.Wijewardena claimed.
In the case of forex debt, if repayment has to be made by using reserves or borrowing from friendly countries it’s not sustainable and the domestic debt can be repaid by borrowing from Central Bank, then, it’s also not sustainable, he explained.
The Central Bank Governor tries hard to avoid this by increasing rates and borrowing everything from the market. But, there’s a liquidity crunch in the domestic financial system and so, he might one day run into problems, he claimed.
If this happens, it’s outside the control of local monetary authority and terms will be dictated by outside creditors and prospective lenders like International Monetary Fund (IMF) he said adding that in the case of IMF, it cannot lend to a member whose debt, either foreign or domestic, is not sustainable.
According to an IMF report, restructuring of heavy domestic debts could play a vital role in the resolution of future debt crisis by countries like Sri Lanka.
The government is now compelled to present a debt sustainability analysis (DSA), to the IMF and the country’s foreign creditors, finance ministry sources disclosed.
Therefore it has to consider potential restructuring of domestic debt in order to achieve debt sustainability, a senior finance ministry official said.
The authorities need to put in place measures that mitigate losses for banks, non-bank institutional investors, and that minimise spillovers, IMF report suggested.
Colombo, Sri Lanka(CNN)Sri Lanka’s former president Gotabaya Rajapaksa, who fled the crisis-hit island nation last month amid mass protests, is expected to return to the country next week, according to a senior minister.
Foreign Minister Ali Sabry told CNN late Wednesday the Sri Lankan government had been told of Rajapaksa’s return “through diplomatic channels.”
“Officially we have no role in the return. He is a citizen of Sri Lanka and can travel as he wishes,” Sabry said.
Rajapaksa’s estranged cousin Udayanga Weeratunga, a former Sri Lankan Ambassador to Russia, told reporters Wednesday the former leader would return on August 24.
Rajapaksa is in Thailand after fleeing Sri Lanka in July on a military plane for Maldives, and then traveling to Singapore, days after angry protesters stormed his official residence and office.
He tendered his resignation from Singapore, while public anger grewover his alleged mismanagement of the economy.
The former leader’s hurried exit was a historic moment for the nation of 22 million, which members of the Rajapaksa family ruled with an iron fist for much of the past two decades.
Anger has been growing in Sri Lanka for months after the country’s foreign exchange reserves plummeted to record lows, with dollars running out to pay for essential imports including food, medicine and fuel.
Rajapaksa’s brother Mahinda Rajapaksa was forced to resign as prime minister in May as public fury grew over the crisis.
His departure came during a day of chaos and violence that culminated in police imposing a curfew across the country.
Sri Lankan President Ranil Wickremesinghe reportedly said in late July it was “not the right time” for Gotabaya Rajapaksa to return to the country as it could inflame political tensions.
