The Port of Trincomalee will carry out its first export shipment today, after a long lay off of 30 years, the Sri Lanka Ports Authority (SLPA) said.
Accordingly, the first shipment of ilmenite a titanium-iron oxide mineral are scheduled to export to China today, the SLPA said.
Source: Daily Mirror Online
An Ambassadors’ Forum on debt restructuring and International Monetary Fund (IMF) program commenced a short while ago under the patronage of President Ranil Wickremesinghe.
A total of 16 Colombo-based missions are participating in the forum, the President’s Media Division (PMD).
Meanwhile, six other participants are taking part in the forum from New Delhi virtually, the PMD added.
Earlier this month Sri Lanka reached a preliminary deal with the IMF for a loan of about USD 2.9 billion contingent on it receiving financing assurances from official creditors and negotiations with private creditors.
Source: Adaderana
SLPP MP Prof. G.L. Peiris yesterday said that the government rebels in the opposition ranks were not given time to speak in Parliament.
Speaking to the media at the Parliament ground, Prof Peiris said that the government accused of suppressing the voices of people has now extended its grip of silencing the critics in Parliament by not allocating time to the opposition MPs to speak in debates.
Prof Peiris said that time in debates was not allocated to 13 SLPP MPs who joined the opposition ranks. “Today the debate in the House was on strategies to increase the national income. MPs of our group are not given time. This is deliberate silencing of the critics of the government.” he said.
It is useless to talk about the privileges of a Member of Parliament if the fundamental right to speak is violated. This is a total disruption of the Parliament democracy.
Prof Peiris said that the MPs who had been deprived of participating in the debates would write to the Commonwealth Parliamentary Association, Inter-Parliamentary Union and the SAARC member nations of the unjust act.
Source: The Island Online
Sri Lanka can build Mannar island into a entertainment filled tourism hotspot which will use dollars as its currency like Macau, newly appointed state minister for tourism Diana Gamage has said.
Macau adds to a long list of dream countries with stable single anchor monetary regimes with currency boards of currency board like systems.
Other such countries that Sri Lanka frequently aspires to become economic hubs like Singapore (modified currency board), Dubai (currency board like system) or Hong Kong (orthodox currency board).
“We can make the Mannar Island like entertainment location like Macau island,” Minister Gamage told after assuming duties.
“Business can be done in dollars. No rupees.”
Macau has a currency board with Hong Kong dollar at 1.03 Macau Pataca and also currency competition where foreign currencies like the US dollar can be used.
In Sri Lanka the central bank and police arrest people who try to protect their savings from depreciation using draconian legal tender laws after printing money to create forex shortages. In 2022 a money laundering law was also deployed against the people.
Source: Economy Next
The United Nations Human Rights Council should adopt a strong resolution on Sri Lanka that strengthens current UN mandates on accountability for crimes under international law and monitors the country’s deteriorating human rights situation, four international human rights organizations said in a letter to council member states published today. The resolution should also call upon Sri Lanka to address ongoing abuses, including by ending use of the draconian Prevention of Terrorism Act.
Sri Lanka has been suffering a severe economic, political, and human rights crisis. The former president, Gotabaya Rajapaksa, resigned in July 2022 following massive protests, and his successor, Ranil Wickremesinghe, has used abusive security measures to suppress freedom of expression and peaceful assembly. In a wide-ranging report released on September 6, the former UN High Commissioner for Human Rights Michelle Bachelet said, “Sri Lankans came together … in a mass protest movement to demand greater transparency, accountability for corruption and economic mismanagement and increased participation in democratic life.” She called upon the government to respect the rights of protesters, end impunity for past violations, and address the root causes of the current crisis.
“For many years the victims of past abuses in Sri Lanka have demanded justice, while successive governments have broken promises, blocked accountability, and promoted those implicated in war crimes to high office,” said Meenakshi Ganguly, South Asia director at Human Rights Watch. “The UN Human Rights Council should adopt a resolution on Sri Lanka that presses the government to uphold accountability and the rule of law.”
At the 51st session of the Human Rights Council, which began on September 12, member states will review and update a March 2021 resolution that established a UN accountability project to collect and prepare evidence of international crimes committed in Sri Lanka for use in future prosecutions, and mandated the UN to monitor and report on the current situation in the country. It is essential to renew and strengthen those mandates, including with additional resources, Amnesty International, FORUM ASIA, Human Rights Watch, and the International Commission of Jurists said in their letter.
In her report, the UN High Commissioner described how “deepening militarization and lack of transparency and accountability in governance … have embedded impunity for serious human rights violations and created an environment for corruption and the abuse of power.” In the absence of accountability within Sri Lanka, she said that UN member states should prosecute Sri Lankans accused of committing international crimes in foreign courts under the principle of universal jurisdiction, and support efforts to trace and freeze stolen assets held abroad. The high commissioner also called for an international role in investigations into the 2019 Easter Sunday bombings, which killed over 250 people, noting that there remain unanswered questions over the role of the Sri Lankan security forces.
“The high commissioner has presented clear findings that require urgent international action to end impunity and provide for justice to Sri Lankans,” said Massimo Frigo, UN representative and senior legal adviser at the International Commission of Jurists. “A decade of Human Rights Council engagement on Sri Lanka has been a source of hope for victims and resulted in sporadic and unfulfilled pledges to reform, the council needs to give the issue sustained attention.”
Since becoming president on July 21, President Wickremesinghe has sent the military to violently disperse protesters and arrest scores of people accused of participating in protests. He has ordered the use of the notorious Prevention of Terrorism Act to detain three student leaders without charge. The previous foreign minister, G.L. Pieris, told the Human Rights Council in June that the government would observe a moratorium on the use of that law, while the current foreign minister, Ali Sabry, then justice minister, gave the same assurances to Sri Lanka’s parliament in March.
On September 8, President Wickremesinghe appointed three people implicated in human rights abuses as government ministers. Sivanesathurai Chandrakanthan, known as Pillayan, is a former member of a separatist Liberation Tigers of Tamil Eelam (LTTE) unit who later joined a pro-government armed group, both of which committed abductions and recruiting of child soldiers. In 2001, the attorney general dropped charges against him in connection with the 2005 murder of a parliamentarian. Another newly appointed minister, Lohan Ratwatte, resigned as prisons minister in September 2021 after threatening prisoners at gunpoint. A third, Sanath Nishantha, is currently under police investigation in connection with a violent attack on anti-government protesters on May 9.
“These ministerial appointments show that the Wickremesinghe administration cannot be expected to credibly pursue accountability for human rights violations or uphold the rule of law,” said Ahmed Adam, UN advocacy programme manager at FORUM-ASIA. “The alarming situation in the country today calls for robust and clear-eyed resolution from the Human Rights Council to protect the rights of people in Sri Lanka.”
In their letter to member states, the groups said that the new Human Rights Council resolution should address threats to human rights in Sri Lanka and violations connected to the country’s present crisis. The resolution should call on the government to:
Respect the rights of people to freely and peacefully protest and express their views without fear of reprisal or arrest;
End the harassment, intimidation, and arbitrary arrest of people believed to have participated in or supported recent protests;
Repeal the Prevention of Terrorism Act, issue an immediate moratorium on its use in the interim period, review the detention of those held under the law, immediately release all those not facing internationally recognizable charges, and ensure that everyone detained under the law, including those in pretrial detention, are tried promptly and fairly in a regular court; and
Restore the independence of the judiciary and Human Rights Commission.
“Time and again we have seen successive Sri Lankan governments make commitments to the Human Rights Council that are then broken or disavowed,” said Yamini Mishra, South Asia director at Amnesty International. “Member states should press Sri Lanka on its commitments and call for action now to end the abuses that are taking place, while renewing and enhancing the UN’s mandates to monitor the situation and pursue accountability for past abuses.”
Source: Human Rights Watch
Sandya Ekneligoda, the wife of missing journalist Prageeth Ekneligoda, and human rights activist has accused the Government of adopting impunity as its unofficial policy relating to human rights in Sri Lanka.
“In a country where impunity is the unofficial adopted policy consisting of a slow and lagging legal system, in the midst of poverty, constant pursuit, and intimidation, the only thing the victims can do now is to cry out and lament while engaged in a constant struggle on the country’s streets,” she said, speaking of the struggles faced by families of missing persons.
Ekneligoda made these comments while addressing the 23rd Session of the Committee on Enforced Disappearances in Geneva this week.
During her address, she called on the Committee to intervene in providing Sri Lankan victims of enforced disappearances with a legal mechanism that would not only gain the trust of the victims but would also finally deliver the truth and justice.
Detailing the many obstacles and incidents of harassment she faced at the hands of the Government and its various institutions including the Police and the military since her husband’s abduction on 24 January 2010, Ekneligoda said under these dire circumstances, the main challenge now is if justice will be delivered as the fate of the legal case relating to her husband’s disappearances is now in limbo.
“Can it be expected that the current President while as Prime Minister in 2017 who irresponsibly claimed ‘all disappeared persons should be assumed dead or are abroad’ will deliver justice?” she asked.
Ekneligoda revealed that following Gotabaya Rajapaksa’s election as President, a commission was appointed to look into cases of political revenge. “This commission turned the investigators and witnesses of the case into the accused.
“It violated orders of the High Court and obtained statements from witnesses only to in the end recommend the military suspects of the case be released and acquitted of all charges,” she noted. She also told the session that witnesses number 3 and 4 of the case were intimidated to change their accounts.
Ekneligoda also highlighted the obstacles faced by mothers and other family members of missing persons to find answers while engaging in a continuous struggle. She also pointed out that though nearly four decades have elapsed since 1990 and many commissions have been appointed to date no form of justice has been delivered to victims of enforced disappearances and their families.
She expressed her disappointment at the Office of Missing Persons and said the office was unable to even gain the trust of the families affected.
Source: Daily FT
As the United Nations General Assembly convenes in New York this week, U.S. Senator Bob Menendez (D-N.J.), Chairman of the Senate Foreign Relations Committee, was joined by Senators Dick Durbin (D-Ill.), Patrick Leahy (D-Vt.), and Cory Booker (D-N.J.) in introducing a Senate resolution calling for a comprehensive international approach to address Sri Lanka’s current political and economic crisis, including challenges related to poor governance and economic policy under the Rajapaksa family’s rule.
“I am proud to be joined by my colleagues in introducing our resolution that necessarily calls attention to the devastating political and economic turmoil plaguing the people of Sri Lanka,” Chairman Menendez said. “As the country grapples with its worst domestic crisis since the end of its civil war, the international community must continue to provide robust support and ensure that accountability for war crimes and respect for human rights in Sri Lanka remain top priorities. I applaud efforts by the Biden administration, our Quad partners, and the IMF in providing critical humanitarian and economic assistance, and affirm my commitment to continue to work with my colleagues to advance stability and prosperity in Sri Lanka and the broader region.”
“After decades of conflict, political mismanagement, and unaddressed inequalities, the Sri Lankan people have made it clear they aspire for something better,” Senator Durbin said. “Introduction of today’s resolution shows that the U.S. Senate stands with peaceful democratic efforts to address these long neglected challenges.”
“The Rajapaksa family enriched themselves at the expense of the Sri Lankan people, ruthlessly silencing their opponents, inciting ethnic tensions, and leaving the country an economic shambles,” Senator Leahy said. “After years of civil war and government mismanagement and abuse, Sri Lanka needs a government that is committed to ethnic tolerance, equitable economic development, human rights, and justice. That should also be the focus of U.S. policy.”
“The Sri Lankan people have sent a firm message that they want their government to address the dire economic and humanitarian crises that are afflicting their country,” Senator Booker said. “I stand with the Sri Lankan people and support their peaceful efforts to address their needs. Furthermore, the international community must continue to push for justice, transparency, and accountability for human rights violations committed during the civil war to help the people of Sri Lanka move forward.”
While commending the Biden administration and other Quadrilateral Security Dialogue (Quad) members’ support for Sri Lanka, the resolution calls on the UN Human Rights Council to extend its war crimes accountability resolution; urges Sri Lankan security forces to respect Sri Lankans’ rights to protest peacefully; and presses President Ranil Wickremesinghe to work with opposition parties and ethnic minority groups in efforts to address the crisis.
Source: Patrick Leahy
The Queen has died aged 96, Buckingham Palace has announced.
“The Queen died peacefully at Balmoral this afternoon. The King and the Queen Consort will remain at Balmoral this evening and will return to London tomorrow,” Buckingham Palace said.
Queen Elizabeth II was the longest-reigning monarch in British history and the world’s oldest head of state.
On her death, the Queen’s eldest son and heir, Charles, the former Prince of Wales, has become King of the United Kingdom and 14 Commonwealth realms.
In a statement, he said: “The death of my beloved Mother, Her Majesty The Queen, is a moment of the greatest sadness for me and all members of my family.
“We mourn profoundly the passing of a cherished Sovereign and a much-loved Mother.
“I know her loss will be deeply felt throughout the country, the Realms and the Commonwealth, and by countless people around the world.
“During this period of mourning and change, my family and I will be comforted and sustained by our knowledge of the respect and deep affection in which The Queen was so widely held.”
The Inter-University Bhikku Federation gathered in Pettah on Thursday (8) evening to protest demanding the immediate release of student activists who are held under the Prevention of Terrorism Act.
Sri Lanka Police informed the monks and the other student activists who gathered opposite the Pettah Bo Tree, to disperse immediately, however, the group led by the Monks started a protest campaign.
Ven. Udenigama Gunarathne Thero, a member of the Inter-University Bhikku Federation said those in government who committed murder, theft, and sold off public property should be arrested.
“Although there are no queues for fuel, people have not gotten fuel. The same goes for the price of goods. Electricity and Water tariffs were increased and the prices of goods also continue to increase,” said the Venerable Thero
The protesters dispersed after about an hour.
Source: News 1st
Sri Lanka would be allowed to use funds from the next International Monetary Fund for budget finance, and not only to boost foreign reserves, Central Bank Governor Nandalal Weerasinghe said.
Sri Lanka has gone to the IMF 16 times in the past after printing money to boost domestic demand and losing foreign reserves.
“In all the earlier programs IMF money was available to the Central Bank for balance of payments purposes,” Governor Weerasinghe told Sri Lanka’s Newsfirst television.
“Those funds were not available to the government to finance the fiscal deficit.
“But this time, because of this special situation that money can be used to finance the fiscal deficit as well.”
IMF disbursements are usually made directly into the central bank’s balance sheet without disturbing domestic reserve money. The money is invested in US securities (effectively the US budget deficit) in the case of a dollar peg.
By the time IMF money comes, the economic activity and credit had been slowed by higher interest rates and a float of the currency is done to end sterilized interventions (money/exchange policy conflicts) and restore monetary stability.
This is the reason why IMF programs work and borrowing or bridging finance only makes the problem worse.
Budget finance usually comes from other development partners such as the World Bank and Asian Development Bank.
Strong reform programs in the past have qualified Sri Lanka for program loans, where disbursements are made when growth-promoting reforms are done.
This time the IMF is expected to give 2.9 billion US dollars over 4 years roughly averaging 750 million US dollars.
“So that is an additional support IMF is giving directly into budget finance by which the government can bring down the domestic borrowing requirement,” Governor Weerasinghe said.
“Now 100 percent of the deficit is financed through domestic borrowings.
“Whereas once we get this IMF money, the government can reduce domestic borrowings. The government can get less debt from the domestic market so that more money would be available for private sector development.”
However IMF funds given for central bank reserves also technically ease pressure on the domestic market, analysts familiar with the IMF theoretical process say.
Foreign reserves, under Net International Reserve Target, are savings taken away from the domestic credit system through a higher interest rate by blocking domestic credit.
An IMF program reverses the process a pegged central bank engages in to create a currency crisis, which is to inject liquidity into a banking system by purchasing Treasury bills, allowing banks to give loans without raising deposits, making outflows more than inflows.
To rebuild reserves typically current inflows are taken away from the domestic credit system by selling down the central bank holdings of Treasury bills into the banking system after floating the currency and re-pegging the currency to allow the central bank to buy dollars.
By making disbursements into the central bank, especially front-loaded disbursements, the sell downs of bills into the banking system can be reduced, creating space for either budget finance or private sector credit.
Instead, foreign reserves can be built over a longer period, including after other external flows also resume with increased confidence.
However, in the current crisis, investors have been spooked over fears that domestic debt would be re-structured exposing a weak link in the current IMF strategy to restore debt sustainability to countries with monetary instability.
Source: Economy Next
