Category: Breaking News

US Treasury Secretary Janet Yellen stressed that committing to specific and credible financing assurances for Sri Lanka is “most urgent”.

The United States will continue to push for all bilateral official creditors including China to participate in what she called “meaningful” debt treatment for developing countries and emerging markets in distress, Yellen said, joining a press conference at the G20 meeting in Bengaluru.

Speaking on tackling building a stronger and more resilient global economy, Yellen noted that it is imperative to work together to ease the debt overhang that is holding back too many countries.

“The IMF estimates that around 55% of low-income countries are close to or in debt distress.”

Yellen said she looks forward to robust talks later this week about the Common Framework process to help countries like Ghana.

The US Treasury Secretary will also be engaging in discussions pertaining to international coordination on debt restructuring for middle-income countries.

Yellen was speaking to reporters in the southern Indian city before a two-day G-20 meeting of finance ministers and central bank governors kicks off today.

“We need to work together to ease the debt overhang that is holding back too many countries,” she said. Debt distress is expected to be a hot topic at the meeting, after a year that saw three South Asian countries – Sri Lanka, Pakistan, and Bangladesh – turn to the International Monetary Fund (IMF) for help.

Yellen noted that the IMF said about 55% of low-income countries are close to or in debt distress. “I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets in distress,” she said.

Most urgent, Yellen said, “is the need to provide debt treatment to Zambia and to commit to specific and credible financing assurances for Sri Lanka.”

China last month offered Sri Lanka a moratorium, but its reluctance to provide more significant assurances is seen as a key obstacle hindering Colombo’s efforts to unlock a $ 2.9 billion IMF bailout.

“I will also be discussing international coordination on debt restructuring for middle-income countries,” she said, while listing other topics she intends to bring up, including climate change and the evolution of the multilateral development banks.

With respect to debt, she was optimistic that China would be constructive and understand the needs of distressed countries. “It’s important for China to cooperate” and “come to the table” for nations like Sri Lanka and Zambia, she said.

“The conversations that I have had with my Chinese counterparts have been constructive,” she said. “And I’m hopeful that we’ll see progress in the coming months.”

The Election Commission of Sri Lanka is scheduled to meet tomorrow (24 Feb.) in order to make a decision as to whether or not the 2023 Local Government (LG) election can be held on 09 March as scheduled.

Chairman of the Commission, Attorney-at-Law Nimal. G. Punchihewa assured, however, that a unanimous decision has already been taken by the members of the Commission that the LG polls will be held.

He stated that this was announced at a press conference held recently, with the participation of all five of the Commission’s members, adding that the five of them have already signed all necessary gazette notifications pertaining to the election.

The main Opposition in Parliament, the Samagi Jana Balawegaya yesterday (22) stated that the Party supports the full implementation of the 13th Amendment to the Constitution, noting that National Land and Police Commissions would control related provincial commissions so that no issues would arise.

Speaking to The Daily Morning, Chief Opposition Whip and SJB Parliamentarian, Attorney Lakshman Kiriella said: “We are for the 13th Amendment. It was former President and incumbent Government Parliamentarian Mahinda Rajapaksa who said that the 13th Amendment is not enough, and that he is for going beyond it. When he was conducting the war against the Liberation Tigers of Tamil Eelam in 2010, he was worried that India might intervene to satisfy them, and therefore, he said that he will give ‘13th Amendment plus’. The 13th Amendment passed by the Parliament is the law now.”

When queried as to whether the SJB supports the full implementation of the 13th Amendment, Kiriella said: “Exactly. There will be a National Land Commission and under it, there will be a Provincial Land Commission, and the National Commission would oversee the work of the Provincial Commission so that there would not be any problem. Also, there would be a National Police Commission, and a Provincial Police Commission. Therefore, the Provincial Commissions would be under the National Commissions. Everything can be controlled. This is how it happens in India. The National Commissions cover the whole country, and they have oversight over the Provincial Commissions.”

When queried as to whether the ethnic issue could be resolved via the full implementation of the 13th Amendment, he said: “Definitely, it can.”

Meanwhile, the Janatha Vimukthi Peramuna’s (JVP) former MP Sunil Handunnetti stated in a recent interview that his Party (represented in Parliament as the National People’s Power [NPP]) is not in agreement with the 13th Amendment. Speaking during an interview with Ada Derana, Handunnetti revealed that the NPP does not accept the said Amendment to any extent, adding that the JVP too is vehemently against the said piece of legislation.

“The difference between the current state of the provincial councils, and that are following the implementation of the 13th Amendment, is the devolving of Police and land powers. Where are these Police and land powers now? They are within the Constitution, but cannot be implemented as the people do not want this,” he added.

President Ranil Wickremesinghe recently stated at the all-party conference that he is bound to implement the existing law in accordance with the Executive powers of the President. He also stated that the 13th Amendment should be implemented accordingly, or that the Parliament should abolish it. The President further stressed that he is not ready to divide the country at all and that he would not betray the Sinhalese population either.

Local government election has not been declared legally and therefore, there is no question of a postponement, President Ranil Wickremesinghe stated today.

“An election has not been declared legally as there has not been a quorum when the election commission members decided on the date.

“There has been only two members present when the decision has been made on the date while the two members present had decided on the date and then inquired the view of the remaining members who were not present. The quorum of the election commission meeting is three legally therefore no official declaration of the local government elections legally,” the President said.

“Also the funds for the local polls has not been requested from the election commission. The request letter has been signed by the accountant at Elections Department.

If the Local Government Election is not held as planned, all Local Government Bodies will be moved under the control of the Commissioner from the 20th of March, as the tenure of the Local Government Institutions ends on that day.

Public Administration & Home Affairs Secretary Neel Bandara Hapuhinna stated that accordingly, the secretaries of local councils and municipal councils as well as municipal commissioners are expected to carry out the administrative activities of those institutions.

The petition filed against holding of the local government election is scheduled to be called up at the Supreme Court on Thursday (23).

Based on the decision taken by the Supreme Court, the election commission will meet on Friday (24) and take a decision.

As of now, the postal poll related to the election has been postponed indefinitely due to the failure of the government printer to deliver the required ballot papers.

The Government Printer took that step due to the non-payment of the required money for printing ballot papers.

Recently, Sri Lanka’s National Election Commission informed the Supreme Court that obstacles have arisen with regard to conducting the Local Government Election on the 9th of March 2023 as planned.