Medhananda also went on exploration to the Northern Province and wrote his findings in his book Pacina passsa, uttara passa, nagenahira palata ha uturu palate Sinhala Bauddha Urumaya”. Ven. Ellawala Medhananda was not able to explore the North as much as he would have liked, due to LTTE control. The Northern Province consists of Jaffna, Kilinochchi, Mannar, Mullaitivu and Vavuniya districts.
Medhananda gave the historical background to the
Buddhist civilization of the North. He
stated that Jaffna, Elephant Pass and the islands around
it was known originally as Nagadipa. Ptolemy had
called it ‘Nagadiboy’. Vallipuram manuscript of Vasabha called it
Nakadiva.
Medhananda declared that the North was part of
the Sinhala kingdom. It was part of the Rajarata there was a main road from
Jambukolapatana to Anuradhapura. The Raja rata was divided into uttara passa (north) dakkhina, (south) pacina, (east) and pajjima (west). Uttara passa consisted
of today’s Vavuniya,
Mullaitivu, Kilinochchi, Mannar, and Jaffna. Each division was ruled by officer appointed by king. Tonigala
and Mannar inscriptions speak of uttara passa . Periyakulam inscription says that during the
time of Devanam Piyatissa, Vavuniya was ruled by ‘Naga’ and ‘Uti’ and Mannar
was ruled by ‘Kana’.
In Vasabha’s time (111-14) Jaffna was ruled by
Vasabha’s Minister Isigiri. Nelugala inscription indicated that a minister,
also named, Asgiri administered the north under Bhatiya Tissa II (143-167) and Kanitta Tissa (167-186). Sigiri
Gee (5th-8th century) contains verses
written by ‘Uturupasa vasi Samanal bati’ and ‘Uturupasa vasi Agalabati’ . They
wrote in Sinhala. Inscription of Kassapa IV(914-23) at Kadurugoda said
Kassapa was the ruler of the south as well as the north.
Mannar was a part of the Sitawaka kingdom. During
the time of Rajasinha I, (1581-93) Manamperi Mohottala administered Mannar. The Udarata kingdom included the north and
the east, said Medhananda .Baldeus (1632-72) writing during the Dutch occupation, gave a
list of places under the Sinhala king. It included Trincomalee, Mannar,
Batticaloa, and Jaffna. Kokila sandesaya
gives a route from Kotte to Jaffna via
Mannar. The
inscriptions in Ichchalampaththai
( date not provided) show that these were Sinhala villages.
Another way of showing that the North was ruled by the Sinhala king was by
comparing the language and script in northern inscription and those elsewhere,
said Medhananda . Medhananda found 2
inscriptions dated to 2 century AD at Kandakudichchi aru ruins. The script and
language resembled inscriptions at Ritigala, Vessagiriya, Mihintale.
He found that the language and
script were the same in the Mailagastota ,
Kallampattuva and Tunukai
inscriptions . Mailagastota was
in the south, Kallampattuva in the east and Tunukai
in the north of Sri Lanka .
Medhananda said that
inscriptions of Kassapa IV were found in south, east and northwest of the island. The script and language was
the same.
Medhananda says
the North is full of Buddhist remains, every hill, every mound has a
Buddhist building. Every village had an aramaya. Medhananda
said that there were over 1500 Buddhist archaeological sites in the
districts of Vavuniya, Kilinochchi, Mullaitivu and Mannar. Each time I went to Vavuniya and Mullaitivu I found new ruins. He
has found foundations of buildings, lived in caves, inscriptions, pada lanjana
and bricks. He says there are
many more sites. Medhananda said there are more than 20 archaeological sites on the small Dollar Farm village alone.
Vavuniya is
full of Buddhist ruins. There
are hundreds of Buddhist ruins In Vavuniya there are three sets of
ruins in a straight line, at Mahakachca kodiya, Erupotana,
and Periyapuliyam kulam malai. Odiamalai, Thadda malai, Kurundam malai had
inscriptions. Kurundammalai , originally
Kurunvashoka vihara, had
a lot of ruins. Medhananda said that this was the
place where he saw the most ruins.
Have not seen so many ruins in any other place I have gone to.
Vavuniya and Mullaitivu Buddhist ruins have not been examined fully by anyone., said Medhananda . Most
of these are not recorded by Department
of Archaeology. ‘We have never explored
these areas, said Medhananda . Our
archeology only concentrated on Anuradhapura, Polonnaruwa and a
few other places.
From Jaffna to Wilpattu, all along the ocean
strip, one sees places with over 100 ruins. No
explorations have been done in this area. These sites were never examined carefully,
other than presenting a random report.
In his book Pacina passsa, uttara
passa, nagenahira palata ha uturu palate Sinhala Bauddha Urumaya” Medhananda
gives a list of Buddhist ruins seen by
him in the Northern Province. The
viharas seen by Medhananda in his northern explorations include Atambagaskada
kiri vihara , Buddhanehela Raja Maha Vihara , Galgiriyagama kanda vihara , Iratperiyakulam vihara , Kadurugoda vihara , Kurundammalai vihara , Madukande Dalada vihara , Mahakachcha kodiya
vihara, Mangana vihara, Piyagukatissa vihara , Paribhoga chaitya,
Salavana vihara , Tonigala vihara , Valli vihara and Vedikinarimalai Vaddamana parvata vihara .
Medhananda
gives 48 places in Jaffna where he has seen Buddhist ruins He
says there are others as well. the places listed are Algiriya, Anai kottai,
Analativu,Ariyalai, Atchuveli,
Buddhatottam, Buddhawalawwa,
Chakaveli, Changanai,
Chulipuram, Chunnakam, Delft, Elavativu, Gotamalu watte, Karaitivu,Kodiyavatte Mahiyapiddy, Mallakam, Manipai, Marattamadam,Mavaddipuram, Nagachcha kovil precincts, Nagarkovil, Nainativu,Nallur, Neelavarai,
Pinwatte, Ponnalai, Poonaryn, Pukuditivu,
Puloli, Puttur,Sambaturai,Tellipilai,
Tennavali, Tiruadanilai,
Tisamalai, Tunukai, Udupiddy, Uduvil, Uratota,Uraturai, Vadukkodai, Valikamam and Valvettiturai. Medhananda says these ruins show
bricks, tiles, statues, potsherds, inscriptions. Most are in private lands, Medhananda
observed..
Medhananda has
also found ruins of some 1538 tanks form
Vavuniya, Kilinochchi, Mullaitivu, Elephant pass, Pooneryn Omanthai and Mannar.
Medhananda had also made a list of the
wewas found in the Northern Province. They are listed by name in his book. He
has listed 340 wewa in Vavuniya, mostly called kulam, and 15 wewa in Mannar
Iranamadu
in Kilinochchi district, was
originally Ranmadu wewa.
Medhananda has given a detailed description of the sites he has
visited. In Vavuniya, Medhananda explored Buddanehela Raja Maha Vihara . Ruins are fast deteriorating he said. Galkiriyagama
kande vihara, had remains of a huge
stupa , a Siripatula and ponds.
Inscriptions show king Uththiya’s queen had
built a structure here.
Kirivehera
at Atambagaskada, 6 km from Vavuniya,
has a Samadhi Buddha statue, which is
far superior to those found in this area. According to villagers was brought from
elsewhere. It is 2’ 21/2” high, the
head dress or ketumala is unique. Eeratiperiyakulam ruined vihara, Vavuniya, ruins show avasa,
vihara and 150 year old Bodhi tree. Medhananda had found a stylish
statue in pieces and had put it
together. ( continued)
By P.K.Balachandran/Daily Mirror Courtesy NewsIn.Asia
Sri Lanka should open up to Bangladeshi investments to reciprocate the welcome accorded to Sri Lankan investments in Bangladesh says Bangladesh envoy Riaz Hamidullah
the Bangladesh High Commissioner Riaz Hamidullah with the Sri Lankan Prime Minister Mahinda Rajapaksa
Colombo, June 16: The lockdowns and barriers imposed in countries across the globe following the outbreak of COVID-19 have crippled economies. But COVID or no COVID, countries are now constrained to open up to give back to the people their livelihoods. Therefore, it is time governments geared themselves up to meet the challenges of the post-COVID-19 world.
The disruptions brought about by COVID-19 call for fresh thinking on many things hitherto taken for granted. Since Sri Lanka and Bangladesh face similar problems, their approaches and solutions to post-COVID-19 issues could be similar.
Like Sri Lanka, Bangladesh has been heavily dependent on the apparel industry and overseas workers’ remittances. Again, like Sri Lanka, Bangladesh has been heavily dependent on Western markets. The apparel industry in both countries is suffering for want of orders from the West due to the disruption of the latter’s economies by COVID-19. Both Sri Lanka and Bangladesh have similar institutional and infrastructural drawbacks. An inability to rein in corruption is one of them.
Bangladeshi diplomat, Mustafizur Rahman, in his June 9 paper entitled: Global Partnership: Crucial to Bangladesh’s Economy and Development Strengthened Goals” written for the National University of Singapore, points out that the Ready-Made Garments (RMG) sector, which accounted for 12% of the GDP and 84% of total exports, is in shambles now with US$ 3 billion worth of orders cancelled. This has directly affected two million garment workers, mostly women. Remittances, which are the second-largest driver of the Bangladesh economy, could go down by 20%. In 2019, US$ 18 billion was brought into the country by over 10 million Bangladeshis working overseas, mostly in the Middle East. But Middle East economies have been hit hard by declining oil prices. Private investment and FDIs in Bangladesh are also expected to drop, particularly affecting 50 million workers in the informal sector.
The Bangladesh government needs an additional US$ 928.48 billion to achieve the Sustainable Development Goals (SDG) by 2030. The World Bank has fast-tracked US$ 100 million to support Bangladesh’s fight against the virus. But this is chicken feed. On its part, the Bangladesh government has announced rescue packages totally valued at US$ 11.9 billion, which is equivalent to 3.6% of the country’s GDP, Rahman said.
Even before COVID-19, Khaled Chowdhury had written in The Daily Star in 2018 that Bangladesh could diversify its production and export baskets by making forays into less technological-intensive products such as paper goods, mobile phone accessories, umbrellas, basic lighting, tiles, etc. The earning potential from exporting these products could be significant he said, pointing out that China was the major exporting country for these and many other basic products.
Bangladeshi entrepreneurs need to make Continuous Business Process Improvement (BPI) an integral part of their growth strategies, Chowdhury said. In the 1980s, the US automotive industry lost its top position to Japanese automakers when the Japanese adopted Continuous Business Process Improvement (Kaizen) to cut down inefficiencies and wastage of material and time, he pointed out.
Some Sri Lankan products have great potential in the Bangladeshi market. For example, a popular brand of Sri Lankan hair oil has displaced an Indian product. Sri Lankan investors in Bangladesh should not look only at the Bangladesh middle class market which is about 30 million.
Corruption is the other major issue in both Bangladesh and Sri Lanka. A 2014 paper presented by the US-based Milken Institute quoted the World Bank as saying the Bangladesh government was losing more than US$500 million a year due to corruption. And poor management practices cost US$ 1 billion. Bangladesh established a Board of Investment in 1989. But the BOI was not adequately empowered and therefore has had trouble attracting significant foreign private capital, other than in certain industries. For investments to come, whether from within the country or without, doing business must be made easier. But as per the World Bank’s Ease of Doing Business ranking, Bangladesh was poorly placed, the Milken Institute report said.
Planning for a set period of time is also essential, as the experience of South Korea shows. The Milken Institute’s report says: In 1961, South Korea’s military government established the Economic Planning Board, which produced a series of five-year plans for economic development from 1967 to 1981. These plans offered firms a number of incentives, such as tax benefits and low-interest bank loans to increase and diversify exports. Further, the government reduced or eliminated all taxes and import restrictions placed on intermediary goods used in export production. Existing industries, including textiles, clothing, and electrical machinery, benefited from the lifted import restrictions. Exports increased. Later, under the third five-year plan, investment in machinery, steel, shipbuilding increased. The result was a dramatic change in the character of South Korean exports: from commodities and processed foods in the 1960s (75% of South Korea’s exports in 1962) to manufactured goods (almost 90% of exports in 1985) and high-tech products since the 1990s. Today, heavy industry—including semiconductors, telecom equipment, automobiles, computers, steel, ships, and petrochemicals—accounts for 90% of all exports.”
Bangladesh’s advantages
However, there is a crucial difference between Sri Lanka and Bangladesh. Prior to COVID, unlike Sri Lanka, Bangladesh was already well on the way to becoming a South Asian Tiger.” From 2009 till this year, Bangladesh’s GDP was growing at 7% per annum and it’s per capita income had doubled from US$ 860 to the US$ 1,751.
Bangladesh has also been enjoying political stability with a purposeful government. Sheikh Hasina’s Awami League has been firmly entrenched in power. The opposition Bangladesh Nationalist Party has discredited itself and is in limbo. An unfettered Sheikh Hasina put down the highly disruptive Islamic extremists with an iron hand. When the Bangladesh Prime Minister lays down the law, her writ runs. In other words, Sheikh Hasina is eminently in a position to turn the economy around and put it on a new trajectory. She had already turned Bangladesh, the infamous basket case” into a potential South Asian Tiger” before COVID-19 struck. All she has to do is to pick up the threads.
Bangladesh envoy in Sri Lanka Riaz Hamidullah did not agree with the view that doing businessmen in Bangladesh is difficult. He quoted the Chairman of one of the Sri Lankan power and gas company W.K.H.Wegapitiya, as saying that he had invested in Bangladesh because of the comfort” factor. Wegapitiya had told a seminar in Colombo in 2018 that Bangladeshi officials would go out of their way to iron out issues or remove any obstacles that might arise. U. Gamini Sarath, General Manager of an Offshore Operations of Group, which has invested in power generation, had said he would walk into the offices of the top functionaries in Bangladesh departments without a prior appointment, and get his work done. High Commissioner Riaz Hamidullah said that Bangladeshis are welcoming by nature and are not suspicious about foreign investors. He pointed out that many Sri Lankans work in the garment and other sectors in Bangladesh in high capacities and send back to Sri Lanka US$ 2 million per year as remittances.
Some Sri Lankan products have great potential in the Bangladeshi market. For example, a popular brand of Sri Lankan hair oil has displaced an Indian product, he said, but added that Sri Lankan investors in Bangladesh should not look only at the Bangladesh middle class market which is about 30 million. They should look at the larger Indian market next door.”
As for Bangladeshi investments in Sri Lanka, Hamidullah said that protectionism was a major barrier. It stunts growth by shutting off opportunities.”
However, there are areas of cooperation which should be explored. Listing them, Hamidullah said: Bangladesh would profit from Sri Lankan expertise in hospitality, hotel management, and accountancy. And Sri Lanka could benefit from Bangladesh’s experience in rice cultivation in various climatic and soil conditions; inland fisheries, disaster management and coastal shipping.”
Having lost his diplomatic post in Russia, poor Dr Dayan Jayatilleka is now singing lustily for his supper. Having burnt his bridges with the Rajapaksa camp, his latest sonnet A knee on the neck of the next Parliament”, published in DailyFT on 11 June 2020 is his attempt to get Sajith Premadasa’s attention.
Premadasa is hoping to bag the position of Opposition Leader. Of course, having lost at the Presidential race, the premiership would be a nice consolation price. However, his fear of general elections indicates that he is not confident of winning the title. On the other hand, becoming the Opposition Leader would not be hard, for even those in the Rajapaksa camp would gladly help him to secure the position.
It is not that he has an inside deal” with the Government. Opponents see him as rather a naive gentleman. On the other hand, his erstwhile boss and now nemesis Ranil Wickremesinghe is the absolute maestro in political games. Given a choice between Premadasa and Wickremesinghe, political opponents will happily choose Premadasa.
Premadasa’s attempts of trying to attract the Buddhist votes with his sudden and recent show of interest in Buddhist sermons are nullified by his present company. Mangala Samaraweera, Malik Samarawickrama, Rajitha Senaratne, Patali Champika Ranawaka, Rishad Bathuideen, Rauff Hakeem, Azath Sally and Kabir Hashim make up his inner core.
They are openly disdainful of Buddhism and the Buddhists. They have been kicking the Sinhalese in the guts – right in the midriff. Except for Hashim, the Muslim politicians in this group are being accused of nurturing extremist ideologists. Bathuideen especially has been implicated with close ties with the Easter Sunday bombers. In the aftermath of this terrorist attack, the public demanded that he step down to allow impartial investigations.
Resigned
In response, all the Muslim politicians in all parties in a show of solidarity resigned from their positions. This included Hashim as well. Unlike the other Muslim politicians, Hashim is not dependent on the Muslim vote bank but the Sinhala base. Hence, he in effect slapped across the face of his voters. Hashim is also accused of having played a complicit role in the infamous Central Bank bond scams. However, for incomprehensible reasons the blame is deflected to Ravi Karunanayaka, who really was not involved.
Though true UNP stalwarts like Tissa Attanayaka and Imthiaz Bakeer Markar are fighting courageously to maintain a foothold in Premadasa’s camp, they really are not a match for these elements. Attanayaka especially dedicated himself to protect the UNP Party and leadership through the long and difficult years it sat as the Opposition to a powerful and popular government. In 2015, he did not leave the UNP for personal gain but in protest of a plan to be executed against the country. All attempts to prove him a liar and a forger have failed for events thereafter have vindicated him. A democracy needs a good and honourable Opposition and Attanayaka fits the bill.
Imthiaz too is a respected politician who rejects racial or divisive politics to establish his vote bank. After years of being out of public eye, he came back to the political arena when Premadasa pushed himself forward as an alternative to Wickremesinghe.
It is unfortunate that under Premadasa’s umbrella too they continue to be shown a back row seat. Die-hard UNP supporters, who hates Ranil Wickremesinghe for ruining the UNP should trace back and identify the exact point he started acting against the UNP grain. They will find it is the same causes that led them to be disgusted with Wickremesinghe that disappointed them with Sajith Premadasa.
Tenacity
Under J.R. Jayewardene’s and Ranasinghe Premadasa’s governments, Wickremesinghe was not such a disaster. However, there is a difference between just skirting on the rim of the honeypot and the fly actually falling into the honeypot. It was a childhood friend” who took Wickremesinghe from the rim to the honey in the pot. It is thanks to Wickremesinghe’s own tenacity that he is still holding on to his turf. However, the credit of Wickremesinghe now standing as a discredited politician belongs to this friend. It is little surprise that this friend is now attached to Premadasa.
Premadasa understands that Wickremesinghe’s former friends, who are now firmly flanked by his sides, will not attract the Sinhala Buddhist votes. Hence, making the COVID-19 as an excuse he tried his level best to get back to the dissolved Parliament without an election. However, Premadasa exposed his bogus concerns when his camp held protests over the arrest of Rajitha Senaratne notwithstanding the social distancing essential to prevent the spread of the pandemic.
The irony is Premadasa would have been able to mark a new chapter in Sri Lanka politics had he started his fresh beginning with respected politicians like Tissa Attanayaka, Imthiaz Bakeer Markar and enticed solid personalities like Tilak Marapana. Most unfortunately though he chose to bypass intelligent voters for the rabid block that hates the Rajapaksas and the racist block that harbours extremist notions and inferiority complexes.
It is in this backdrop that Dr Dayan Jayatilleka sings his ode. The message in his long harangue is that space for Tamils and Muslims is been taken over by the Sinhala, Buddhist military.
He asks, if the task force appointed to create a secure country, disciplined, virtuous and lawful society” is defined by one in which you can be ‘secure’ in the knowledge that if you skin an unarmed civilian and slash the throat of a five-year-old child, and you’ve been in the right uniform and the child is of a suitable ethnicity for you to do so, then even if you have been found guilty by a High Court and your appeal dismissed and the sentence upheld by the unanimous verdict of the Supreme Court, you can still be pardoned – with the pardon publicly justified”.
Dr Jayatilleka, who has represented Sri Lanka at the UNHRC, ignores that over 14,500 LTTE cadres were released without so much as a trial when the incumbent President was the defence secretary. These cadres were rehabilitated in programmes where they were either sent back to school or given a vocational training to help rebuild their lives.
These cadres too were engaged in violent crimes, where not only toddlers but even foetuses were ripped out of mothers’ bellies. The long list of atrocities including the Anuradhapura massacre, bomb attack on the sacred Temple of the Tooth, Aranthalawa massacre, Central Bank attack, Gonagala massacre, ethnic expulsion of Sinhalese and Muslims, closing of Marvil Aru sluice gates denying water to over 15,000 agrarian families of all ethnicities were all committed by these cadres. Yet, today they are living peacefully with their families without so much as a criminal record.
Victims
Not a single HR activist has spoken against these releases on behalf of the victims of the LTTE terrorists. In staff sergeant Ratnayaka’s case, after 13 years of hearing his case, the courts continued to entertain reasonable doubts about his culpability. Even while handing him the death sentence, the courts noted that this heinous crime could not have been committed by Ratnayaka alone. Furthermore, it was not established in courts his exact act in the crime.
In this context, to insist on upholding a sentencing of only one for a crime committed by a group, which if executed would be irreversible, is a gross violation of Ratnayaka’s human rights. The fact that this insistence on upholding his punishment is based on the racist element that this soldier is a Sinhala Buddhist should be universally condemned.
Dr Jayatilleka also picks a bone with the task force appointed for the Archaeological Heritage Management of the Eastern Province. The fact that Defence Secretary General Kamal Gunaratne is heading both these task forces is a bitter pill for Dr Jayatilleka who does not see eye-to-eye with the General.
In his article, Dr Jayatilleka notes that even the foreign journalist P.K. Balachandran has observed that this task force is without any Tamil or Muslim representation, despite these two communities constituting two thirds of the population. It is a pity that Dr Jayatilleka despite being the academic was unable to correct the misperception of a foreign journalist. The insinuation that the Sinhala Buddhists would do a disservice to Muslims or to Hindus should have been corrected. This kind of racist suggestions that a community can only trust their own kind and not the other Sri Lankans is despicable.
If that were true, then one must wonder at the reasons for the Catholic MPs who were in the then Government to prevent the Easter Sunday massacres. Harin Fernando shocked Sri Lanka when he confessed to having been forewarned of the attacks and chose not to do anything other than save his skin. In the same argument, Sajith Premadasa, Rajitha Senaratne, Mangala Samaraweera, Patali Ranawaka or any of the Sinhala politicians in this camp should not fear elections, but they do.
Dr Jayatilleka tsk tsk over Police brutality” for arresting those who were protesting the death of a man half way across the world, two weeks after the incident. There are some glaring omissions – including the absence of protests for the Sri Jayewardenepura undergraduate Pasindu Hiroshan. Pasindu sustained critical injuries to skull and brain after yet again another ragging incident went horribly wrong. The socialist groups ought to be protesting over these incidents than something unrelated to Sri Lanka. However, they will not; nor will the Premadasa camp.
Nothing to offer
Both the Premadasa group and these socialists are fellow travellers. With nothing to offer to their voters, they are hoping to gain ground by discrediting the incumbent Administration. Dr Jayatilleka finds it opportune to join the chorus. He is waiting for Premadasa to notice him and beckon him to his side.
However, Premadasa might not as he knows Dr Jayatilleka to be a slick character. Dr Jayatilleka does not have any special affinity with Premadasa or his politics. It is just that after his last encounter with the then Joint Opposition in which some members including Pavithra Wanniarchchi roundly told him off for his surreptitious attempts to push his devolution ideas into the camp, he feels that the Pohottuwa doors are forever closed for him.
However, if by chance the present Administration gives him an ambassadorship, preferably to a country that snows, Dr Jayatilleka in his true opportunist style would effortlessly change his tune. He has done so many times before and to repeat yet again would not be an issue.
If such a chance dawns on him under this Administration, then he would not be worried about the overrepresentation of Sinhalese, Buddhists or military or the task forces bypassing elected officials. Then, he would be passionately arguing that as Sri Lanka is the only isle with the unique Sinhala Buddhist identity, whether the adjective should be Sinhala” buddhists or Buddhist” Sinhala. Unfortunately for Dr Jayatilleka, both this Administration and most probably the Premadasa’s camp know that to have him on board would be to deal with another Hoole.
Investigations have confirmed that banned foreign terrorist organisations had funded the Easter Sunday bomb attacks took place on 21 April, 2019, Police Spokesperson SP Jaliya Senaratne said.
He noted that further investigations into the attack are being conducted by the Criminal Investigation Department and the Terrorism Investigation Division.
Furthermore, he added that three T-56 firearms, two revolvers, one pistol, one Bora-12 firearm, approximately 2,000 detonators, over 600 gelignite sticks, and a large number of firearms and ammunitions have been found.
The Police Spokesperson stated that the Colombo Crimes Division apprehended 26 suspects linked with the Easter Sunday terror attacks, and that eight of them are currently being interrogated. He added that five more suspects have been remanded.
The Criminal Investigation Department is currently interrogating 37 suspects in connection with the attack, while 35 suspects have been remanded.
The Terrorism Investigation Division is currently investigating 63 suspects in connection with the Easter Sunday attacks, and 16 of them are in remand custody, he added.
The case against IGP Pujith Jayasundara and former Defence Secretary Hemasiri Fernando over the 2019 Easter attacks have been set to be taken up on October 23, as per an order of the Colombo Magistrate’s Court.
The duo is accused of allegedly committing a criminal offense by failing to prevent the coordinated terror bombings on Easter Sunday this year, even after receiving forewarnings on the attacks.
When the case was taken up today (17), Deputy Solicitor General of the Government Dileepa Peiris informed the court that the preliminary investigation with regard to the incident has been concluded.
Accordingly, the court ordered the Criminal Investigation Department to submit a progress report on the investigations when the case is taken up again on October 23.
The suspects of the case, IGP Pujith Jayasundara, who was sent on compulsory leave, and former Defence Secretary Hemasiri Fernando are currently released on bail.
A three-member committee has been appointed to inquire into illegal activities of finance leasing businesses and unauthorized finance bodies, says the President’s Media Division (PMD).
The committee is chaired by the Director General of Legal Affairs of the Presidential Secretariat, Attorney-at-Law Harigupta Rohanadeera.
Director of Legal and Compliance Department of CBSL K.G. Sirikumara, Director of Department of Supervision of non-Bank Financial Institutions of CBSL J.P. Gamlath will serve as the members of the said committee.
The panel is tasked with conducting an industry-wide study on issues related to unregulated operators in the finance business and finance leasing business and issues pertaining to unacceptable practices in the regulated establishments carrying out finance business and finance leasing business. They are also required to submit proposals on steps that can be introduced to manage the issues identified as aforesaid.
Directing a letter addressed to Mr. Rohanadeera on Tuesday (16), Central Bank Governor Deshamanya Prof. W.D. Lakshman had appealed to him to preside over this committee and to obtain the assistance of suitable professionals and industry experts in this regard.
The Central Bank Governor also called for a report on the matter within two weeks of time.
The Governor, in his letter, noted that certain unfortunate developments in the field of finance business and finance leasing business have caused a significant impact on the wellbeing of the society as well as the stability of the financial system.
Government intends to raise a Foreign Currency Term Financing Facility up to a limit of USD 500 million in 2020, to finance the budget according to the Finance Ministry.
The Government of Sri Lanka (GOSL) intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in United State Dollars (USD) up to a limit of USD 500 million in 2020.
The FTFF is expected to be raised at a fixed rate or a floating rate, linked to the USD 6 Month LIBOR or its successor with a maturity period of 1 year or more. The proceeds of the FTFF will be used for the purposes of financing the expenditure as approved in the Vote on Account for the Fiscal year 2020
When archaeological officers visited the site to identify historical sites after Hiru exposed the land plunder at Muhudu Maha Viharaya , an organized group has obstructed the work of the government officials.
Meanwhile, archaeological officers are currently working to mark 30 acres of land without demarking the 72 acres of land that was gazetted in 1951.
Do not shirk responsibility of rebuilding the
economy: let me know the correct strategy – President tells CB chiefs.”
This reminds me of what I wrote on the Central Bank way back in 2002:
The Central Bank in its latest Annual Report states that it no longer
controls our foreign exchange. To my thinking,
controlling our currency and
handling the foreign exchange our country receives is the fundamental task of
any Central Bank. It is the Central Bank of any country that recommends to the Ministry of Finance the fiscal and monetary measures that have to
be taken to enable growth and development. One knows how Greenspan is
controlling the US economy. A Central Bank cannot function in the interests of
the country when it acts in the role of a poodle to the IMF. Today go
to any foreign bank and one will find that they allocate and allow foreign exchange to citizens even without
checking their bonafides. I am told that the two State Banks handle strictly
according to the rules. Leaving the handling of our foreign exchange to foreign
banks will be a total disaster. We do not need an inactive Central Bank. It is
time that the Central Bank gets teeth.”(From:How the IMF Ruined Sri Lanka
and Alternative Programmes of Success, (Godages:20065, Page 261,262)
Garvin Karunaratne, Ph.D.
Author of: How the IMF Sabotaged Third World
Development(Kindle/Godages:2017
President
Gotabaya Rajapaksa reminded several times that banks must change traditional
attitudes when granting financial supports to economic activities after the
COVID backwardness. No doubt that the president wants quickly renaissance of
the economy and the recession (negative economic growth) has become an
unexpected experience in all countries. If the banking system of Sri Lanka
strictly adheres to instructions of the traditional lending books it shall be
difficult to reborn the economy that needs financial supports at this difficult
moment. Think about the role played by Industrial Saibutzu during Meiji
restoration in Japan, the way financial institutions contributed to the
economic revival, and banks and non-bank financial institutions in Sri Lanka need
to play an effective role for the renaissance (re-emerging) of the economy. It
is not important who is in political power, banks and non-bank financial
institutions need to play a critical role.
Economic
history gives evidence that the banking system had been worked with the government’s
economic policy supporting the business and banks in many times had gone beyond
the limits and barriers. In Sri Lanka, it seems that bank management is in a
difficult situation to a quick change of attitudes as managers in a false
mental condition. The instruction of President Gotabaya Rajapaksa is related to
flexibility in the decision-making process and efficiency in service provision
which means that banks should work like electricity when you switch on in the
house, the light and power will come and when the switch off the power and
light goes off. Banks need to understand this simple truth regarding efficiency
and flexibility, which means that a heavy wind is blowing trees bend down and
the wind goes away trees go back to the original position.
Why
banks display reluctance to depart from the culture of traditional lending books
is a question that should be critically evaluated. Since the 1970s managerial
attitudes of banks have been changed and the experience in the banks has
recorded that many customers in the past used this type of liberal opportunity
to mislead banks and cheat financial supports. (Citi Bank’s experience in Hong
Kong- Fat Game at Citi). The best example was the situation created after the
July riots in 1983. When I was auditing banks found that certain dishonest few
customers gained relief in millions from government banks than the total credit
supports provided to rural agrarians in the country. Many dishonest customers
were non-Sinhala businessmen and the entire life of such businessmen was
cheating government banks. When lending supports become non-performance credits
the audit process of banks blame decision-makers (credit approved authority)
disregarding the advice of the government and flexible attitudes must be
applied with due care and attention. Mr.Gotabaya Rajapksa explained his advice
clear to banks and he wants to generate flexibility and efficiency in
decision-making.
The
law of administration guides that if a public officer has used discretion in
the decision-making process within four corners such decisions could not be
challenged as an ultra virus and this legal provision could apply in a
situation where the administrator can prove that the decision was within the
four corners and was beneficial to the party, which was deserved to gain
support.
The
law of banking and the lending procedures are not subject to administrative
justice in the law of administration, and the disciplinary actions of trading
banks against credit approved managers indicate that many instances banks’
disciplinary procedures disregarded the principle of administrative law. It
needs the protection of credit managers if there was no dishonest intention of
managers when approving credits. If managers make decisions on good faith (with
due care and attention) for economic renaissance it shall not be subjected to
unreasonable litigation or disciplinary actions. Trading banks are subject to domestic
(Central Bank) and international regulation (capital adequacy rule of Bank for
International Settlements) and the capital requirements for various types of
facilities insist by BIS. The Central
Bank of Sri Lanka should play its regulatory role on account of trading banks
and a similar type of regulatory authority has given on all non-bank finance intermediaries
in the 1980s by an amendment to the law.
The Central Bank should provide a re-finance support and credit
guarantee where it is possible.
In
this background, credit guarantee insurance would not be useful and think about
the sub-prime mortgage crisis in the USA, and insurance companies in Sri Lanka
might not able to accept the risk and compensate for in a situation business
default credit repayment.
The
public statement made by the governor of the Central Bank in connection with a
hire-purchase financing company echoed that the governor has a lack of
understanding about trading banks and non-bank financial intermediaries. The
governor of the central bank has been played a role as a university academic
before assumed duties as the governor, and he did not work as a practically
experienced person in banking and credit matters which involve complex legal,
procedures, regulatory, accounting, collateral, and many other areas. That is why he stated that hire-purchase
companies are not non-bank finance intermediaries or not registered with the
Central Bank of Sri Lanka. The statement of the governor indicates that
hire-purchase companies in Sri Lanka could be established without the approval
of the Central Bank. It is a serious
lapse of the financial regulation in the country and why competent officers of
CB did not advise this situation to the monetary board to revise the existing
regulation?
When
I was working in a government trading bank I concerned the regulatory matters
of the financial sector. I can recollect
that when my bank authorized to grant credit facilities against NRFC balances I
informed the governor of the Central Bank that the trading banks’ decision
would impact increasing inflation of the country and when Mr.JR.Jayawardane
wanted to get foreign exchange more than the legally entitle amount to a
citizen I refused it on the normal procedure and Mr.Jayawardena understood my
explanation.
All
non-bank financial intermediaries including hire purchase, mortgage, leasing,
and all other types of financial activities based on contracts or agreements
which are involved with two or more parties must register with the Central Bank
and the regulatory process of the Central Bank must be covered the operation of
all these intermediaries. The problem, in this case, was the Central Bank has
not been played its role or it should have different regulatory institutions
under its leadership like in other countries.
Banks
and financial intermediaries use various types of agreements when financing for
various purposes. A hire-purchase agreement means it involves two parties, financier
(the owner or hirer) and the hiree (the person who obtains finance to purchase
the vehicle) and the office of motor vehicle registration indicates in the
registration book financier as the owner of the vehicle but not the person who
obtained finance facilities to buy the vehicle.
After full payment of the loan, the financier advises the Motor Vehicle Registration
Office to change the owner of the vehicle.
If the customer defaults repayment the loan the lender has the right to
cease the vehicle. In Sri Lanka, non-bank financial intermediaries use crude
techniques to cease vehicles. My feeling
is the financier has to go the court and get an order to cease the vehicle
rather than using the violent techniques. Trading banks use the technique going
to the court but many non-bank financial intermediaries use violent techniques
that are subject to criminal justice.
According
to my experience, Bank of Ceylon first used a hire-purchase agreement to
provide financial facilities to purchase tractors to productivity committees in
the 1976 and used a successful strategy to ensure the repayment of loans,
rather than using violent techniques to cease tractors. After 1978, the bank widely used hire-purchase
contracts to provide finance facilities to purchase motor vehicles, trucks, and
other types of vehicles that imported to the country under the market economic
policy.
Reference the article of Dr Nirmala
Chandrahasen ( The Island 12 June), I
wish to draw the attention of the readers to the very important fact that the
Presidential Task Forces was appointed for the survey and preservation of
archaeological sites in the EAST. Therefore , any discussion on the Task Force
should consider to concentrate to identify the geography and the history of the
Eastern province, if one was to survey the historically important locations.
The term and the area of Eastern province
was created by the British rulers in 1833..
Before that the area came under the rule of the Sinhalese kings ,but never
under the invading forces from India except for very small areas for a short
spell of time. The Portuguese did not posses any territory in the East other
than a small port in Trincomalee. And ,the Dutch Governor Ryckloff Van Goens in
his memoir in 1663 mentioned that ‘ the country between the Walwe and
Tiriquenamalee is entirely inhabited by King Rajasinghe’s people” Until the
Sinhala- British Treaty -the Kandyan Convention-the British administered only
the Maritime Districts ‘ ( Colombo, Kalutara, Galle, Matara, Hambantotta,
Chilaw, Batticaloa, Trincomalee and Jaffnapatam. Delft ,Wanni and Mannar). Until, well into the nineteenth century we do
not come across ‘ Tamils’ in the east but ‘Malabars’ who were from the Kerala
coast.
Dr John Davy who served in the British army
from Aug 1816 to February 1820 wrote in
his ‘An account of the Interior of Ceylon and its Inhabitants’ , that Malabars
and Moors are ‘foreigners naturalized ‘ and former are confined principally to
Northern and Eastern maritime provinces.
Most of the Muslims living in these areas were settled down by King
Senarath of Kandy when they were expelled by the Portuguese from the
South-West.
The Eastern province was created to
dismember the Kandyan province in order to weaken the ‘national feeling ’ of
the Kandyans …The heartland of the old irrigation civilization of the Sinhalese
was broken up ,and part of it-Anurdhapura region or Nuwaralalviya -was attached
to Jaffna, Mannar and Mulative to form the Northern province . ..The other part
Thamankaduwa was linked with Trincomleee and Batticoloa to form the Eastern
province” (Dr K,M.De Silva)
In the reports on Forest Administration of
Ceylon by F.D.A Vincent published as Sessional Paper XL 11 of 1882 the gradual
spread of Tamils down the coasts especially in the East is mentioned. It is
obvious from theses facts that there were hardly any Tamil settlements in the
East before 19th century and therefore it is not scientific to
ascertain that there are places of ancient archaeological importance of Tamils
in the Eastern province. Of course , there may be the places which were constructed
since the 19th century and an odd reference to a foreign -South
Indian – king or an emissary in the inscription such as in the case of Velgam
vehera. The inscription says that ‘the chola king’ made the offerings to the
Lord Buddha While the inscription provides a vital clue, that cannot establish the existence of a Hindu
Kovil in Velgam vehera.
As Dr Chandrahasen asserts the Task Force
should have the shared heritage which is a noble sentiment. But, at the same
time the Task Force should seek the truth behind these archaeological places
and try to preserve and restore same for the benefit of the posterity.
Some of the Sinhala Buddhist archaeological
sites, out of many which had been wilfully damaged or are encroached upon by
interested groups are given below specifically for the attention of the Task
Force.1
1 Muhudu Maha Viharyra. 2 Diga Vaapi
3 Velgam Vehera 4 Siriwaddana Bodhi Tree – Klliveddi
While sharing the noble expectations of Dr
Chandrahasen as to the methods to be adopted by the Task Force to reduce the
disturbance to the farmers and others who live in the concerned areas, we would
like to request the Task Force to take due action to earmark, preserve and
protect the sites as an important task to fill the unenviable void existing in
the history of the East of the island.
PS Ven Buddhgosaha was not a member of the
Tamil ethnic group but of a Telegu ethnicity.
It is not easy to compare the response of different
countries with one yardstick. It is also not quite correct to say that the New
Zealand Covid-19 Free Declaration is a camouflage. I should say that New
Zealand handled the situation in a fair and humanitarian way and with a firm
hand at the helm.
New Zealand housed and monitored 7755 people in hotel rooms
from 10 April to 19 May. 12 of them were tested positive during this period.
The total number of confirmed and probable cases were 1504. New Zealand is now
declared Corvid-19 free and no more ‘social distancing’! The borders remain
close for the time being as Corvid-19 still continue to play havoc around the
world.
The effort in New Zealand was to be Corvid-19 free at the
earliest possible day and hit the road running to get the economy moving.
In Sri Lanka, it was largely a humanitarian exercise. The
economy already at the rock bottom thanks to near five years of disastrous
Jadapalanaya there was not much of an economy to rescue. What they had to do to
date has been in spite of a belligerent political opposition who were opposed
to anything and everything that the Government could do with an ever-watchful
eye to discredit the administration. The former Leader of the Opposition who
offered to give free sanitary pads to women as an election promise at the last
Presidential Election, even went on to the extent of prescribing medications –
Chloroquine now universally accepted as injurious to those with Covid-19
infections!
President Gotabhaya did an excellent job of giving unwavering
leadership as well as coordinating all the activities of the relevant organisations
to combat the pandemic effectively. All actions were taken in consultation with
the health authorities, the Armed Services and the security and intelligence
services in tow. In fact, the top authority was the Director General of Health
Services and the buck stopped with him literally. The only trump card Sri Lanka
had and has is the Free Healthcare System – curative and preventative network that
extend to every nook and corner of the Island.
The concept of ‘chase and apprehend’ policy was employed
using the State Intelligence Services who helped identify and quarantine or
hospitalize where necessary the infected, the close family and those that came
into close contact with lightning speed. The Armed Services were used to
establish and maintain professionally close to 50 well-disciplined Quarantine
facilities, according to health services guidelines. The praises of those
leaving these quarantine facilities after completing the requisite quarantine
period speak for themselves of the quality of love, care and service they
received at their hands.
Sri Lanka continued to bring back her citizens from around
the world beginning with students from the Hubei Province at the height of the
pandemic in China, then students stranded all over the world, pilgrims and
others soon as air travel was possible to those distant destinations. At home
stranded tourists were well looked after by a generous population as well as
business leaders.
The rumour mongering machines of the political opposition
are busy saying that the government is not divulging the actual number of the
infected. This is somewhat foolhardy as it is not easy to hide any one dead let
alone infected as people are well informed of the symptoms of the disease and
are not afraid to tell on each other! Moreover actual figures have to be passed
on to the WHO almost daily!
Militarily powerful countries such as the USA, China,
Britain, Russia, France gave prominence to maintaining their position of power
– economically and militarily. These countries made humanitarian considerations
a lesser priority ahead of power and economy. All except China allowed ‘herd
immunity’ or ‘natural survival of the fittest’ concept priority though not
saying so in so many words. China attacked the pandemic almost as if it was war
and has largely succeeded!
Others gave prominence to their economies – these include
Germany, South Africa, Australia, Brazil, India and to a lesser extent New
Zealand. In countries such as Pakistan, Bangladesh, Indonesia and a host of similar
other countries, the Covid-19 situation is in free fall due to a host of other
reasons including cultural, religious and the level of poverty or neglect.
Countries such as Vietnam, Thailand, Myanmar, Cambodia,
Laos, Hong Kong, Taiwan and Sri Lanka have fared well in terms of – the overall
number of fatalities and infected – all well under one per million of population
dead and those infected under one hundred per million of population. The former
Prime Minister of Sri Lanka adduce these to the fact these countries are
largely Buddhist and hence under the protection of well-meaning gods – perhaps
eyeing the Buddhist vote at the coming General Election!
All over the world ‘near now or former authoritarian
countries’ have fared well, their populations being rather ‘compliant’! Highly medically
sanitized countries have fared worst probably for having depleted immunity. The
population density too is a factor that should be taken into consideration in
comparisons. This though is not entirely a true indicator as high or very high
concentrations can happen in the cities of even sparsely populated countries!
The spread and control of Corvid-19 at the Dharavi slum in Mumbai, India is a classic case now
under the microscope.
In the final analysis when all is ‘over or near over’ there
must be an honest assessment as to how different countries fared during the
Covid-19 pandemic taking into consideration all factors – strategic, economic,
social, cultural and religious! I am fairly confident that Sri Lanka’s
performance would be found at or near the very top!
The USA is in the news. Exposed. Exposed to those who believed the balderdash about that country being the greatest success story of democracy, freedom and the good life, to be more precise. The USA markets lies very well. Whereas other nations as bad or worse are crude the USA is cute in sweetening the bitter, perfuming the foul-smelling and wall-papering over the grotesque. Used to be. That would be more correct.
The protests are ongoing. Significant numbers want that country to come to terms with its sordid history and violent present. Let there be no illusions though. The racist, violent military-industrial complex that is the United States of America is resilient. Is fighting back. Will continue to fight.
Last week we had the US Ambassador in Sri Lanka, Aliana B Teplitz saying that George Floyd’s death (yes, DEATH and not COLD-BLOODED MURDER BY RACIST POLICEMEN) would be investigated. On Tuesday, she issued a statement in which she bests her own standards of convolution. It was regarding a protest again the USA organized by the Frontline Socialist Party (FSP).
‘We welcome discussion on minority rights, equal protection under law, and security service accountability. But let’s do so in safe ways until there’s less to worry about from COVID-19.’
It takes some gall for a representative of the USA to talk about minority rights, equal protection under law and security service accountability, considering that ‘discussion’ of such things pale in relation to the stark and brutal articulation in their breach. Responsible protests is what she is calling for. That’s echoing what the UN chief on human rights said about protests in the USA where riots broke out after extreme and violent police provocation. It’s easy to indulge in equivalency-speak after the villains have done their work.
Safe ways, she said. Condescending isn’t she? And it’s not as though safety was ever a cardinal principle for the USA, domestically or internationally. Safety was not an issue in dealing with COVID-19 either. Profit was. Keeping businesses viable was. And is, even now. Not with respect to COVID-19, not with protests, not in ousting governments and leaders positioned against US interests, and not in supporting the brutal repression unleashed on peoples by governments and leaders allied with the USA.
But let’s talk ‘safety.’ In the midst of all this, an embassy employee created a fuss at the airport, refusing to take a PCR test. Diplomatic immunity was cited. The Government was caught wrong-footed, gave in and (to its credit) subsequently revised protocols for testing of diplomats. The man, Wayne Hamrick according to reports, is apparently a part of the Embassy’s ‘Planning and Action Training Team’ which is attached, interestingly, to the office of the Defense Attaché. Nothing ‘diplomatic’ in either of these entities of course, but this is the USA, remember? A violent, war-like, liking-war nation whose governments talk down to other nations about human rights but have essentially burnt that book a long time ago.
So, Teplitz’ safety-talk and moralistic grandstanding is for those who protest against her Government but not for employees who could theoretically be a grave threat to the safety of all, COVID-19 and all that which she, not I, brought up.
It raises interesting questions. Now what if this ‘diplomat’ is in fact infected with COVID-19? What if he were to succumb to the deadly virus? What if he happened to be a Muslim? How would the US Embassy deal with death-rites? If buried, how would Muslims whose loved ones died of the virus and were duly cremated feel? [For the record, I hope he is uninfected and if indeed he is infected I wish him speedy recovery.]
COVID-19 was not anticipated. The world is being recreated as I write on account of the pandemic. Surely Teplitz has heard of the Vienna Convention and knows that its authors and signatories did not anticipate and indeed could not have anticipated a pandemic such as this when crafting articles on diplomatic immunity? No one is immune. That’s the bottom line.
Let’s visit the protests. The police obtained a court order to stop the FSP protesting outside the embassy. The FSP shifted venue to De Soysa (Lipton) Circus, Colombo. Social distancing was maintained. It was a low-key protest. Understandable, given circumstances. A few had been near the embassy. The police intimidated these persons. That’s when things got hot. The protestors were provoked. Some fifty of them were arrested. Tiplitz cites COVID-19 protocols. So does the Government. Indeed, if that was the issue a lot more people in all parts of the country should have been arrested for violating social-distance recommendations. Moreover, there are no laws as of yet regarding such issues. Then there’s also the case of crowds at Armugam Thondaman’s funeral. What happened to COVID-19 protocols? Of course if the 5-mourners rule was imposed it is likely that the champions of human rights, Teplitz included, would have cried out in horror about the government being insensitive to minorities, but that’s beside the point here.
I would love to hear the rights-brigade take issue with the government for the way in which the protestors were handled. Funded-voices, rent-a-signature petitioners, candle-light ladies, born-again-democrats and other Colombots aren’t exactly berating either the government or the US Ambassador. One wonders, indeed, what the lately retired-from-politics Mangala Samaraweera have to say?
Samaraweera has been vocal about one thing. The Millennium Challenge Corporation (MCC) Compact.
‘Sri Lanka must fast-track the MCC grant. Worth $500 million (which is roughly equal to a 20,000 rupee grant to every household in Sri Lanka), it can kick-start the relief and recovery program,’ he says. ‘Selling or leasing these State-owned Enterprises and using the money for relief, or for settling public debt, will be an asset transfer from the state to the citizen,’ he adds.
Essentially asset-transfer to the USA is being named ‘asset transfer to citizen!’ How cute is that? Samaraweera knows that the MCC essentially ties the hand of the Sri Lankan judiciary with respect to the operations of the MCC. If the government had to navel-gaze over an arrogant US Embassy official at the airport just imagine what it would have to do if the MCC Compact was in operation!
FOR THE RECORD: As presidential candidate of the Sri Lanka Podujana Peramuna (SLPP), Gotabaya Rajapaksa, on Tuesday the 5th of November 2019, requested Venerable Ududumbara Kasyapa Thero to stop the fast launched over the MCC Compact. All agreements signed by the then government would be reviewed and revoked if they are not in the national interest, he pledged. The candidate of the United National Party, Sajith Premadasa repeated these sentiments almost immediately. Samaraweera kept mum, for the record.
So has this Government ‘reviewed’? What’s the status of that process? Who is advising this government? Viyath Maga? The Pathfinder Foundation? What’s their agenda? What’s their ideological position with respect to the US, neoliberal economic myths and so on? When is this government going to come clean on all this?
Let’s suspend illusions. The USA is on its knees domestically. The USA, nevertheless, is not going to roll over and surrender to reason and civilization. Teplitz and the US Embassy in Sri Lanka have tasks to accomplish. Getting the MCC Compact off the ground is on top of the agenda.
This is what we have: The refusal of the US ‘diplomat’ to take a PCR test and the government agreeing to waive the requirement + government response to projects + the from-retirement please issued by Samaraweera (a US agent if ever there was one) over the MCC Compact. Need we insist, ‘do the math!’? This article was first published in the Daily Mirror (June 11, 2020)
The
registered leasing companies are under legal obligation to carry out the latest
round of instructions of the Central Bank, as directed by President.
But
unregistered leasing companies are not bound by the rules of the Central
Bank as such the Central Bank also cannot enforce the new rules on them.
But the unregistered leasing companies cannot continue their operations,
without cash inflow. As they are unregistered, some commercial banks and
financial institutions have entered into agreements with these companies to
provide the working capital. It is also evident that these
companies have been importing three wheelers based on usance letters of Letters
of Credit, with 90 to 180 days payback period, based on approvals granted
by the first-class commercial banks, to endorse the Letters of Credit. But most
of these imports were based on Sight Letters of Credit as well.
The
Banks hold the vehicles as collaterals and the leasing companies are duty
bound to their lending institutions to seize the vehicles for payment
defaults by the Lessees. The Lessors might have provided personal
guarantees or pledged their freehold properties to the Banks as an
additional security.Under leasing arrangements, the ownership of
the property does not pass on to the Lessee, until the final payment and
release.
The
commercial banks provide working capital to the unregistered leasing companies
at very high interest rates, due to risk factors
So,
in this issue, the parties involved are commercial banks, lessors and lessees.
The
Governments intention is to cut the red tape and offer immediate help to the
lessees, so that they can use the vehicles, generate positive cash flow,
make their livelihood and pay back loan instalments.
The
following alternatives could be looked at immediately, to provide relief
to the aggrieved parties:
1. The
government should guarantee through a salvage package to the
commercial banks which provided funds to the unregistered leasing
companies. This means Banks will have a fall-back for recovery of the
debt, if the unregistered companies are unable to pay back principal plus
interest;
2. Immediate
release of all vehicles to the Lessees which have been seized;
3. The
government should set up an Interest Subsidy Scheme, so that for a specific
period, interest rates shall become current market rates as
equivalent to the rates offered by the registered leasing companies;
4. The
relevant commercial banks should open Escrow Account ( a Trust Account)
for the relevant parties, the Lessee should deposit monthly or periodic
repayments to the Escrow Account. The commercial bank will monitor and
manage the account and ensure periodic payments are also distributed to
the Lessors so that they can remain in business;
This ensures, Cash Inflow to commercial banks,
Lessors as well as keeping Lessees gainfully employed.
These changes can be incorporated into an
Extraordinary Gazette to become effective immediately.
The
changes required for the existing laws can only be amended after the formation
of the new Parliament .
Media captionKatherine Millbank spent 15 days in hospital and was put on the drug trial
And it could be of huge benefit in poorer countries with high numbers of Covid-19 patients.
The UK government has 200,000 courses of the drug in its stockpile and says the NHS will make dexamethasone available to patients.
Prime Minister Boris Johnson said there was a genuine case to celebrate “a remarkable British scientific achievement”, adding: “We have taken steps to ensure we have enough supplies, even in the event of a second peak.”
Chief Medical Officer for England Prof Chris Whitty said it would save lives around the world.
About 19 out of 20 patients with coronavirus recover without being admitted to hospital.
Of those who are admitted, most also recover but some may need oxygen or mechanical ventilation.
And these are the high-risk patients dexamethasone appears to help.
The drug is already used to reduce inflammation in a range of other conditions, including arthritis, asthma and some skin conditions.
And it appears to help stop some of the damage that can happen when the body’s immune system goes into overdrive as it tries to fight off coronavirus.
Some
of the people believe that this universe was created just by chance and they
also try to prove it through science. But God says that all those things that
happens just by chance, they don’t have such an order in them. Different colors
are used together to make a picture. If we just throw the paints on a paper,
will they ever make a picture? Houses are made of bricks, but if we just throw
the bricks in a pile, will they form a house?
It
is true that sometimes some of the things are made by chance, but a close
analysis of the universe clearly refutes this ‘by chance’ theory. All right,
for a moment, if we believe that matter was created by chance, and this world
also came into being by chance, If we are to study deeply the creation of
human beings, is it possible that such a perfect being was created by chance?
See the stars, the planets, sun etc. and then the creation of day and night.
Every thing just fits so nicely in a finely woven net, doesn’t that orderliness
speaks of a powerful creator?
Even
in this world we can easily judge the power and wisdom of a creator of anything
by closely examining his creation. A good picture is painted by an excellent
painter, a powerful computer is made by an intelligent team of researchers.
Looking at the orderliness of any things tells us that how intelligent its
creator is. God has given to every being an appropriate body and shape, so that
it can sustain itself.
God
kept the food for trees in earth; therefore He gave roots to the trees, so that
they can get their food. God made flesh as food for tiger; therefore He gave
strong nails and teeth to the tiger, so that it can kill its prey and eat it.
God made grass as food for horses and camels, therefore He gave them long neck,
so they can graze it. God created lungs for human beings, therefore He also
created air, so that they can breath. Human beings depend on water, so God
created Clouds, so that they can take water to them. Such an enormous and
perfect order could never have been created just by chance? Only a super-being
could do it.
Growth of the Sri Lankan economy has fallen to dismal levels over the past few years, and the impact of the COVID-19 pandemic may result in severe stress on economic and financial system stability in the period ahead unless immediate remedial actions are taken. In this context, in support of the government’s efforts to revive the economy, the Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 16 June 2020, decided to introduce new credit schemes under the Section 83 of the Monetary Law Act No. 58 of 1949.
Accordingly, in addition to the already disbursed Rs. 27.5 billion under the refinance scheme introduced on 27 March 2020, the Central Bank will provide funding to Licensed Commercial Banks (LCBs) at the concessionary rate of 1.00 per cent against the pledge of a broad spectrum of collateral, on the condition that LCBs in turn will on-lend to domestic businesses at 4.00 per cent, while ensuring the greatest possible distribution of this facility. This scheme along with the existing refinance Scheme will provide Rs. 150 billion in total to the businesses affected by the COVID-19 pandemic.
In addition, the construction sector enterprises will be provided with a facility to borrow from LCBs, using guarantees issued by the government equivalent to the amount due on account of contracts carried out in the past, under a new dedicated credit scheme funded by the Central Bank and made available at the aforementioned concessionary rates.
Operating instructions on these new credit schemes will be issued in immediate due course.
President Gotabaya Rajapaksa today slammed Sri Lanka’s Central Bank officials over their failure to put forward even ‘a single proposal’ to rebuild the economy amidst the prevailing global crisis, despite the fact that many tools have been introduced by the Central Banks in countries around the world.
We cannot let the health crisis develop into an economic crisis. What we are facing is a global crisis. The Central Bank and the Treasury are entrusted with the responsibility of formulating right monetary and fiscal policies that are instrumental in economic revival.”
Many tools have been introduced by the Central Banks in the countries around the world. We have not received such a positive response from our Central Bank. Let me know the measures that need to be taken to confront the crisis without delay”, President Rajapaksa told the top most officials of the Central Bank of Sri Lanka.
He emphasized that the Government had put forward its proposals for economic revival, and that however the Central Bank has not extended its support towards it thus far. The President asked them to explain reasons for their failure.
The President made these strictures during a meeting with the officials led by the Governor of the Central Bank, held at the Presidential Secretariat today (16).
He stated that Central Banks in leading countries such as the United States, Japan and Australia as well as in small countries have put in place required mechanisms to revive economies in their respective countries.
Sadly, the Central Bank of ours has not put forward a single proposal to rebuild the economy.” He said the Government owes a large sum of money to various institutes for the services and products they supplied during the past couple of years.
The Central Bank had ignored the proposal made by the President to provide Rs. 150 billion to banks by accepting the outstanding due as collateral. The Government will have to take the blame for the economic slowdown due to this serious negligence of duty on the part of the Central Bank, he said.
The President further charged that officials who worked at the Central Bank during the scandalous bond scam still hold their positions. The President expressed his displeasure for not receiving the cooperation of these officials who supported that fraud to rebuild the country.
While pointing out the massive mandate he received from the people of this country for the betterment of the nation, the President reiterated that he committed himself to fulfill the aspirations of the people.
Many sectors including health, security and intelligence made a great contribution to battle COVID–19 pandemic. The Central Bank bears the responsibility of rebuilding the country’s economy. Instead of performing its duty, the Central Bank had obstructed the implementation of the proposals made by him, the President said.
He informed the officials to identify the issues and forward their solutions or grant approval to his set of proposals. It needs to be done today,” the President stressed.
Secretary to the President P. B. Jayasundera, Principal Advisor to the President Lalith Weeratunga, Secretary to the Treasury S. R. Attygalle, Governor of the Central Bank Prof. W. D. Lakshman and officials of the Central Bank were also present during the discussion.
Views expressed by the President during the meeting:
We cannot let the health crisis lead to an economic crisis. Not only have Central Banks in big countries but also in small countries have taken many crucial steps. The Federal Reserve in the US has formulated a USD 600 billion programme. Today, the Central Banks in Australia and Japan too have joined. Similarly, Central Banks in small neighbouring countries of ours have commenced planned programmes.
Look at this headline. The AFED (Arab Forum for Environment and Development) commits to use a full range of tools to help the economy through unprecedented time”. What is the tool we have used? We have used nothing. Our Central Bank has not done anything towards this. Monetary and Fiscal Policy has been formulated by the Central Bank. That should be done in accordance with the economic policy of the President of the country.
You have several tools that can be used. Those tools have to be utilized. However, our Central Bank does not use a single tool. It just stays idle. We asked to release Rs. 150 billion to banks. This is not a fault of the business. The Government owes a huge sum of money to companies due to mismanagement in the past. Let this money be kept as a security for banks to release loans to them. Then they can run the economy. This is a money circulation process. This is a very simple tactic and this is a basic economic principle. But, what are you doing? The Governments have to take the blame for your conduct. You do not monitor. Look at the status of finance companies.
It is your responsibility to regularize and monitor these companies. However, you have failed in your task. Leasing companies too evade their responsibilities. The ETI is not in a position to repay the people. The Finance has been closed down without informing. How are we going to pay for that? There is no management there. All at the Central Bank are economic specialists drawing very high salaries. You have a responsibility. I have presented you a mechanism. If you are unable to follow it, present me your version of the mechanism by tomorrow morning.
Look at what governments of other countries have implemented to save their small scale and medium scale businesses. Do we see the same efforts over here? It looks as if you are here to hinder the government effort and are trying to impede my duties. I do not have to assume this tone if you stood by your duties. It has been 8 months since my appointment to the office, and I have been requesting you to revive this collapsed economy ever since.
I do not want to talk about mistakes of the previous government. As all of you know, you were there when the Central Bank bonds scam was executed. If you supported them to commit this crime, there is no reason for all of you to not to join hands with me to deliver justice. Public must be made aware of the issue of how we move forward with this kind of officials. The people of this country have bestowed a great power on me to build this country. I request all of you to allow me to build this country.
The Coronavirus has spread throughout the world. Now it has become a global economic crisis. Due to the firm commitment of our works in the health sector, Army, Intelligence and the Police we were able to return to normalcy before many other countries in the world. The restructuring of the country’s economy before it further collapses lies in your hands. Lend your support to me to achieve success in this enedvour. Either accept my suggestions in this regard or reveal your strategies.
In this context, a place like the Central Bank where the top economic experts are rendering their service, isn’t it your responsibility to present a proposal to conquer this situation. What have you submitted in this regard. What is the guidance you have given me? There is nothing and you have not come forward to support me.
If you are not on the same page with my suggestions please give me your strategies to revive our economy by tomorrow morning. Give me your suggestions on how to strengthen the economy, how to assist banks under these dire circumstances, how to categorically assist small scale and medium scale businesses. If what I say is wrong, do not hesitate to let me know.”
The Monetary Board of the Central Bank of Sri Lanka (CBSL), at its meeting held today (16), decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2.00 per cent, with effect from the reserve maintenance period that commenced on 16 June 2020.
This reduction in the SRR injects around Rs. 115 billion of additional liquidity to the domestic money market, enabling the financial system to expedite credit flows to the economy, while reducing the cost of funds of LCBs, the CBSL said in a statement.
With today’s decision, the Central Bank has reduced the SRR by a total of 300 basis points thus far during 2020, in addition to several other easing measures implemented already, including the reduction of policy interest rates by a total of 150 basis points and the reduction of the Bank Rate by 550 basis points.
The financial sector is expected to pass the benefit of the high level of liquidity and the reduced cost of funds to the economy without delay, by increasing lending to businesses and households at low cost, the CBSL added.
The Monetary Board will continue to monitor economic and financial market developments and will take further policy and regulatory measures to support a sustained revival of economic activity in the period ahead, the statement read further.
Two more individuals have tested positive for the COVID-19 virus today (16), the Ministry of Health said.
Thereby, the total count of coronavirus cases in the country has risen to 1,915.
Accordingly, a total of 10 virus-positive cases were confirmed yesterday, the Department of Government Information said.
These cases comprise 06 naval personnel at Kandakadu and Mihintale quarantine centres, 04 arrivals from Iran.
The four imported cases were identified among the 85 technicians from Iran who arrived in Sri Lanka yesterday to complete the Uma Oya Multi-Purpose Development Project. After undergoing the mandatory PCR test at the airport, they were directed to the quarantine centres by the Army.
In the meantime, the number of recoveries in Sri Lanka now stands at 1,371.
The Epidemiology Unit’s tally reads that 533 active cases are currently under medical care.
Sri Lanka has confirmed 11 deaths due to the COVID-19.
The Colombo Additional Magistrate has issued warrants on four directors of the Edirisinghe Trust Investments (ETI) holdings, for failure to appear before the court.
When the case filed by ETI depositors was taken up for hearing before the court today, the Additional Magistrate issued arrest warrants on ETI Directors Jeewaka Edirisinghe, Nalaka Edirisinghe, Asanka Edirisinghe and Deepa Edirisinghe.
The court ordered the police to arrest the aforementioned respondents and produce them before the court immediately.
Interpol has informed Sri Lanka that former Central Bank (CBSL) Governor Arjuna Mahendran, who is currently wanted over the Bond Scam, has changed his name.
Accordingly, Mahendran has changed his name to ‘Harjan Alexander’.
The Attorney General has informed this to the Special High Court, when the Bond Scam case was taken up before Justices Sampath Wijayakoon, Sampath Wijayaratne, and Champa Janaki Rajaratne this morning (16).
Representing the Attorney General, Deputy Solicitor General of the Government Parinda Ranasinghe told the court that the International Criminal Police Organization (Interpol) has reported that the first defendant of the case former CBSL Governor has legally changed his name to ‘Harjan Alexander’.
When the Attorney General had inquired the Singapore Attorney General if the extradition papers of Mahendran need to be amended accordingly, the AG Department of Singapore had informed that there is no need for such amendment.
Thereby, should there be any amendment needed with regard to the case, it will be informed to the court in the future, stated the Deputy Solicitor General.
Further, informing the court that the 10th defendant of the case, Ajahan Gardiya Punchihewa, currently resides in Singapore, Deputy Solicitor General Ranasinghe requested for a re-issuance of notice to appear before the court.
Accordingly, the High Court trial-at-bar reissued notices on Punchihewa.
The case was then postponed to the 17th of November.
