Sri Lanka bonds flat, concern that Mangala may change

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Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 12:02 pm

ECONOMYNEXT - Sri Lanka bond yields were flat and the rupee was steady, but stock were weaker though there were concerns that Finance Minister Mangala Samaraweera who had the confidence of the private sector, may change, dealers and analysts said.

Stocks were trading marginally lower after one hour of trading Friday.

"Mangala Samaraweera and Indrajit Coomaraswamy had managed to bring back confidence," a dealer said.

"There is some confidence that what is promised will happen. He is also not corrupt. But if Mangala (Samaraweera) is changed things will become uncertain again. It is not only investors but even importers are concerned."

Sri Lanka's business environment is highly uncertain for all businesses due to a parliament which has been made subservient to a midnight gazette, where taxes are changed while citizen's sleep.

Samaraweera however presented a budget without the unco-ordinated actions seen in 2015 and 2016. The appointment of State Minister of Finance as Eran Wickramaratne had also helped.

Sri Lanka's coalition administration is set to announce several changes to the cabinet, after a bondscam by the central bank which is under Prime Minister Ranil Wickremesinghe hit the credibility of 'good governance'. There has been suggestions that the finance ministry be re-structured to include banks and the central bank, official sources said, though it is not yet clear, whether Samaraweea will lead it. Media is likey to be split from the ministry.

Unlike in well-governed countries where the Prime Minister does not have a key portfolio and plays a 'class monitor' role, Sri Lanka's Prime Minister got caught in the scandal due to his having a key ministry.

A Cabinet Committee on Economic Management had also been blamed for delaying projects, with the Prime Minister again seen to be micro-managing the government instead of delegating and managing through exception reporting.

Not giving adequate responsibilities to young leaders who helped bring the administration to power and giving posts to favourites who either take questionable decisions or cannot defend policy publicly had contributed to embarrassing the administration, critics say.

Coomaraswamy (appointed by President Maithripala Sirisena) is widely recognized as the best appointment made by the current administration.

Over the last few days the forex market has been floating, with no money printed in Treasury bill markets to put pressure on the rupee.

However at the moment the credit is also weak and in the absence of major capital ouflows the rupee is likely to be steady, analysts say. (Colombo/Feb23/2018)
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 12:08 pm

Former Finance Minister Ravi Karunanayake is lobbying hard for a Cabinet portfolio at the reshuffle, sources within the UNP said.

Karunanayake had to step down from his position in the wake of the Treasury Bonds fiasco.

The Presidential Commission into the Treasury Bonds Commission recommended criminal action against Karunanayake and the UNP internal committee appointed on the matter recommended that he should not hold any party positions until the end of the investigations.

Asian Mirror learns that the former Minister is pushing hard for a fresh Cabinet position at the reshuffle.

However, sources close to Prime Minister Ranil Wickremesinghe said there was no final decision on the matter.

"But, there is a request from some sections of the party," a spokesman at the Prime Minister's Office confirmed.

It is highly unlikely that President Maithripala Sirisena, a harsh critique of the UNP stalwart, will agree with moves to reappoint Karunanayake to a Cabinet portfolio.

Sirisena is of the firm belief that stern action should be taken against the former Minister over the latter's close association with suspects of the Treasury bonds fiasco.
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 12:11 pm

Higher Education and Highways Minister Lakshman Kiriella is likely to get the State Enterprise Development Ministry held by UNP General Secretary Kabir Hashim, top government sources said.

Hashim, who held the ministry for over two years, is tipped to get the Highways Ministry at the proposed Cabinet reshuffle.

It is also learnt that Finance and Media Minister Mangala Samaraweera will lose a number of institutions held by him.

Field Marshal Sarath Fonseka is tipped to be the new Law and Order - a position previously held by Minister Sagala Ratnayaka.

Although the reshuffle was initially scheduled to take place yesterday (21) it has been postponed due to differences of opinion between the UNP and the SLFP over a few portfolios.

When asked about the matter yesterday, Special Projects Minister Dr. Sarath Amunugama, who is tipped to receive a new position at the reshuffle, said only astrologers knew about the date of the reshuffle.
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 12:12 pm

The proposed Cabinet reshuffle has been delayed as some Ministers in the UNP have refused to move away from their current portfolios, government sources said.

The Cabinet reshuffle was scheduled to take place on Wednesday. However, it has been postponed until the UNP irons out differences of opinion over the changes.

It is learnt that one senior Minister is displeased with his new ministry and refusing to step down from his current portfolios. The disgruntled Minister is likely to be appointed as a Minister of Special Assignments.

Another cause of delay is the different views on institutions coming under these ministries.

According to informed government sources, the Ministry of Law and Order, the Ministry of Highways, the Ministry of State Enterprises and the Ministry of Agriculture will undergo drastic changes at the reshuffle.
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 12:16 pm

දින කිහිපයක් තිස්සේ කතාබහට ලක්වූ අමාත්‍ය මණ්ඩල සංශෝධනය හෙට (23) පස්වරුවේ සිදුකරනු ඇතැයි රජයේ ආරංචි මාර්ග සඳහන් කරයි.

ඒ අනුව ප්‍රාදේශිය සංවර්ධන ඇමති ෆිල්ඩ් මාර්ෂල් සරත් ෆොන්සේකා මහතාට නීතිය හා සාමය පිළිබඳ අමාත්‍යධූරයද , රාජ්‍ය ව්‍යවසාය සංවර්ධන ඇමති කබිර් හෂිම් මහතාට මහමාර්ග අමාත්‍යධූරය හිමිවීමට බොහෝ දුරට ඉඩ ඇති බව නිල නොවන ආරංචි මාර්ගවලින් පැවසේ .

එක්සත් ජාතික පක්ෂයට අයත් අමාත්‍යධූරවල සිඳුවන වෙනස්කම් ඇතුළත් අමාත්‍යවරුන්ගේ ලේඛන ජනාධිපති මෛත්‍රීපාල සිරිසේන මහතා වෙත අද (22) රාත්‍රීයේ බාරදී ඇතැයිද එම ආරංචි මාර්ගවලින් දැන ගැනීමට ඇත.

උසස් අධ්‍යාපන හා මහමාර්ග ඇමති ලක්ෂ්මන් කිරි ඇල්ල මහතාගෙන් මහමාර්ග විෂයද නීතිය සාමය හා දක්ෂිණ සංවර්ධන ඇමති සාගල රත්නායක මහතාගෙන් නීතිය හා සාමය යන විෂයද ඉවත් කෙරෙනු ඇතැයි නිල නොවන ආරංචි මාර්ග කියයි.

මේ අතරේ රාජ්‍ය ඇමතිවරුන් වන රවින්ද්‍ර සමරවීර , සුජීව සේනසිංහ , නියෝජ්‍ය ඇමතිවරුන් වන ආචාර්ය හර්ෂද සිල්වා , අජිත් පී පෙරේරා යන මහත්වරුන් කැබිනට් නොවන ඇමතිවරුන් ලෙස පත් කිරීමට බොහෝ දුරට ඉඩ ඇති බවද වාර්තා වේ .

යෝජිත ඇමති මණ්ඩල සංශෝධනයේදී ශ්‍රි ලංකා නිදහස් පක්ෂ ඇමතිවරුන් කිහිප දෙනෙකුගේද විෂය පථයන් වෙනස් වීමට ඉඩ ඇති අතර මහින්ද අමරවීර , දයාසිරි ජයසේකර යන ඇමතිවරුන්ට වැඩි වගකීම් පැවරීමට බොහෝ දුරට ඉඩ ඇති බව පැවසේ .

මේ අතර අධ්‍යාපන ඇමති අකිල විරාජ් කාරියවසම් මහතා යටතේ ඇති පුරාවිද්‍යා දෙපාර්තුමේන්තුව ඇතුලු විෂයන් කිහිපයක් සංස්කෘතික අමාත්‍යාංශය යටතට පැවරීමට බොහෝ දුරට ඉඩ ඇති බව නිල නොවන ආරංචි මාර්ග කියයි.
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 8:59 pm

The Cabinet reshuffle is most likely take place on Sunday (Feb. 25) morning, according to political sources.

However, several ministerial portfolios held by the United National Party (UNP) are expected to change hands in the Cabinet reshuffle.

Accordingly, the Minister of Public Enterprise Development Kabir Hashim and the Minister of Higher Education and Highways Lakshman Kiriella will exchange their cabinet portfolios, sources told Ada Derana.

However, the source said that there will be no change in the Ministry of Finance.

Meanwhile the Minister for Regional Development Field Marshal Sarath Fonseka is expected to receive the ministerial portfolio of Law and Order, which is currently held by Minister Sagala Ratnayake.

Ratnayake had recently declared that he was willing to give up his portfolio for the betterment of the party and government.

However, when inquired with regard to the ministerial portfolios held by the members of the Sri Lanka Freedom Party (SLFP) and the United People’s Freedom Alliance (UPFA), they said that so far no such changes have been made so far.

The Cabinet reshuffle is to be carried out by President Maithripala Sirisena, as per reports.
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby SHARK » Fri Feb 23, 2018 10:15 pm

lets hope mangala and eran will retain their portfolio in finance....
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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby dhanurrox » Fri Feb 23, 2018 10:51 pm

SHARK wrote:The Cabinet reshuffle is most likely take place on Sunday (Feb. 25) morning, according to political sources.

However, several ministerial portfolios held by the United National Party (UNP) are expected to change hands in the Cabinet reshuffle.

Accordingly, the Minister of Public Enterprise Development Kabir Hashim and the Minister of Higher Education and Highways Lakshman Kiriella will exchange their cabinet portfolios, sources told Ada Derana.

However, the source said that there will be no change in the Ministry of Finance.

Meanwhile the Minister for Regional Development Field Marshal Sarath Fonseka is expected to receive the ministerial portfolio of Law and Order, which is currently held by Minister Sagala Ratnayake.

Ratnayake had recently declared that he was willing to give up his portfolio for the betterment of the party and government.

However, when inquired with regard to the ministerial portfolios held by the members of the Sri Lanka Freedom Party (SLFP) and the United People’s Freedom Alliance (UPFA), they said that so far no such changes have been made so far.

The Cabinet reshuffle is to be carried out by President Maithripala Sirisena, as per reports.

February month also wasted.

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Re: Sri Lanka bonds flat, concern that Mangala may change

Postby Cseinvester » Fri Feb 23, 2018 11:04 pm

Oya time ekata thamai hithane kotiya May kala kaniyoth maragena merunanam keyala... destroy country day by day.... 2500 prouda itihase kabal gaga inawa echarama thama sadahatama...


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