New Sri Lankan president will zero in on 2020 poll

2019 ◽  
Keyword(s):  
Sri Lanka ◽  
Prime Minister ◽  
Sri Lankan ◽  
National Party ◽  
Strong Ties ◽  
Content Type ◽  
Security Concerns

Significance The front runners are Gotabaya Rajapaksa, from the opposition Sri Lanka Podujana Peramuna (SLPP), and Sajith Premadasa, from Prime Minister Ranil Wickremesinghe's United National Party (UNP). The next elections to parliament, where no party or alliance currently has a majority, are due by end-2020. Impacts As president, Rajapaksa would be better able than Premadasa to negotiate the uncertain period between presidential and parliamentary polls. Delhi and Beijing will quickly congratulate the victor, eager to demonstrate a wish for strong ties with the new administration. Recent arrests in Malaysia of suspected sympathisers of the Liberation Tigers of Tamil Eelam will raise some security concerns in Sri Lanka.

Sri Lanka is likely to face early elections

2018 ◽  
Keyword(s):  
Sri Lanka ◽  
Prime Minister ◽  
Political Influence ◽  
Sri Lankan ◽  
National Party ◽  
Legislative Elections ◽  
National Unity ◽  
Party Discipline ◽  
Content Type

Subject Political instability in Sri Lanka. Significance Parliament resumed early last month after being prorogued by President Maithripala Sirisena. Sri Lanka’s National Unity Government (NUG), formed after the 2015 legislative elections, is a coalition between Sirisena’s Sri Lanka Freedom Party (SLFP) and Prime Minister Ranil Wickremesinghe’s United National Party (UNP). Former President Mahinda Rajapaksa’s Sri Lanka Podujana Peramuna (SLPP) leads the Joint Opposition (JO). According to the constitution, a two-thirds parliamentary majority would be required for Sirisena to bring forward the next legislative elections due in 2020. Impacts The breakdown in party discipline in parliament suggests instability will be a long-term feature of Sri Lankan politics. Judicial campaigns against the Rajapaksa family will intensify, despite its sustained political influence. Political uncertainty will cause the Sri Lankan rupee to fall further against the dollar.

Sri Lanka will count on IMF help and debt rescheduling

2020 ◽  
Keyword(s):  
Sri Lanka ◽  
Foreign Exchange ◽  
Prime Minister ◽  
Full Term ◽  
Parliamentary Election ◽  
Short Term ◽  
Strong Ties ◽  
Content Type ◽  
Debt Rescheduling

Subject Impact of COVID-19 on Sri Lanka's debt situation. Significance Sri Lanka depends heavily for its foreign exchange on remittances and tourism, both of which have been hit hard by the COVID-19 crisis. Even before the pandemic, the country was struggling with debt and reliant on IMF support to shore up its economy. Impacts President Gotabaya Rajapaksa’s government will pursue balanced diplomacy, seeking strong ties with both Beijing and Delhi. Prime Minister Mahinda Rajapaksa will likely secure a mandate for a full term as premier in a parliamentary election scheduled for June. Colombo will struggle to cast aside its dependence on short-term borrowing.

Sri Lankan Tamils’ push for reform may prompt violence

2019 ◽  
Keyword(s):  
Financial Support ◽  
Prime Minister ◽  
National Government ◽  
Sri Lankan ◽  
National Party ◽  
Content Type ◽  
Bank Of China ◽  
Legislative Power ◽  
Sri Lankan Tamils ◽  
National Alliance

Subject Sri Lanka's stalling constitutional reforms and Tamil politics. Significance The Tamil National Alliance (TNA) is resisting overtures from Prime Minister Ranil Wickremesinghe to join a new ‘national government’ led by his United National Party (UNP). Sri Lanka’s recent constitutional crisis, which saw President Maithripala Sirisena replace Wickremesinghe before eventually reinstating him, saw the TNA playing a key role in the balance of legislative power. More generally, a process to reform the constitution and promote reconciliation between Sri Lanka’s Sinhalese majority and Tamil minority has stalled. Impacts A delay in procuring financial support from the Bank of China could increase pressure on Wickremesinghe’s government. The country will likely see bouts of anti-Muslim violence ahead of the next provincial council elections and parliamentary poll. Sri Lankan tourist numbers will likely rise after missing last year’s annual target due to the constitutional crisis.

Sri Lanka opposition will struggle in upcoming poll

2020 ◽  
Keyword(s):  
Sri Lanka ◽  
Prime Minister ◽  
Parliamentary Election ◽  
National Party ◽  
The South ◽  
Content Type ◽  
The North ◽  
Main Challenge ◽  
Provincial Councils ◽  
To Come

Subject Outook for Sri Lanka's opposition ahead of a parliamentary election. Significance President Gotabaya Rajapaksa on March 2 dissolved parliament and called a parliamentary election for April 25. Interim Prime Minister Mahinda Rajapaksa, Gotabaya’s brother, will be aiming to return to power. The main challenge to the pro-Rajapaksa alliance, the Sri Lanka Nidahas Podujana Sandanaya (SLNPS), is set to come from an alliance formed by members of the opposition United National Party (UNP), the Samagi Jana Balawegaya (SJB). Impacts Concerns over COVID-19 are unlikely to disrupt the election. The SJB will likely win more votes in the north and east, where ethnic Tamil voters are concentrated, than in the south and west. Elections for provincial councils will probably be held after the parliamentary poll.

Sinhalese-Muslim tensions will rise in Sri Lanka

2018 ◽  
Keyword(s):  
Foreign Direct Investment ◽  
Sri Lanka ◽  
Free Speech ◽  
Direct Investment ◽  
Prime Minister ◽  
Local Elections ◽  
National Party ◽  
National Unity ◽  
Content Type ◽  
Parliamentary Elections

Significance President Maithripala Sirisena’s Sri Lanka Freedom Party (SLFP) and Prime Minister Ranil Wickremesinghe’s United National Party (UNP), which form the National Unity Government (NUG), performed poorly in last month’s local elections, in which former President Mahinda Rajapaksa’s Sri Lanka Podujana Peramuna (SLPP) -- popular among Sinhalese Buddhist nationalists -- swept to victory. Sri Lanka’s next presidential and parliamentary elections are due in 2020. Impacts Tourism and foreign direct investment are likely to be adversely impacted by frequent communal clashes. Amid concern over social media’s use to orchestrate violence, Sri Lanka could introduce legislation that curbs free speech. Further violence would increase friction between Sirisena and Wickremesinghe, threatening the NUG’s stability.

Sri Lanka’s new prime minister will be secure

2018 ◽  
Keyword(s):  
Sri Lanka ◽  
Presidential Election ◽  
Prime Minister ◽  
Parliamentary Election ◽  
Development Projects ◽  
National Party ◽  
National Unity ◽  
Content Type ◽  
Joint Development

Significance This came after Sirisena dissolved the National Unity Government (NUG) that included his Sri Lanka Freedom Party (SLFP) and Wickremesinghe’s United National Party (UNP). Sirisena unseated Rajapaksa in the January 2015 presidential election and Rajapaksa’s Sri Lanka Podujana Peramuna (SLPP) splintered from the SLFP after the latter joined the NUG following the August 2015 parliamentary election. The SLPP, popular among Sinhalese Buddhist nationalists, wants 2020 parliamentary polls brought forward, for which two-thirds of lawmakers would need to be in favour. Impacts The crisis could derail efforts to promote reconciliation between ethnic Sinhalese and Tamil communities. A sustained Rajapaksa prime ministership would likely see Sri Lanka court more investment from China. Joint development projects involving India are likely to slow further, raising concerns in Delhi.

Opposition is ahead in Sri Lanka's presidential race

2019 ◽  
Keyword(s):  
Sri Lanka ◽  
Presidential Election ◽  
Prime Minister ◽  
National Party ◽  
Minority Communities ◽  
Content Type ◽  
China And India ◽  
Multilateral Institutions

Subject Sri Lanka's upcoming presidential election. Significance Prime Minister Ranil Wickremesinghe has in the last week held talks with various stakeholders as his United National Party (UNP) delays naming a candidate to contest the presidential election, due between November 9 and December 9. President Maithripala Sirisena, who leads the Sri Lanka Freedom Party (SLFP), has previously expressed an interest in seeking a second term. The opposition Sri Lanka Podujana Peramuna (SLPP), effectively an SLFP offshoot, last month nominated Gotabaya Rajapaksa as its candidate. Impacts There will likely be outbreaks of violence ahead of the election, with minority communities feeling especially vulnerable. Local businesses may be set back by limited productivity and demand during campaigning. Multilateral institutions and countries such as China and India will delay discussing new projects in Sri Lanka until the poll is over.

Adoption of integrated reporting in Sri Lanka: coverage and trend

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thilini Cooray ◽  
Samanthi Senaratne ◽  
Nuwan Gunarathne ◽  
Roshan Herath ◽  
Dileepa Neelangi Samudrage
Keyword(s):  
Sri Lanka ◽  
Design Methodology ◽  
The Other ◽  
Sri Lankan ◽  
Legitimacy Theory ◽  
Integrated Reporting ◽  
Content Type ◽  
Disclosure Requirements ◽  
Comprehensive Index ◽  
Reporting Framework

Purpose This paper aims to examine the coverage of and trends in reporting content elements in the integrated reports of the Sri Lankan companies following the International Integrated Reporting Framework (IIRF). Design/methodology/approach Based on a comprehensive checklist developed on the content elements of the IIRF, 171 corporate integrated reports were content-analyzed over a period of three years. The results were theorized subsequently using the legitimacy theory. Findings The study identifies that the extent of and trend in the coverage of content elements of the IIRF have increased during the period under consideration despite some under-addressed areas. It indicates that Sri Lankan companies are making progress in the preparation of integrated reports in line with the IIRF, which provides evidence in support of both strategic and institutional perspectives of the legitimacy theory because of the proactive actions taken by managers to acquire legitimacy along with the other normative and mimetic pressures available in the IR landscape. Originality/value This is one of the first studies that evaluate the compliance of IR adopters with the IIRF overtime in the entirety of a single country. It also develops a comprehensive index to capture the disclosure requirements of IR and extends the analysis to a voluntary context using both strategic and institutional perspectives of the legitimacy theory.

The usefulness of IFRS-compliant reports: perceptions of Sri Lankan investors and lenders

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Saman Bandara ◽  
Michael Falta
Keyword(s):  
Sri Lanka ◽  
Financial Reporting ◽  
Reporting Quality ◽  
Perceived Usefulness ◽  
Survey Study ◽  
Annual Reports ◽  
Sri Lankan ◽  
Developing Economy ◽  
Content Type ◽  
Context Specific

PurposeThis paper aims to examine differential perceptions of lenders and investors on (1) the use, perceived usefulness, importance and adequacy of annual reports, (2) the importance of qualitative characteristics (QCs) and (3) the perceived impact of International Financial Reporting Standards (IFRS) on financial reporting quality (FRQ) in Sri Lanka.Design/methodology/approachA questionnaire survey study of practising professionals consisting of Sri Lankan investors (N = 214) and lenders (N = 235).FindingsIn relation to (1), lenders and investors rank three out of ten information sources ahead of the remaining seven: both include annual reports and personal knowledge. However, the highest average response for lenders is direct communication with clients, and for investors, it is stock market publications. Within annual reports, both decision-makers identify financial statements as the most useful part. Concerning (2), they both identified understandability as the most important QC followed by timeliness. Relevance ranked last, surprisingly. In relation to (3), both groups perceived that the new IFRS reporting environment improved the FRQ compared to the previous Sri Lanka Accounting Standards regime.Practical implicationsRanking understandability as the most important QC in terms of decision usefulness contradicts IASB's categorisation. The authors provide empirical data on the perceived degree of success of adopting IFRS in a developing economy.Originality/valueThe authors design a decision-oriented (lending vs investing) and context-specific (IASB's financial reporting framework) questionnaire to examine the perceptions of key capital providers separately on the issues mentioned above in “Purpose” within a developing economy. The survey fits into two aspects of the decision-useful theory: useful to make what decisions and useful to whom.

Canberra struggles with emissions targets

2021 ◽  
Keyword(s):  
Prime Minister ◽  
National Party ◽  
Content Type ◽  
Net Zero ◽  
Public Subsidies ◽  
Higher Power ◽  
Trade Sanctions

Significance The report comes as Prime Minister Scott Morrison lobbies his National Party partners in the governing coalition to back a target of net zero emissions by 2050 prior to next month’s COP26 climate conference in Glasgow. Impacts Much-needed investment in the renewables sector may not materialise without a more positive government approach to the sector. Australian businesses may face trade sanctions as a result of the government’s failure to adopt binding emission targets. Public subsidies for investment in coal and gas could lead to higher power bills for consumers.

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