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The Rajapaksa family, opposition leader Sajith Premadasa, also called on the government to abolish the executive presidency, saying that power should be divided between the executive, the legislature and the judiciary.
The leader of Samagi Jana Balvegaya (SJB) told parliament, “The government should heed the public’s demand for Rajapaksa to step down, otherwise we will bring a no-confidence motion.” According to media reports, SJB has started taking signatures from MPs for the no-confidence motion.
Rajapaksa had previously proposed a unity government, but the main opposition party, Samagi Jana Balvegaya (SJB), rejected the idea. Premadasa said he could not agree to an interim government with President Rajapaksa remaining as president. The SJB said it was even ready to impeach the President. He also presented a set of proposals on behalf of the SJB to Parliament to address the economic crisis in Sri Lanka.
Sri Lanka’s central bank on Friday doubled its key interest rates, raising an unprecedented 700 basis points each to cushion increased inflation caused by severe shortages of basic goods driven by a devastating economic crisis.
The Monetary Board of the Central Bank of Sri Lanka (CBSL) increased its permanent loan facility to 14.50% and its permanent deposit facility to 13.50%.
CBSL in its Monetary Policy Decision Statement said increase in aggregate demand, disruption in domestic supply, depreciation in the local currency and higher commodity prices at global level could keep inflation under pressure.
“The rate hike will send a strong signal to investors and markets that we are coming out of this at the earliest,” Governor P. Nandlal Veerasinghe said at a post-policy briefing.
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