By Kevin Brown | The Financial Times
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Ajith Nivard Cabraal told the Financial Times that the country's reform "roadmap" would be "almost 100 per cent" completed in the budget due on November 22.
The reforms are intended to loosen controls on outward capital flows and pave the way for easier inward investment.
They include allowing foreigners to invest in local currency corporate debentures and open business offices and bank accounts.
Residents will be allowed to open bank accounts abroad and invest in foreign listed companies, while domestic companies will be allowed to list overseas and insurance companies will be able to invest part of their reserves in foreign assets.
Mr Cabraal said the bank's financial reform programme for 2011, which is to be published in January, would include "exciting" measures "for investment to flow in fast, for investment to go in the directions that we need".
The central bank is believed to be preparing to allow foreigners to invest in the corporate bond market, which would deepen the investor base in the primary market and help improve thin liquidity in the secondary markets.
The governor said he expected to see strong growth in the corporate bond market. It has lagged well behind both the sovereign debt market and equity capital raisings, which have shown robust growth over the last year.
"It will happen soon, and when it happens there will be a substantial appetite for it," he said in an interview in Singapore. "For a while we had very few initial public offerings, but now more and more are coming forward."
However, he did not specifically confirm that the corporate bond market would be opened to foreign investment next year.
Sri Lanka's moves to ease capital flows contrast with moves in some other emerging Asian countries to impose fresh controls on capital inflows, mainly to reduce currency volatility.
Thailand recently imposed a tax on foreign holdings of Thai bonds, Taiwan placed restrictions on foreign funds buying government debt, while Indonesia and South Korea are also considering measures.
Sri Lanka's growth rate has rebounded sharply since the end of the country's civil war in May last year, with annual growth in gross domestic product expected to reach between 7.5 per cent and 8 per cent this year, compared with 3.5 per cent in 2009. Local stocks have soared, with the all share index on the Colombo Stock Exchange up from below 3,000 after the war to above 6,500 on Monday. Total market capitalisation is up 130 per cent over the 12 months to October at $19.7bn, according to the World Federation of Stock Exchanges.
Mr Cabraal said average GDP growth of 8 per cent a year was achievable over the next five years, faster than some independent forecasters expect. The Asian Development Bank is predicting growth of 6.5 per cent this year and 7 per cent in 2011.
Mr Cabraal also said that the central bank was holding between 10 per cent and 20 per cent of its reserves in gold, which it started to buy in 2009. He said the bank kept part of its reserves in a trading account, and had made profits on sales.
© Yahoo! Finance
Tuesday, November 16, 2010
Colombo to loosen capital flow rules
Tuesday, November 16, 2010
HRW condemns worker abuse in Mideast
By Dale Gavlak | The Washington Post
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Human Rights Watch said the allegations indicate a "broader pattern of abuse" and urged the governments of the three countries to create a mechanism for domestic workers to report abuse as soon as it happens, rather than after returning to Sri Lanka.
The group said it received reports from a Sri Lankan housemaid working in Jordan who said she was forced to swallow nails. It said another maid, employed in Kuwait, claimed her employer drove nails into her body.
"The wanton brutality alleged in these cases is shocking," said Nisha Varia, senior women's rights researcher at Human Rights Watch.
The watchdog said the "fresh allegations highlight the need for government authorities to investigate such claims promptly and to bring those responsible to justice.
Earlier in August, Sri Lankan doctors removed 13 nails and five needles from a woman who claimed the items were driven into her body by her employers in Saudi Arabia. But the Saudi officials later denied the allegation saying the whole story was baseless.
Jordan included domestic workers under the country's 2008 labor law but enforcement remains a problem. The rights group says neither Kuwait nor Saudi Arabia have legal protections for domestic workers.
Priyantha Weerasekera, a spokesman for Sri Lanka's Foreign Employment Bureau, said they are awaiting the medical reports in order to decide how to act on these complaints.
The bureau is a government agency that oversees the welfare of expatriate workers.
Sri Lankan workers can earn higher salaries overseas as maids or drivers. About 1.5 million Sri Lankans work abroad, nearly 400,000 of them in Saudi Arabia alone.
© The Washington Post
Tuesday, November 16, 2010
Sri Lankan maids become victims in Saudi Arabia
By Amantha Perera | TIME
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But that's exactly what Rizana Fathima Nafeek, who moved to Riyadh from Sri Lanka to work as a maid, has endured since 2005. Nafeek, now 22, has spent the past half decade in a Riyadh prison facing a death sentence in a country, of which language she does not speak and where she does not have any relatives. Her job, obtained through a Sri Lankan recruitment agency, was supposed to be the ticket out of abysmal poverty for her family, says her mother, Razeena Nafeek. The family of six found it hard to get by on the income that Mohammed Nafeek, her father, earned as a woodcutter in the remote village of Muttur, east of Colombo. "We pinned all our hopes on the job," she adds.
But that opportunity turned into a nightmare just one month after Nafeek — who, at 17, had forged documents that she was above the legal working age of 18 — began her job in the Saudi household. Her employers accused her of murdering their 4-month-old infant. Nafeek later told her mother that the infant accidentally choked while being bottle-fed by her. She had no prior experience taking care of a young child, her mother said.
Nafeek was found guilty of the charge and sentenced to death — a conviction that rights groups say was based on a confession made under duress and the forged passport that changed her status to that of an adult. But last month, the sentence was upheld by Saudi Arabia's highest court, prompting a fresh wave of appeals from Sri Lankan President Mahinda Rajapaksa and international rights groups, such as Amnesty International and the Asian Human Rights Commission (AHRC), to Saudi's King Abdullah bin Abdul Aziz al-Saud seeking Nafeek's pardon. The European Union and the U.N. Office of the High Commissioner of Human Rights have indicated that they, too, will be making similar appeals. If the King ratifies the sentence, then execution by beheading would be imminent.
Nafeek's may be the most high-profile case facing a Sri Lankan domestic worker in the Middle East, but it is not the first and will not be the last. In 2009, over 77,000 Sri Lankan women went to the Middle East as domestic workers, and some 42,000 went to Saudi Arabia, according to that government's statistics. Sri Lankan women working abroad play a vital role in the Sri Lankan economy; of the nation's over 1 million overseas workers, women's paychecks accounted for more than half of the $3.4 billion sent back to Sri Lanka in foreign remittances last year.
Like Nafeek, most of these women come from the nation's poorest families and hardly have any prior work experience. The unskilled nature of their work and expectations of their employers can make for a volatile work environment, often complicated further by the lack of a common language. "Sri Lankan migrant workers face a multitude of obstacles at all stages of the migration process: predeparture, in service, and upon return and reintegration," says Pramodini Weerasekera, a program officer with the International Labor Organization, which is advising the Sri Lankan government on enhancing training networks and sending more skilled workers abroad. "Many of these issues stem from the skill-level profile of Sri Lanka's migrant work force where the majority of workers fall within the low-skilled and housemaid categories."
In 2009, there were 4,500 complaints lodged by maids working in Saudi Arabia to Colombo's Foreign Employment Bureau. Most complaints were about a lack of communication, sexual harassment or no payment of wages, but some were much worse. Last week, a domestic worker who returned to central Sri Lanka from Jordan reported being forced to swallow at least six nails. Over the weekend, another woman who returned from Kuwait had 14 nails removed from her body at a hospital in the central Sri Lankan town of Kurunegala. These cases follow close on the heels of yet another gruesome story: in August, 50-year-old Lahanda Purage Ariyawathie, a grandmother of two, returned to Sri Lanka from Saudi Arabia five months after accepting a job as a maid. Her body was dotted with small, oozing wounds. Doctors later removed over 20 nails and needles that had been embedded in her body. Ariyawathie said that hot nails were embedded in her body by her Saudi employers who were dissatisfied with her work. Saudi authorities have rejected the claim.
Ariyawathie says that language — or the lack of a common one — was the main cause of her troubles. "They did not understand what I said, and I did not understand what they said. They asked for lime, and I would bring tomatoes," she says. Her alleged torture sequence began after about two weeks at the household, when her employers' patience ran out. She says that the woman would hold her while the man inserted the hot nails into her. Months later, she was released from the job and returned home when her wounds did not heal and began to fester. (Comment on this story.)
The inability to communicate appears to be a big factor in Nafeek's case as well. Her family says she does not speak Arabic, and they are unsure whether she received any training before her departure. She could not understand the court proceedings, according to Basil Fernando, director of policy and program development at the AHRC. The Hong Kong–based advocacy group has been paying for Nafeek's legal help during the appeals process. "We just want our daughter back. She has suffered enough," says Nafeek's mother. The family spoke to Nafeek during the last week of October. She sounded frightened and scared, still waiting to hear when and if her sentence would be carried out. "She does not know whether it is likely to be any time soon or whether we have some more time," says her mother. "Neither do we."
Fortunately, those who are closely monitoring the case like Fernando say there is still hope for Nafeek. Available evidence, including Nafeek's retraction of her confession made to police, suggests that the infant died due to an accident, and the sentence is being evaluated by an adviser to the Saudi King. One opposition MP has told Nafeek's family that the Saudis are expected to make a favorable decision after the hajj pilgrimage ends later this week, due to international appeals.
But, AHRC's Fernando cautions that Riyadh has carried out sentences without any prior warning in the past. As Nafeek's family waits in fear for any news, leniency for their daughter has replaced the wish for a better life. "We don't want anything," says her mother, fighting back tears. "We just want her back."
© TIME
Tuesday, November 16, 2010
Week-long fete in Sri Lanka to mark Rajapaksa's second term
By B. Muralidhar Reddy | The Hindu
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The government has declared the week from November 15 for celebrations to mark the swearing in.
Mr. Rajapaksa was re-elected in January by a thumping majority defeating the common opposition candidate and former Army chief Sarath Fonseka. Mr. Rajapaksa chose to hold the election on completion of four years of his six-year first term.
A reference was made by the government to the Supreme Court on when the second term should begin. The apex court had ruled that it would begin in November.
Mr. Rajapaksa, who won by 18 percentage points over Mr. Fonseka riding on his popularity as the President who militarily defeated the LTTE, takes oath amid great expectations from within and outside the nation.
Besides the onerous task of revival of the war-battered economy, Mr. Rajapaksa has to forge consensus among stakeholders on a political solution to the ethnic conflict.
Mr. Rajapaksa also turns 65 on November 19. On November 18, he will receive three ships at the harbour built with the Chinese help at Hambantota.
Mr. Rajapaksa assured the Muslims, who were forcibly evicted from the North by the LTTE 20 years ago, that the government would ensure that they are resettled in their places of origin with necessary help to lead happy and prosperous lives.
More than 100,000 thousand Muslims were evicted from the Jaffna peninsula. Though the military succeeded in taking control of the peninsula in the mid-90s, the Muslims have not been able to return. the announcement came at an address to coincide the 20th year commemoration meeting of the forcibly evicted Muslims from the Northern Province.
© The Hindu
Tuesday, November 16, 2010
Surrendered LTTE cadres missing
By Sutirtho Patranobis | Hindustan Times
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According to the Sunday Times newspaper, Jayavathi, wife of one time LTTE politburo member Yogaratnam Yogi, claimed that, her husband had surrendered to the military, along with several senior LTTE cadres, but they have not been heard of since then.
"My husband Yogi, Puthuvai Ratnadurai (in charge of the LTTE’s fine arts division) Lawrence Thilakar (in charge of the LTTE’s European division), Baby Subramanian and some others surrendered to the military at Vattuvahal on May 18, 2009…and they were all taken way in a bus. We have not heard from them since then," Jayavathi was quoted by the newspaper as having told the LLRC.
Diplomats from the US and Norway embassies were present during the Jaffna LLRC sessions.
Complaints were also made about missing women detained after being suspected of being Tiger cadres during the depositions.
More than 11000 LTTE cadres were taken into custody during the end of the war. The state-owned Daily News recently quoted the minister of rehabilitation and prison reform, D E W Gunesekara, saying 5819 out of 11,696 detainees had been released by October 23.
The LLRC took submissions from residents of Jaffna during four days and over 2000 made submissions. Around 400 made submissions at Kaytes, a small island in the peninsula, and the LLRC took oral submissions from around 30 individuals while others made written submissions to the LLRC Secretariat.
The Campaign for Free and Fair Elections (CaFFE) and Centre for Human Rights - Sri Lanka (CHR) on Monday condemned the alleged systematic intimidation of those who wanted to make submissions to the LLRC in Kaytes Island.
© Hindustan Times
Tuesday, November 16, 2010
Sri Lanka holds first post-war military exercise
By Shamindra Ferdinando | The Island
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The first ever joint field exercise in the post-LTTE era will involve the Special Forces and Commando Brigades as well as SLAF and SLN elements.
Director General General Staff (DGGS) Military spokesman Maj. General Ubaya Medawala said that the exercise would be conducted on what he called an amphibious setting on the north-western coast.
"There’ll be a sea lift involving several craft," he said adding that the landing would take place under Commander Amphibious Task Force.
In a brief interview with The Island at the Media Centre for National Security (MCNS) on Sunday (Nov. 14), Maj. Gen. Medawala said that large scale combined training exercises would be necessary to test officers and men at all levels. Responding to a query, the former General Officer Commanding (GOC) of the 53 Division emphasised that there wouldn’t be any reference to the Eelam war IV in ‘Exercise-Cormorants Strike’. "We [the security forces] will be operating from ‘Blueland’ against an enemy entrenched in Redland. Both Blue and Red forces comprise Special Forces and Commandos with the Blue element having the backing of the Navy and the SLAF," Maj. Gen. Medawala said.
The twice-put off training exercise was scheduled to be held in the Vanni east, where the Army’s 58 and 53 Divisions finished off the LTTE in the third week of May last year. He said a large scale exercise involving several thousands of men and officers, aircraft, naval vessels and ground vehicles would have disturbed the resettlement programme.
The Military spokesman said that the meticulously planned exercise would be monitored at different levels to ensure that all elements achieve operational objectives and to identify capabilities as well as limitations.
He said that the Blue force would comprise about 2,500 personnel, including 1,600 Special Forces and Commandos. Responding to another query, he said the end of the war would give security forces an ideal opportunity to train and be prepared to face any eventuality.
Military sources told The Island that the initial stage of ‘Cormorants Strike’ somewhat resembled what had been envisaged during the final phase of the offensive against the LTTE on the Mullaitivu front.
Interestingly, at the last phase of the offensive, the military mulled an amphibious assault on the Mullaitivu beaches involving an attacking force of 800 Special Forces and Commandos in support of the ground troops. The Sri Lanka Navy had readied 80 boats to carry ten fully equipped troops each. Alongside them 80 ‘Arrow’ boats, each mounted with three weapons manned by the Special Boat Squadron and the Rapid Action Boat Squadron (RABS) were to move on to the beach. An official said that at the point of time, the military planned the amphibious assault the enemy had controlled a four km stretch of coast and fiercely resisted the ground advance. Although the plan had received the approval of the government, it was never implemented due to difference of opinion at a certain level, sources said.
Sources said had the military succeeded in inducting over a battalion of troops, the battle wouldn’t have lasted till the third week of May 2009 and the circumstances, under which the LTTE was decimated would have been different.
© The Island
Tuesday, November 16, 2010
Sri Lanka's civil war and its Tamil populace
By Nivedita Louis | Arab News
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A recent article published in Arab News, with video link to Al Jazeera, clearly shows the audacity and madness with which innocent unarmed Tamil civilians were killed during the last few days of the ethnic conflict. The photos are graphic, some showing naked bodies piled up on trucks and many with hands tied behind, eyes blindfolded and shot at. The Lessons Learned and Reconciliation Commission (LLRC), formed by the Sri Lankan government, has so far “not come across” any evidence of Sri Lankan military’s excesses. The very next day of publishing this video by Al Jazeera, the Sri Lankan government denied visas to Al Jazeera’s news correspondents in Colombo.
It is now very clear the government is rewriting history by razing down all Tamil landmarks in Jaffna and the northeast and by installing Buddha statues and marks of military victory over the Tamils.
If President Mahinda Rajapaksa and his government are not at fault, why is Al Jazeera being denied visas? Why is Gen. Sarath Fonseka behind bars now?
Denying basic human rights to all Tamils, fighting in a “no-fire” civilian zone and consistently denying access to the media to the Tamil areas have made even the common man suspicious of the intentions of the government in Colombo. Anyone with conscience can please see the link to Al Jazeera’s video http://english.aljazeera.net/video/asia/2010/11/2010111010021857352.html and decide for themselves.
The media and the world community must step up pressure on the Sri Lankan government to allow an independent probe by the UN into allegations of atrocities against the Tamils. Amnesty International and Human Rights Watch should be included in the LLRC if it is to have any credibility.
The government must release all 35,000 innocent Tamil civilians still held in army camps with scant amenities. Above all, the government must take responsibility for the 30,000 Tamils it killed during the last days of the war and all those thousands of people who are refugees in India and scattered across the world.
The Sri Lankan government is trying to uproot an entire race from its soil.
© Arab News
Tuesday, November 16, 2010
Sri Lanka: Increase in suicides in former war zones
By Udara Soysa | The Sunday Leader
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A psycho-social consultant from the Wanni, Dr Thayalini Thiagarajah said that people in the North are still highly traumatized.
“People are suffering from post traumatic stress disorder, depression,
acute stress disorder, and other mental diseases,” she said.
An increase in the reported cases of suicide is the latest outcome of
the situation.
“The suicidal rate is high, especially among women. At present, around
500 patients with mental illness have been identified. According to sources from
Kilinochchi hospital, four people commit suicide daily,” Thiagarajah
pointed out.
There are thousands of young widows currently in the Wanni.
What is worse, those identified as suffering from mental illness in the Wanni, often find it difficult to get treatment.
This is because there is a severe lack of
psychiatrists, counselors and social workers in the Wanni, according to Thiagarajah.
“How long is it going to take for people to have ‘holistic
healing’ and lead a normal life? May be a couple of generations,” she
said.
© The Sunday Leader
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