Sri Lanka president to call snap parliamentary election in March
November 22, 2019, 11:12 am

Sri Lanka president to call snap parliamentary election in March

Gotabaya Rajapaksa President of Sri Lanka being sworn in on November 21, 2019. (Reuters)

Sri Lanka’s new president said Friday that he will call a snap parliamentary election in March following his sweeping victory at the weekend.

Gotabaya Rajapaksa is hoping to ride a wave of popularity by calling an election six months before the current parliament’s five-year term expires on March 1.

“I will consult the people at the earliest opportunity I get under the constitution,” he said, after swearing-in a new cabinet headed by his brother Mahinda, a former president who will now serve as premier and finance minister.

The brothers are credited with brutally defeating Tamil separatist militants in 2009 to end Sri Lanka’s bloody civil war, making them adored among the majority Sinhalese-Buddhist majority.

For the same reason, they are feared by many Tamils, and also among the Muslim minority who have seen increased hostility since Islamist extremist attacks killed 269 people in April.

Currently, the Rajapaksas and their allies have just 96 lawmakers in the 225-seat parliament, making it hard for them to pass legislation.

The opposition of outgoing premier Ranil Wickremesinghe is also six MPs short of a majority.

The new 16-member cabinet also includes another Rajapaksa brother, Chamal, who was made the minister of agriculture and irrigation in addition to trade.

Foreign affairs were given to Dinesh Gunawardena, 70, a leader of a small Sinhala nationalist party in coalition with the ruling party.

The only female in the cabinet, Pavitra Wanniarachchi, will take on women’s affairs and health.

Nobody was named to the defense of law and order portfolios.

The International Monetary Fund said earlier this month that Sri Lanka’s economy was slowly recovering from the devastating effects of the April 21 attacks.

But the international credit rating agency Fitch warned Thursday that the new president’s pledges to increase social spending, public-sector wages and pensions could damage Sri Lanka’s public finances.

During Mahinda’s 2005-15 presidency, Sri Lanka borrowed almost $7 billion from China for infrastructure projects - many of which turned into white elephants mired in corruption - pushing up Sri Lanka’s debts.

In a possible sign that he intends to avoid a repeat of Sri Lanka’s strategic drift towards Beijing under his brother, Gotabaya’s first official trip abroad will be to India next week.

source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.