No-trust vote likely in Lanka after Oppn gets hold of required support

Stocks plunge nearly 10%

Sri Lanka’s main opposition party officials said they had garnered more than required 113 signatures from lawmakers to introduce a no-confidence vote against the government, raising the stakes for ruling Rajapaksa siblings who are facing increased calls to step down. The Samagi Jana Balawegaya said they mustered the requisite support after agreeing with other political parties to mount a no-confidence vote against the administration controlled by President Gotabaya Rajapaksa and his brother Prime Minister Mahinda Rajapaksa.

 

The Sri Lankan stock market was shut half an hour into trading on Monday, after shares tumbled nearly 10 per cent in their first session since the central bank doubled its interest rates two weeks ago to tame inflation amid a devastating economic crisis.

 

The CSE All-Share index closed 7.6 per cent lower at 7,513.85 after falling as much as 9.6 per cent. It has plunged nearly 40 per cent this year.

 

The SJB party, meanwhile, will submit the no-confidence motion after final discussions with party leaders, other officials said, while confirming they had more than enough support.