UNP submit fresh ‘No faith’ motion against Govt.
The UNP yesterday submitted a new no faith motion against the government to the Secretary General’s Office in Parliament after Speaker W. J. M. Lokubandara announced that its previous no-confidence motion had lapsed on January 9.

"The government had entered into a highly suspicious hedging agreement between the Ceylon Petroleum Corporation and several banks, both foreign and local, contrary to all financial regulations of the government and it was disadvantageous to Sri Lanka," the motion said.

It said that the hedging agreement had been entered into on the specific advice of and a subsequent presentation by the Governor of the Central Bank.

Contradictory statements had been made by the CPC, the Ministry of Petroleum and Petroleum Resources Development, the Ministry of Finance, the Ministry of Export Development and International Trade and the Central Bank about the sequence of events that had preceded the signing of the Agreement. Sri Lanka had incurred a massive foreign debt. The country had been deprived of the benefits of drastically declining oil prices in the world market.

The motion was signed by UNP and Opposition Leader Ranil Wickremesinghe, and MPs A. M. M. Naoshaad, Dr. Jayalath Jayawardena, Akila Viraj Kariyawasam, Ravi Karunanayake and Earl Gunasekera.

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