Ravi’s move to get key institutions perturbs donors

Newly appointed Foreign Minister Ravi Karunanayake’s demand to bring institutions such as the Development Lotteries Board, National Lotteries Board, Mahapola Scholarship Fund, SriLankan Airlines, Hingurana Sugar and the Securities and Exchange Commission (SEC) under his purview has come under fire by three donor agencies, government sources revealed.

The World Bank, International Mandatory Fund and Asian Development Bank are learnt to have raised the issue with the Government saying this is something that hasn’t been seen anywhere else in the world, the sources said.

While the recent cabinet shuffle has made many stakeholders impatient to find out what will 'happen next', these donor agencies have showed their displeasure and said it was bad governance on the new tur n of events where Mr. Karunanayake has demanded these institutions.

Meanwhile some stakeholders say that the impact of the cabinet shuffle on the Colombo Stock Market will be great if Mr. Karunanayake heads the SEC saying that the capital market lobby was working well with Ravi in recent times. “Now the process has to start all over but hopefully knowing the capabilities of ( Finance Minister) Mangala, it can move forward." an analyst said.

Stockbrokers, in a Business Times poll on Monday on the reshuffle, were divided on the impact it would have on the market. “Most ministers are perceived as ineffective - reshuffling same pack of people is unlikely to deliver materially better results,” one respondent said.

Plantation sector institutions which presently come under a different ministry may also be allocated to him, reports said.