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Bloomberg
Sri Lanka’s top court ruled against President Maithripala Sirisena’s plan to dissolve the island nation’s parliament and call a new national vote, extending a political crisis that has roiled the island nation since late October.
The Supreme Court ruled as unconstitutional a presidential notice to dissolve parliament before a period of four-and-a-half years from its first sitting unless the move was endorsed by a two-third majority of parliament. The verdict means Sirisena’s order for parliamentary elections on January 5 is also void.
The key court decision comes after Sirisena abruptly sacked Prime Minister Ranil Wickremesinghe and replaced him with former President Mahinda Rajapaksa on October 26. The court’s order puts further pressure on Sirisena to reinstate Wickremesinghe, who had served since 2015 in a unity government with the president. Sri Lanka’s dollar bonds due in 2028 rose the most since December 3, increasing 0.5 cent to about 90 cents, according to Bloomberg.
“This is a victory for the people,†Eran Wickramaratne, a state minister of finance under Wickremesinghe, said.
Sirisena’s actions have been strongly criticised by countries including the US, while the political crisis has led to Moody’s, Fitch Ratings and S&P Global Ratings to downgrade the nation’s credit rating.