The Colombo port city has received strong support from Sri Lankan President Rajapaksa (pictured), but many have raised questions about the plan.
The Chinese Communist Party has been extending its influence abroad through its “Belt and Road” program, but the projects have been met with “debt traps” and other questions. The Chinese Communist Party has a $1.4 billion investment in a port city in Colombo, Sri Lanka. The latest reports indicate that Sri Lanka plans to amend a bill to strengthen oversight of the project after the country’s Supreme Court found inconsistencies in the first draft of the law. (By Derek Fong)
Bloomberg reports that Sri Lanka’s Supreme Court ruled last month that there were inconsistencies in some provisions of the Colombo Port City Economic Council bill after hearing testimony from about 20 individuals and organizations. The Colombo port city is strongly supported by Sri Lankan President Gotabaya Rajapaksa, but many people have questioned the plan.
Sri Lanka will submit a revised bill to the legislature on Wednesday, the country’s information department said on its website. Education Minister G.L. Peiris said Tuesday that the government “fully accepts” the amendments suggested by the Supreme Court. If the bill is submitted without the amendments, two-thirds of the people would need to approve it.
The applicant for judicial review, who opposed the bill, pointed out in his brief that the constitution of the panel overseen by the president lacks integrity and the regulator, including the Central Bank of Sri Lanka, lacks the power to make direct oversight. The original provisions of the draft law were introduced after Rajapaksa’s successful expansion of presidential powers last year.
The bill is scheduled to be debated and put to a vote in Sri Lanka’s parliament on Wednesday and Thursday.
The Colombo port city plan is being undertaken by China Communications Construction Co. The draft project includes a financial district that it says will serve as a “new hub between Singapore and Dubai,” with a marina, a hospital, shopping centers and 21,000 apartments and homes.
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