Ravi K resignation could further boost Colombo stocks

News

The impending resignation of under-fire Sri Lankan Foreign Minister Ravi Karunanayake over a corruption scandal will most likely instill more confidence in Colombo stocks and boost the market, analysts said.

Highly-placed government sources said that the former finance minister who was transferred to the foreign affairs portfolio was attending the Cabinet meeting which started a short while ago (Wednesday morning), make a statement defending himself from various allegations and then submit his resignation.

Analysts said that while the Colombo bourse has recently seen a lot of foreign funds trading, the Minister's resignation would be another boost in terms of good governance and accountability which the country's 31-month-old government had pledged to follow but has been woefully lacking in its efforts.

Karunanayake has been battling accusations in the Central Bank bond scam including using an apartment which was paid for by a suspect in the scam. Public calls to resign have been on the increase. - ENDS -

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