ECONOMYNEXT – Sri Lanka will make all changes suggested by the Supreme Court to a the law to set up a Colombo Port City Commission which will run a special economic zone on land reclaimed by a Chinese company, a minister said.

“The government will accept the changes suggested by the Supreme Court it its entirety,” Education Minister G L Pieris told parliament.

“A special majority or referendum will not be needed to pass the bill. It will be passed by a simple majority. The change will be made during the Committee stage of the debate on Thursday.”

The Supreme Court has suggested a series of changes to the bill to avoid a referendum and a two thirds majority.

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Sri Lanka top court suggests changes to Colombo Port City Commission Bill

The Colombo Port City will be a dollarized area where people will be protected from the decisions of the Monetary Board of Sri Lanka which leads to currency depreciation, inflation and the consequent destruction of salaries and accumulated savings of both the working class and businesses.

Monetary stability will be provided through dollarization via multiple currencies.