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J. R. Jayewardene who came to office in July 1977 with a five-sixths majority passed the second amendment to the 1972 Constitution on 4 October 1977, which made the presidency an executive post. Under its provisions, then Prime Minister Jayawardene automatically became the first Executive President of Sri Lanka on 4 February 1978. [8]
The Constitution of Sri Lanka has been the constitution of the island nation of Sri Lanka since its original promulgation by the National State Assembly on 7 September 1978. It is Sri Lanka's second republican constitution and its third constitution since the country's independence (as Ceylon) in 1948, after the Donoughmore Constitution ...
The Sri Lankan Constitution of 1972 was a constitution of Sri Lanka, replaced by the 1978 constitution currently in force. It was Sri Lanka's first republican constitution, and its second since independence in 1948. The constitution changed the country's name from Ceylon to Sri Lanka, and established it as an independent republic.
A four-year, $2.9 billion IMF bailout programme has helped Sri Lanka boost reserves, stem a fall in its currency and tame runaway inflation to kickstart a tentative economic recovery.
In 1950, the Currency Board, set up in 1872 as a part of the Indian monetary system, was replaced by the Central Bank of Ceylon, granting the country greater control over the currency. In 1951, the Central Bank of Ceylon took over the issuance of paper money, introducing 1 and 10 rupees notes.
The legal system in Sri Lanka comprises collections of codified and uncodified forms of law, of many origins subordinate to the Constitution of Sri Lanka which is the highest law of the island. Its legal framework is a mixture of legal systems of Roman-Dutch law , English law , Kandian law , Thesavalamai and Muslim law .
The current political culture in Sri Lanka is a contest between two rival coalitions led by the centre-left and progressive United People's Freedom Alliance (UPFA), an offspring of Sri Lanka Freedom Party (SLFP), and the comparatively right-wing and pro-capitalist United National Party (UNP).
By 2010 Sri Lanka's poverty rate was 8.9% while it was 15.2% in 2006. [41] Sri Lanka also made it into the "high" category of the Human Development Index during this time. [42] However, the government came under fierce criticism for corruption and Sri Lanka ranked 79 among 174 countries in the Transparency International corruption index. [43]