Court of Appeal issued an interim injunction order restraining Prime Minister Mahinda Rajapaksa and his Cabinet from functioning until the hearing of the Writ of Quo Warranto filed against them holding office is concluded.
Under the present circumstances, recent tax revisions and ad hoc concessions offered to the public on the directions of new finance minister appointed by the president which has led to a loosening of fiscal policy declining the economic growth and investment have been suspended economic experts said.
15 tax revisions which will come into effect from January 1 next year on the directions of the finance ministry have also been restrained.
An attempt to raise billions of rupees for government coffers by way of directing public corporations and state owned companies to invest surplus funds only in eight state owned banks with the aim of bringing such funds under the finance ministry purview has also been thwarted.
The implementation of all cabinet decisions taken during the past one month period will have to be suspended, Justice Ministry sources said.