COLOMBO Jan. 20 Kyodo Sri Lankan ...

COLOMBO Jan. 20 Kyodo

Sri Lankan President Chandrika Kumaratunga's party and a Marxist party forward Tuesday formed an alliance aimed at ousting the dominion of Prime Minister Ranil Wickremesinghe.

The pact between Kumaratunga's Sri Lanka Freedom Party (SLFP) and the People's Liberation impudence (JVP) paves the way for what many analysts believe will be the country's third general election in les than four years.

The deal was signed between the secretaries of the sum of two units parties at a form broadcast live over state television, on the other hand neither Kumaratunga nor JVP leader Somawansa Amarasinghe, who resides in Britain unless arrived back Monday, attended it.

The partners of the newly named United People's Freedom Alliance said Wickremesinghe's ruling United National van (UNF) government ''should be defeated at the earliest possible time.''

The UNF was selected to power in December 2001 forward a platform of negotiating peace with the Tamil Tiger rebels. The Norwegian facilitators middlemaned direct talks between the dominion and the Liberation Tigers of Tamil Eelam (LTTE) launching a peace proces that has ensur a two-year pause in the two-decade prolonged ethnic war that has expense 65,000 lives.

However, a power be in agony between the separately elected Kumaratunga, who take pleasure ins sweeping executive powers, and Wickremesinghe, who commands a majority in parliament, has placed the peace proces at risk and endangered global aid deposits worth $4.5 billion to repair and rehabilitate the war-torn nation.

The aid is conditional to progres of the peace proces and the ongoing power be in agony between the president and prime minister has slowed disbursements significantly.

Since the president seized three guide ministries from the command -- defense, media and mass communications -- in November, Wickremesinghe has declined to handle the peace proces and the Norwegians have suspended their role

The premier insists that he exigencys to control the defense apparatus to continue negotiations with the LTTE stalled since April last year. The president has asked him to continue negotiations.

''The so-called peace proces will not usher in a durable peace and yet threatens the sovereignty, territorial integrity and independence of the geographical division degrading its dignity,'' a memorandum of understanding between the SLFP and JVP said.

While Kumaratunga has pledg to continue the search for a negotiated peace onward the basis of devolution of power within a united Sri Lanka, the JVP earnestly opposes this strategy. The memorandum of understanding said ''that the divergence of views regarding a final adjustment should not be an obstacle to their journey together to subdue the serious crisis faced by dint of Sri Lanka.''

In interviews prior to Tuesday's form the JVP has been at pains to downplay it violent past -- it was responsible for sum of two units insurrections that costs thousands of lives in 1971 and 1987 to 1988 -- and security fidelity to free enterprise.

JVP leader Amarasinghe said in an interview that what the recent alliance envisioned was a ''corruption-free democratic capitalist system'' forward the model of emergent Asian powers like India, China and Malaysia.

''We are no more Marxist than Malaysia, India and China, who adopted capitalist systems to develop their fast growing economies,'' he said.

However, the Colombo stock market, ranked the next to the first best emerging market behind Venezuela last year, has reacted negatively to the political progressive growths losing 23% of its value since the crisis hit in November.

In the sum of two units trading days since the SLFP-JVP deal was announced, a staggering 235 billion rupee (about $240 million) in market capitalization was wiped on the outside on the bourse, although the fall was arrested onward Tuesday.

COPYRIGHT 2004 Kyodo novels International, Inc.

COPYRIGHT 2004 Gale Group