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JVP accuses SLPP of helping President supersede Parliament

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By Rathindra Kuruwita

Sri Lanka Podujana Peramuna (SLPP) has allowed President Ranil Wickremesinghe to supersede Parliament with regards to public finance, JVP National Trade Union Coordination Centre Convenor Wasantha Samarasinghe told The Island.

He said the same Parliament that was unaware that Sri Lanka was going to default on April 2022, have voted for the resolution to restructure domestic debt without any understanding of its consequences.

The Government Printer, who had a million reasons to delay the printing of ballot papers for the local council polls, has worked on a Poya Day to issue a special Gazette notification about the domestic debt restructuring process, recently passed in Parliament, Samarasinghe said.

Samarasinghe added that Gazette has been issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance under the Registered Stock and Securities Ordinance, No. 07 of 1937.

“Sri Lanka Podujana Peramuna (SLPP) MPs made Ranil the President. Now the SLPP has given Ranil power over public finance. The Parliament was given power over public finances because a single person should not have such power. However, it is obvious that Ranil now takes decisions on public finance on his own,” he said.

In this gazette, the President has given the Secretary to the Ministry of Finance, Economic Stabilization, and National Policies, and the Registrar of Public Debt the following powers; to offer to any holder of any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment the option of converting or exchanging, as the case may be, the holding as of 28th June 2023 or part thereof; to convert or exchange, as the case may be, any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment held by holders into Treasury Bonds to be issued under the Ordinance and to specify the manner in which payment of interest is made and the conditions subject to which such Treasury Bonds may be converted or exchanged, as the case may be, under the Ordinance.

“In April 2022, Sri Lanka declared bankruptcy. The Parliament didn’t know that we were going to default until the MPs saw the press release issued. The same Parliament has passed the resolution on domestic debt restructuring,” he said.

The domestic debt stock is about 42 billion U.S. Dollars. President Wickremesinghe said that he wants the foreign creditors to waive off 17 billion dollars, Samarasinghe said. That’s about 40 percent of the foreign debt stock.

“The President added that local debt holders must also waive off about 40 percent of the value of the debt. He said that there should be equity. However, it is the EPF and other pension funds that is taking a cut. Parliament has approved the stripping down of the EPF and the gazette issued is a part of laws that will be amended to implement what was approved by the Parliament,” he said.

Neither the President nor the Central Bank or Treasury officials have revealed how much of the domestic debt will be restructured, Samarasinghe said.

“122 MPs voted in favour of this resolution. I challenge anyone of those 122 MPs to tell us the amount of local debt that will be restructured,” he said.

The former MP said that for years EPF funds have been invested in sectors that gave less than market rates in return. Now, the government has officially declared that EPF will only get nine percent interest rate till 2038, he said. This is well below what people would have got if they invest in Treasury Bonds.

“EPF has loaned the government significant amounts of money at below market rates for a long time. We have asked the government to appoint representatives from unions and employers to the board that makes decisions on EPF. There are 2.4 million active accounts and 67,000 employers. Shouldn’t they have some representation? This is the largest fund in the country, but the money is being handled without any transparency,” he said.

In 2018, EPF was strapped with a 14 percent tax, up from 10 percent. The Central Bank governs the EPF finds, and it is also entrusted with restructuring domestic debt, and this is a clear conflict of interest. Meanwhile, the owners of the fund have no say in how their money is used.

There are 117 superannuation funds. Each year, due to the lowering of interest rates, workers will lose between 600 and 1000 billion rupees a year from EPF alone, he said.

“The government doesn’t let workers invest in higher-yielding sectors. The Central Bank invests EPF funds in things that give it low returns. After doing that, it proposes to further cut benefits for the workers. Between 2008 and 2012, EPF money was invested in stocks, and workers lost three billion rupees. Over the years, money was invested in SriLankan and other bad bets. How much money did the EPF lose due to the bond scam?” Samarasinghe asked.

Samarasinghe said that the government has done nothing to increase foreign revenue, and once the country starts to pay external debt, the dollar will significantly appreciate against the rupee.



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PNB detect large haul of methamphetamine and heroin in local fishing trawler intercepted by Navy

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Acting on credible information, the Sri Lanka Navy launched a special operation on the high seas on 11 Apr 25, resulting in the apprehension of  06 suspects along with a local multi-day fishing trawler, believed to be involved in smuggling of narcotics.

Subsequently, the intercepted trawler was brought to the Dikkowita Harbour, where a thorough inspection was carried out with the assistance of the Police Narcotic Bureau (PNB) experts, leading to the detection of  approximately 77kg and 484g of heroin and 42kg and 334g of methamphetamine (Ice).

The consignment, which had been meticulously hidden in the trawler, was handed over to the PNB for onward legal action on 12 Apr.

 

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Government to initiate new projects to help rural communities to strengthen the national economy – Prime Minister

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Prime Minister Dr. Harini Amarasuriya stated that the government is currently working to initiate new projects across every area of Sri Lanka and to bring the necessary investments to rural areas in order to improve the participation of the communities in strengthening the national economy.

The Prime Minister made these remarks while addressing a public gathering held on Saturday (12th) in Nanattan, Mannar.

Prime Minister further stated:

“Our country has reached a decisive point. The government of the National People’s Power (NPP)  understands the expectations of the people. The general public came together despite the ethnic and religious barriers to exercise their voting right against  corruption in politics that existed in this country. Consequently, Anura Kumara Dissanayake was able to become the President in 2024. A month later, we formed a Parliament that will initiate in changing the history. Today, we have a government made up of 159 members. There is now a strong group in Parliament standing against corruption and a government that represents all ethnicities, religions, and regions. For the first time in history, we have formed a government made by a single party that represents everyone. The people are the ones who made this victory possible and they are the true victors in this cause.

We are committed to protecting the trust the people have placed in us and to fulfill their expectations.

You are well aware of how weak the economy was when we came to power. Officially, we had been declared a bankrupt nation before the world. For many years, Sri Lanka had no economic growth and was in a debt-ridden economy. The tourism sector had collapsed. Due to the corruption in political authority, investors were unwilling to invest the country. Today, we have changed all that.  We have managed to steer the economy towards growth leading to investments being restored while the confidence in Sri Lanka is increasing internationally.

We are working to start new projects in every area of Sri Lanka to bring the necessary investments to the rural sector, with the aim of improving the participation of rural communities in the national economy.

The first budget of the NPP government has passed. Even though the economy is not yet strong, we focused on two main priorities in the budget: one was to develop infrastructure necessary for economic growth, and the other was to provide relief to people burdened by economic hardships. That’s why we have increased and extended the period of Aswesuma benefits. Further, vouchers to buy schoolbooks was distributed at schools with less than 300 students.

Previous governments were a burden to the people. But today, we have a very small Cabinet of Ministers. The government is no longer a burden to the people. We have reduced expenses, minimized losses, and eliminated corruption.

Because the government  is not a burden to the people, it was able to provide relief to the people. Through this budget, the basic salaries of  the public service has been increased. They have been given the opportunity to work freely. Decisions are now made on statistical data and not based on political preferences. What we expect is an independent public service. We are in need of a people-centered government as well as a public service which should be an efficient, corruption-free and people-sensitive. We have already created the necessary environment for that.

In order to develop the rural economy, the government has allocated a large amount of funding through this year’s budget. But, to ensure that these allocations are used properly to serve the people, the local government institutions need to be cleaned up. If the leaders who represents the villages are corrupt, the funds allocated will become worthless. That is why the upcoming local government elections has become extremely significant and decisive.”

The event was attended by the Members of Parliament Jegadeeswaran and S .Thilakanadan, public representatives, and candidates of local government election representing the NPP.

[Prime Minister’s Media Division]

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Batalanda: Why only now and what about the others, asks Mujibur

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SJB Colombo District MP Mujibur Rahuman launched a fierce critique of the political hypocrisy surrounding the Batalanda Commission report during Thursday’s (10) parliamentary session.

Rahuman pointed to the violent actions of the JVP, which had devastating effects on politicians, police officers, and civilians, as detailed in the Commission’s final report.

He said that the violence had disrupted vital services and created a state of lawlessness, severely affecting the public.

The MP accused political opponents of exploiting the Batalanda issue for electoral advantage, noting that for 36 years, no proposals were made to investigate the assassination of JVP leader Rohana Wijeweera.

He criticized the JVP for forming “probationary” governments with Chandrika Kumaratunga and backing Ranil Wickremesinghe in the yahapalana effort, yet failing to address the Batalanda issue during their tenures.

Rahuman also questioned the current attacks on Wickremesinghe, highlighting that many of his critics had previously collaborated with him. He called attention to the JVP’s statements regarding Gotabaya Rajapaksa’s alleged involvement in a Matale mass grave and the distribution of pamphlets on the subject during the 2022 Galle Face protests.

The MP called for accountability, questioning why no proposals were put forward on these issues when the current government came into power. He also criticized the NPP for its leaders, who, despite being involved in suppressions during the 80s and 90s, now sought positions within the government. Rahuman accused them of hypocrisy, warning against dragging the Batalanda issue into the ongoing election.Rahuman said that the historical wrongs committed by JVP political leaders cannot be erased, regardless of attempts to downplay them.

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