News

Corruption has cost SL second tranche of IMF loan: Sajith

Published

3 years ago

2023/10/4

By Saman Indrajith

Opposition and SJB leader Sajith Premadasa told Parliament yesterday that Sri Lanka had failed to secure the crucial second tranche of a $3 billion loan from the International Monetary Fund as the country was still being ruled by the same corrupt family regime, which had bankrupted the economy.

Premadasa said that the government was increasing taxes on professionals and jacking up the prices of fuel, water and electricity, saying that it needed to increase state revenue but had done nothing to collect 1.7 billion-rupees in taxes due from two liquor producing companies.

Premadasa said that the talks on progress review to be entitled for the second tranche of the IMF loan had failed because the government failed to complete its commitments. “The IMF has said that it did not reach a staff-level agreement with Sri Lanka in its first review. The government could neither achieve the targets set out by the IMF nor uphold democracy and prevent corruption,” Premadasa said, demanding to know when the government would be able to complete the list of obligations it has been given by the IMF.

Premadasa said that the IMF had observed that corruption was rampant.

The IMF had also observed that social welfare mechanisms had come to a halt and the government’s inability to prevent corruption had resulted in collapse of the rule of law, Premadasa said, adding that Sri Lanka would have to strengthen tax administration, remove tax exemptions and actively eliminate tax evasion to increase state revenue.

“Now, the government is increasing taxes on essential commodities and amenities but it has done nothing against tax evasion by two liquor producing companies who alone owe 1.7 billion rupees to government coffers in taxes,” Premadasa said.

All News Advertisement

Related Topics:Leader of Opposition Sajith Premadasa Sajith Premadasa

Up Next

Online Safety Bill will drive final nail into coffin of Lanka’s democratic values: Chief Opp Whip

Don't Miss

Cabinet nod for new Commercial High Court to speed up resolution of disputes

Click to comment

News

Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12

Published

7 hours ago

2026/09/29

Priyan

Approval of the Cabinet of Ministers was granted at their meeting held on 19.05.2025 to purchase four (04) automated passenger clearance gates for Bandaranayake International Airport.

In addition, it is expected to extend the automated passenger clearance gates facility so far given only to the Sri Lankans
parallel to the e – passport issuance system to be introduced in the year 2027 also to the foreigners who travel to and from this country.

Furthermore, considering also the number of air passengers rapidly increasing with the fast – forwarding business and tourism field, the appropriateness to increase the total automated passenger clearance gates up to twelve (12) in number has been recognized.

Accordingly, the Cabinet of Ministers, approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to initiate the procurement and installation of 12
automated passenger clearance gates altogether with the already approved four (04) and another eight (08) automated passenger clearance gates adhering to the formal procurement procedure

News

Draft Bill for amending the Trust Ordinance

Published

7 hours ago

2026/09/29

Priyan

Based on the observations submitted by the Task Force on Prevention of Money Laundering and Financing for Terrorism, approval of the Cabinet of Ministers was granted at their meeting held on 18.12.2024 to amend the Trust Ordinance No. 9 of 1917 including amendments proposed by the Financial
Intelligence Unit of the Central Bank of Sri Lanka.

Accordingly, clearance of the Attorney General has been granted for the Trust (Amendment) Draft Bill formulated by the Legal Draftsman.

Therefore, the Cabinet of Ministers approved the resolution furnished by the Minister of Justice and National Integration
to publish the said draft bill in the government gazette notification and thereby, submit the same to the Parliament for its concurrence.

News

Implementing further relief programme to Public sffected by the Middle East conflict situation

Published

8 hours ago

2026/09/29

Priyan

Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.

Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.

Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief