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All party group plus Karu J urges immediate re-negotiation with creditors
Three watchdog committee heads join talks with opposition MPs
In the wake of Finance Minister Basil Rajapaksa announcing his willingness to go to the IMF seeking financial support to solve the current crisis, the government and opposition MPs on Thursday agreed at a closed-door meeting convened by TNA Parliamentarian MA Sumanthiran to urge government to start renegotiating with the country’s creditors without further delay.
“We have agreed that the government should commence renegotiating with our creditors before we run out of our existing foreign reserves so that we could reschedule our loan settlements. It was also seen in the discussion that the renegotiation would be a multi-step process. We also discussed similar experiences by other countries such as Argentina and Uruguay.
“We also discussed that any solution that should come out in those negotiations should ensure that the continuous flow of essential goods to the market and the ensuring that the poor and vulnerable sectors of our society are never compromised. We also agreed that there should be a condition from our side that the welfare and social protection measures should continue without any pruning,” Convenor of the meeting MP Sumanthiran told the Sunday Island.
The meeting was attended by TNA leader R Sampanthan, SJB leader Sajith Premadasa, former Speaker Karu Jayasuriya, SLMC leader Rauf Hakim, Leader of the Tamil Progressive Alliance Mano Ganesan, SJB MPs Dr Harsha de Silva and Eran Wickremaratne, TNA MP Shanakiyan Rasamanikam, COPE Chairman Prof Charitha Herath, COPA Chairman Prof Tissa Vitarana and COPF Chairman Anura Priyadarshana Yapa.
It was the second of a series of meeting convened by MP Sumanthiran. It was held at Waters Edge in Battaramulla and lasted for over one and half hours. The first meeting was held on Jan 27 at Cinnamon Grand and attended by UNP leader Ranil Wickremesinghe, MP Kabir Hashim and JVP MP Dr Harini Amarasuriya.
“Both were closed-door meetings to save time and considering the prevailing situation. They were not secret meetings, because they were open to MPs and political leaders concerned with finding a collective response for the economic crisis our nation is confronted with. Our main objective was to to brainstorm ways to tide over the crisis, given the responsibility we have towards people,” Sumanthiran said.
“We will convey our agreements to the government in the coming days,” he said.
A paper signed by Sumanthiran after the first meeting said: “Sri Lanka is in the midst of an unprecedented economic crisis, causing severe hardship to all segments of our society, especially our working people and the poor.
“Undoubtedly, the government has a daunting task ahead, and as a country there is a need for us all to come together to overcome this challenge.
At the same time, the government’s approach to resolving the crisis raises some serious questions. Its focus, almost solely on meeting foreign debt obligations, is draining the country of dollars needed for importing essentials for our people. The government’s emphasis on avoiding a default at any cost appears to be downplaying a fundamental question – can our people eat? After all, a country’s pride rests not only in repaying its loans, but also in ensuring no citizen goes to bed hungry.
“I approached parliamentary colleagues and party leaders, in my capacity as a former chairman of the Committee on Public Finance in Parliament. MPs came together in the knowledge that Parliament is expected to have full control of public finance, and that each MP, therefore, also has a fiduciary responsibility to ensure the proper management of public finances in Sri Lanka.
“The crisis, we noted, is of a proportion that is historically unprecedented for many reasons:
(1) The country’s ratings have fallen to the level of being blacklisted in international credit markets.
Since April 2020, Sri Lanka has been locked out of borrowing using International Sovereign Bonds (ISBs) in the international market
(2) Repaying US dollar debt in this context means that the usable foreign reserves are down to below one month of imports – the lowest on record since independence.
(3) The ratio of interest on debt to government revenue was above 70% in 2020, a historical high for Sri Lanka, and amongst the highest in the world.
(4) The ratio of public debt compared to the value of Sri Lanka’s domestic production (GDP) is also the highest on record, at 120%. It skyrocketed, by almost 25 percentage points, in the last two years.”
News
PAFFREL urges steeper penalties for candidates who fail to submit expense reports after polls
… warns that courts will be overwhelmed by cases
Campaign finance laws should be amended to allow the automatic disqualification of candidates who fail to submit expense reports on time, without requiring legal action, Executive Director of the People’s Action for Free and Fair Election (PAFFREL), Rohana Hettiarachchi has said.
Currently, the Election Commission (EC) must pursue legal action against non-compliant candidates through the Police and the Attorney General’s Department, a process Hettiarachchi described as cumbersome and inefficient.
“This is a major issue with campaign finance laws. During the 2024 presidential election 13 candidates, along with their party secretaries or nominators, failed to submit their expense reports. Similarly, over 100 candidates, at the Elpitiya Local Council poll, and more than 1,200 who contested the November 2024 general election, did not hand over their reports,” he said.
Hettiarachchi explained that under current laws, legal proceedings must be initiated to penalise these individuals. “The Election Commission lodges complaints with the Police, and the Police, after consulting the Attorney General’s Department, take legal action against those who fail to submit their expense reports on time. This is a lengthy and unnecessary process, as there is no investigation required. It is a straightforward case of failing to comply,” he said.
He warned of the administrative challenges this could pose at the upcoming Local Council elections. “If, for example, 10,000 candidates fail to submit their expense reports, the Election Commission, Police, and Attorney General’s Department will be overwhelmed. They would have no capacity to focus on anything other than filing cases.
Similarly, the courts will be burdened with hearing these cases, leaving little room for other judicial work.”
Hettiarachchi highlighted the current penalties under campaign finance laws: a person found guilty of failing to submit expense reports loses their civic rights for three years and is required to pay a fine of Rs. 100,000.
He called for stricter reforms, proposing an extension of the civic rights suspension period from three to seven years and the immediate loss of civic rights for individuals who fail to submit their reports on time. “These measures will not only simplify enforcement but also ensure greater accountability from candidates,” he said.
News
Rishad backs Indo-Lanka bridge
All Ceylon Makkal Congress leader MP Rishad Bathiudeen told Parliament on Friday that maintaining constructive dialogue and strategic international partnership with our most supportive neighbour India was a must and a connecting bridge between the two countries was necessary.
Bathiudeen said that there was an urgent need for constructive governance in Sri Lanka, particularly in the light of the country’s economic challenges.
He found fault with the current government’s focus on blaming previous administrations rather than addressing pressing issues.
Bathiudeen expressed concern that the current government, led by President Anura Kumara Dissanayake, was spending excessive time on disparaging past governments instead of focusing on finding solutions to the country’s problems.
He said that the electorate’s choice of the current leadership was driven by a desire for change and effective governance.
The MP warned that without prudent decision-making, Sri Lanka risks falling into a deeper economic crisis, despite its abundant resources. He underscored the importance of collaboration and strategic planning to leverage the country’s assets for economic recovery.
Bathiudeen stressed the significance of India as a key partner for Sri Lanka, particularly in terms of economic support and connectivity. He noted the absence of discussions regarding road connectivity during the President’s recent visit to India, specifically referencing the proposed bridge between Sri Lanka and India, which had been a topic of previous administrations.
News
Switzerland pledges support for Sri Lanka’s asset recovery and anti-corruption efforts
Ambassador of Switzerland to Sri Lanka and Ambassador-designate to the Maldives, Dr Siri Walt, has pledged Switzerland’s support for recovering assets that have been moved out of Sri Lanka.
During discussions, Ambassador Walt outlined the international measures required to reclaim such assets and expressed Switzerland’s willingness to provide essential resources and assistance whenever necessary.
Dr Walt made these remarks during a meeting held yesterday (24) at the Presidential Secretariat with the Secretary to the President, Dr Nandika Sanath Kumanayake.
The discussion also focused on leveraging Switzerland’s expertise and technical knowledge to support Sri Lanka’s ongoing anti-corruption efforts. The Swiss government reaffirmed its commitment to offering technical and financial assistance for Sri Lanka’s priority initiatives, including the ‘Clean Sri Lanka’ programme.
The Ambassador further reiterated Switzerland’s dedication to aiding Sri Lanka in addressing social challenges, promoting national reconciliation, and supporting the development of the Northern region through targeted aid and resources.
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