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Women’s rights advocates reject debt restricting proposals and demand economic justice

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Women’s rights advocates addressing the media on Friday at the Radisson Hotel in Colombo. Sitting from the left: Aasha Ramesh, women’s rights activist from India, Dr. Juan Pablo Bohoslavsky, K. P Somalatha from Monaragala, Dr. Sepali Kottegoda, Women and Media Collective, Lakmali Hemachandra, a lawyer working on labour rights, Suganya Kandeepan from Jaffna (Young Researchers Network) and Dr. Amali Wedagedara an academic. Pic by Thushara Athapaththu

Women’s rights groups in Sri Lanka have vehemently opposed the current debt restructuring proposals that unfairly place the responsibility of repayment on the nation’s working class, particularly its women. Addressing a press conference, several women’s organizations have called for immediate and sustainable solutions to the ongoing debt crisis in Sri Lanka, emphasizing the need for solutions that genuinely address the lived experiences, challenges, and requirements of the people.

Prominent lawyer and activist Lakmali Hemachandra expressed concern over the compromise of workers’ social security funds to service the debt of the world’s wealthiest income earners. Hemachandra emphasized that hardworking individuals in Sri Lanka are facing severe violations through domestic debt restructuring, leading to a loss of their financial security. The restructuring process is set to conclude in September, further endangering workers’ savings. Hemachandra urged the international community to acknowledge and condemn the alarming practice of using workers’ savings to repay creditors, highlighting the lack of genuine public support for such measures.

Juan Pablo Bohoslavsky, Former UN Independent Expert on Debt and Human Rights, raised questions about the selective burden placed on domestic creditors and proposed a more equitable distribution of sacrifices. He underscored that international law demands inter-creditor equity in sovereign debt restructuring, urging for fair treatment across all debt holders.

The ‘National Convening on Debt and Women’s Human Rights,’ held in Colombo on August 9-10, 2023, brought together women’s rights groups from Sri Lanka and other Asian countries. These advocates discussed the profound impact of the ongoing crisis on their lives and criticized the inadequacy of government responses. International financial institutions, notably the World Bank and IMF, were censured for imposing unjust austerity measures without accountability, exacerbating economic turmoil in the region.

Sri Lanka faces a severe economic crisis due to an unsustainable debt burden of 103.8 percent of GDP as of March 2023. This crisis compounds the challenges faced by households still recovering from the COVID-19 pandemic. The government’s hurried implementation of austerity measures to secure an IMF bailout has led to cuts in public spending, significant hikes in utility, food, and energy costs, regressive taxation, and limited social security disbursements. These measures disproportionately affect low to middle-income families and pose a threat to wage and job security, particularly for women. Alarmingly, the government’s decision to utilize the earnings of the Employee Provident Funds to repay debt places an undue burden on the working class and restricts avenues for resistance and legal action.



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Concessionary priced food packages for new ‘Aswesuma’ applicants from 01st to 13th April

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In keeping with the proposal  by the President in his 2025 budget,  for the provision of a package essential goods at a concessionary price during the Sinhala and Tamil New Year Festival season, it has been planned to provide a food package containing essential food items valued at Rs. 5000/- for only Rs. 2,500/-.

It is expected to select appropriate beneficiaries from among the 812,753 candidates who have submitted new applications for Aswesuma benefits.

Accordingly, the Cabinet of Ministers approved the proposal furnished by the Minister of Trade, Commerce, Food Security and Cooperative Development jointly with the Minister of Agriculture, Livestock, Lands and Irrigation to take necessary steps to provide the food package to the beneficiaries through the Lanka Sathosa outlet network and COOPFED outlets from 01.04.2025 to 13.04.2025

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Salary revision of the Government Service – 2025

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The Cabinet of Ministers have decided as follows considering the resolutions submitted by the President in his capacity as the Minister of Finance, Plan Implementation and Economic Development along with the Minister of Public Administration, Provincial Councils and Local Governments on payment of salaries according to the revised salary scales with effect from 01.04.2025 based on the resolution furnished by the President for revising the salaries of government service by the budget 2025;

• To empower the Secretary to the Ministry of Public Administration, Provincial Councils and Local Governments to issue circular instructions to the the secretaries of all the Ministries, Local Government Secretaries and Heads of Departments in regard to salary revisions of the government service.

• To empower the Secretary to the Ministry of Finance, Plan Implementation and Economic Development to issue circular instructions for state corporations, statutory boards and fully government owned companies and other institutions.

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Amendment of the Companies Act No. 07 of 2007 to be Gazetted

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Approval of the Cabinet of Ministers has been granted to amend the Companies Act No. 07 of 2007 for remedying the shortcomings related to the transparency according to the international standards for prevention of money laundering, financing terrorism and other illegal activities.

Accordingly, the draft bill prepared by the Legal Draftsman has been revised as per instructions provided by the Attorney General subject to the special decision of the Supreme Court No. SC/SD/92/2024 and clearance of the Attorney General has been granted for the final draft bill prepared by the Legal Draftsman.

The Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Safety and Cooperative Development to publish the aforementioned draft bill in the government gazette notification and subsequently submit to the Parliament for its concurrence.

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