Opposition files petition against DDO

• Petitioners MPs Ranjith Madduma Bandara and Prof. G.L. Peiris maintain DDO and tax hikes will have a disproportionately negative effect on working population
• Claims discussions and negotiations conducted by Govt. in relation to DDO were subject to secrecy
• Requests SC to declare actions of CBSL and Monetary Board as a violation of fundamental rights 

SJB General Secretary  Ranjith Madduma Bandara

FPC member Prof. G.L. Peiris

Samagi Jana Balawegaya (SJB) General Secretary Ranjith Madduma Bandara and Freedom People’s Congress (FPC) member Prof. G.L. Peiris jointly submitted a fundamental rights petition to the Supreme Court challenging the Government’s domestic debt optimisation process.

According to Peiris, the petition was filed in opposition to the Government’s efforts to restructure social security funds, specifically the Employees Provident Fund and the Employees Trust Fund, all under the guise of domestic debt optimisation, as a proposed solution to the nation’s economic crisis.

The petition has named the Monetary Board of the Central Bank and its members, the Central Bank of Sri Lanka (CBSL), the Governor of the CBSL Dr. Nandalal Weerasinghe, Secretary to the Treasury K. M. M. Siriwardana and several others.

In the petition, they maintained that discussions and negotiations conducted by the Government in relation to the process were subject to much secrecy, and the petitioners were unaware of the terms and conditions negotiated and considerations relating to the impact of the decision to participate and not participate in the process. 

They submitted via an affidavit the opinions of an economics expert, in which he claimed that the DDO and the tax hikes will have devastating negative impacts on the EPF and on the low-wage-earning working population in the long term.

He also noted that the CBSL has failed to properly evaluate the impact of DDO and tax hikes on the EPF. The expert opined that both the DDO and tax hikes will have a disproportionately negative effect on the low-wage-earning working population while the banking industry, big corporations and the super-rich do not have to make any sacrifices. 

The petitioners requested the courts to declare the purported decision by the then Monetary Board, now Central Bank of Sri Lanka as unlawful, and of no force or effect in law, or such other appropriate order and among things declare their actions as a violation of the fundamental rights guaranteed by Article 12(1) of the Constitution to the petitioners and all members of the EPF.