President convenes meeting of Opposition Leaders with IMF today; SJB and NPP decline

President Ranil Wickremesinghe has convened a pivotal meeting today with leaders of accepted political parties to discuss the proposals put forth by the International Monetary Fund (IMF) with its high-level delegation.

In a proactive move, Leader of the Opposition Sajith Premadasa, leader of the National People’s Power (NPP) Anura Kumara Dissanayake, and Tamil National Alliance ITAK's S. Siridharan have been invited to participate in these deliberations. The President’s Media Division said it was an open invitation extended to interested individuals to join alongside the invited leaders.

The initiative stems from a recent request made by Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva in Parliament last week, prompting the President to extend a warm invitation to all recognised opposition parties to collaborate with the Government in navigating the challenges posed by the IMF program.

PMD said President Wickremesinghe underscored the critical importance of successfully advancing the IMF program for the country’s reconstruction. To this end, he emphasises the necessity of collective accountability from all parties involved.

However, speaking at the UNP’s first public rally at Kuliyapitiya to kick off Wickremesinghe’s election campaign, the President revealed that SJB has declined the invitation to today’s meeting.

PMD said key figures set to participate in the discussions include Ministers of State for Finance Shehan Semasinghe and Ranjith Siyambalapitiya, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, Secretary to the President Saman Ekanayake, Governor of the Central Bank Dr. Nandalal Weerasinghe, Secretary to the Treasury and Finance Ministry K.M. Mahinda Siriwardena and Senior Advisor to the President on Economic Affairs, Dr. R. H. S. Samaratunga.

Opposition Leader’s Secretary Thisath D.B. Wijayagunawardane, PC in his letter to Secretary to President Saman Ekanayake said the invitation extended is “clearly disingenuous and lacking in good faith.”

“However, he (SJB Leader) wishes to reiterate that he and the Members of the Opposition are at all times prepared to engage with representatives of the International Monetary Fund from the standpoint of protection of the national interest, as they have readily done in the past,” the letter stated.

To justify the SJB leader’s stand, the letter listed the sequence of events regarding this matter.

The Staff Level Agreement with the International Monetary Fund was reached on 1 September 2022, while Executive Board approval was obtained on 2 March 2023.

Throughout this period, the Opposition consistently requested on the floor of Parliament that the Government should share with the Opposition the contents of the agreement. The Opposition did so in the national interest because, at that time, constructive suggestions could have been taken into account, and the Opposition was eager to contribute their ideas and insights to ensure an agreement which would confer optimal benefits on our country. Regrettably, however, the Government persistently refused to take Parliament into its confidence, and insisted on handling the negotiations unilaterally.

In marked contrast, the Government later decided to place the agreement before Parliament for debate, and even wanted a vote taken on it.

The Leader of the Opposition and the Members of the Opposition have emphatically expressed their disagreement to the Government’s initiative in imposing a disproportionate burden on the Employees’ Provident Fund, in flagrant violation of the norms of social equity. In the name of ‘optimisation’ the brunt of the national debt has to be borne by sections of the community least able to bear the burden.

As far as primary bond holders and international sovereign bond holders are concerned, there appears to be hardly any measurable progress, despite repeated assurances that agreement is imminent. In these circumstances, the Leader of the Opposition is of the view that the invitation extended to him is clearly disingenuous and lacking in good faith. Therefore, the Leader of the Opposition wants to convey the message that he will not attend the meeting.