President to address Parliament today amidst confusion over tabling EDR deals

Tuesday, 2 July 2024 02:41 - - {{hitsCtrl.values.hits}}

President Ranil Wickremesinghe

SJB MP and CoPF Chairman Dr. Harsha de Silva

The main opposition, Samagi Jana Balawegaya (SJB) MP and Committee on Public Finance (CoPF) Chairman Dr. Harsha de Silva announced plans yesterday to deliver a special statement before Parliament convenes today.

This follows the postponement of a crucial debate on Sri Lanka’s debt restructuring agreement with creditor nations. President Ranil Wickremesinghe is schedulded to make a special statement on the breakthrough with official creditors announced last week.

Originally Wickremesinghe said Prime Minister Dinesh Gunawardena will table the relevant agreement in Parliament.

The debate, initially scheduled to begin today, was deferred after party leaders met yesterday and decided not to proceed, the Parliament Communications Unit confirmed.

Holding a media briefing, Dr. de Silva expressed his frustration over the lack of transparency regarding the debt restructuring agreement.

He revealed that the CoPF had not received the necessary documents to review the proposal and Finance Ministry officials declined to attend the CoPF meeting to provide clarification. Despite this, they sought CoPF approval for the proposal.

“As the Chairman of CoPF, I have a responsibility to understand the proposal before approving it,” Dr. de Silva stated.

He recounted a phone call from President Wickremesinghe last Friday, during which he explained his inability to convene the CoPF without access to the document. He said the President cited the need for confidentiality till discussions with International Sovereign Bond (ISB) holders were concluded.

“President Wickremesinghe suggested debating a summary of the agreement, which extends into the 2040s. I questioned the President on the democratic implications of approving such a long-term agreement without full disclosure,” Dr. de Silva said, emphasising the significance of the agreement for future administrations.

“This agreement is about the country, not any political party or individual,” Dr. de Silva asserted.

The CoPF Chairman reiterated the importance of transparency and accountability in the debt restructuring process, underscoring the need for all parties, including Parliament and future Governments, to be fully informed and involved in such significant financial decisions.