SJB promises to fight for equality in DDR and EDR 

SJB MP Dr. Harsha de Silva (left) and SJB MP Eran Wickramaratne – Pix by Lasantha Kumara

•  Insists benefits promised to international creditors must be received by EPF and the public Claims environment still unconducive for growth 
•  Opines Govt. will fall short of envisaged revenue targets this year and personal income tax collections
•  Decries higher expenditure proposed for defence in 2024 Budget; says Govt. must enhance investment in higher education for all children

By Darshana Abayasingha

The main opposition, Samagi Jana Balawegaya (SJB), said yesterday that outcomes of both domestic and international debt restructuring mechanisms must be comparable, and the party will fight to ensure Sri Lankans, specifically the EPF Fund, will be the first to receive any benefits offered to international creditors should our economy grow above IMF predictions.

Addressing the media, SJB MP Dr. Harsha de Silva, said the country still lacks the environment to achieve sustainable economic stability. He alluded to uncertainty on the terms for external debt restructuring, and noted the Central Bank Governor Dr. Nandalal Weerasinghe too has stressed on the importance of greater transparency.

“The Paris Club held several discussions, but there is no indication of an agreement. China has reportedly made proposals to assist in restructuring debt in a comparable manner. But we don’t know what that program is. What we understand is that of the $ 7.4 billion owed to China, $ 4.1 billion from Exim Bank will be restructured. But the rest will be treated as personal debt. There was a proposal by external private creditors that the haircut can only be 20%, and if the economy grows faster that benefit must be passed to them. This cannot be allowed to happen,” Dr. de Silva said. 

“Who are these private creditors? There are various reports of malpractice during bond issues under the former CBSL Governor Nivard Cabraal, with some persons helping themselves to benefits and returns over 100%. Where are those voices in Government and even opposition who claim to stand up for the people and righteousness? No one is talking about this. The SJB stands firm that the Sri Lankan public who have borne the brunt of this crisis will not be left out, and any benefit that is handed out to external debtors must be applicable to local debt too,” de Silva stated.

The Colombo district MP added that in order to achieve the Government’s espoused state of development by 2048, there must be a phenomenal program and pace of reforms, which is currently lacking. He noted that development and transformation of a nation cannot be placed in the hands of one man, and this was instead a collective process.

SJB MP Eran Wickramaratne, pointed out the Government is looking to increase expenditure when it should instead be cutting costs, as listed in the Appropriation Bill recently. He said his party welcomes additional expenditure on education and health, and suggested the Parliamentary Committee on Public Finance probe the proposed increase to defence expenditure and the Treasury.

The SJB, he said, is firm in its belief that the Government must ensure tertiary or higher education to all children in the country, and funds should be allocated for this purpose. Wickramaratne noted that whilst part of the program could be done free to deserving segments, others could take the form of a state-backed loan, to drive education and skills development.

Wickramaratne scoffed at the Appropriation Bill and noted the Government will fall short of its envisaged revenue targets this year, and personal income tax collections. Collecting taxes has been tougher despite the claimed system enhancements and technology infusion, he claimed.

“The youth are the country’s resource, there should be money spent on tertiary and higher education. Education spending should come to about 1% of GDP for higher education. Overall education spend should be about 3%. An SJB Government will open doors for quality education service providers to come in,” Wickramaratne noted.

He added the Government and its ministers must be held accountable for their actions, citing recent controversies in the health sector, where several patients have died or developed complications due to substandard medicine.

“In February this year, President Wickremesinghe said in Parliament during his policy speech, sector salaries will be increased in the third quarter. Then this should be done. Why wait for the Budget, and complain that doctors, teachers and professionals are leaving the country. To keep them back, you need to ensure good returns. Keep them in the service, without offering them retirement with adequate returns,” he said.