The Hon. Sajith Premadasa - Leader of the Opposition

¶ 01 Madam Presiding Member, I move at the time of adjournment:

¶ 02 “The principal agreement reached between the Government of Sri Lanka and the IMF is debt restructuring. Accordingly, in 2023 domestic debt restructuring was carried out; by June 2024, bilateral external debt restructuring was done. The next phase is restructuring of International Sovereign Bonds (ISBs), which is now completed.

¶ 03 At no stage has the Government considered the alternatives proposed by the Opposition. The new Government, upon receiving its mandate, said it would critically revise this debt restructuring process and agreements. The public has a right to know what revisions were made in keeping with that mandate, or whether the Government has continued on the same agreements of the previous Government.

¶ 04 Further, this process must be carried out with transparency and in a manner most beneficial to the country. Therefore, the Government should reveal to this House its position on ISB restructuring, and the positions taken to ensure equity between domestic debt restructuring and ISB restructuring.”

¶ 05 Are you implementing a new DSA differing from President Ranil Wickremesinghe’s IMF programme, or continuing his path? You gained a unique mandate under “A Prosperous Country, a Beautiful Life.” Is dismantling that programme piece by piece the “new culture” and “compassion” you spoke of? Hon. Wijitha Herath and Hon. Anura Kumara Dissanayake spoke here against the IMF agreement and domestic debt restructuring; I table their Hansard quotes where they opposed the proposals outright and demanded disclosure to Parliament.

¶ 06 Today you act contrary to your prior positions. Countries like Ecuador and Ghana secured better outcomes; we did not, due to weak governance and poor advice. Why are electricity tariff reductions delayed? Ten million consumers await relief. Who blocks tariff cuts? The same with fuel—earlier you opposed the formula; now you follow it.

¶ 07 Senior citizens’ deposit interest—which was cut under Ranil’s Government—has been further reduced by you, hurting retirees. Fertilizer support has not reached some farmers; compensation once promised at Rs. 100,000 has become Rs. 40,000 in power.

¶ 08 As the festive season approaches, prices remain high, and shortages occur. You promised changes to APIT, PAYE, VAT—what blocks these? Who opposes? We ask for transparency.

¶ 09 The “macro-linked bond” feature in the ISB deal reduces the haircut as growth rises, benefiting ISB holders when our economy improves, while domestic savers who bore the DDR get no analogous upside. This is inequitable.

¶ 10 I ask you to table the IMF staff-level agreement in Parliament, as President Anura Kumara Dissanayake himself once demanded; also table the ISB understanding and bilateral loan agreements. Inform us of next year’s interest payments and other obligations, including currency swaps, and the adequacy of reserves, including the portion in non-convertible yuan.

¶ 11 We repeatedly urge you to honour your mandate. Ranil Wickremesinghe’s deal is a bad deal—a rotten deal. Why cannot we secure outcomes like Ghana and Ecuador? Hence, keep Parliament and the people informed, and conduct proper cost-benefit analyses of these international transactions. I so move.