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Last Updated : 2024-04-29 02:09:00
25 March 2024 06:52 am - 37 - {{hitsCtrl.values.hits}}
Colombo, March 25 (Daiy Mirror) - Amid fears that the current programme with the International Monetary Fund (IMF) will be derailed in case of a regime change, the government is planning to enact an economic transformation law to ensure sustainability of the project despite political changes, a minister said yesterday.
The International community, particularly the Western countries, has emphasized the importance of continuity with the the economic reform programme supported by a 4-year Extended Fund Facility (EFF) arrangement.
The EFF arrangement was approved by the IMF Executive Board for a total amount of US$3 billion on March 20, 2023.
The IMF which included the latest mission said the authorities are making good progress in implementing an ambitious reform agenda under the EFF with commendable outcomes, including rapid disinflation, robust reserve accumulation, and initial signs of economic growth while preserving the stability of the financial system.
However, the two main parties in the opposition - the National People’s Power (NPP) and the Samagi Jana Balawegaya (SJB) have vowed to renegotiate the IMF if they win power at the future elections. The Presidential election is scheduled for later this year while there is a political discussion on a snap general election before .
State Minister of Finance Minister Shehan Semasinghe said the new bill would be introduced by Parliament in May, this year .
“It will be an economic transformation law that will give legal effect to the programme for its sustainability. Then, it becomes a law of the country bound by any party in power to implement ,” he said.
Jayantha Monday, 25 March 2024 07:56 AM
Such laws favouring an international organization is treasoning. This guy should be hanged for even suggesting such things.
Don Monday, 25 March 2024 08:18 AM
You are kidding. You can’t do that without a 2/3 majority in parliament and referendum. Simply other parties can declare this in an election and demand clear mandate. That way even something approved under 2/3 and referendum could be reversed.
Jude Monday, 25 March 2024 08:48 AM
No deal is carved in stone!! Any deal subject to negotiate!!
Raven Monday, 25 March 2024 01:55 PM
When it's made a Law, it won't be a "deal" anymore. So anyone changing it will be breaking the law.
Dee Monday, 25 March 2024 08:50 AM
Not only IMF all such programs should be made a law with legal responsibility to those who implement and execute it. Otherwise every election some lies would be told and all programs changed to satisfy voters and create a full mess of the country
Jude Monday, 25 March 2024 08:53 AM
Sovereign bond holders renegotiating with SL government coz government under debt restructuring!! IMF also subject to debt restructuring!!! Yes any government will repay the debt however it has to be on favourable and workable terms to the government of SL.
C Fernando Monday, 25 March 2024 06:25 PM
So if you take a loan, you would insist that the lender makes the terms of the loan favourable to you, the borrower? Or let's put it another way - if you were the lender you would allow the borrower to dictate the terms and you would obey? Tell me, which planet do you live in?
Mahila Tuesday, 26 March 2024 06:11 AM
Borrower, knows best, their position, REPAY Loan commitment, they seek, take than LENDER!!!??? So, Implication of such situation is that you accepted the T
Ara Monday, 25 March 2024 09:01 AM
No chance of that, any country can change their policies when ever that want, especially ones that keep people in hunger
Kamal Monday, 25 March 2024 04:33 PM
It is a strategy to force the opposition to stand and go by even the wrong components of the agreement. The new party can bring another amendment the repeal the bill ..They should state that upfront that they will remove such a prohibition bill brought without peoples mandate by a president who was not even selected but ejected from.office back and sent home .
Dbcveobgkbm Monday, 25 March 2024 09:03 AM
We all agree to what you say, but please remember that NPP has already promised the country and the people, that they would reduce the prices of goods, and the people will get a far reduced price, for every essential goods, second comes the health, there won't be any uncertainty with any medicinal in the country, and the third, the Agri sector would be given more reforms to people, the difference is, the current government is not reducing any goods, then why is the NPP saying, the petrol can be reduced to a further Rs 200.00, this is the problem, people needs a change, no matter what the IMF had agreed to, the more this government stays, more corruption, we could see.
C Fernando Monday, 25 March 2024 06:28 PM
Has the NPP told us from where they are going to find the money to give you this basket of reduced price goods? Taxes? No Borrow? No Print??? Pick the money from the trees???
Dee Tuesday, 26 March 2024 05:27 AM
@ c fernando. They the JVP terrorists will take from the haves and give the lesser. Equality! That’s what people dream of.
How many billions can be saved? Monday, 25 March 2024 09:26 AM
IMF should have included a clause to eliminate or reduce wastage in state owned enterprises. This will apply to reducing the number of seat in parliament by half, removal of fringe benefits, and pensions for former presidents and parliaments who did not serve their full term.
abeyrohan Monday, 25 March 2024 10:06 AM
This is a wise move. During the last 75 years whenever there was a regime change all good work done by the previous regime was outdone. Early years after independence changed between center-left and center-right. Then later on personal agenda. These were stupid decisions that retarded the development of the country. See what we lost as a result of the cancelation of the "Light Rail Project."
The next government will decide, Not Current Monday, 25 March 2024 10:12 AM
Successive governments will change it if found unacceptable to sustain. Like how it’s been done over the different regimes and no law is unchangeable. So it’s a waste of time if implemented now. Allow the newly elected government to decide for their next 5 year term instead of the current only having around 1 year to go.
Utterly idotic, as new government has to overturn all stupid laws Monday, 25 March 2024 10:24 AM
There are so many outdated laws which cause hindrance to public life. The government is mad to bring laws to make IMF wants laws here. New government if not UNP/SLPP will immediate overturn them all. Thorough stupid behaviour by government who made even the crazy Central Bank believe they could set their own salaries.
Premalal Perera Monday, 25 March 2024 12:51 PM
Cannot a new government change the law or inact superseding legislation?
Mahila Tuesday, 26 March 2024 07:02 AM
YES, THEY CAN?? But Sanity must prevail in all that, 'Change of Law' - first and foremost, SL should have protested and disagreed with the T
KD Monday, 25 March 2024 02:57 PM
Good - if we want to develop we have to ensure that laws passed by parliament are there whether president is Obama or Trump or whoever. That's why in US ObamaCare is still there despite Trump personally not liking it. He couldn't get Congress to kill the Act despite Republicans trying 100s of times. They just didn't have the votes to legally do it. And so it should be.
Akd arse Monday, 25 March 2024 03:00 PM
Unless Npp is getting fuel from AKD arse how can u give fuel at Rs 200. These type of idiotic promises only put people in trouble.
FredSnR Monday, 25 March 2024 03:52 PM
I can't see any future govt clashing with the IMF unreasonably.Why should they? On the other hand we can create difficulties if it appears their hand is being forced so close to election time Besides it is only the people of the land working together who can get the country out of the current impasse. Even the IMF needs the people behind them to succeed
Roshanaly Monday, 25 March 2024 04:14 PM
IMF is not fool, they know how to deal with it.
Mahila Tuesday, 26 March 2024 06:55 AM
IF they do not pass law ensure continuity, IMF would cut-off SUPPLY commencing NEXT TRANCHE of USD 384 MILLION EF Facility!?? They aren't Pack of Fools!! SL voters may not remember or recall History, Sri Lanka has done such “Horrendous Things”, in the Past, 1960's, and 1970!? Bad Credit History!!?? They aren't Sri Lankans to FORGET in 2 WEEKS what happened in the past!!!???
Jeewantha Kariyawasam Monday, 25 March 2024 05:20 PM
Unless it becomes enshrined in the Constitution itself, any such law can be repealed in parliament by simple majority by a future government. So I don't understand the rationale for this move. Any program should be subject to review for appropriateness to suit the context and needs. First and foremost, RW and Rajapakses-led government has lost the people's mandate. So any program including any privatisation/disposal transactions by this government should definitely be reviewed by a future government. As per the current trends and people's views, a JVP-led alliance is highly likely to win the upcoming elections. Probably that's the reason for this sudden panic.
Sunil Monday, 25 March 2024 05:21 PM
A new govt. if it changes the IMF agreement, will be the last straw that broke the camels back. It will be the citizens that suffer the consequences, not the politicos
Gamini Monday, 25 March 2024 05:22 PM
Please ask that NPP chap how he will reduce the prices-does he have a magic wand
Mahila Tuesday, 26 March 2024 06:45 AM
Yes, “MAHA MOLA SOOTHRAYA”!!?? Unknown to too many, who haven't experienced, "DEEP Thought Yoga", akin to "DEEP VEIN THROMBOSIS" – DVT!!?? Everyone knows consequences of DVT! NOT being 'Gainfully Employed'!!?? Being encouraged to sustain on Public Taxes and Complaining of such INEQUALITIES to gain Prominence!!!??? Parliament Members!!??
Sri Wickrema Monday, 25 March 2024 05:32 PM
This is bullshit. Any future govt can change any law in the Parliament with majority of votes and referendum if necessary.
Sri Wickrema Monday, 25 March 2024 05:32 PM
This is bullshit. Any future govt can change any law in the Parliament with majority of votes and referendum if necessary.
Tom Monday, 25 March 2024 06:22 PM
Probably more pressure from IMF. IMF had meetings with several political parties and must have realised the challenges. As the election is near as usual political parties want to promise various benefit packages to come to power and don't want to raise taxes. Hence the money need to come from somewhere and as usual more borrowing! The current government might be fighting to have the IMF deal alive until the next election. Seem like more challenges for us!
simon aiya Monday, 25 March 2024 07:03 PM
The fools are trying to make IMF agreements an extension of the constitution and law of the land. What a mockery, it is high time people get rid of theses vile politico set asap.
MAY THE LORD GUIDE ALL VOTERS Monday, 25 March 2024 10:27 PM
ALL THIS TALK, CHANGES, APPOINTMENTS AND THE LIKES DOES NOT GO NEAR ENOUGH TO THE FUNDS THE COUNTRY COULD HAVE COLLECTED FROM THE CROOKS, THEIR FAMILY AND STOOGES THEY USED TO FEATHER THEIR NESTM FAMILIES AND SIDEKICKS AND OR STOOGES WHO JUMPED TO EVERY BECK AND CALL, THE DISHONEST POLITICIANS AND PUBLIC SERVANTS WHO WERE FOUND RESPONSIBLE BY THE SUPREME COURT AND THEIR SCAPEGOATS ARE STILL LIVING THE HIGH LIFE LAUGHING ALL THE WAY TO THE BANKS. WE NEED A COMPLETE CHANGE OF GOVERNMENT TO GO AFTER THOSE RESPONSIBLE FOR BRINGING THE COUNTRY TO THIS LEVEL, FREEZE ALL ASSETS, BANK ACCOUNTS AND CONFISCATE ALL PROPERTY, THEN AND THEN ONLY WILL THE COUNTRY BE ABLE TO GET OUT OF THE MESS AND JUSTICE SERVED TO THE PEOPLE. WE HAVE TOO MANY IN GOVERNMENT WITH WEAK BACKBONES AND VINDICTIVE.
Kevin Tuesday, 26 March 2024 02:19 AM
Both JVP and SJB have promised to renegotiate the IMF deal. Government knows their days are numbered. New government should be able to change it.
ROSH Tuesday, 26 March 2024 03:19 AM
Unfortunately again unelected master debating president trying to be elected master debating president. He is using his hand on fool common folks to win elections
Don Tuesday, 26 March 2024 04:12 AM
What the country needs is get- together of all experts in each discipline and develop national policies and ask all successive governments to adopt those. There after if such policies need to be changed in accordance with changes in geopolitical space, the politicians can change it but it must be debated among experts panel and endorse by them. We can use constitutional committee for that after calling a report from the panel of experts. You can have a legislation in the parliament that all international agreements must not violate the constitution and also those must be in line with national policies. Without doing this, all are talking BS
Nimal Tuesday, 26 March 2024 04:43 AM
A regime change in the near future is a certainty.
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