Former State FM Wickramaratna questions IMF’s Sri Lanka strategy

SJB MP Eran Wikramaratne has alleged that the ordinary public has been burdened with extremely high taxes even before the implementation of the IMF conditions. But the implementation of the taxes on the rich has been delayed until January 2025. According to the agreement between the government and the IMF, property, wealth and wealth transfer tax will be implemented beginning January 2025, he has said.

The IMF-government agreement aims to increase state revenue. The government exploits the poor and workers. The tax threshold has been reduced to the limit Rs. 100,000. The government should understand that today there are strikes in the country because the ordinary people cannot pay taxes.

MP Wickramaratne, who addressed the media at the office of the Opposition leader in Colombo, dealt with a report submitted by President Ranil Wickremesinghe to the Parliament on regards the IMF loan. The former State Finance Minister said questions arose about not only the government of Sri Lanka but also the IMF.

“The first page of the report, which provides extended financial credit facilities to Sri Lanka, states that “The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents”

“I can understand as a former banker that nobody should reveal market information. But I do not agree with this clause which says they must not disclose the authorities’ policy intention. I think the IMF needs to look at its own Transparency policy. Some of these global institutions talks to countries like Sri Lanka about transparency why not your policy intention what was the secrecy about your policy intention.”

“What has really happened due to this agreement is that Sri Lanka, which is burdened with debt and bankrupt without ability to repay them, has just taken another loan. The government supporters are celebrating the release of the IMF loan. It was shown in the media that crackers were being lit at the United National Party headquarters. Some people were also eating milk rice. If the government does not properly understand the reality that the government which was unable to solve the country’s problems, has taken this loan just to prolong the problem, the situation may worsen further.

“According to these conditions, we will have to curtail our expenditure.”

The very people who created economic and political instability in the country are coming forward to solve this problem. Therefore, people should be careful about this.