Stock market in free fall for 11 days because of President’s scare tricks – Dayasiri

By Rathindra Kuruwita

President Ranil Wickremesinghe was under the impression that he could scare Sri Lankan institutions into submission and force an economic recovery with his presidential powers, Sri Lanka Freedom Party (SLFP) General Secretary, MP Dayasiri Jayasekera said yesterday in Colombo.

Jayasekera said that the government was trying to restructure domestic debt, as per IMF recommendations.

“The total domestic debt is around Rs 12.3 trillion. Out of that around Rs 3.78 trillion has been issued as Treasury bills and about Rs 8.5 trillion as Treasury bonds. Among those who have brought a lot of the bonds and bills are the ETF and the EPF,” he said.

The MP warned that the EPF and the ETF would be greatly affected by domestic debt restructuring and that millions of private sector workers would be affected.

“Moreover, a domestic debt restructure will affect savings. Millions of old people, who live off their savings, too, will suffer. The stock market has been in a free fall for 11 days since the President said he would not hesitate to close it down if necessary. He is also now threatening to close down the banks.”