1/ 🇱🇰 Sri Lanka is at a critical juncture. The @IMFNews Governance Diagnostic Assessment delivers a harsh verdict - #corruption infests every level of #lka government. Shortages in revenue, foreign debt restructuring delays & most critically, pervasive corruption hinder progress. 2/ #Srilanka has approached the @IMFNews 16 times, seeking help. We must take the bitter medicine, get our house in order before further reforms. The #IMF offers this chance, we must seize it, as it is the only viable path forward! #ReformNow

1/ 🇱🇰 Sri Lanka's Online Safety Bill : A Regressive Overreach Stifling Investment and Freedom of Speech 🚫 This archaic, draconian legislation is a clear overreach. Let's dive deeper into the concerns. #freedomofspeech #onlinesafetybill 2/ 💼 Tech Investment Threatened : We risk turning away tech giants, like Google and Meta, with laws that impose restrictions on their operations. Sri Lanka's future prosperity hangs in the balance. #investment #digitalfuture

1/ 🇱🇰 In a recent press conference, I raised critical questions about #SriLanka debt crisis. Why did former @CBSL Governor Ajith N Cabraal guarantee repayment to Benjamin Wei, with our country on the brink of defaulting in January 2022? #SriLankaDebtCrisis #EconomicCrimes 🧵 2/ Benjamin Wei's involvement in questionable activities, including ties to the Hamilton Reserve Bank and Fintech Holdings Ltd., is deeply concerning. How did a small bank in a nation with 50K inhabitants & GDP under $1 Bn amass a $250 million stake in our bonds? 🧐 #DebtScandal

📢 Twitter Thread - Committee of Public Finance Update 🧵

1/ 👉 Today, in the #COPF, discussions on the Inland Revenue (Amendment) Bill took center stage. Here's a summary: @CBSL clarified the 30% tax increase applies solely to interest income on bond portfolio. #taxamendment 2/ 📈 If superannuation funds participate in the #DDO, this tax rate will reverse to 14%. #COPF questioned CBSL’s ability to guarantee returns of 12% until 2025 & 9% afterward for participants. @CBSL Governor acknowledged inability to guarantee individual returns but committed…

1/5: It is completely unacceptable that since July 7, 2023 and so many reminders @CBSL and Treasury have still not provided @ParliamentLK Com on Public Finance data on EPF pertaining to Domestic Debt Restructure. We had requested data that they are supposed to provide by law… 2/5: Suddenly today Pres @RW_UNP and his @PodujanaParty decided to debate and approve income tax hike on the EPF to 30% tomorrow/day after as Courts cleared the amendment saying DDR delayed will cause an ‘apocalyptic collapse’ leading to an ‘Armageddon of gloom’ and saying …

Update on DDO Discussions: Progress, Equity & Economic recovery in Sri Lanka

Todays #COPF meeting discussed the #DDO plan but concerns were raised about burden falling on superannuation funds esp #EPF without considering the consent of depositors. Let’s explore this issue 1/6 🧵 While banks were excluded due to existing stress & non-performing loans, the EPF/ETF, which carries most of the burden, faces potential opportunity loss and lacks a say in decisions impacting peoples’ life savings. This raises questions about #equity and #transparency. 2/6

1/8 Critical times ahead! As the Chair of #COPF, I want to keep you informed about our crucial role and the big task at hand with the #DomesticDebtOptimisation in #SriLanka. This legislation holds immense significance for #lka economy's recovery and growth plan. 🧵 2/8 All bills related to revenue and expenditure must go through #COPF before going into debate and passage in @ParliamentLK. We will provide crucial oversight to ensure the success of this pivotal step in our economic recovery. #SrilankaEconomy

1/2: Met with US Treasury and US State reps with @USAmbSL along with @sajithpremadasa @KabirHashim4 n @EranWick. Appreciate all the humanitarian support via @USAID. Also met with the @IMFNews delegation. #SriLanka crisis is utterly complicated. Coming months will be very tough. 2/2: Fact is @IMFNews can’t lend to us until our creditors give an assurance on their agreement with #SriLanka on debt restructuring now complicated w case by A creditor. Haircut will be based on Gov of @GotabayaR agreement on fiscal consolidation.

Proposed #20Amendment to t #SriLanka constitution is without a doubt a mechanism to strengthen t Executive Presidency at t expense of t legislature. It bestows almost absolute power upon one individual; @GotabayaR. I have a series of questions if he wishes to answer. Q1: Why did you Mr President @GotabayaR remove the limit of 30 Ministers and the limit of 40 State and of Deputy Minsiters?