Sri Lanka’s Parliament voted to support a proposal to restructure a staggering domestic debt in a special session Saturday as the Indian ocean island nation struggles to emerge from an unprecedented economic crisis.
The proposal was approved with 122 lawmakers voting for it and 62 against it, in the 225-member house.
Under the proposed domestic debt restructuring program, the bulk of the debt will be shared by the Central Bank and superannuation funds from which the government already borrowed money, while national banks will be spared because of possible negative ramifications on deposits, according to top government officials.
However, opposition leader, Sajith Premadasa, criticized the restructuring proposal calling it “unrealistic”. He said the working class would bear the brunt of the program while the super rich benefited from it because of its reliance on superannuation funds that include Employee Trust Fund and Employee Provident Fund. ”There is no equal burden sharing in this program,” he said.
Sri Lanka has been grappling with an unprecedented economic crisis since 2022, after suspending repayment of foreign loans because of a severe foreign currency crisis triggered by the COVID-19 pandemic, excessive borrowing by the government, and efforts by the central bank to stabilize the Sri Lankan rupee with scarce foreign reserves.
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