Sri Lanka DDR, EPF protestors offered meeting central bank says

Sri Lanka
By Editor_1
People walk at the Central Bank of Sri Lanka building in Colombo - Dinuka Liyanawatte/REUTERS

COLOMBO – Representative from a group that was protesting the restructuring of Employees Provident Fund (EPF) debt were given a chance to meet officials on Monday,  (28), the central bank said.

The group who said they were members of the EPF had requested a meeting with officials of the central bank which is managing the fund.

“However, after communicating the details of the meeting, the said group of persons has informed the Central Bank of Sri Lanka (CBSL) through the Colombo Fort Police Station of their inability to participate at the meeting,” a central bank statement said.

“Hence, an opportunity was missed by the said group of persons to get their concerns clarified on Domestic Debt Optimization (DDO), the manner in which the member contributions will be guaranteed through the implementation of DDO and as to how an investment return at a minimum as it was given during the last several years to members of EPF will be given to them during the next few years as well by implementation of DDO.”

The maturity of the EPF debt is to be extended to meet as gross financing need (GFN) target set by the International Monetary Fund which is said to make debt ‘sustainable’.

The full statement:

Raising awareness on Domestic Debt Optimization program

During a protest held by a group of persons, who claimed themselves as representatives of the members of the Employees’ Provident Fund (EPF), today, i.e., on 28th August 2023 near Colombo Fort Railway Station against the potential impact to EPF due to the implementation of the Domestic Debt Optimization program (DDO), the said group of persons through the Colombo Fort Police Station requested for a meeting with the officials of the Central Bank of Sri Lanka (CBSL) to discuss the matters pertaining to DDO and EPF.

In response to the said request, the Governor of the CBSL, through the officials of the Colombo Fort Police Station, has informed the said group of persons that a meeting will be convened today itself at 2.30 p.m. at the CBSL premises with five persons representing the said group of persons. However, after communicating the details of the meeting, the said group of persons has informed the CBSL through the Colombo Fort Police Station of their inability to participate at the meeting.

Hence, an opportunity was missed by the said group of persons to get their concerns clarified on DDO, the manner in which the member contributions will be guaranteed through the implementation of DDO and as to how an investment return at a minimum as it was given during the last several years to members of EPF will be given to them during the next few years as well by implementation of DDO.

-economynext.com

Editor_1
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