Ahead of IMF approval, Sri Lanka Govt. promises anti-corruption bill

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By Editor_1
By Shihar Aneez

COLOMBO – Sri Lanka expects to present an anti-corruption bill to the Parliament in coming days, as urged by the International Monetary Fund (IMF), Cabinet Spokesman Minsiter Bandula Gunawardena said on Wednesday (8).

The IMF has urged Sri Lanka to reduce corruption vulnerabilities by improving fiscal transparency and public financial management, introducing a stronger anti-corruption legal framework, and conducting an in-depth governance diagnostic, supported by IMF technical assistance in return for a $2.9 billion bailout package. Sri Lanka has agreed to the stipulations.

The IMF on Tuesday (7) said Sri Lanka has now received financing assurances from all major bilateral creditors, paving the way for IMF Board consideration on March 20, the Staff Level Agreement reached on September 1, 2022 for financing under an Extended Fund Facility

Gunawardena told the weekly cabinet media briefing on Wednesday that the issue had been discussed in the cabinet previous and the act was already being drafted by the Minister of Justice Wijeyadasa Rajapakshe.  “It will be definitely be presented to the Parliament in the coming days,” he added.

Sri Lankans affected by the economic crisis are furious about systemic corruption and political mismanagement that has drained the coffers, driving the country to bankruptcy.  There have been no political will to introduce genuine anti-corruption measures.

Activists and civil society leaders have since 2005 accused politicians and people with political influence of amassing wealth illegally in offshore accounts. Former president Mahinda Rajapaksa and his family members have been accused of high level corruption, and protesters during the three-month aragalaya last year demanded proper investigations be carried into funds being invested in foreign countries and held in offshore accounts.

Rajapaksa has rejected all allegations of corruption.

Ranil Wickremesinghe who was elected as President in a parliamentary vote following the fleeing and subsequent resignation of Gotabaya Rajapaksa last year, is yet act on corruption allegations of the previous government.

Last month Wickremesinghe said an Anti-Corruption Bill will be introduced and the government was taking steps to include the ‘Stolen Assets Recovery (StAR)’ initiative in the Bill, together with the assistance of the World Bank and the United Nations.

-economynext.com

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