A fundamental rights (FR) petition challenging the government’s Domestic Debt Optimization (DDO) program has been filed before the Supreme Court.
MP Prof. G.L. Peiris and Samagi Jana Balawegaya’s general secretary MP Ranjith Madduma Bandara put forward the petition today (26). Respondents of this petition include The Central Bank of Sri Lanka (CBSL), its governor Dr. Nandalal Weerasinghe and its Monetary Board, as well as the Finance Ministry’s Secretary and the Attorney General among several others.
The petition addresses the issue regarding the decision to reduce the interest rates paid investing the funds of the Employees’ Provident Fund (EPF) in government securities, lying under the DDO program.
At least 2.5 million workers hold active EFP accounts. Their funds are invested in treasury bills and bonds. The petitioners noted that the reduction of the interest rate to 9% is a violation of workers’ fundamental rights.
Additionally, the CBSL’s Monetary Board have not consulted EFP members before allowing the Fund’s participation in the DDO program.
