Resolution passed after a long debate in Parliament on optimization of domestic debt

Finance State Minister Shehan Semasinghe said yesterday (7) in the Parliament that the interest rates vary according to the difference in the methods of distributing the benefits maintained by the various funds.

An interest rate of 29.27 percent in the year 2022 for the account balance of the Provident Fund maintained for the officers of the Central Bank of Sri Lanka, an interest rate of 9 percent in the year 2022 for the account balance of the Employees’ Provident Fund, and 8.75 percent in the year 2022 for the account balance of the Employees’ Trust Fund. The Minister said this while replying to the question asked by Member of Parliament Gevindu Kumaratunga expecting oral answers.

The Minister also said: A resolution was passed after a long debate in the Parliament regarding the optimization of domestic debt. This is talking to the gallery. We must not forget the pressure exerted on the country’s population of 22 million.

People in this country stood in queues for four or five days. Food inflation was 95 percent. Average inflation was 70 percent. The exchange rate of 202 rupees went up to 400 rupees in the black market. It usually exceeded 360 rupees. This difficult year was managed. It is very easy to ask questions and criticize people who talk. But no one accepted to fulfil this responsibility.

He was also a representative of that Government when there was an economic downturn. No one talked about that situation. Today, the Opposition has been able to talk about employee welfare funds because we have carried forward an economic management programme. If we were to sit aside like the Opposition and wash our hands, we would not have to talk about the 9 percent fund, and a situation would arise where the people of the country would not be able to provide even the essential food.

Don’t talk about the Opposition to the big gallery. It’s easy to wash your hands and avoid the issues. It is even easier to join the Opposition and just read and read. Don’t keep reading. Help those who do this work fairly. Otherwise, don’t make baseless accusations and keep quiet.

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