25 key points from former PM Ranil’s speech in Parliament

April 8, 2022 at 5:28 PM

Former Prime Minister Ranil Wickremesinghe outlined 25 key measures that must be taken to address the present economic crisis of Sri Lanka.

He outlined the measures during the debate on the International Monetary Fund (IMF) report held in Parliament today (08).

Following are the 25 key measures:

  1. Speaking in Parliament the former Prime Minister Ranil Wickremesinghe told the President that as he was voted in by the people he has a responsibility to speak to the public directly and explain whether he is going or not. 
  2. He said if the demonstrations do not decrease in size, then the President meets the Party Leaders in Parliament and discusses what are the options available.
  3. He also said that once the Cabinet of Ministers was appointed they must come before Parliament and secure the confidence of the House by presenting their plans.
  4. He stated that the army does not need to be deployed at this time. The police are responsible for civilian power and it is only if that breaks down that the army should be deployed. However, it has not broken down.
  5. He warned that if the army was deployed then the economy would suffer a further collapse as foreign nations would distance themselves from the Government.
  6. He said the Parliament had entrusted the economy into the hands of the Government, but they have failed. So Parliament has the responsibility of regaining control of finances. 
  7. The former PM quotes article 148 of the Constitution and says that control of public finance must be brought under Parliament through the “Public Resolution on Parliamentary Control of Public Finance”.
  8. He says the Executive Powers of the President is vested in the Cabinet and the Cabinet is answerable to the Parliament, so the House must take control.
  9. He questioned who authorized a devaluation of the currency in the manner it was done. The IMF had recommended a gradual floating of the rupee.
  10. Ranil Wickremesinghe says that the person responsible for this decision must be identified as they have destroyed the Sri Lankan economy.
  11. He says that he is aware that the Government’s overdraft facility is over Rs. 1 trillion.
  12. The former PM states that the Indian Line of Credit will be exhausted by the second week of May. Questions what will the Government do once the money runs out?
  13. He questions how will the Government make the US $1bn loan repayment in July when the country runs out of money in May?
  14. He recommended that the independent team appointed to advise the Govt. on engaging with the IMF be entrusted by Parliament to carry forth discussions. Says that in the event there is a change in the Government the IMF negotiations will not be hindered. 
  15. He says that the country does not have money. He has spoken to both the World Bank and the Asian Development Bank and they are ready to help. He said that the Parliament must empower the Government to discuss financial relief measures with these institutions.
  16. He says similar to 2001 a consortium of countries including India, China, Japan & South Korea be approached for assistance. The World Bank must be approached to assist in this matter.
  17. He also suggested that the Government approach SAARC and request a loan that will be repaid in a few years.
  18. He urges the Government to immediately set up a safety net for the banks in the country.
  19. He urged the Parliament to commence operations of the Parliament Budget Office which was proposed during the previous Parliament. He stated that all the necessary details were with TNA M.P. M.A. Sumanthiran
  20. He said that a “Ways & Means” committee be established along with a Debt Management Plan.
  21. He says that the first time MPs must be given greater responsibility. They are facing the anger of the public and so they must take responsibility to oversee the crisis.
  22. He says as a Parliament they must come together and solve this crisis. Questions why the Parliament cannot start work immediately and meet again on the 11th of April.
  23. He says the country was handed over to three individuals who have destroyed the economy.
  24. He says that if they are unable to do this then the public will chase the MPs out.
  25. Quoting Oliver Cromwell, Hon. Ranil Wickremesinghe says “You have sat too long here for any good you have been doing. Depart, I say, and let us have done with you. In the name of God, go.” He says that this Parliament need not go but must act and give the public relief. (NewsWire)