Opposition Leader Sajith Premadasa told Parliament today that, at the current pace, Sri Lanka’s 2028 debt repayments will pose a massive economic challenge.
He said that although the government’s policy statement (page 105) mentions a new debt restructuring arrangement under fresh IMF conditions, in practice the same agreement signed by the previous administration continues without change.
Premadasa also noted that promises made to reduce electricity tariffs by 33%—including lowering a Rs. 9,000 bill to Rs. 6,000 and Rs. 3,000 to Rs. 2,000—had not been fulfilled, while tariffs are now set to rise again by 6.8%. He accused the government of making such decisions without proper cost analysis.
“Despite a 159-seat majority, the government is dancing to every tune of the IMF. People voted for change—not for the same IMF-driven path,” he said, adding that Sri Lanka faces USD 5 billion in annual debt repayments from 2028.
Premadasa also cited the U.S. State Department’s latest investment report, which highlighted policy reversals, institutional failures, and weak regulatory practices as obstacles to a favourable investment climate.
Quoting World Bank data, he said poverty levels have sharply increased, with falling real wages, weak job creation, and high food inflation, while the Centre for Poverty Analysis (CEPA) estimates that nearly 50% of Sri Lankans now live in poverty.
Referring to the recent UNHRC vote in Geneva, Premadasa questioned why Sri Lanka could not secure the support of the 43 countries that had spoken positively about the country during debates.
He called on the government to strengthen domestic unity and reconciliation, saying that lasting solutions to national challenges must come from within the country.