Three-day parliamentary debate on IMF program next week
April 20, 2023 01:13 pm
The political party leaders have scheduled a three-day parliamentary debate for the Resolution for the Implementation of the Arrangement under the Extended Fund Facility (EFF) of the International Monetary Fund (IMF) for Sri Lanka.
Accordingly, the IMF-supported EFF will be taken up for debate in the parliament from 26-28 April, the Communications Department of the Parliament said in a media release.
The decision was reached at the meeting of Committee on Parliamentary Business convened this morning (April 20). The meeting was chaired by Deputy Speaker of Parliament Ajith Rajapakse.
The proposal submits that the Ministry of Finance, Economic Stabilization & National Policies should provide all necessary approvals for the implementation of the said set-up, however, a vote is to be followed post the three-day debate if necessary, the Communications Department said further.
On 20 March 2023, the Executive Board of the IMF green-lighted a 48-month extended arrangement under the EFF program of SDR 2.286 billion (approximately USD 3 billion) for Sri Lanka.
The EFF program will allow Sri Lanka to access financing of up to USD 7 billion from the IMF, international financial institutions and multilateral organizations.
The program is expected to provide much-needed policy space to drive the economy out of the unprecedented challenges and instill confidence amongst all the stakeholders.
After receiving the IMF’s board approval, Sri Lanka immediately received an initial disbursement of USD 333 million (amounting to SDR 254 million) from the EFF arrangement, which is expected to catalyze new external financing including from the ADB and the World Bank.
Sri Lanka reached a Staff-Level Agreement with the IMF on a four-year program supported by the Extended Fund Facility on 01 September 2022.
The parliamentary sessions after the Sinhala and Tamil New Year festival will be held from 25-28 April.
Accordingly, on Tuesday (25 April), the Order under the Code of Criminal Procedure (Special Provisions) Act published in the Gazette Notification 2317/28 dated 30 January 2023 is scheduled to be taken up for debate from 10.30 am to 5.00 pm.
Thereafter, the Motion at the Adjournment Time by the Government will be taken up from 5.00 pm to 5.30 pm.
Following Questions for Oral Answers on 26 April, it was agreed to approve without debate the Resolution under the Essential Public Services Act published in the Gazette Notification 2328/02 dated 17 April 2023 by the President.
Thereafter, the Resolution for the implementation of the arrangement under the Extended Fund Facility (EFF) of the IMF for Sri Lanka will be taken up for debate until 5.00 pm.
It was also decided to present for approval 13 motions regarding the Annual Reports of various Statutory Institutions. Further, it was also agreed to present the Private Member Bills, Kelaniya Buddhist Women’s Charitable Society (Incorporation) Bill and Sri Lanka Institute of Taxation (Incorporation) (Amendment) Bill for its second reading.
Thereafter, time has been allotted from 5.00 pm to 5.30 pm for Questions at the Adjournment Time.
On 27 and 28 April, the Resolution for the implementation of the arrangement under the Extended Fund Facility (EFF) of the IMF for Sri Lanka will be debated for the second and third consecutive days from 10.30 am to 5.00 pm.
On 27 April, the Motion at the Adjournment Time by the Opposition will be held from 5.00 pm to 5.30 pm.
Following the debate on 28 April, it has been agreed to approve the Inland Revenue (Amendment) Bill without debate. Thereafter, time has been allotted from. 5.00 pm to 5.30 pm for Questions at the Adjournment Time.
