-By A Special Correspondent
(Lanka-e-News -20.Sep.2024, 11.15 pm) Recent reports have sparked controversy regarding the debt structuring plan that Sri Lanka has agreed upon. While some, such as Murtaza Jafferjee, CEO of Advocata Institute, have hailed this as a positive development, concerns are being raised about how this plan is being presented to the public. Many believe that the debt restructuring agreement is being used as a political tool to bolster the image of President Ranil Wickremesinghe ahead of the elections, rather than a solution to the country’s financial crisis.
Jafferjee, not traditional Sri Lankans , migrated to Sri Lanka, widely known as Kallathoni’s , whose organization is widely seen as supportive of the current government, has openly praised the debt deal. However, critics argue that ordinary Sri Lankans should be the ones voicing their opinions on how this deal will impact their lives. They claim that Advocata is becoming a mouthpiece for the President and is pushing the narrative that the debt structuring must proceed regardless of public opinion.
There are also questions being raised about the funding and motivations behind the Advocata Institute. Critics are asking how Jafferjee’s family, who reportedly established their business in 1944, became Sri Lankan citizens, and where their initial capital came from. They argue that Sri Lankan taxpayers have subsidized many industries, including tea plantations, where families like Jafferjee’s have profited.
One of the key concerns is the increase in interest rates from 5% to 9.5% as part of the debt restructuring agreement. This has raised red flags among many who feel that the deal is being signed under unfavorable terms that benefit foreign entities. Furthermore, the agreement’s terms, which may involve transferring Sri Lankan assets under foreign legal frameworks, are being seen as a threat to national sovereignty.
Critics are calling for transparency from Murtaza Jafferjee and other members of Advocata regarding how much of Sri Lankan taxpayers' money has been used to subsidize their business ventures. They argue that it is inappropriate for such organizations to influence the country’s economic decisions, particularly when those decisions have long-term impacts on the people.
Many see this last-minute push to promote the debt restructuring as a political stunt aimed at supporting President Wickremesinghe. There is growing frustration among those who feel that foreign interests and elite business families, like the Jafferjees, are dictating Sri Lanka’s economic policies, sidelining the voices of ordinary Sri Lankans.
As the country braces for a significant election, many believe that economic matters such as the debt restructuring should be discussed openly and honestly, without political influence. The focus, they argue, should be on long-term sustainable growth, rather than using these agreements as short-term political tools.
The call for transparency is loud and clear, and many Sri Lankans are looking to see if institutions like Advocata will come clean about their funding sources and whether they have a political agenda. The nation is at a critical juncture, and decisions made now will shape its future. The public deserves to be fully informed and involved in these critical discussions.
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by (2024-09-20 20:02:25)
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