Sri Lanka Buddhist Clergy Opposes SOE Privatisation

Colombo, Feb 19 (PTI) In an unusual move, Sri Lanka's powerful Buddhist clergy on Monday conveyed their strong opposition to President Ranil Wickremesinghe-led government's plan to privatise loss-making state enterprises as part of reforms to revitalise the country's bankrupt economy.

The four chiefs of four Buddhist sects, in a letter to President Wickremesinghe, who is also the finance minister, advised him that steps must be taken for the “better management of state enterprises by stopping political interference, recruitment, abuse of resources and taking anti-corruption measures”.

They informed him that in society, there is widespread criticism over the reported attempt to restructure the state-owned enterprises.

The monks form a powerful part of Sri Lanka's governance in the Buddhist-majority country. The political leaders are by convention required to pay heed to their advice on governance.

Wickremesinghe has expressed his willingness to restructure the state-owned entities such as SriLankan Airlines, telecom, the state electricity provider, Ceylon Electricity Board (CEB), and state banks.

This is a part of the reforms made imperative by the government securing a four-year IMF facility of USD 2.9 billion.

The IMF bailout provided the “bankrupt” Sri Lankan economy, a lifeline, following assistance worth USD four billion from neighbouring India.

Sri Lanka, for the first time since independence, declared its sovereign default in mid-2022 as street protests raged over the unavailability of essentials in the resultant forex crisis.

Wickremesinghe's reforms, in tune with the IMF programme, have caused an economic burden on the public due to raised utility tariffs.

The reforms implemented and to be implemented would cause political unhappiness for the voting public in this election year. The presidential election is due to take place before the end of November. PTI Corr AKJ