COLOMBO (NewsRadio); The government’s Domestic Debt Optimization (DDO) program has been challenged in the Supreme Court.
The fundamental rights petition has been filed at the Supreme Court, challenging the government’s Domestic Debt Optimization program.
The petition has been filed by Parliamentarians GL Peiris and Ranjith Madduma Bandara today.
According to the petitioners, a decision has been taken to reduce the interest rates paid for the funds invested of the Employees’ Provident Fund (EPF) in government securities, under the DDO program.
The EPF has active accounts of at least 2.5 million working people and their funds are largely invested in treasury bills and bonds, the petitioners added, noting that reducing the interest rate to 9 per cent has violated the fundamental rights of the people.
Petitioners are of the view that the Monetary Board has not sought the views of the members of the EPF before allowing the Fund to participate in the DDO program.
Petitioners have named the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe, Members of the Monetary Board, Secretary of the Ministry of Finance, the Attorney General and several others have been named as the respondents of this petition