A fundamental rights petition was filed in the Supreme Court by Transparency International Sri Lanka and 3 individuals calling for action against persons responsible for the current economic crisis in Sri Lanka. The Attorney-General (representing President Gotabaya Rajapaksa), Former Prime Minister Mahinda Rajapaksa, Former Finance Minister Basil Rajapaksa, Former Central Bank Governor Ajith Nivard Cabraal, Former Secretary to the Treasury S.R. Attygala and Prime Minister Ranil Wickremesinghe are among 13 respondents named in the petition.
The petition lists a number of factors that led to the current economic crisis. Here are some of the highlights:
1) The reduction in government revenue caused by the illegal and arbitrary tax breaks granted in 2019
2) Failure to reverse the illegal tax break
3) Failure to take remedial measures subsequent to rating downgrades.
4) Failure to devalue the Sri Lankan Rupee in a timely, orderly and appropriate manner despite widespread calls to do so
5) The decision to continue servicing sovereign debt without any restructuring
6) The refusal to seek the assistance of the IMF until the crisis had exacerbated
TISL files petition in the SC demanding accountability for the economic crisis