The only task before the government now is to follow IMF instructions; MP Rauff Hakeem

12-Nov-2025

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“The hard initial work of economic stabilisation and the Indian assistance—all of this occurred before this government assumed office. The most difficult parts of rebuilding the economy were completed by the previous administration. The present government’s only job now is to comply with IMF directives,” said Sri Lanka Muslim Congress Leader Rauff Hakeem.

He said this while participating in the budget debate for 2026 held in Parliament on November 10.

He continued:

“As a preface to my arguments, I wish to quote the publication of the Overseas Development Institute (ODI). Contributors include former Central Bank Governor Indrajit Coomaraswamy, current Governor Nandalal Weerasinghe, and renowned economist Professor Shanta Devarajan.

The ODI notes: ‘During the first six months of 2022, Sri Lanka sought bridge financing from India to fund the import of essential food, fuel, and medicines. Assistance amounting to 3.8 billion dollars came to Sri Lanka through Indian Lines of Credit, deferred loans, and grants. This is India’s largest bilateral support package to any country in recent years.’ Without it, we would have been in a disastrous situation.

All of this happened before this government took office. Now they are obediently following the rules laid down by the IMF.

Looking at cost-reflective pricing formulas, the Ceylon Electricity Board began increasing tariffs according to expenditure. Kabir Hashim noted that in 2022, the CEB had a loss of Rs. 298 billion, but in 2024 it recorded a profit of Rs. 1.44 billion. So, from a 298-billion loss, a profit of over one billion has now been recorded. During the election campaign, what did the President promise the people? To reduce electricity tariffs by 30 percent. Did it happen? No. Because the IMF will not allow it. Worse, the IMF insisted that accumulated losses be capitalised, and the cost is now borne by the consumer. So the President never fulfilled the pledge he made.

There is now public debate about large-scale electricity theft in the country. I say this is one of the boldest, most calculated and conscienceless plunders of public funds in this Republic’s history. This is not a mere accounting error. It is a massive organised theft carried out over decades by a group led by U.D. Jayawardena, who used internal access and fiduciary responsibility as a weapon to drain billions from the country. This is not speculation; it is now revealed and under discussion in Parliament.

We also challenged the e-visa scandal of the previous administration. We went to the Supreme Court, and the Controller General of Immigration is now imprisoned for contempt of court after failing to comply with a court order. The case is due to be taken up soon. A government member recently attempted to claim credit, but it was we, the opposition, who challenged the fraud and got the contract cancelled.

Had the contract continued, the company could have earned one-third of the entire IMF bailout amount. We challenged it in court. The case is still pending.”