SL Parl to hold special session on Saturday to discuss debt restructuring

COLOMBO: In order to discuss getting Parliament's approval for the domestic debt restructuring process in Sri Lanka, a special weekend session will be held this week, Dailymirror reported. A Gazette Extraordinary has been issued by Speaker Mahinda Yapa Abeywardana to convene a special session of the parliament on Saturday (July 01).

In accordance with Standing Order 16 of the Standing Orders of Parliament, the Speaker called a meeting of Parliament at 9.30 am on Saturday at the Prime Minister's request. It was earlier reported that Parliament would be convened on Saturday and Sunday to get the approval for the domestic debt restructuring process.

The decision to hold the "special session" on Saturday (July 1) and Sunday (July 2) to talk over the domestic debt restructuring was taken in special party leaders' meeting on Tuesday, Dailymirror reported citing a spokesman from the Speaker's office. The Sri Lankan Speaker also stressed the importance of holding a party leaders' meeting next week.

Opposition Leader Sajith Premadasa stressed that the final decision should be made by the party leaders, and also questioned the plan to hold a weekend session, according to the Sri Lankan publication, Dailymirror. During his recent visit to the United Kingdom (UK), Sri Lanka President Ranil Wickremesinghe promised that the island nation will finish its debt restructuring by September of this year.

Since Sri Lanka gained independence in 1948, there has never been a crisis of this magnitude as it is going through right now. The crisis was brought on by years of poor financial management by succeeding Sri Lankan governments and the Gotabaya Rajapaksa regime's choice to forego addressing the IMF to prevent the country from amassing debts.

Several protests took place against the government when the financial crisis had a negative influence on food security, availability of gasoline, and the price of cooking gas.