LOCAL

EPF funds to be invested in CSE on instructions of ADB

Staff Writer

COLOMBO (News 1st) – Leader of the JVP MP, Anura Kumara Dissanayake revealed details of a plan to invest a part of the EPF in the Colombo Stock Exchange. MP Dissanayake said that the decision has been made as a result of an agreement reached with the Asian Development Bank.

He claims that the Sri Lankan Government signed an agreement with the Asian Development Bank in 2016 and as per article 14 of that agreement, the ADB and another US company provided a white paper to Sri Lanka.

“The objective of this white paper is to facilitate the funds of the EPF to be invested in the Colombo Stock Exchange and to make policies for it” added Anura Kumara.

The ADB has agreed to provide a 300 million dollar loan and if the loan is taken, then the EPF will have to fulfil the criteria of ADB. The ADB states that the plan of the government is to privatize institutions that are under the government by making them invest at the Colombo Stock Exchange by 2025 and that 30 to 40% of the EPF has to be invested at the Stock Exchange.

The report also says that the beneficiaries of the remaining 60% of the EPF have to invest in the EPF. They have launched this plan to invest the complete Rs 2000 billion of the EPF in the Stock Exchange, added the JVP leader.

The Employees Provident Fund contains money that belongs to the workers of this country who have worked tirelessly. This is also the only fund in the country for the employees after their retirement.

Over Rs. 8.5 billion had been looted from the fund through the bond scam. In addition, money from this fund had been put into various companies causing losses to the EPF.

The bond report says the PTL amassed undue profits worth Rs. 11 billion. The EPF is being destroyed as a result of ad-hoc decisions of various people. Should this be allowed?

 

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