Ravi K defiant in face of no-confidence motion

• President and PM call for MP meeting ahead of crucial vote 
• Joint Opposition says chance to see “real heirs” of SLFP 
• Four international banks mandated for $1.5 b 10-year sovereign bond

By Uditha Jayasinghe and Chamodi Gunawardana 

On the eve of facing a no-confidence motion, Finance Minister Ravi Karunanayake remained defiant yesterday, dismissing the efforts of the Joint Opposition as “pointless” and pledging to continue his post to “develop the country”.

Insisting that the no-confidence motion, the second since his appointment, was aimed at the Government rather than himself, Karunanayake emphasised it would be faced with the full support of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. 

Both Sirisena and Wickremesinghe had called a meeting of their Members of Parliament on Tuesday to ensure that they would be present in the chamber when the no-confidence motion is taken for a vote today in Parliament. 

The Finance Minister also stressed the motion would be comprehensively defeated and the Government would continue its planned development undeterred. 

He also dismissed the decision by the Janatha Vimukthi Peramuna (JVP) to vote in favour of the motion with the Joint Opposition pointing out “they are not part of the Government”.

“Plans have already been laid to present the next four-year plan by the Prime Minister in two weeks. The United National Party (UNP) will launch a countrywide campaign to recruit more members soon. This no-confidence motion will change nothing.” 

Karunanayake recapped what he claimed were gains by the Government during the past year where Sri Lanka’s image as a rejuvenated democracy brought fresh funds for development flooding into the country.   

“Look at the help we are getting from China, Japan, Indian and the European Union. Look at the assistance from organisations like the World Bank, Asian Development Bank (ADB) and International Monetary Fund (IMF). With the help of IMF funds, the rupee is appreciating and we have expanded our reserves. We are heading for growth,” he said.      

The funds raised will be used to fund a budget gap and reschedule some expensive short-term loans, stressed the Finance Minister, defending the recent increase of VAT as necessary to repay loans taken by the previous administration.  

“The Joint Opposition cannot afford to talk. I’m just one person in this Government but former President Mahinda Rajapaksa as Finance Minister borrowed massive amounts irresponsibly and pushed this country into a debt trap. The Joint Opposition has nothing to say about that.”  

Sri Lanka, which last month announced plans to raise $1.5 billion from the sale of a 10-year sovereign bond, has mandated Citigroup, Deutsche Bank, HSBC and Standard Chartered, Karunanayake said.

“We have mandated the same banks we did last year and we are looking at the maximum we can go,” he added.

The Sri Lanka Freedom Party (SLFP) members of the Joint Opposition also stepped up the rhetoric ahead of the crucial vote, terming it as an opportunity for the public to find out the real “heirs of the party”.

“If an SLFPer votes against this motion it will be a betrayal of the party’s spirit,” MP Keheliya Rambukwella claimed on Tuesday, as party stalwarts continued to term it as a “litmus” test for the Government.