DDR targets only working people’s EPF; exempts Govt. cronies: Hadunnetti

The government has given step-motherly treatment to the Employees Provident Fund (EPF) of the working people in its Domestic Debt Restructuring (DDR) programme, whereas cronies of the government including primary dealers and private bondholders have been exempted from the process, former NPP MP Sunil Hadunnetti said.

He told a news conference that the government has provided concessions to its cronies while the EPF of the working people was being looted in several stages.

He said the Central Bank Governor and the Finance Minister have misled the whole Cabinet and Parliament in the tactful looting of the EPF.

"Primary dealers such as Perpetual Treasuries Ltd., private bondholders and banks involved in the CB bond transaction have been left out from the debt restructuring process. According to the DDR, the EPF of the working people invested in Treasury Bonds are paid a 12 percent interest rate till 2025 and from 2026 to 2038, only a 9 percent fixed interest is paid. This does not apply to primary dealers and others,” he said.

He said MPs who voted to introduce the DDR programme should apologize to the working people, who had voted them to office, for the damage caused to the EPF.