SC dismisses FR challenging decision to suspend external debt repayment
December 9, 2022 12:35 pm
The Supreme Court today (09 Dec) refused a fundamental rights (FR) petition filed by Ven. Matara Ananda Sagara Thero and Ravi Kumudesh, against former Finance Minister Ali Sabry, the Governor of the Central Bank of Sri Lanka (CBSL), Secretary to the Treasury and the Monetary Board of Sri Lanka.
The FR had challenged the decision to suspend the repayment of external debts.
A bench presided by Chief Justice, Buwaneka Aluvihare J. and Vijith Malalgoda J. Had questioned the counsel representing the petitioners whether the respondents had a better alternative other than to immediately suspend the debt repayments in order to avoid a hard default on several loan repayments which were required to be settled during the month of April.
The counsel for the petitioners then conceded that there was, in fact, no confirmed inflow of funds which could be utilized to meet the debt repayment obligations.
Accordingly, on account of dissatisfaction with the submissions filed, the judge bench refused to grant leave to proceed with the FR petition against the named respondents.
