The Sri Lankan Debt Justice Collective is a group of academics and activists who are concerned about the IMF’s involvement in Sri Lanka’s Domestic Debt Optimisation (DDO) program.
They have written an open letter to the IMF expressing their concerns about the legitimacy of the IMF’s engagement in domestic debt restructuring, the accuracy of the debt data, and the transparency of the IMF’s debt restructuring operations.
The collective is particularly concerned about the IMF’s conflation and inflation of domestic and internal debt data and currency conversion. They also have questions about the security, accuracy, veracity, and authenticity of Sri Lanka’s debt data.
The collective urges the IMF to meaningfully engage with all stakeholders and to ensure that the DDO process is sustainable, equitable, and just.
Here are some of the key concerns raised by the collective:
The legitimacy of the IMF’s engagement in domestic debt restructuring: The collective argues that the IMF is not a legitimate actor in domestic debt restructuring, as it is not accountable to the Sri Lankan people.
The accuracy of the debt data: The collective is concerned that the debt data is not accurate and is being manipulated to present a dire country-level scenario as a precursor for an IMF Firesale of Sri Lanka’s strategic assets.
The transparency of the IMF’s debt restructuring operations: The collective argues that the IMF’s debt restructuring operations are not transparent and that there is a lack of meaningful stakeholder engagement.
The collective is urging the IMF to address these concerns and to ensure that the DDO process is sustainable, equitable, and just.