The Frontline Socialist Party has raised concerns about the Sri Lankan government’s decision to nominate American City Bank for issuing bonds, arguing that it continues the controversial financial strategies initiated during former President Ranil Wickremesinghe’s tenure.
Addressing the media in Colombo, Pubudu Jayagoda, the party’s Education Secretary, condemned the move, labeling the bank as a predatory financial institution that contributed to the 2008 global economic crisis by exploiting the American public. He also highlighted potential conflicts of interest, suggesting that there are direct links between the bank, companies purchasing the bonds, and executives serving on the boards of both entities.
Jayagoda described the arrangement as akin to “handing over the hen house to the fox,” accusing the current administration of acting contrary to its public declarations of financial independence and transparency. He urged the government to reconsider its approach, warning that such actions could compromise the country’s economic sovereignty and undermine public trust.
