In a parliamentary session today, Sri Lanka's President announced plans to bring the Employees' Provident Fund (EPF) and Employees' Trust Fund (ETF) under a single independent board. The move aims to address concerns raised by the International Monetary Fund (IMF) diagnostic report regarding potential conflicts of interest.
President Wickremesinghe stated, "We want to create an independent board that oversees both the EPF and ETF, and potentially other independent funds as well." He expressed his belief that consolidating these funds would result in a powerful financial entity for Sri Lanka.
Responding to a query from opposition MP Eran Wickramaratne, the President emphasized the importance of discussing and implementing this proposal. He also highlighted the possibility of allowing a portion of the funds to be invested abroad, as the country's economic situation improves.
Acknowledging that these funds belong to the people of Sri Lanka, President Wickremesinghe affirmed the government's willingness to explore opportunities for international investments. This move would diversify the investment portfolio and potentially yield greater returns for the fund, benefiting the country's citizens.
