The bottom 50 percent of the Sri Lankan population owns less than four percent of the national wealth when the top one percent owns 32 percent of it, Dr. G. Weerasinghe, the General Secretary of the Communist Party of Sri Lanka said issuing a May Day statement.
He said that the 2024 May Day is celebrated at a time when the whole world is in an economic depression.
This is also a time when the country has been officially declared bankrupt for the first time in its history, Dr. Weerasinghe said.
Given below is his statement:
“Through the neoliberal economic policies introduced in 1978, foreign loans were taken to cover the trade deficit caused by the doubling of import expenditure compared to export income, resulting in an unpayable mountain of debt. As the government’s revenue flowed through the neoliberal tax policy, the treasury became empty without rupees for the first time. By 2022, the economic crisis had erupted into a triple crisis. It is the financial, foreign exchange and credit crisis.
Corruption spread throughout the social fabric and the total politicization of the public service were other factors that contributed to the crisis.
“Unemployment rose as a result of the crisis. Poverty spread. Social unrest has worsened and a crime wave has been created across the country. A monstrous gap between have and have-not been developed. The United Nations Development Program states in its report that the top 1% of the country’s population (02 lakhs of the population) owns 31% of the country’s national wealth, while the bottom 50% of the population (110 lakhs of the population) owns less than 4% of the national wealth.
“Even in this situation, the entire burden of the crisis is placed on the shoulders of the working people of the country and the big capitalist class is enjoying all the concessions and privileges. They have not paid taxes worth thousands of billions of rupees. Following the terms of the International Monetary Fund, the belts have been further tightened of the common people including working class.
“Meanwhile, the fact that after 500 years the Asian economy has come forward as the forerunner of the world economy is a source of strength and inspiration for the people of newly independent countries. A multi-polar new world order is being created through the anti-imperialist struggle. Although all the regions of Asia are experiencing rapid economic growth, the South Asian region, where we live, is relatively lagging behind economically. Because of this, South Asia is increasingly subject to geopolitical challenges and imperialist influences. On this May Day, the Communist Party of Sri Lanka is insisting on the importance of the patriotic, progressive and leftist forces of South Asia working together with mutual understanding and unity. Making the most of this historic opportunity, we resolve to intensify the struggle to get rid of the crisis that the people of Sri Lanka are facing, taking into account the new world economic order and the balance of power.
“The Communist Party of Sri Lanka points out the necessity of acting to protect the sovereignty and independence of Sri Lanka by defeating the interference of the American imperialists in the internal affairs of Sri Lanka.
The Communist Party of Sri Lanka is demanding that the arbitrary privatization process be halted, demanding a reduction in the unaffordable cost of living.
The Communist Party of Sri Lanka proposes that all patriotic, progressive and left-wing forces should work together to save the country from the unprecedented economic crisis caused by the neo-liberal economic strategy.”