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Equity market lost Rs. 4 bn due to actions of Prez: Mangala

9 November 2018 09:36 am - 8     - {{hitsCtrl.values.hits}}


UNP MP Mangala Samaraweera yesterday charged that a sum of Rs.4 billion had gone out of Sri Lanka as the net outflow from the equity market as a result of the decision by President Maithripala Sirisena to appoint a new Prime Minister.

“This reaction by foreign investors will have a negative effect on the Sri Lankan economy especially in the face of the prevailing global economic crisis,” Mr. Samaraweera said in a statement issued last evening.

He also warned that the yield of the one dollar bond which matures in January next year had shot up to 9.9 per cent from 5.5 per cent earlier. “This will double the country’s debt services,” he said, adding that the increased net outflow of funds will also result in a further devaluation of the rupee.

Additionally, he said the country will face issues in further borrowings to finance the total foreign debt service which stands at a staggering US$ 15 billion at present.

The former Finance Minister, referring to the tax concessions given by the newly appointed regime, pointed out that the government will lose a revenue of

Rs.75 billion as a result of this move. “There would be no option but to increase income tax thereafter,” he said. (Yohan Perera)

  Comments - 8

  • Don Friday, 09 November 2018 11:17 AM

    ????? ??????????? ????. ????????? ????? ????? ??????? ??????? ??????? ?????????...??? ???? ????? ???? ?????? ??????? ????? ?????????? ??? ????? ????.

    Haramanis Friday, 09 November 2018 11:25 AM

    Dear Mangala. You brought the economy to its knees. Now we don't want anymore of you or your butterflies

    Sid Friday, 09 November 2018 11:25 AM

    With the bond scam we lost more.just saying

    ase Friday, 09 November 2018 11:37 AM

    spear your words, 90% of sri lankan have no idea what you are talking about

    upali Friday, 09 November 2018 12:38 PM

    Since when you became a wall street boy ?

    Nadaal Friday, 09 November 2018 01:09 PM

    Rather 90% do not have an income to manage day to day expenses. U tried to derive income tax who have no income. You r heartless

    GH Saturday, 10 November 2018 12:15 AM

    When you were partnering with Ranil we lost our beautiful COUNTRY!

    lanka Saturday, 10 November 2018 11:49 PM

    Managala should go back to his old job as an so called ....designer. He was the worst foreign affairs minister who went on his knees before the UN and the HRC in Geneva and the worst finance minister who brought the poor people of Sri Lanka to their knees with his scant knowledge of economics and finance. He has reaped what he sowed now get lost.

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