Harsha challenges Nivard for public debate on IMF standby agreement

20 February 2012 10:52 am - 24     - {{hitsCtrl.values.hits}}

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UNP National List MP Dr. Harsha De Silva challenged Central Bank Chief Nivard Cabral for a public debate on the IMF standby agreement and the economic policy decisions which the government had already taken in accordance with it.

Dr. De Silva who announced this at a news conference today charged that the government had to bow down to the IMF demands in exchange of the next phase of the standby agreement and apparently adjusted the interest rates and cut subsidies. He said the government had also agreed to bring the Ceylon Petroleum Corporation (CPC) and Ceylon Electricity Board (CEB) towards break even following the demands of the IMF.

He also charged that the rupee was also devalued by the government silently despite the claims made by the Central Bank Chief that the devolution was a one-off measure. Dr. De Silva said this was done without informing the Central Bank Chief.

“I am challenging the Central Bank Governor for a public debate as I want to question him about these,” he said.

Besides, Dr. De Silva charged that people had been badly hit by the ego centric economic management policy followed by the government.  He therefore explained that the average monthly expenditure had exceeded the revenue. The monthly expenditure had crept up to Rs.31,331 compared to the average revenue of Rs.31,209 according to the latest available statistics.

The UNP MP further explained that the recent fuel hike was not due to the increase of prices in the global market but was a result of unprofessional handling of the economy by the government.

However he said the government’s current approach of a sector based subsidy system is a welcome move but highlighted that the transaction cost of the subsidies should be checked. Citing an example he said an estate sector worker cannot afford to forego his or her daily salary of Rs.400 just to obtain the Rs.200 fuel subsidy offered to them. 

UNP Deputy Chairman and Member of the Central Provincial Council K. Velaudam said this is the case with the plantation sector as a worker has to spend one whole day to obtain his fuel subsidy from the cooperative store foregoing one day’s salary. (Yohan Perera and Tharushan Fernando)

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  Comments - 24

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  • citizen1 Tuesday, 21 February 2012 05:42 AM

    no

    Kornelius John Tuesday, 21 February 2012 06:26 AM

    IMF giving loans at low Interest rates but attaching conditions to show actual position of what going on in country, true value of SL Rupee etc. Chinese Banks giving loans at high Interest rates without any conditions attached. Sri Lanka Central Bank taking low interest IMF loans to re-pay high Interest Chinese loans. Otherwise country bankrupt, no? So why we are finding fault with IMF for putting conditions? We must ask Central Bank why are we borrowing high Interest Chinese loans, no?

    Chandimani Tuesday, 21 February 2012 06:17 AM

    Economic Theory is for pass of Examination such as B.A. Degre to Ph.D. in Economics. But, practical Economics is different as it will drive an economy of the country. Harsha, you learned Economics to pass your Doctorate. But that theory it-self is not suffient enough to drive a country as driving of a country is not SIMPLY an academic effort.

    Citizen Tuesday, 21 February 2012 08:16 AM

    His brother in law is a very respectable man and you clearly have not been into the hotel.

    laksiri Tuesday, 21 February 2012 01:13 AM

    governor must accept this challenge if he is right man or resign from the public post

    jaliya Tuesday, 21 February 2012 01:02 AM

    Cabral only talks no action! i.e just another politician who hoodwink people let alone a central banker!

    Patriot Tuesday, 21 February 2012 01:54 AM

    Well done Sir.At least now Please keep on teaching and educating the Central Bank Governor and the GOSL as to how to run the Bank and the economy. Thank you

    buffaloa citizen Tuesday, 21 February 2012 03:02 AM

    What more can you expect from a person whose only prominent job was at his brother in laws sleezy hotel at Colpetty.

    Asarana Kolla Tuesday, 21 February 2012 03:10 AM

    Come on Harsha.. come on..

    willows Monday, 20 February 2012 11:14 AM

    Cabral will never face this challenge

    freelanced Tuesday, 21 February 2012 03:37 AM

    Economic theory and practice is not something that is carved in stone. To achieve one objective, there could always be ,any different routes - all linked to the economic policy of whatever the government is, which has received the mandate of the people. Therefore no one can say that route A is better than B or C. There is always a broad degree of subjectivity and debate in either of the routes.

    Rosh Monday, 20 February 2012 11:11 AM

    Good challenge.

    Chandimani Tuesday, 21 February 2012 03:37 AM

    දෙන්නම එකයි.. .. වැඩක් වෙන්නේ නැහැ.. .. අපි හැමදාම පරාදයි.. ..

    DonQuixote Monday, 20 February 2012 11:18 AM

    Cabraal has CIMA, De SIlva has a Phd, it may be rather one sided !

    Kangarro Tuesday, 21 February 2012 03:57 AM

    Bring him out to light and show who he is to the people of Srilanka

    Jinna Tuesday, 21 February 2012 04:30 AM

    How come an accountant can be a Govener of CB. He should have proper educational qulifications.

    Roshanaly Tuesday, 21 February 2012 04:21 AM

    Why don't the Government make Harsha as a Central Bank Chief, he will perform better than the Present chief.

    Nodrog Tuesday, 21 February 2012 04:45 AM

    What will this serve. No matter what the outcome of the debate the band-wagon will carry on regardless.

    Ramesh Monday, 20 February 2012 11:49 AM

    How come an Accountant come forward to a challenge from a Economist?

    Kondebendapucheena Monday, 20 February 2012 11:55 AM

    Stop Challenges and Debate reduce cost of leaving

    Ralph Anthony Monday, 20 February 2012 11:57 AM

    Do you think he will be brave enough to accept the challenge.

    phassy Monday, 20 February 2012 12:12 PM

    Well said Harsha ! People who have the backbone should come to the public stage.

    Sumedha Tuesday, 21 February 2012 05:17 AM

    I want to hear alternative solutions to economic problems, not stupid challenges.

    Jagath Monday, 20 February 2012 12:16 PM

    accept the challenge.


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