Reply To:
Name - Reply Comment
Last Updated : 2024-04-23 14:45:00
23 October 2018 10:50 pm - 15 - {{hitsCtrl.values.hits}}
The government’s priority at the moment was debt repayment and not countering currency depreciation as it was a common phenomenon experienced by many emerging and frontier economies, Finance and Mass Media Minister Managala Samaraweera said today.
Addressing a news briefing at the ministry premises, he said the government was more concerned about repaying the debt pile it inherited rather than being anxious about the rupee depreciation.
“Some groups raise the point that rupee depreciation has led to a serious economic quandary in the country. However, I should say that rupee deprecation does not reflect the downfall of the country’s economy,” Samaraweera stressed.
“The economy would deteriorate, if we failed to settle our debts. But when it comes to rupee depreciation, it is not at all a strange phenomenon. As far as today’s economy is concerned, rupee deprecation is not a serious issue that requires plenty of attention,” he added.
The rupee has depreciated over 12 percent over the US dollar so far this year. A sharp depreciation of the local currency has implications to the all aspects of people’s lives since Sri Lanka is an import-dependent economy.
The rupee depreciation also adds to the debt burden as Sri Lanka has significant amount of dollar debt. (Sheain Fernandopulle)
Pix by Damith Wickramasinghe
Nonsense Wednesday, 24 October 2018 12:01 AM
You better prioritize on both. Multitask, what for are you in that ministerial position then? Why do we have to pay the price for your corrupt and stupid moves
Southpaw Wednesday, 24 October 2018 12:01 AM
How about stopping duty free luxury vehicles for politicos and their immediate families and friends ...
Jude Wednesday, 24 October 2018 12:53 AM
Hey Mangala, debt repayment and rupee depreciation goes hand-in-hand!! Yeah, equally important!!!
ajith Wednesday, 24 October 2018 01:29 PM
rupee depreciation is in a way help to debt repayment buy helping exporters and discouraging imports
sam Wednesday, 24 October 2018 01:06 AM
The knowledge of the finance minister is amazing. For him, rupee devaluation is not a serious problem..really?
Anonymous Wednesday, 24 October 2018 02:47 AM
How would the rupee (internal currency of the country) depreciating add to the international debt burden which needs to be paid in *dollars*? It's not like we can exchange rupees for anything else other than with whatever forex already inside Sri Lanka... Agreed that it hurts the people though, with prices of almost everything increasing.
observer Wednesday, 24 October 2018 03:06 AM
Paying debt by borrowing more !!.
Soam Wednesday, 24 October 2018 06:26 AM
This is a good move by the Sri Lankan Government. Debt being about 60-70% of GDP, if dragged on will curtail development and suffering on ordinary Sri Lankan for long time to come. Bite the bullet, have tighten fiscal policy, curtail unnecessary spending, may be increase tax on higher income earners and most importantly stop luxury spending by the elected members of the government.
Arnold Wednesday, 24 October 2018 06:48 AM
We are taxed like in Singapore, but our business environment is like in Afghanistan or Somalia, with no affordable housing, no decent public transport, little security, high medical and education costs, etc.
Lalu Wednesday, 24 October 2018 07:39 AM
Rupee depreciation is more due to internal factors than external. We have gone for service oriented economy instead of export oriented. Majority of our male workforce are engaged in activities that do not help the nation. Our biggest foreign exchange earnings are the remittances from unskilled workers from middle east.
pradeep Wednesday, 24 October 2018 09:19 AM
Minister was saying personal tax has to be paid by people whose monthly income was over Rs 100000.00.but this applies only for the PAYE tax payers, others have to pay if it is over 50000.00.Cant understand the logic.
dickie bird Wednesday, 24 October 2018 09:24 AM
looks like he is on weed
GH Wednesday, 24 October 2018 10:31 AM
If so, what about the BALANCE OF PAYMENT we are facing? won't it be the billions of debt led to many FOLD whereby losing our economy at large?
Bandara Wednesday, 24 October 2018 11:31 AM
This is what happens when you have people leading the country who haven’t got a clue about the economy...
yaha Wednesday, 24 October 2018 03:33 PM
Useless finance minister ......what he know about the finance ...we need a person who at least understand the finance basics
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
A recent post on social media revealed that three purple-faced langurs near t
