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Economy managed 'very badly': Cabraal

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3 February 2017 06:06 am - 30     - {{hitsCtrl.values.hits}}

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Former Central Bank Governor Ajith Nivard Cabraal, who served in office during the previous rule, said yesterday, the economy had been managed ‘very badly’ during the last couple of years even according to statistics published after the new government assumed office.

Issuing a statement, he said the country was now on the brink of a massive economic catastrophe.

“In fact, just last week, Bloomberg listed Sri Lanka as a high investment risk country, and placed it at 67 out of 80 countries (20 slots behind Greece!), in their “Global Risk Briefing”. In other related developments, the rankings of the country suffered embarrassing setbacks in the “Doing Business Index” and the “Corruption Perception Index” as well,” he said .

Some leading members of the present “Yahapalana” government have recently claimed that they took over an economy that was in the Intensive Care Unit (ICU) on 8th January 2015, and that during the past 2 years, they have brought the economy to a stable level. In that regard, the following basic analysis of Sri Lanka’s macro- fundamentals (as per Central Bank and other data published after January 2015) is set out, so that all Sri Lankans could see for themselves, the true position about our economy, then and now.

Citing statistics, he said the economic growth for the five years from 2010 to 2014, was at an average rate of 6.8% and the investment outlook was steady and robust. On July 29, 2014, the IMF stated: “Sri Lanka’s economic growth has been one of the fastest among Asia’s developing economies in recent years”.

However, he said the economic growth is stagnating, and dropped to 4.8% in 2015, and is expected to be less than 4% in 2016.

“Investment is slack, and new jobs are not being created. Agriculture production and Telecom services are at risk,” he said quoting statistics.

He also said, “The desperate claims that the economy is robust by a few Ministers who have lost their credibility, is hardly likely to change the gloomy business sentiment or the pathetic situation. Accordingly, is now time for those who are responsible for the economy to cease uttering blatant falsehoods, desist from trotting out lame excuses, and stop accusing the previous administration for their own mismanagement and incapabilities. At the same time, the present administration must immediately acknowledge the gravity of the situation and take the necessary remedial measures to avoid the impending disaster. Unless that happens, this self-made “perfect storm” that has been thrust upon our once-robust economy by the present administration will engulf our country with disastrous consequences.”


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  Comments - 30

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  • Manuel Benjamin Friday, 03 February 2017 11:14 AM

    Other than your Salary those days, you were paid an additional allowance from Mahinda Rajapakshe. Correct, I am not lying as my coursin brother was working in your office.

    Lanka Shantha Wednesday, 08 February 2017 07:07 PM

    Forgot? You assisted to put All the EPF funds in to the collapsing Greek Investment?

    ed Wednesday, 08 February 2017 04:01 PM

    Hey Navard Cabral, You have NO SAY into the current chiaos situation at the central Bank !!!!! Because you were the realy CULPRIT of all the FRAUDULENT activities at the HELM !!!!! We saw your dancing ACT at Sydney,Australia.You will not live happily until you death ::::::::you and the Rajapaksha regime will never fade away with all CORRUPTION and the damage done to SRI LANKA. you will be well recorded in HISTORY of this country's economical disaster...........

    rew Monday, 06 February 2017 07:55 AM

    Like a share of the gravy train!

    Kiris Babab Amaray Friday, 03 February 2017 05:28 PM

    FCID should investigate and arrest Gabriel first5.

    Kadupol Jothywanswa Friday, 03 February 2017 05:26 PM

    Before Arjun Mahendran, this man should be brought to the FCID and investigated as he robbed more than 1.7 billion for MR.

    Dee Friday, 03 February 2017 05:24 PM

    Even a A level student can inteprit the global stats better than you and say why we are in dire straights now. All went well untill two years came by from the day this was all messed up by you lot.

    J Palitha Friday, 03 February 2017 05:24 PM

    Every month even now he gets a cheque amounting to One Million from MR. Can check from the bank...

    Bubble Banda Friday, 03 February 2017 05:22 PM

    This is 100% true.... This man earned more than double the amount of his salary from Mahinda for preparing adverse financial statements adhering the Govt.

    Leo Friday, 03 February 2017 02:18 PM

    Still full of hot air Mr.Cabraal. via DM Android App

    ravin Friday, 03 February 2017 02:00 PM

    All agree with you, because their are no thieves managing economy now. Fortunately ali baba and thieves are no longer managing our economy.

    Perumal Friday, 03 February 2017 01:49 PM

    No, he;s talking about Greek Bonds

    Chux Friday, 03 February 2017 01:06 PM

    Because you managed well we had a very good time during your time

    Thomas Ranger Friday, 03 February 2017 01:02 PM

    Another voice in the wilderness like that good for nothing foot-in-mouth Professor. Just find better things to do, man.

    dham Friday, 03 February 2017 11:15 AM

    Only difference you and Ravi is CIMA and ACA other than that both on same boat. Badly managed tax payers money. via DM Android App

    COOLGOOSE Friday, 03 February 2017 08:17 AM

    WE KNOW HOW YOU MANAGED THE ECONOMY, SO WHAT IS YOUR POINT? U WANT IT BACK !!!!!!

    Vijith Pieterz Friday, 03 February 2017 11:09 AM

    Now a days thieves are acting like Policemen. Ha..Ha..Ha..

    Desmond Jeromme Friday, 03 February 2017 11:05 AM

    Its simple Main All Baba is blaming a banana thief. Ha..Ha..Ha...

    German Jacob Friday, 03 February 2017 11:04 AM

    Cabraal you who ruined out economy badly and looting with Mahinda. mind it.

    Mevan Friday, 03 February 2017 10:55 AM

    One of the thieves of Ali Baba has found his voice.

    TJ Friday, 03 February 2017 10:52 AM

    All these negative statistics are nothing but the propagation of your mismanagement. Who will consider Srilanka as a low risk investment country when you use the executive powers to abrogate the agreement with Emirates Airline for personal reasons and send Sri Lankan Airlines to nose dive

    Tissa Friday, 03 February 2017 10:23 AM

    give him another 500 m dollers to invest in Greace bonds via DM Android App

    Kaboos Friday, 03 February 2017 10:15 AM

    pot calling kettle black.

    Bizmag Friday, 03 February 2017 10:12 AM

    Pot calling the kettle black. Lol

    Sanath Friday, 03 February 2017 09:59 AM

    See, who is talking now!!

    Jeff Friday, 03 February 2017 09:47 AM

    Being a chartered accountant, I feel shame to have you in our profession.

    shamon Friday, 03 February 2017 09:46 AM

    Current govt has to clean up all the shit you left behind via DM Android App

    Bala Friday, 03 February 2017 09:46 AM

    Are you saying Greece is better to justify your scam on the purchase of Greek Bonds and catastrophic loss to country and gain to you/MR cronies.

    Nihal Amarasekera Friday, 03 February 2017 09:38 AM

    Yes; economy should be in a bad state, going by the added taxations and price increases wherever they can lay hands on is to go by. This is not because this failed CB Governor is telling so; we commoners feel.

    rosebud Friday, 03 February 2017 09:26 AM

    You and RaviK both managed the economy badly. At least the CB is now in safe hands - provided there is no interference. via DM Android App


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