Reply To:
Name - Reply Comment
Last Updated : 2024-04-28 11:51:00
28 September 2018 11:02 am - 33 - {{hitsCtrl.values.hits}}
In response to a question posed by one of the students of Royal College, Colombo, Finance and Media Minister Mangala Samaraweera yesterday said the depreciation of rupee was not the end of the world.
The Minister came with this reply at a special briefing held at the Royal College with the participation of students. The Minister and State Minister Eran Wickramaratne were attending an Exhibition on Innovation and the launch of the Royal College’s television channel.
Instead of delivering a speech, the minister decided to sit for a briefing and invited the students to ask him questions with the intention of getting their opinion and views about how the country should go ahead.
Responding to a question on depreciation of rupee, Minister Samaraweera said since the beginning of this year, US dollar has becoming stronger and the US interest rate has been increased. Using US dollars from Sri Lanka’s foreign reserve to control the depreciation of rupee was not a wise move, he said.
“We need our savings because we need to pay Rs.1.9 trillion as loans this year. In the next two years, we will have to pay Rs.4.2 trillion. Our priority is to pay debts on time than appreciation of rupee. Otherwise we will end up like Greece,” he said.
“This is not the end of the world. The previous government released Rs.4.1 billion into the market to control the depreciation but it still depreciated by 14%. Ours is only 8% at the moment. Putting money into the market is not the solution. We should somehow manage savings and prevent spending on unnecessary things. MPs, Ministers should stop importing fancy cars. We may have to reduce importing bottles of wine and cheese and stick to local produce for a while. The economy is not going to crash. In a way this is a good point for us to expedite programme to make Sri Lanka an export-oriented economy. The situation will get better, but I can’t tell when would it be,” he said.
Meanwhile, responding to other questions he said our education system itself stifled in creativity and innovative thinking.
“Our system is not created for it. Students are like slaves and no room for creativity. Thinking outside the box is not allowed. Also, if someone is saying that private universities should not be there, they are petty minded and ungrateful beings. They have got an opportunity but it doesn’t give them the right to prevent others' opportunities out of jealousy. We will take some action,” he said.
Video by Indika Sri Aravinda
lkboy Friday, 28 September 2018 11:06 AM
Of course, there is more suffering to come first.
Richard Friday, 28 September 2018 04:14 PM
People of SL have suffered since independence, now let the 'Politicians' suffer the next 4 years. What do you say Mr. Minister?
Rasheed Friday, 28 September 2018 11:09 AM
Yes. it is not end of the world for the Minister, but there are so many countries went bankrupt as the currency depreciation partly reflects the economy of the country.
Darrel Friday, 28 September 2018 11:10 AM
May not be the end of the world for people like you, but for the ordinary citizens, it will be. As time goes by there will be a snowball effect since most good imported are purchased in dollars. good the normal citizen has to buy.
ANTON Friday, 28 September 2018 11:12 AM
YOU ARE LUCKY THAT I HAVE ALREADY LEFT THE COLLEGE, OTHERWISE I KNOW WHAT SHOULD HAVE BEEN ASKED FROM YOU.
Unchikun Friday, 28 September 2018 11:12 AM
Uh! Royal College, what better place to discuss the economy and the dollar. Try Ananda College for solution to get out of the mess.
Ali Hu Kai Friday, 28 September 2018 03:08 PM
It doesnt matter whuch school you went to. All policy makers are the same!
max Friday, 28 September 2018 11:12 AM
Forget about the end of the world. But if your continue to be in the power, it will be the end of the country.
ANTON Friday, 28 September 2018 11:14 AM
I THINK THEY ARE GOING TO BE IN THE POWER UNTIL THE END OF THE WORLD.
Yes Sir Friday, 28 September 2018 11:15 AM
You are correct Sir. For politicians it is not. Big cabinet. Gold toilet. Luxury cars ..chairs. Luxury tours .pent house. Kick Backs and many more. But end of the world for many. Soon people may starve to death.
ANTON Friday, 28 September 2018 11:15 AM
NOT END OF THE WORLD BUT END OF SRILANKA
ANTON Friday, 28 September 2018 11:16 AM
WONDER WHY THEY DID NOT SHOUT " R-U-P-I=Y-A-L" INSTEAD OF R-O-Y-A-L
shanthapriya Friday, 28 September 2018 11:45 AM
But dont tell that to village students. They will laugh at you
Karu Friday, 28 September 2018 11:50 AM
You can say this to Royal College students and their parents. The value of the vehicles that are parked around Royal indicates how affluent they are. It's all free out there
Jude Friday, 28 September 2018 12:04 PM
If government not take proper measures to stop the slide of Rupee!!?? Well, soon people will need a Wheelbarrow to carry the MONEY to buy Groceries!!! Yeah, like it happened in Zimbabwe!!!
CNJ Friday, 28 September 2018 12:05 PM
If you continue in this same vein it would very soon if the end of the royal road for all of you!
kudda Friday, 28 September 2018 12:19 PM
Rupee has depreciated as we have lost export earnings badly. We have no say in the international market. Politicos are borrowing loans for mega projects
Hipo Friday, 28 September 2018 12:21 PM
Not the end of the world but spels the end of the government
Ajja Friday, 28 September 2018 12:54 PM
This is why I say that we would have better off under the British.The local politicians came and ruined and robbed the economy from the day we got independence.They are robbing even now, so no wonder why we fail as a Nation.
Waco Friday, 28 September 2018 01:09 PM
Mr.Minster , please have a similar meeting at Ananda Collrge, Visaka Vidyalaya and at Nalanda College as well.
Sanje Friday, 28 September 2018 01:18 PM
Mr. Minister.did you check the Government popularity lately. I am sure it should be single digit. Also if your regime thinks people have memory only for past three months and try to reduce all prices closer to election.....! well...,Keep deeming ,,
Missaka Friday, 28 September 2018 01:20 PM
Instead end of SRI LANKA?
MP Friday, 28 September 2018 01:44 PM
YOU HAVE ENDED THE LIVES SRI LANKANS. WHAT ELSE TO DO? DO YOU KNOW THAT SOME PEOPLE SURVIVE BY EATING MURUNGA (DRUM STICK) LEAVES? SHAME ON YOU! YOU HAVE RUINED THIS COUNTRY! SHAME!
Cheena Friday, 28 September 2018 03:10 PM
what you can expect about economy better than this from an Fashion designer
Nihal Amarasekera Friday, 28 September 2018 03:20 PM
Yes; but may be end of ....you know what.
Damian Friday, 28 September 2018 04:24 PM
What else can expect from incompenant people
DR Friday, 28 September 2018 05:00 PM
Such depressing comments. Why don't we start using local products, and leading more sustainable lives instead, and only import what's genuinely unavailable.. more of our money going towards local producers is the only way they can grow, and only when our producers/manufacturers grow can the country's economy make progress.. by demanding USD goods, we too a feeding the USD growth with our money.
Dallas Friday, 28 September 2018 05:19 PM
Look at this person guys
jenan Friday, 28 September 2018 05:44 PM
clean suit empty pocket mentality.
Pradeepan Friday, 28 September 2018 06:13 PM
End of Vanchapalanaya. At last.
Mr X Friday, 28 September 2018 06:53 PM
Not the end of the world, the end of Sri Lanka.
Ramu Friday, 28 September 2018 07:10 PM
I was in Zimbabwe during the beginning of devaluation of Zim dollar,President Mugabe and his hench men also yelled those kind of slogans,but due the devaluation common man suffered, and during 65-70 UNP regime, when rupee devalued, then UNP politicians said,nothing happened to rupee,it is still 100cts.funny fellows
nevilkat Friday, 28 September 2018 07:32 PM
Hon.Minist.,You are not correct person for this post,better go home or join with your fomer boss.Useless .
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
US authorities are currently reviewing the manifest of every cargo aboard MV
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
