Disclose true financial position: Ranil tells Govt.

25 May 2020 10:44 pm - 7 - {{hitsCtrl.values.hits}}

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Former Prime Minister Ranil Wickremesinghe today urged the government to reveal the true situation of the national economy.

“The issue today is about the future of Sri Lankan people and not merely statistics. Therefore, we request the government to come out with a report on the current status of the economy. Silence will not help the nation to come out of the present situation. As per the Fiscal Responsibility Act, it is the duty of the government to compile a report. The government last came out with a report on the economic situation on March 23 which is now outdated.

“CNN recently came up with a list of countries that are unable to settle their debts. These included countries like Argentina, Lebanon and Ecuador. According to global indicators, Sri Lanka too could fall into this category. Last month, Fitch ratings put Sri Lanka into “s-minus” based on debt settlement. Morgan Stanley Ratings is expected to push Sri Lanka into a minus status too. The ‘Economist’ magazine named Sri Lanka as a nation with highest economic tensions in South Asia. Sri Lanka’s debt services were 87 percent of the GDP in 2019. It is expected to increase up to 93 percent by end 2020 and hit 100 percent in 2021. Sri Lanka's total debt services are expected to be USD 3 billion this year and will go up to USD 10 billion in 2023. It is imperative that Sri Lanka looks for short-term export earnings. Import concessions should be given to manufacturing industries," he said.

On a different note, he said the Maligawatta stampede indicated the severity of Sri Lanka's economic downturn.

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Comments - 7

dickie bird Monday, 25 May 2020 10:53 PM

Y ?????????????? U want to return some Bond Scam monies??? If not, just mind your own business. V now know how U ran the Country.

Shehan Moses Tuesday, 26 May 2020 12:39 AM

RW and MS jointly led Yahapalanaya govt should be mostly blamed for this mess, Just look at the numbers, total Sri Lanka foreign debt in USD has doubled since 2015, created havoc in financial markets with the infamous Bond scam, Debt to GBP ratio increased to above 90% since 2015 and even got Sri Lanka blacklisted as a country of high risk for money laundering in 2017, just to name a few.

Roshan samarathunga Tuesday, 26 May 2020 12:41 PM

Hi mate please don’t scare people they know who ruined the country. Great bank robbery, lost tourism, still trying hang around. You must pack up everything. Enjoy the retirement. Please don’t talk nonsense.

kumaran Tuesday, 26 May 2020 04:36 PM

The less we hear, see and take notice of this man the better.

Noda King Tuesday, 26 May 2020 05:03 PM

RW you are a curse for SL . Tell us what have you done in the past 40 years in politics as an MP , Deputy minister , Cabinet minister , Prime Minster and opposition leader . NOTHING . Get Lost .

Dee Wednesday, 27 May 2020 07:53 AM

Sri Lanka will manage any situation along with China, please don't interfere in the joint process!

Bandula Wednesday, 27 May 2020 08:25 AM

Dire straits!

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Disclose true financial position: Ranil tells Govt.

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