Economy is in shambles: Champika

30 June 2020 02:22 am - 6     - {{hitsCtrl.values.hits}}

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Sri Lanka’s economy is slated to suffer a major breakdown soon as a result of wrong economic policies, former Minister Patali Champika Ranawaka alleged yesterday.

Mr. Ranawaka told a press conference that Sri Lanka will suffer economically if the country uses its foreign reserves to settle external debt.

“Sri Lanka’s foreign reserves stood at $ 7.2 billion when we handed over the government in 2019. However, the government claimed that we handed over an empty treasury. The present regime is using the foreign reserves to meet the external debt services. Foreign reserves are usually used for import expenditure,” Mr. Ranawaka said.

“Several sectors including the vehicle importers are suffering with the extension of the ban on imports which was introduced during the pandemic period,” he added.

Also he alleged that both diesel and petrol comes to the Kolonnawa reserves at Rs 50 a litre, however diesel is being sold at Rs. 104 and petrol at 137 a litre.

SJB National Organiser Tissa Attanayake who also participated in the press conference said Sri Lanka is to face a major economic crisis if it fails to ensure that there is an adequate inward flow of funds in line with the printing of money.

SJB pledged to come up with massive concessions for the people if elected to power and to reduce utility bills. (Yohan Perera)

  Comments - 6

  • Dallas Tuesday, 30 June 2020 01:12 PM

    Economy is in shambles is mainly due to COVID 19 and due to GDP growth reducing from 7% in 2015 to 2% in 2019.When GDP growth reduces the government tax revenue reduce as well

    Senior citizen Tuesday, 30 June 2020 02:01 PM

    Sir, our hard earned FDs are also in shambles with the present interest rate. I am 65 and have only my FD to depend on. Please do help to increase the rates.

    SJB supporter Tuesday, 30 June 2020 02:27 PM

    Not reducing fuel prices is a good thing.SJB should not make foolish promises like pledging massive concessions if elected to power as all know that the economy of the country is in dire straits and such promises cannot be fulfilled .

    Sam Silva Tuesday, 30 June 2020 02:34 PM

    The only thing that is certainly in shambles now and cannot ever recover is your life !!!!

    Gamunu Wednesday, 01 July 2020 08:31 PM

    Champika just because you entered the parliament on sympathy votes from Soma threes untimely death, what knowledge do you have to make such remarks? You struggled to get your engineering degree I am told and is not a clever politician but you are a cunning politician I would say. Any comments on Yahapalana economy that brought us to this level.

    lord pakeer Thursday, 02 July 2020 04:12 PM

    and the leader of SJB is saying he will give Rs 20,000 to each citizen??? think the SJB is in shambles.


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