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CB has misled government again: Ravi K

12 March 2019 01:29 pm - 12     - {{hitsCtrl.values.hits}}

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The Central Bank has once again misled the government by making it go for a US $ 3.5 million International Sovereign Bonds (ISB) issue at 8.5 per cent, Minister Ravi Karunanayake told parliament today.

Speaking during the second reading debate in the House, Mr Karunanayake said the rates at which Sri Lanka had issued ISBs were high compared to several other countries in the region. 

He said Malaysia had issued ISBs only at 3.75 per cent, Thailand 2.5 per cent. 

“Sri Lanka had issued ISB at a high rate whereas other nations in the region,” Mr Karunanayake said.

“Sri Lanka should have gone for a rate less than five per cent if not for the mishandling of the economy by the Central Bank,” he added.

Responding to a question raised by JVP MP Anura Kumara Dissanayake as whether he did not question this ISB in the government, Mr Karunanayake said he did speak about it in Cabinet.

Meanwhile, the Minister called for the setting up of common corridors to avoid excess expenses when providing infrastructure facilities. 

“The condition of the roads in Colombo had become worse than the ones in the outstations. We see constant digging of roads today. Roads are dug to lay pipelines and dug as soon as they are filled once again to lay power lines. Such exercises cost the country a huge amount of funds. This is a key area which the government has to keep in mind if we are to manage the economy,” he said.  (Yohan Perera and Ajith Siriwardana)

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  Comments - 12

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  • Karu Tuesday, 12 March 2019 02:39 PM

    Royal same side goal

    Risk factor Tuesday, 12 March 2019 02:51 PM

    The INTEREST RATES depends on RISK factor. Malaysian economy is better than SL economy.

    Saranga Tuesday, 12 March 2019 02:54 PM

    3.5 Billion Million is peanuts

    ravin Tuesday, 12 March 2019 03:08 PM

    Ha haa eyeing for another penthouse? Make sure you sleep in bed at night. Or under the bed more comfortable?

    Nuwan Tuesday, 12 March 2019 03:23 PM

    Well. Rates are high when the burrower is rated high risk. SL economy is not doing well at the moment. Remember, the bond scam made the interest rate 12.5%. It's a bit rich of you to condemn CB on this.

    Timothy Stephan Tuesday, 12 March 2019 03:28 PM

    The fellow that robbed the central bank now accuses the central bank, this guy is spreading Fake News

    Citizen Tuesday, 12 March 2019 03:30 PM

    Shut up you ROUGE. The people have had enough of you.

    Coconut Republic Tuesday, 12 March 2019 03:33 PM

    It's you all telling CB to dance according to your music. But we have a good economist.

    ANTON Tuesday, 12 March 2019 04:36 PM

    BEFORE LONG ELECTRICITY BOARD ALSO WILL START MISLEADING GOVERNMENT

    macca Tuesday, 12 March 2019 05:04 PM

    Sri Lanka is Not Thailand (Thai GDP 452 Billion) or Malaysia. (Mal 314.5 Billion) Sri Lanka GDP 87 Billion. Sri Lanka Exports are one of the lowest in the region. Foreign currency reserves are low. Lanka economy is Vulnerable with huge debts. Therefore risk is very High. Therefore Mr Ravi Karunanayake should not make false statements or sensationalize things with regards to CB. shame.. on you

    Dr Bala Tuesday, 12 March 2019 06:42 PM

    Macca . Good points.. Really appreciated.

    SN Wednesday, 13 March 2019 02:31 PM

    Is James Bond operating from Singapore? Who set the deal? What was the commission like?


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