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Unfair to accuse CB Governor; defaulting loans a collective decision: Ali Sabri

2 September 2022 12:51 pm - 18     - {{hitsCtrl.values.hits}}

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Claiming that the decision to declare a default on foriegn loans was taken following discussions with the President and all other relevant authorities, Minister Ali Sabri said today that it was unreasonable to accuse Central Bank Governor Nandalal Weerasinghe of the decision.

The minister told Parliament that he was ready to take the responsibility as the then Finance Minister and said levelling accusations at the CB Governor should be stopped.

"If there is any problem with that decision, the responsibility lies with me. I was the Finance Minister at that time. I am ready to face those. But, don't go after honest and bold officials who have done what is best for the country. He never wanted this, it was we who wanted him to come here. Former President wanted him here and he came and did a splendid job for the country. There is some sort of a conspiracy is being webbed to get rid of him. I think, we are not in agreement with that," he said.

Minister Sabri said Sri Lanka had to settle a loan of US$ 203 million by April and that there was only US$ 17 million in the reserves.

"We did not hold back paying the loans while funds in our hand. There was no sufficient funds in the reserves to settle the payment. We wanted funds to settle for other essentials such as food and medicine. We had to give priority to them rather than paying loans. We discussed with the President, Finance Ministry officials, international experts and all those concerned before arriving at a decision to go for a default," he said. The Minister said the country had faced a default by April even before officially announcing the default. "Local banks had defaulted US$ 99 million in total by April 12. There was nothing to default. We had already faced a default," he said. The Minister said that there was only USD 17 million in reserves when former Central Bank Governor Ajith Nivaard Cabraal left the position and that most of the reserves had been used to stabilise the rupee aganst the Dollar. We have managed to stabilise the rupee at least of the current rate due to the decision we took," he said. (Ajith Siriwardana)

 

 


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  Comments - 18

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  • freddy foxx Friday, 02 September 2022 01:10 PM

    There are rumors floating that the incumbent CB Governor is to be axed. Why ? Is it because he knows his job,rather that dummy/rogue Cabraal, Is it because the IMF has, in principal agreed to a 1st tranche of billions of dollars and a good rogue at the CB is necessary to play about with all that money.

    Yass Friday, 02 September 2022 01:15 PM

    Yes absolutely. Need to stop these nonsense. Pretty sure AKD is fuelling this. Stop hurting bold officials.

    S.P.P. Gamage Friday, 02 September 2022 01:18 PM

    It is not Dr, Nandalal who made the country bankrupt. The prevailing system with lack of state policies and partly due to the politicians who held on to power are responsible for the present crisis. Now itself frame solid transparent state policies with foresight for all important sectors and implement the same without further delay. In this context we all have to work hard and then only we will be able to save the country from further collapse. If so, it will yield fruitful results in few years and make this splendid country not dependent on foreign aids. This way only we can leave a good country for forth coming generation

    BuffaloaCitizen Friday, 02 September 2022 01:30 PM

    You are quick to protect the current CB Governor, but slow to condemn those bastards before you who wrecked the economy where you were part of them. Further, you stated boldly to leave Politics but still licking and staying on.

    Lanka Friday, 02 September 2022 02:02 PM

    Yes it is a collective political failure on behalf of 22m Sri Lankan who voted for these people ? Will they learn lesson out of this ???

    Smanagh Friday, 02 September 2022 02:35 PM

    Nobody with a brain doesn't blame CB governor. Uneducated fools like MPs will blame him for defaulting while cheering for all the foolish things that has been done by former governor Kabral who led the country to its grave.

    AlAli Sabry says he's to blame too for lack of dollars then Friday, 02 September 2022 03:35 PM

    "We have managed to stabilise the rupee at least of the current rate due to the decision we took," So this means Ali Sabri is also to blame for the infernal peg the Central Bank has on the dollar. Where are the so-called economists for the country to analyse the costs and benefits of the fixing peg. We are one of the few countries to have such peg and to any layman it seems our country is the odd one out and in continued crisis due to a lack of free floating rupee.

    Past CB govoner and bond scam, beware Friday, 02 September 2022 03:51 PM

    CB Governor might look night and innocent, just like Mahendran. The bond scam money was lost for ever to the EPF. The current governor is of the same ilk, come for the prestigious position. Every MP says they came to nominate because many asked them for it. Saying CB Nandalal was invited means nothing. He is doing ruinous activity now. Down with him!

    Sandy Friday, 02 September 2022 04:07 PM

    Defeat the prominent leaders of all parties in next elections then others will get a chance to rule and that would be the beginning of system change.

    Lanka game of thrones Friday, 02 September 2022 04:53 PM

    Ali Sabri is now in a different portfolio. His talking about his involvement in his previous role, while Gota was in power makes him seem like another Namal. Seeking attention towards himself anyway possible, without forwarding for anything worthwhile.

    CB Governor was previously coy Friday, 02 September 2022 05:02 PM

    I remember Nandalal Weerasinghe repeatedly threatened to quit if things did not go his way when he first joined. The ego of the fool. And then he got his six year stint. He's political appointee, no other capable person who keep saying they would quit if things did not go their way when they got into a position. Maybe Ali Sabri can go home and offer Nandalal his national list MP spot, as it seems Ali Sabri is saying he's the bigger culprit with our problems today!

    SSZ KHAN Friday, 02 September 2022 06:09 PM

    A new system of governance with independent auditing for government accountability and transparency is the need of the hour

    Is he against IMF ask for flexible exchange rate Friday, 02 September 2022 07:10 PM

    Even the IMF is forwarding about having a flexible exchange rate. Holding on the peg so long, including with Ali Sabry speaking up for it so much make it seem he's in with some conspirators to rob of some economic gains the IMF wants us to have with a flexible exchange rate!

    C Fernando Saturday, 03 September 2022 09:30 AM

    Do you realize what will happen to the cost of living under a completely flexible exchange rate? You must be one of the mega rich who will not be bothered even if the dollar goes to Rs.600.

    Quolp Friday, 02 September 2022 11:00 PM

    Undoubtedly, CB Governor Nandalala has been a brave officer, many opportunists try to destabilize the country once again by kicking out CB Governor Nandalala from his seat to aggravate the economical situation in Sri Lanka.

    Sambo Saturday, 03 September 2022 06:33 AM

    Mr. Sabri. What you said in parliament is very true and nothing but the truth. But I wonder how many of them would have understood what you said as the majority does not understand English.

    Siddique I Sunday, 04 September 2022 02:25 PM

    Hi Ali Sabri Dont be a holly person and you are crook since you born you never had a backbone and always you suck some one

    Joker, Joker Sunday, 04 September 2022 02:59 PM

    Ali Sabry is known to occasionally really get emotional. Once there was comment made about his coat wearing and he really took it personally. He is good performer for the SLPP. Sajith the failure from the SJB brought up a needless point about the current CB governor and those who want him gone. Minister Ali really blew out all of the SBJ wind out and took over the discussion with making him the central figure.


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