Central Bank Governor most trusted by Sri Lankans to resolve economic crisis

2 December 2022 08:58 am - 26 - {{hitsCtrl.values.hits}}

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Central Bank (CB) Governor Dr. Nandalal Weerasinghe has emerged as the most trusted and the only person commanding the trust of the majority of Sri Lankans to carry out economic reforms in resolving the present economic crisis, according to the ‘Economic Reform Index’ survey conducted by Social Indicator (SI), the survey research arm of the Centre for Policy Alternatives (CPA).

The Survey found that 57 percent of Sri Lankans placed the trust on the CB Governor to do the right thing in resolving the current economic crisis with only 31.4 percent stating no trust on him.

President and Minister of Finance Ranil Wickremesinghe was the second most trusted person (45 percent) to carry out reforms and turnaround the economy.

Meanwhile, the Public Finance Committee (COPF) Chairman Dr. Harsha de Silva emerged as the third most trusted percent (43 percent) and a quarter of Sri Lankans (25 percent) place their trust in the Committee on Public Enterprises (COPE) Chairman Prof. Ranjith Bandara.

The National Council Sub-committee on Identifying Short and Medium-term Programmes related to Economic Stabilisation Chairman Patali Champika Ranawaka is trusted by 23 percent of the population.

Meanwhile, a majority of Sri Lankans (61 percent) approved of the government approaching the IMF
to overcome the country’s economic crisis and three quarters of Sri Lankans (75 percent) believed that the IMF assistance would enable the country overcome the current economic crisis.
Notably, one-fifth of Sri Lankans was very optimistic about this approach.

Interestingly, most Sri Lankans (37 percent) believed that China would assist Sri Lanka in overcoming the economic disaster.

Almost one fourth of Sri Lankans (24 percent) were of the view that India would assist Sri Lanka and 14 percent believed that Japan would assist to overcome the economic crisis. However, only less than 10 percent of Sri Lankans think either the United States (U.S.) or European countries would assist Sri Lanka to overcome the economic crisis.
In terms of economic policies, the survey findings indicated that over half of Sri Lankans (56 percent) were of the belief that the government should allow foreign companies to invest in the country.

Although the majority of the population (50.1 percent) supported reducing number of public employees, they were against (52.1 percent) privatisations of government corporations. Meanwhile, nearly 64 percent Sri Lankans disapproved the tax hikes through the Inland Revenue Amendment Bill. However, 35 percent of the population was not aware of the Amendment.

According to the survey findings, 41 percent of Sri Lankans expressed their pessimism towards
Sri Lanka’s economic future. Specially those who are in the age bracket of 30 and above expressed a high rate of pessimism towards the country’s economic future.

Those who engaged in self-employment and in the private sector harbor relatively higher levels of pessimistic views on the country’s economic future. It was only 18 percent of people who believed that the country’s economic situation would improve in a year. Meanwhile, about 60 percent of Sri Lankans were considering to migrate to another country if they were given an opportunity. An overwhelming 79 percent of Sri Lankans claimed that their economic situation has got worse compared to what it was a year ago. 82 percent indicated that their quality in consumption or purchase of food items have altered as a result of the economic crisis. The island-wide survey examined public opinion on the current economy, and economic reforms discussed over the past few months. The fieldwork for the study was conducted from October 21 to October 31, 2022.

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Comments - 26

J.N.Mudiappa Friday, 02 December 2022 09:20 AM

Mr.Nandalal Weerasinghe is the right man to do the job. Combination of the President Wickramasinghe and the present governor Nandalal is the best option to retrieve us from this economic disaster. I am sure these two combined could deliver the result. Their presence is a blessing in disguise to Sri Lanka.

Gamini Friday, 02 December 2022 09:29 AM

This is like a double blind test. Most people do not know how economics works. Lately the CB governor has been giving false hopes to the audience. Eg. Inflation from around 80% now to 4% next year. Rupee has been depreciating at little over 8% per year against the Dollar for the past 40 years. Does it make sense?

Mike Revere Friday, 02 December 2022 09:31 AM

IMF has system not easy to rob. Family crowd like China loans and handing over money which can be robbed by the plane loads, and making citizens as beggars. Only fill pockets without doing jobs.

Neil Friday, 02 December 2022 09:41 AM

Such a comparison does not make sense to me. Governor of CBSL has fewer tools where as the President has more tools to address the issue. For example, Ranil has options to address corruption allegations whereas Dr Nandalal doesn't have. Need to compare apples with apples. I would give Ranil a big ZERO.

Observer Friday, 02 December 2022 09:43 AM

The CB Governor should not be taken away by these findings although they may be true. He should perform honestly and be Non-political.

Silva Friday, 02 December 2022 09:45 AM

This information may be based on very little number of people. The majority of ordinary folks think the other way. These so-called economists believe and depend on IMF only and make people suffer and suffer more to satisfy the IMF.

joshua Friday, 02 December 2022 09:47 AM

Cabraal...... I thought he was world class??

Mizaru Friday, 02 December 2022 09:49 AM

This shows the economic literacy in Sri Lanka. The present governor of the Central Bank of Sri Lanka increased interest rated to 30% and the government borrowing interest rate is around 35%. No country in the world has recovered with double digit interest rates.

Iwazaru Friday, 02 December 2022 09:52 AM

This shows how illiterate Sri Lankans are in terms of economics. Economics is not a four function calculator. This economic crisis was caused due to political mismanagement. The only way out is to go for a fresh mandate from the people

Jude Friday, 02 December 2022 10:02 AM

I don't agree with the survey!! Firstly, Nandalal talks the talk but doesn't walk the walk!! All what he does is talk with financial Jargon on podium where half of people don't understand!! You know the survey is flawed because the second most trusted person to resolve the SL economic crisis is Ranil?? I rest my case!!

Jude Friday, 02 December 2022 10:04 AM

Most surveys conducted in SL are biased and flawed!! Yeah!!

Lion Friday, 02 December 2022 10:14 AM

This is all pure stupidity, no one believes these statistics which has no credibility

Dinesh Withanage Friday, 02 December 2022 10:22 AM

Feeling sorry about RW, I though he could have come first

Chami Friday, 02 December 2022 10:22 AM

Very soon Nandalal will resign, politicians dont like other being praised better than them. Pleasant days ahead for SL.

Kannan Friday, 02 December 2022 10:28 AM

I very strongly believe that the CB Governor Dr. Nandalal Weerasinghe is the best Governor we ever had.

Nallammah Kulanthaivelu Friday, 02 December 2022 10:33 AM

We can hope the country will recover from the present economic situation.

Jude Friday, 02 December 2022 10:48 AM

The biggest flaw in this type of surveys is, the methodology NOT transparent!!

Dilakshan Seneviratne Friday, 02 December 2022 11:26 AM

If 44.7% of people think that Ranil Rajapaksa can do it, its not surprising that SL is in this position today. The only salvaging factor is that this is probably a percentage of English speaking people. When RR was appointed PM, the English speaking youth left Aragalaya in droves. So the rural youth, mostly non English speaking, will have to carry the burden of transforming the political system, in order to attain economic freedom via proper governance.

Dana Friday, 02 December 2022 11:42 AM

Wonder who responded to this survey. If it's a true reflection, no wonder the country's economy is in the present state.

Lam Friday, 02 December 2022 12:07 PM

Let us now make him next presidential candidate to see if people truly like educated president over political thrives in Sri Lanka...what Sri Lanka needs is an honest leader with some integrity and skills ...Now we luck that now..Ranil has political wisdom and yet he is foxy and will do all Dirty trick to stay in power and central bank scam is shame on his name ..he can't be trusted at all..

GHT Friday, 02 December 2022 12:35 PM

Everyone knows that Nandalala is an efficient man to handle the economy, all others rated are nothing but UTTER THIEVES, and thoroughly DISGRACE for Lankans if given any opportunity to hold the GOVERNOR POST of CBSL.

Citizen 12 Friday, 02 December 2022 02:20 PM

Current CBSL Governor, President, Dr. Harsha De Silva and Dr. Indrajit Coomaraswamy, are the right combination.

Lumbini Friday, 02 December 2022 03:44 PM

Why we trust this man who has done nothing except using a manages exchange rate regime? I can't understand.

Adwani Friday, 02 December 2022 04:02 PM

Great Grand Golaya of Gota.

Tom Friday, 02 December 2022 05:19 PM

RW leads the pack by miles.Whom do you think, who could pull us out of this mess? Nandalal is a baby comparing to RW. Sajith the idiot? Or Anura? Are we in a position to do another experiment? Anura could easily be another Gota. JVP is to be blamed for this debacle just as others for blocking all the progressive steps during the past few decades.

API thamai honnthatama kale Saturday, 03 December 2022 09:45 AM

What about the 6.9m people and the Royal Family who controlled 70% of countries budget 10%??? Where are they now?

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Central Bank Governor most trusted by Sri Lankans to resolve economic crisis

Comments - 26

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