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Harsha challenges Nivard for public debate on IMF standby agreement

20 Feb 2012 - {{hitsCtrl.values.hits}}

UNP National List MP Dr. Harsha De Silva challenged Central Bank Chief Nivard Cabral for a public debate on the IMF standby agreement and the economic policy decisions which the government had already taken in accordance with it.

Dr. De Silva who announced this at a news conference today charged that the government had to bow down to the IMF demands in exchange of the next phase of the standby agreement and apparently adjusted the interest rates and cut subsidies. He said the government had also agreed to bring the Ceylon Petroleum Corporation (CPC) and Ceylon Electricity Board (CEB) towards break even following the demands of the IMF.

He also charged that the rupee was also devalued by the government silently despite the claims made by the Central Bank Chief that the devolution was a one-off measure. Dr. De Silva said this was done without informing the Central Bank Chief.

“I am challenging the Central Bank Governor for a public debate as I want to question him about these,” he said.

Besides, Dr. De Silva charged that people had been badly hit by the ego centric economic management policy followed by the government. He therefore explained that the average monthly expenditure had exceeded the revenue. The monthly expenditure had crept up to Rs.31,331 compared to the average revenue of Rs.31,209 according to the latest available statistics.

The UNP MP further explained that the recent fuel hike was not due to the increase of prices in the global market but was a result of unprofessional handling of the economy by the government.

However he said the government’s current approach of a sector based subsidy system is a welcome move but highlighted that the transaction cost of the subsidies should be checked. Citing an example he said an estate sector worker cannot afford to forego his or her daily salary of Rs.400 just to obtain the Rs.200 fuel subsidy offered to them.

UNP Deputy Chairman and Member of the Central Provincial Council K. Velaudam said this is the case with the plantation sector as a worker has to spend one whole day to obtain his fuel subsidy from the cooperative store foregoing one day’s salary. (Yohan Perera and Tharushan Fernando)

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Harsha challenges Nivard for public debate on IMF standby agreement

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