JO refreshes calls for PM to quit

Thursday, 4 October 2018 01:00 - - {{hitsCtrl.values.hits}}

By Nuwan Senarathna

Citing the recent depreciation of the rupee, the Joint Opposition yesterday called on Prime Minister Ranil Wickremesinghe to step down.

“The Central Bank bond auction in 2015 is the root cause for the current economic crisis, which is leading the country to point of no return,” MP Mahindananda Aluthgamage claimed.

He stated that foreign exchange reserves in Sri Lanka will not be sufficient to service the country’s foreign debt repayment if the Central Bank utilises the funds to stabilise dollar outflows.

The comments come in the wake of confirmation on Tuesday that the Central Bank spent $ 184 million (net) to defend the currency during the first few weeks of September.

Aluthgamage also claimed that the Government’s decision to temporarily suspend vehicle permits for Parliamentarians and state employees, and restricting imports of mobile phones, televisions, refrigerators, and air conditioners, will not ease the downward pressure on the Sri Lankan rupee.

“If we look closely, the alleged bond auction raised the interest rate by 3%, but the Government does not talk about it because deep inside they know it is their fault. And foreign Investors pulled out because of this and he had lost our credibility,” he claimed.

He claimed foreign investments worth more than Rs 8000 million were pulled out during the last two week. He also said that the Government has to take measures to curb the situation. He pointed out during 2008, Sri Lanka managed to maintain steady economic growth despite the economic recession and the last phase of the war.

“As we all know, the Prime Minister has to take the responsibility of the alleged bond auction, which led to all this. Eventually it is Mr Wickremsinghe himself who is responsible for the current economic crisis. The auction caused one billion rupees lost to Sri Lanka, which cannot be taken lightly,”he added. He urged President Maithripala Sirisena to arrest people who are involved in the alleged bond auction in 2015. He also said former President Mahinda Rajapaksa has the capability to manage the economy better, and that the time has come to form a new Government with the leadership of the former President.