Breakdown of economic governance

It is very tragic that Sri Lanka may lose the confidence of the business world both locally and internationally courtesy of the Government-appointed nominees of the State. I like to highlight just two such incidents with no bias.

The first was the rundown of foreign reserves. The Central Bank went on saying there is no crisis. People went on importing. Now what is the situation? Everything is going up and up. We proudly claim we have billions of reserves. Dr. Kelegama, an eminent economist, put the record straight by saying more than 75% of that money is borrowed and needs to be paid back.

Then the EPF transactions – I do not totally believe all that Dr. Harsha De Silva says. However, currently what is the value of the LAUGFS investment? The EPF has lost 35% of that as at today. Last week the disgraceful way the Chairman of NSB did that Finance Company transaction? The President had to intervene. What damage will that do to the image of our country? The Chairman of NSB should resign, so should The Finance Chairman who even had a press conference to defend the transaction. Both should be sacked.

The President should take to task the people in the EPF for buying up overvalued stocks. It he who has to face the public, not those officials who will disappear at the sign of an election and be in faraway lands relaxing in their armchairs like we saw after Chandrika Kumaratunga had to go.

Don’t our political leaders, both Government and Opposition, read the newspapers? They are elected to serve the people, not to be served by them. Mr. President, our most popular president, the time has come to rein in your people and get them act in the interests of this country, not their pockets.

Priya