Monday Dec 23, 2024
Monday Dec 23, 2024
Wednesday, 3 January 2024 00:00 - - {{hitsCtrl.values.hits}}
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| CBSL Governor Dr. Nandalal Weerasinghe |
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| President and Finance Minister Ranil Wickremesinghe |
Sri Lanka United National Businesses Alliance (SLUNBA) Chairperson Tania Abeysundara yesterday blamed Central Bank Governor P. Nandalal Weerasinghe and the Central Bank of Sri Lanka (CBSL) for killing Sri Lanka’s economy.
Addressing a press conference, she severely criticised Weerasinghe’s recent statements to the media, where he adamantly asserted that the Parate Law in Sri Lanka would not be amended despite pressures from a ‘specific gang.’
She remarked that the news is dire and tragic, foreseeing a future in Sri Lanka marked by tragedy. “This will devastate the economy. It represents the most severe form of harm that can occur in this situation,” she emphasised.
“We are entrepreneurs. We pay your salary. We pay the salaries of Government officials. Are we a gang? It is you who have ganged up to kill this economy,” she said addressing her remarks to the CBSL Governor.
Abeysundara said the country’s entrepreneurs requested a policy reform on the Parate Law for the betterment of the country and to uplift the economy.
A visibly distressed Abeysundara stated that the CBSL Governor had orchestrated a scenario leading to the country’s declaration of bankruptcy, hindering the functioning of businesses. She further accused the Governor of now blaming entrepreneurs for colluding. “There are Rs. 1.2 trillion non-performing loans solely due to the dire situation created by the CBSL Governor.” she accused.
The Chairperson remarked that the rise in taxes will only guarantee an escalation of non-performing loans to Rs. 2 trillion in the coming days. “Will these loans not come under the Parate Law? Who will be held responsible?” she asked.
She argued that the Parate Law does not safeguard the interests of the people but rather serves to protect the banks. “The country that initially instituted the Parate Law has since abolished it, and it is not utilised today,” she added.
Abeysundara asserted that the liabilities of businesses have surged by 300%, and the additional 18% Value Added Tax increase will only exacerbate the challenges faced by businesses in Sri Lanka.
She remarked that those formulating these laws lack an understanding of their effects and remain unaffected by these laws. Additionally, she questioned why the loans of Government associates are permitted to go unpaid and why they are not subject to the Parate Law.
Also addressing the press conference, Sri Lanka Trade Council (SLTC) Vice President Shashika de Silva emphasised that the solutions to the country’s woes lie with the entrepreneurs of the nation.
She stressed that Sri Lanka’s entrepreneurs backed President Ranil Wickremesinghe’s nation-building efforts when he undertook the challenge, continuing their work quietly despite the challenges.
She noted that the community recently organised a business forum with the participation of Government Ministers to express their difficulties. She expressed offence at the Governor’s characterisation of them as a ‘gang.’
“We never asked the Parate Law to not be implemented. We merely asked for some time to repay our debts,” she said. “Do not speak about safeguarding the people’s money in Banks by carrying out Parate Executions. We are the people,” she said.
De Silva emphasised that entrepreneurs need time, and restructuring is essential. She stressed the importance of amending the Parate Law, stating, “We only asked for it to be frozen for three years to allow businesses to grow and create stable operations. Do not give out misinformation to the President and the Cabinet by claiming we are colluding.”
