(UTV | COVID-19) – “We cannot let the health crisis develop into an economic crisis. What we are facing is a global crisis. The Central Bank and the Treasury are entrusted with the responsibility of formulating right monetary and fiscal policies that are instrumental in economic revival. Many tools have been introduced by the Central Banks in the countries around the world. We have not received such a positive response from our Central Bank. Let me know the measures that need to be taken to confront the crisis without delay,” President Gotabaya Rajapaksa told the Top-Most Officials of the Central Bank of Sri Lanka.
The Government had put forward its proposals for economic revival. The Central Bank has not extended its support towards it thus far. President asked them to explain reasons for their failure.
President made these strictures during a meeting with the Officials led by the Governor of the Central Bank held at the Presidential Secretariat yesterday (16).
“Central Banks in leading countries such as the United States (US), Japan and Australia as well as in small countries have put in place required mechanisms to revive economies in their respective countries. Sadly, the Central Bank of ours has not put forward a single proposal to rebuild the economy. The Government owes a large sum of money to various institutes for the services and products they supplied during the past couple of years. The Central Bank had ignored the proposal made by the President to provide Rs. 150 billion to banks by accepting the outstanding due as collateral. The Government will have to take the blame for the economic slowdown due to this serious negligence of duty on the part of the Central Bank.
Officials who worked at the Central Bank during the scandalous bond scam still hold their positions. President expressed his displeasure for not receiving the cooperation of these Officials who supported that fraud to rebuild the country. While pointing out the massive mandate he received from the people of this country for the betterment of the nation, the President reiterated that he committed himself to fulfil the aspirations of the people. Many sectors including health, security and intelligence made a great contribution to battle COVID-19 pandemic. The Central Bank bears the responsibility of rebuilding the country’s economy. Instead of performing its duty, the Central Bank had obstructed the implementation of the proposals made by him, President said. President informed the Officials to identify the issues and forward their solutions or grant approval to his set of proposals. “It needs to be done today,” President stressed.
Secretary to the President P. B. Jayasundera, Principal Advisor to the President Lalith Weeratunga, Secretary to the Treasury S. R. Attygalle, Governor of the Central Bank Professor W. D. Lakshman, and Officials of the Central Bank present during the discussion.