CBSL governor adopts extreme economic strategy just as Cabraal: AKD | Sri Lanka News

Central Bank Governor Nandalal Weerasinghe is adopting an extreme of economic stratergy of contracting the economy just as his predecessor Ajith Nivaard Cabraal adopted an extreme of an another stratergy, National People’s Power (NPP) leader Anura Kumara Dissanayake said today.

Speaking during the second reading of the budget, he told Parliament that people’s lives have been badly affected by the economic policies of the Central Bank.

He said CB Governor Weerasinghe was harping that the only solution to the economic crisis was to contract the economy.

“He is concerned on looking after the account of the Central Bank. He is claiming that the only solution to the economic crisis is to contract the economy. This has badly affected the people’s lives. It does not mean that I approve Cabraal’s economic stratergy. Weerasinghe’s economic stratergy represents an extreme of an economic stratergy while Cabraal’s economic stratergy represented an extreme of a separate economic stratergy. We need to identify the correct stratergy,” he said.

Mr. Dissanayake said contraction of the economy had lost a large number of jobs, imposed unbearable taxes including VAT, social security levy and payee tax where the brain drain had remarkably increased.

He said even though Finance Minister Ranil Wickremesinghe criticised the economic policies adopted after 1977, he had proposed same policies in his budget.

“He has proposed to obtain Rs. 3 trillion of loans next year and to restructure state entities. No constructive proposal to revive the economy,” he said.

He proposed several moves to come out of the economic crisis which included prolosals to obtain a new mandate, introduce new constitution, ensure efficient state service, stopping fraud and corruption. (Ajith Siriwardana and Yohan Perera)

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