Sri Lanka is the only country in the world amidst the Covid pandemic that has faced unprecedented price increases, gas and fuel shortages, and a dangerously low foreign reserve position. Even the countries in the Asian region have recorded a positive GDP growth, FDI, and foreign reserves said Eran Wickramaratne MP at a press conference at his Kirullapone office recently.
At the press conference, Wickramaratne explained that Sri Lankans are looking for solutions brought forward by an individual, a President, which has been greatly disappointing. As a result, the country has plunged into an Economic disaster through autocratic policies and family rule. In society problems are complex and there are no easy solutions. There is a need for a wise leader who should have the support of a team who is honest and has proven expertise and experience in governance and economic management. People’s belief in an individual’s ability to steer the nation has ended in disarray ushering in an autocratic family rule. Higher officials take no responsibility for decision-making as their views and opinions are often disregarded.
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Because of this family rule, the higher officials say they were not part of the decision-making process even though they were present at such discussions. Even the Cabinet of Ministers claims that they were not aware of cabinet decisions, even though the Cabinet secretary has publicized those decisions. It proves the decisions are taken by a closed coterie, and the ministers have become just on-lookers. Recently, the agricultural ministry secretary, who is an agricultural scientist, was removed from his position as he warned of the possibility of starvation due to the decision not to import chemical fertilizer. The secretary had pointed out that it was due to ill advice and a dead rope given to the President by people who did not know the subject.
Elaborating further the MP explained that the promotion of myths and lies made people believe in an individual or family being able to rescue the nation. Speaking further on the corruption that had engulfed the country, he pointed out that millions of dollars had been paid for unseen aircraft and unseen fertilizer.
Speaking further, he said that Sri Lanka is an exception where revenue from exports, foreign direct investment has gone down due to economic mismanagement rather than the Covid. Almost all countries were affected by the COVID, but not a single country was as badly affected as Sri Lanka, because of better economic management in those countries.
"The people of this country are being swept away by the economic tsunami just as they were swept away by the tsunami in 2004," quipped MP Wickramaratne.
The MP referred to the irrational management of the exchange rate and forcing Sri Lankan workers overseas to convert their Dollar remittances at banks at Rs 200 per Dollar while the black market was over Rs 250 per Dollar. The overvalued Sri Lankan Rupee logically encourages exporters to under invoice their exports in Dollars. Poor exchange rate management has caused foreign reserves to plunge to dangerously low levels. Over 1.5 Trillion Rupees of money printing by the Central Bank has been the main contributory factor pushing inflation into double digits within a short period. The average inflation rate of 2014-2019 of 3.5% has shot up to an average inflation rate of over 10% in 2019-2021. The inflation rate in November has exceeded 11%.
There is a global shortage of cement and LPG. There is a global problem of supplies and movement of goods. Sri Lanka is the only country outside the developed world to have population wide third dose booster progamme. Be thankful. Don’t lie.