Tuesday, 08 September 2020 21:58

CB Annual Report a reflection of the previous government's weak economic policies - Professor Ranjith Bandara

The annual report of the Central Bank, the performance report of the Ministry of Finance and the mid-year fiscal report which have been presented to Parliament at the end of August, 2020 reflects the weak economic policies followed by the previous government and their repercussions, Professor Ranjith Bandara observed.

Professor Bandara made this observation moving the adjournment motion on the annual report of the Central Bank, the performance report of the Ministry of Finance and the mid-year fiscal report.

Moving the motion Professor Bandara observed that the above-mentioned reports scientifically analyze and recount the major economic setbacks suffered by the country’s economy during 2015-2019 due to the unhealthy economic policies, weak management and poor decision making of the previous government.

Professor Bandara also said that the said reports can be sourced to design the future economic policies and strategies to be followed by the present government.

Professor Bandara proposed the House to analyze the said reports and create policies that would strengthen ‘Saubhagye Dakma’, the most promising election manifesto of President Gotabaya Rajapaksa.

The adjournment motion was then seconded by Sri Lanka Podujana Peramuna (SLPP) Gampaha district MP Sahan Pradeep Withana.

Seconding the motion MP Withana pointed out that the country's economy was severely affected by the poor decision making and management of the previous government, Easter Sunday terror carnage and COVID-19 pandemic. Withana furthered that during the previous rule, the financial assistance directed to the private sector was lessened. He added that investors and entrepreneurs lost confidence due to lack of political stability as well.

Speaking further MP Withana pointed out that the government revenue has decreased from Rs. 29 BN in 2019, in comparison to 2018. He also pointed out that revenue on tax has increased whereas revenue other than tax has decreased by Rs. 51 BN. MP Withana also pointed out that government expenditure has increased from 8.2% in 2019 in 2019 in compared with 2018.

As per the mid-year fiscal report 2020, MP Withana noted that the present government has given relief to the general public by decreasing the fuel prices. He also pointed out that within the first four months of 2020, 03 state banks have recorded profits. He also said that the Ports Authority has displayed impressive achievements during a short period of time.

Citing the annual report of the Central Bank of Sri Lanka, MP Withana also stated that there are several institutions that have not produced their annual reports for the years 2015, 2016, 2017 and 2018 to the CBSL. The institutes include National Insurance Corporation, Electricity Board, Lanka Sugar, Sathosa, Lottery Board and Ceylon Fisheries Corporation.

 

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