A news item says Gotabaya Rajapaksa on Saturday assured Governor Nandalal Weerasinghe that the Central Bank will be fully supported to conduct its duties independently. He gave this assurance during a meeting with CBSL and Monetary Board member Sanjeewa Jayawardena. According to the news item “The President fully assured them that the Governor and the Monetary Board has his fullest and unqualified assurance of freedom to discharge their functions independently and without any extraneous constraints,” .
This is the same team, the President lambasted one year ago saying CBSL should do their job or go home. Nandalal led the team. He said “ please allow me to sleep”. Now 12 months later he is singing another song. In fact, the Bond report found Nandalal guilty of neglecting his duty. The President should read the report now that he has the time. The President has now appointed a Finance Minister who knows the subject very much more than than him.
Moreover, under the leadership of the President the country for the first time in history, was made bankrupt. What more Mr President, the IMF Managing Director has said publicly the country is in this sad plight due to the mismanagement of the government. The country is in such a precarious situation Mr President now to play politics and leave it in the hands of Nandalal.
His four text book decisions has only aggravated the situation further, rather than easing the burden of the people, the decisions have heaped more burdens on the people. This is now become a humanitarian crisis. Most people can now only afford to have 1 meal a day. Nandalal should fix it or take the responsibility for a potential food riot, if he continues to take the high road. He should talk less and do more. Unlike Nandalal, most Sri Lankans don’t have PR in Australia to run to in a crisis. The President, Prime Minister and the Governor and their back street boys will have no where to run if another riot breaks out due to food shortages . Hunger makes people desperate .
CBSL Actions
The Governor’s decision to double the interest rates have killed several small business and finished their livelihoods. The rich and the financial institutions are merry making by investing in treasury bonds at 20+%.
His decision to shut the open account that was keeping the flow of low end consumer items was shortsighted. No goods have been ordered post 10 th of June according to sources. There will be soon a food crisis and no incomes. His war with the Havala has resulted in remittances dipping significantly. The worst thing was defaulting on $78 million . Did the CBSL consult the stakeholders before doing this? He has virtually shut all the funding lines for the country.
This is the worst decision next to defending the LKR and floating it subsequently by the previous two governors . Nandalal without projecting himself like a savior to the President, who understands no economics , should stand up to scrutiny and act as a public servant instead of following the former Governor who was anyway a politician. 60% of the people are steadily becoming destitutes, thanks to the decisions of our bureaucrats and politicians who operate at 30,000 feet. It is simply not fair to destroy the livelihoods of hardworking Sri Lankans, who have no where to go like the President, Basil Rajapakse or Nandalal Weerasinghe. Only the gods can save Sri Lanka the way we are going.
Adolf
