The Governor of Central Bank Dr Nandalal Weerasinghe is now responsible for aggravating the crisis by increasing interest rates 30%. He is doing nothing bring it down. He is justifying all the IMF conditions without bargaining hard on behalf of the poor. The team of Weerasinghe and Mahinda Siriwardana must read this and respond to this if not true.
The story I am telling here. Write it in an indelible place in your home with today’s date.
The biggest collapse of the Sri Lankan economy, the dark chapter of Sri Lankan politics is going to be written by July 2023. Due to power cut due to coal problem, abnormal hike in electricity tariffs, Olamotala decision on interest rates, increase in taxes from 14% to 30% on tourism, education, export industries, agro-crop processing, small and medium scale industries, garment industry Including, the country’s industry will be completely destroyed.
By the month of March, the fall in apparel products will be displayed. Due to the arbitrary decision taken in relation to personal income tax, doctors, engineers, bank officers, university students etc. will leave the country to the extent that you will not find enough doctors in government hospitals let alone a channeling center.
Banks and financial institutions in this country will face a crisis created by the government which has never existed before, due to the inability to pay bank loan premiums, leasing premiums and insurance premiums to fixed salary earners. In the midst of all this, the education and health services in this country continue to collapse, unable to earn even half of the tax revenue estimated by the government, and money has to be printed again to pay the government’s salaries.
The debt crisis that all these destructions are trying to achieve will fail, and we will end up a nation with slightly less debt than twice what we were. With the failure to solve the debt crisis, the further collapse of the rupee will bring this country to an irreparable level of destruction by the middle of next year by these rulers and bureaucrats.
The crisis that is going to happen next year is a national crime created by the ‘Olamottala’ rulers and their subordinates.
Write this in an indelible place in your home with today’s date that we are a miserable country that invites and embraces this crisis even though we have the ability to prevent all of this.
Dr. Nandasiri Keembiahetti,
Senior Lecturer in Economics.
