Tuesday, June 18, 2024
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Why declare bankruptcy for $78 Million?

It was only a few days ago Former Prime Minister Ranil Wickramasinghe castigated the Central Bank for devaluing the Lankan Rupee by 40% in one day. He also noted the massive increase in Bond rates in one day was totally uncalled for, nobody asked for it he noted.

The Central Bank’s tightening up is certainly music for some economists, but for the small man, it is the last nail in the coffin. It is the bureaucrats who are  burying this country, because the government is incompetent and does not have the people who can challenge the bureaucrats.

The current finance minister too does not understand economics or finance. His ministry secretary will now have a field day spinning webs around him. Now the Central Bank has declared bankruptcy for $ 78 Million.

Why do we need a Central Bank and a Finance ministry, if they can’t even strategize and plan for eventualities like -forex cash shortfalls. We don’t need a Central Bank that plays by the old rules. The world has changed by 360 degrees.

The bureaucrats responsible for the irresponsible and negligent decisions must be found out and punished. The nation and its citizens have lost 50% of their wealth in just 1 month.

Why do we need to pay million Rupee salaries to a Governor if he can’t even manage the short term funding situation. Where are his international connections? A Governor must be well connected with international networks. That is what Sri Lanka requires desperately.

Not only using the economic tools the CBSL has its disposal to tighten up. A Finance manager in a company would know declaring bankruptcy or defaulting means – end of the road . Several analysts are of the view that #nandalalweerasinghe is another #pbjayasundara in the making.

A Central Bank certainly must be independent to provide professional advice to a government, but must work within the broad parameters of government policy. Having the support of the opposition is not what a Governor needs if he is doing his job properly.

President Gotabaya Rajapakse must know that when you pray for rain you have also to deal with the mud too. That is what has happened to the President. He is walking from one crisis to another. With no end in sight. As his trusted super bureaucrat once said “only god can now save Sri Lanka.

The protestors on the streets knows this very well. That is why they want the Rajapakses to go home. They believe that there is no hope anymore under this regime. Ironically, Religious leaders too have joined this bandwagon.

Adolf

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