Economic and financial experts point out that the political crisis shaken the country emerged parallely with President Maithreepala Sirisena’s decision to have Mr. Mahinda Rajapakshe sworn in as the Prime Minister spawned a loss over 72,000 Million Rupees to the national economy.
The loans secured by International Monetary Fund, the United States of America and Japan, orderly 1.85 Billion US Dollars, 490 Million US Dollars and 1.4 Billion US Dollars, for Sri Lanka have been temporarily suspended by now.
Foreign investors who had invested 3,000 Million Rupees in the Sri Lanka Stock Exchange have also removed their investments with immediate effect amidst political crisis and uncertainty of the country.
Within the current month itself the Sri Lankan rupee compared to the US Dollar has been infiltrated with 10,000 Million Rupees, while the number on the loss for the tourist industry in Sri Lanka remains the same. The rate of a US Dollar has increased over 180 Rupees, at a further depreciation continuing to grow over the Sri Lankan Rupee.
The selling price of a US Dollar stands at an increase of 180.66 Rupees and the purchasing price, 176.72 Rupees, per foreign exchange notice of the Central Bank of Sri Lanka. Apparently, during the past month the price of a US Dollar has been increased from 4.55%, a value of 8 Rupees, while the Central Bank reports detail that the Rupee was depreciated by 18% against the US dollar since the beginning of this year.
In response to the crisis, Professor Aminda Methsila Perera from the Faculty of Finance and Management of the Wayamba University of Sri Lanka commented,
“President Maithreepala Sirisena took an arbitrary course of action in dismissing Mr. Ranil Wickramasinghe from the Prime Minister’s position and having Mr. Mahinda Rajapakshe appointed instead for establishing an unconstitutional, illegal and immoral so called Government on the claims of developing the country’s economy.
However, what happened instead, as a result of this unconstitutional, illegal and immoral course of action, is that the economy of the country has fallen down leaving a historic remark sending the people of country into a torment of darkness.
The consequences of this tragic downfall will horrifyingly begin to chase us over in short term, medium and long term as a country.
Given the emerged political crisis and the instability of the country, now the European Union is being very observant in reconsidering whether to provide us with the GSP PLUS relief and the opportunity in the European market for the Sri Lankan fish products.
Meanwhile, reports received that 26 developed countries have instructed their citizens not to tour in Sri Lanka in the “November-December” tourist season.
Therefore, it is obvious that the “Mahinda-Maithree” coalition—centred by lust for political power, struggle of hatred and personal gain—has pawned the country, its national economy and the innocent people living in it.
Why do those who then moaned against the rupee depreciation, compared to the US Dollar, remain silent now, when the rupee is being continuously depreciated over and over again.?
Why does the Government Medical Officers’ Association, who then shrieked against the Sri Lanka-Singapore Trade Agreement, remain silent now..?
The so called Government is now going to pay off the international the loan instalment of 1.2 Billion US Dollars for January 2019 at a higher percentage by the money retrieved by the existed legitimate Government by leasing the Hambantota Port to China.
So, what do the ones, who burned the political arena against the decision made in regard to leasing the Hambantota Port to China, have to say about this so called Government’s plan to utilize the money retrieved out of it in paying off the debts?
The scenario projects obviousness that these selfish-power hungered-opportunistic-treacherous politicians have no wetness in their hearts to care about their country, its economy and people.
Apparently, the brain drain would continue to grow, as the educated, intelligent and warm-hearted people begin to leave the country, and the country will remain a wasteland with simpletons with no morality, education, or feeling for their country, religion or culture. And need we remind ourselves with the question, as to what level their offspring would do to save the country.
I have to say, that in par with the current situation of the country, nothing better would be remembered about Sri Lanka in the future, and neither of them has the willingness to make Sri Lanka the Wonder of Asia, Pearl or Pride whatsoever.”