There is chaos on both ends – Vasudeva Nanayakkara on financial climate

There is chaos on both ends – Vasudeva Nanayakkara on financial climate

There is chaos on both ends – Vasudeva Nanayakkara on financial climate

Written by Tharushan Fernando

29 Oct, 2015 | 9:25 pm

A group of representatives of the opposition convened a joint media briefing on Thursday.

Leader of Lanka Sama Samaja Party, Prof. Tissa Vitharana stated:

The foreign reserves in the country for January were 8.3 Billion US Dollars and that would meet the requirement of our imports. However, incompetent governance had reduced the reserves to 6.2 Billion US Dollars, and this is inclusive the Line of Credit from India.

He added:

It means that the reserves have been created while in debt to India. And this will reduce even further. If we take a look at the reserves properly, we will not be able to meet the import requirements for even four months

UPFA Parliamentarian, Bandula Gunawardena stated:

Sri Lanka issues sovereign bonds for ten years at a rate of 6.85. In 2014, when such development bonds were issued, the rate was at 5.125. While several months ago 600 Million US Dollars were obtained at 6.125 and now they obtain it for 6.85; and borrowings obtained international increases daily and there is an issue over the foreign reserves

Leader of Democratic Left Front, Vasudeva Nanayakkara stated:

There is chaos on both ends. There is chaos for the lack of income and then there is chaos due to the increase in expenditure.  When I visited a village recently, they told me that its time that they consume poison and I told them not to hurry, but on one fine day to rally opposite Sirikotha and conduct that task. And this is happening because the present regime has not lived up to the promises made, prior to the elections.

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