Seventy years of Parliamentary Democracy: A look at the past and present of Sri Lanka

Seventy years of Parliamentary Democracy: A look at the past and present of Sri Lanka

Written by Lahiru Fernando

03 Oct, 2017 | 9:33 pm

Sri Lanka’s Parliamentary Democracy marked its 70th anniversary today (October 3).

This is a look back at Sri Lanka of the past….

The first Parliament met at the ceremonial inaugural session in October 1947.

The Economic Growth

1951 – 6.2%
2016 – 4% (End of the second quarter)

Government Debt

1950 – Rs. 654 Million
2017 – Rs. 9.702 Billion (End of the second quarter)

Value of the US Dollar

1950 – $1 = Rs. 04.77
2017 – $1 = Rs. 154.00

Seven decades on…the country has been brought down to this stage by none other than those who govern.

IMF projection

The International Monetary Fund has projected Sri Lanka’s economic growth for 2017 to be below 4.5%.

IMF has said that the government needs to boost state revenue and reduce debt.

In the first three months of 2017, the total debt was Rs. 9,702.5 billion, out of which Rs. 4076.6 billion are foreign debt.

The government says that the economy is on path to recovery. Prime Minister Ranil Wickremesinghe says that the debt can be managed now.

However, Prof. Sumanasiri Liyanage has said otherwise.

The professor recalled several recent statements made by the premier and said that there are no data to support the claims of the Prime Minister.

The Prime Minister stated at an event in Galle that in the last two and a half years, foreign investments to Sri Lanka has increased by 300%

Professor Liyanage stated that when compared with data from 2014 – “foreign direct investments have declined by the end of 2016” Premier Wickremesinghe also spoke of creating 500,000 jobs.

But according to the Professor, jobs have decreased by 475,000 in the last two and a half years…Speaking of the debt, the Prime Minister said that the debt situation can now be managed.

Prof. Sumanasiri Liyanage stated that Sri Lanka’s indebtedness has reached Rs. 9.4 trillion rupees.

“So, the picture that the government is painting about the economy is very wrong”, said Prof. Sumanasiri Liyanage.

A special parliamentary session

A special session in Parliament took place today to mark the 70th anniversary with the grace of President Maithripala Sirisena

The session was attended by Speakers and Deputy Speakers of SAARC Parliaments.

The motion for the special session was presented by Prime Minister Ranil Wickremesinghe and it was seconded by Opposition Leader R.Sampanthan.

Latest News

Are you interested in advertising on our website or video channel
Please contact us at [email protected]