Government continues to defend economic policies

Colombo (News 1st) - It seems that the country's economy is taking a turn for the worse as the burden continues to mount on the general public. With the rupee at an all-time low against the US Dollar, public representatives expressed their views on the latest developments. UPFA MP Bandula Gunawardene speaking in Parliament today stated what seems to be obvious "The dollar is sold at 169.05 rupees. In 2014 the dollar was sold at 131 rupees. The Stock market is collapsing.." Gunawardene questioned what actions the Government would take to rectify this situation, The leader of the House Lakshman Kiriella, who seems to be more keen on following parliamentary procedures than addressing a burning issue, stated that MP Gunawardene could request for a separate debate on the matter and not include it in the day's proceedings. However, there were those in the Government who wanted to defend their actions. State Minister of Finance Eran Wickramaratne joined the debate by stating that the this is not just a crisis faced by Sri Lanka, adding that the value of the Dollar has increased against other currencies in the region as well. Min. of Development Strategies & International Trade Malik Samarawickrama, who was given the responsibility of bringing in FDIs into the country broke down the number stating that in 2012, the rupee depreciated by 10% while the rupee has only depreciated by around 6% under their watch. Minister of Finance Mangala Samaraweera joining the debate stated that they are looking at reducing the money spent on importing card to the country. He stated that a decision was reached to increase the cash margin for LCs to 100%, with the aim of reducing vehicle imports. Ironically it is these same individuals who touted in their campaigns that they will be able to create a situation where everyone would be able to buy a vehicle. Samaraweera continued to state that in 2020 Sri Lanka has to settle foreign loans worth $ 4.5bn adding that nearly 80% of it was obtained by the Rajapaksa regime.