Don’t shirk responsibility of rebuilding economy: Tell me the correct strategy – President tells CB chiefs

Don’t shirk responsibility of rebuilding economy: Tell me the correct strategy – President tells CB chiefs

Don’t shirk responsibility of rebuilding economy: Tell me the correct strategy – President tells CB chiefs

Written by Zulfick Farzan

16 Jun, 2020 | 6:20 pm

Colombo (News 1st); President Gotabaya Rajapaksa said, instead of performing its duty, the Central Bank of Sri Lanka had obstructed the implementation of the proposals made by him, to revive the economy.

The President made these strictures during a meeting with the officials led by the Governor of the Central Bank held at the Presidential Secretariat today(16).

Central Banks in leading countries such as the United States, Japan, and Australia as well as in small countries have put in place required mechanisms to revive economies in their respective countries, said President Rajapaksa at the meeting adding, Sadly, the Central Bank of Sri Lanka has not put forward a single proposal to rebuild the economy.

The President said, Monetary and Fiscal Policy has been formulated by the Central Bank and it should be done in accordance with the economic policy of the President of the country.

It is the responsibility of CBSL to regularize and monitor Finance Companies, said President Rajapaksa adding, however, CBSL failed in this task.

He said leasing companies have evaded their responsibilities and the ETI is not in a position to repay the people while The Finance Company (TFC) has been closed down without informing.

The President said all at the Central Bank are economic specialists drawing very high salaries and they have a responsibility.

” You were there when the Central Bank bonds scam was executed. If you supported them to commit this crime, there is no reason for all of you to not to join hands with me to deliver justice.”, said the President.

The President went on to note, If CBSL is unable to follow the mechanism put forward by him, CBSL must present their version of the mechanism by tomorrow morning.

” If you are not on the same page with my suggestions please give me your strategies to revive our economy by tomorrow morning. Give me your suggestions on how to strengthen the economy, how to assist banks under these dire circumstances, how to categorically assist small scale and medium scale businesses. If what I say is wrong, do not hesitate to let me know.”, the President said.

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