Sajith criticizes government's moves to uplift economy

COLOMBO (News1st): Opposition leader Sajith Premadasa has said that the government has not informed the people of its moves to uplift the economy. "This year we can expect the Budget deficit to exceed 10 percent," Premadasa said in Parliament on Tuesday. He pointed out that the country will experience a rise in interest rates, the depreciation of the rupee, and a higher cost of living, if it fails to repay foreign debt. "Sri Lanka has so far controlled the interest rates, by printing more money and this inevitably caused a rise in inflation and economical instability," the opposition leader said. Premadasa pointed out that Moody's rating agency had downgraded Sri Lanka at a decisive period. "Regardless of what Moody's says, the foreign investors have increased faith in the country," Ajith Nivard Cabraal, the state minister of public enterprise reforms said.