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Dhammika asks Finance Minister Ranil to quit, invites to debate

07 Jul 2022

  • Claims Ranil preventing dollar inflows in to Sri Lanka
BY Buwanajee Coralage Newly appointed Minister of Investment Promotion Dhammika Perera has called on current Prime Minister Ranil Wickremesinghe to resign from his position as Finance Minister, claiming he is blocking all projects that are targeted at bringing US dollars into Sri Lanka, and challenged Wickremesinghe to an open debate on their respective plans to overcome this crisis. “As Minister of Finance, the short-sighted financial game that Ranil Wickremesinghe is adopting must come to an end, because he seems to be blocking each and every project that can bring dollars into the country. He has no plan whatsoever with regards to the cash flow in the country. I think that he should just resign as Finance Minister without merely announcing the problems of the people to the people,” said Perera, addressing the media yesterday (6). Speaking further the Perera claimed that the Cabinet-approved plan to issue 10-year multiple-entry visas, which, he said, are increasingly in demand and can bring revenue of $ 30 million into the country, had been blocked by Wickremesinghe without issuing the required approval from the Treasury, which falls under his direct authority as Minister of Finance.  “Now we have devised a plan to issue multiple-entry visas for 10 years, and this saw Cabinet approval a month ago, but up until today, this is being kept in the Treasury because he (Wickremesinghe) has a habit of blocking any project that allows dollar flows into the country. Now more than 50 people have gathered here to spend more than $ 100,000 to obtain the visa, with more than 300 in queues. That means with the ability to bring $ 30 million into the country, they are delaying without initiating this process,” he said.  He specifically laid out the following points in a press release issued on the same day. “The Minister of Finance has no appetite to resolve the current dollar crisis. All of Sri Lanka’s economic challenges are linked to the dollar crisis. The Finance Minister’s plan is to borrow money from his friends. The Minister of Finance has no future cash flow planning for the country. Further, the Minister delays all matters related to dollar earnings, borrowings, bridging finance, available credit lines, and essential goods credit lines. He spoke to international media and stated that tourists should not visit Sri Lanka during this period. As a result, Sri Lanka will not earn any tourism receipts.  “The Central Bank of Sri Lanka has formulated plans to attract additional revenues from expatriate remittances. However, the Minister of Finance announced in the media that the US dollar will move up to Rs. 450. This statement stops the influx of foreign remittances. The Finance Minister’s fortnight update on the current crisis sends out a signal for the rich to migrate abroad with their money. If so, this dollar crisis will continue. At present, 200 families are leaving the country monthly. If we estimate that half a million dollars are taken by one family, there is an outflow of $ 100 million per month,” the release said.  Perera charged that Wickremesinghe is contributing to the further deterioration of the economy. “Inflation in Sri Lanka has never been this high. The Minister of Finance states that he will reduce the current inflation. However, the Minister has no plan in reducing inflation in the country. Interest rates are high. This has impacted negatively on the survival of small and medium enterprises and other industries. The Minister of Finance has no plan to reduce the interest rates.  “The Minister wants the exchange rate to be stabilised. However, he has no plan for this as well. Sri Lanka’s debt to GDP ratio is 140%. The Minister of Finance wants the figure at 95%. However, he has no plan in getting the ratio reduced. The Minister also publicly stated that Sri Lankans will only have two meals a day. This will make the rich stockpile goods. The Minister’s statement ensures that Sri Lanka will face a food crisis well in advance,” the release said. Perera declared his support for the “aragalaya” (struggle) to bring about positive change to the lives of the people of this country without remaining quiet, claiming his intention was not to stay idle, but to fight alongside the people for the betterment of the country.


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