UNP slams CB’s “politically coloured” rosy data

Monday, 5 January 2015 00:22 - - {{hitsCtrl.values.hits}}

Questions Central Bank’s foreign borrowings, EPF and GDP figures
Pledges economic stability and sound macro-economic fundamentals under Maithri

Opposition economists slammed Central Bank Governor Ajith Nivaad Cabraal for releasing what he called 'politically coloured' economic data and vowed to conduct an independent audit upon a new Government following Thursday's election. "There is a saying - torture the numbers and they will confess anything. This is what the Central Bank Governor has done in 148 slides of his Road Map," UNP Economic Affairs Spokesman and MP Dr. Harsha De Silva told a press conference at the Opposition Leader's Office yesterday. Dr. De Silva said provincial GDP figures unveiled by the Central Bank Road Map 2015 and beyond last Friday were "highly questionable". "What we realised during the Uva election campaign was that people were very poor and their economic situation had got worse," he charged. De Silva said an independent audit would show the real situation in the Treasury. "In countries like Greece, debt and budget data changed after the government changed," he asserted. The Opposition MP cited eminent Economist Nimal Sanderatne as saying the Government must refrain from further borrowing and use debt to boost the balance of payment surplus. "We estimate that actual public debt, especially the foreign component is much higher than the figures disclosed by Central Bank. It could be as high as 60 percent and not 36 percent," De Silva charged. The UNP MP also questioned data furnished on EPF, saying that the Auditor General had raised various queries on the Fund's accounts. Dr De Silva promised an independent audit of Sri Lanka's Employees Provident Fund since the Parliamentary oversight committee on public accounts had been prevented from questioning the Fund's managers. "Never has the office of the Central Bank Governor been so politicised. It is unacceptable in a democracy, that officials conduct themselves in this manner," the UNP MP charged. Cabraal has denied the opposition claims and told the Forum last Friday that the EPF market investments were showing unrealised gains rather than losses. De Silva said that the strange numbers were a dangerous trend. "Soon we won't be able to believe data from private banks," he said. Once Opposition candidate Maithripala Sirisena is elected, De Silva said the opposition would reveal the true economic data. The new Government will not cease development work, but corruption would be arrested, the UNP MP explained. "The new unity Government will pursue a social market economic system," De Silva pledged. The Opposition legislator promised economic stability, sound macroeconomic fundamentals and development will be ensured under a new Government. "Certain projects like the Port City and the Lotus Tower will be reviewed. One foot of the Lotus Tower costs Rs 13 million," he charged. De Silva added that the new administration, if voted into power will ensure private property is safeguarded.

Harsha urges private sector to vote for Maithri to run business without fear

UNP MP Dr. Harsha de Silva has urged private sector to vote to Opposition’s Common Presidential candidate Maithripala Sirisena for an era where legitimate businesses can be run without fear. Following is the full text of the message to the private sector from the UNP MP and the party’s Chief Spokesman on economic affairs. Sri Lankan private sector has always played a critical role in nation building. It has been the engine of development, creating wealth and employment and reducing poverty. Our private sector has produced goods and services known around the world, and has placed the country on the modern global economic map. Our companies have produced world-class management, who are in high demand around the world. Enabling the private sector and boosting its capacity to drive economic development is a key function of a business –friendly government. Sadly, in the recent past, the Rajapaksa regime has destroyed the spirit of the Sri Lankan private sector by: Politicizing vital economic institutions such as the Central Bank of Sri Lanka and the Securities and Exchange Commission Depriving genuine wealth creators of opportunities (through crony capitalism, and granting government contracts without any transparency to cronies of the ruling family) Intervening in the operations of individual companies (such as undermining the independence of commercial banks by nominating government cronies to boards) Introducing the worst possible form of state capitalism Seriously undermining property rights by expropriating private assets Confusing the private sector through inconsistent policy Today, the private sector cannot run its businesses without fear or a favor. The common opposition is committed to defeating the present regime, and building inclusive economic institutions to foster a new entrepreneurial eco-system. The private sector will be rejuvenated by: Developing a consistent and business-friendly policy framework Giving the private sector freedom of choice to decide Providing a level playing field to all Ensuring the legal and regulatory framework is fair, equitable and dependable Create greater opportunities for Public-Private-Partnerships in infrastructure projects Not burdening private enterprises with illegal and unethical political and financial demands On the 8th of January, we have an opportunity to renew, refresh and reinvigorate our private sector, making it once again the primary driver of wealth creation. I invite you to exercise your vote wisely- vote for Maithripala Sirisena to allow the private sector to run businesses without fear or favor.

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