Cabraal dismisses critics and predicts 5% growth this year

By Saman Indrajith

The country was expected to maintain an economic growth rate of 5 percent in the current year, according to the fiscal policy maintained by the Government, Money and Capital Market and State Enterprise Reforms, State Minister Ajith Nivard Cabraal said in Parliament on Tuesday. 

Cabraal said that even the tourism industry could be revived before the year end, boosting the economy for the benefit of the public. He was participating in the Adjournment Motion by JVP MP Anura Kumara Dissanayake on the economic situation in the country.

The State Minister, who is a former Central Bank Governor, said that the Opposition wanted the government to seek assistance from the International Monetary Fund (IMF) to find solutions, but there were alternatives that had to be tried first.

Cabraal said that some people only spoke of diseases. However much they exaggerated them, no change happened and they could not find a cure. A fiscal analysis was given by the Central Bank ever fortnight and it made everything clear. However, the member who moved the motion spoke of loans, the Minister said.  

Minister Cabraal said that some politicians had expected the government to default on loan repayment in 2020. But they had been disappointed when the government honoured its obligations. Then they dreamt the government would fail to repay loans in 2021, and they were disappointed again.

They were now hoping and praying that the government will fail to service debt in 2022, or 2023.

“But they are in for another big disappointment,” the State Minister said.

Cabraal said the same group of politicians who wanted the country to fail on the economic front had spread rumours that the government would not be able to purchase COVID-19 vaccines. They had been disappointed once again. The government had been able to buy vaccines due to the proper fiscal management practised by its leaders.

The State Minister said that those who moved the Adjournment Motion couldn’t understand the fact that the indebtedness in 2005 when Mahinda Rajapaksa took over the government had been 91 percent of the state revenue and it had been reduced to 71 percent when he handed over it to the yahapalana government. He added that the national debt of USD 24 billion was increased to USD 35 billion during the yahapalana government, which the JVP had supported.