Ranil predicts worst economic shocks by year end

UNP leader and former Prime Minister Ranil Wickremesinghe said that the government was printing money like printing newspapers.

Speaking at a meeting held at Borella on Sunday with the youth of the Green Blood organisation, affiliated to the party, Wickremesinghe said that managing the economy was not an easy task and it would take a decade for the Sri Lankan economy to bounce back.

The former PM said that the present government had printed three times the amount of money printed during the past 10 years during the tenure of President Mahinda Rajapaksa in 2010 and of UNP rule in 2015.

Wickremesinghe said that the government had slashed taxes and reduced the country’s income by giving concessions to companies and big businesses; the general public did not get the benefit of such tax cuts. “The country’s revenue had decreased even before the arrival of Covid,” he said.

“The government prints money like printing newspapers because it has no revenue. We saved $ 7.5 billion as reserves. Now, it is down to $ 4.5 billion. We built the economy despite criticism. We allocated money for health.

They opposed when we planned to give tabs to students. If tabs had been given, children would have benefited during the pandemic,” the UNP leader said.

The former Prime Minister said that no development was taking place and investors were leaving the country. He added that the government had requested a loan of US $ 2 billion from India and China but it would be disappointed.