Sajith accuses govt. of stifling economic growth with high interest rates

By Wasantha Samarawardana

The government was trying to overcome the economic crisis by causing the economy to contract, Opposition leader Sajith Premadasa said in Kegalle recently.

“They are taking steps to minimise economic activities, bring down the quality of life and to reduce the circulation of money in the economy. This is why interest rates are so high. Can small and medium scale industries operate taking loans at close to 30 percent interest?”

Premadasa said that due to the harsh tax policies of the government, many professionals were leaving the country.

“Doctors and engineers are leaving in droves. Soon the nurses will leave. Then what? What the country needs is humanitarian capitalism.”

The Opposition Leader said that the Cabinet of ministers insisted that the country was bankrupt. Not long ago, Sri Lanka had been designated a middle-income country, he said.

“Does the UNP-SLPP government have a plan to dig the country out of the hole it is in? It does not. In fact, they just want to hurt people. We can’t come out of the crisis by stifling economic activity; we must encourage economic activities. We can’t save the country through either communism or harsh capitalism. We must bring in foreign direct investments. For this we need to be good in diplomacy. Only the SJB has people with the right skill set to do so.”