14 July, 2020

Blog

Gota’s Accusations To CBSL Officials Have No Basis & Suggest He Is Unable To Cope With The Demands & Strain Of His Great Office: Mangala

An open letter to Prime Minister from former Finance Minister Mangala Samaraweera

President’s accusations to CBSL officials have no basis and suggest he is unable to cope with the demands and strain of his great office

Mangala Samaraweera

My dear Prime Minister and Minister of Finance,

The hysterical manner in which your brother, the President, acted last week in blaming the Central Bank for all our country’s present economic woes prompted me to pen this open letter.  In my capacity as your predecessor at the Ministry of Finance, I write to you today not only as the Prime Minister but also as the Finance Minister, under whose purview all aspects of the economy fall. 

As the Minister of Finance, Economy and Policy Development, the Central Bank and Treasury – the two state institutions charged with monetary and fiscal policy respectively – are under your charge. Constitutionally, you are the superintendent of our country’s economy. Of course, this authority is itself subservient to the Constitutional provision that the Cabinet of Ministers, not the President or Prime Minister, is “charged with the direction and control of the Republic”.

The tongue-lashing the Governor and other senior officials of the CBSL received from the President, later released to the media by the Presidential Media Division, is unprecedented. Never in the seven- decade long history of our Republic have either the government or opposition ever spoken to the Central Bank in such a manner. Under the full glare of cameras, the President’s outburst publicly humiliated the institution and its officers in a most disgraceful manner. To publicly castigate public officials in such a crabby and aggressive manner is nothing less than an act of bullying. It reflects an inner callousness and meanness of spirit that sets an unfortunate example to our nation’s children.

As ministers who have served for many years, you know as well as I do that from time-to-time a few miscreant officials need a good dressing- down. You and I have put our fair share of officials in their place. But we have always done so in private. In public, we have always defended the honour and reputation of the institutions and officers that silently serve the public. However, we have always resisted the temptation ‘to play to the gallery’ by humiliating government officials in public.

As your predecessor who was in charge of the subject of finance until November last year, I believe it is my duty to defend the Central Bank against the petulant charges that have been unfairly and ungraciously been hurled at them, especially because of your deafening silence. Since you will not speak-up, for obvious reasons, it is my duty to enlighten the public as to the truth.

Sri Lanka’s current economic woes are fundamentally fiscal, not monetary. Therefore, there is only a limited role for monetary policy in this crisis. Even so the Central Bank has undertaken a number of major stimulus activities. Some of them are well beyond the call of duty – so much so that members of the Monetary Board and Public Debt Department have left themselves open to facing a court of law. As I am no longer a member of Parliament, I cannot table documents in the House. Instead, I table this non-exhaustive list of measures taken by the Central Bank in the Parliament of Public Opinion.

Relief Measures Comments
Interest Rate Reduction The Standing Deposit Facility Rate was reduced thrice since the outbreak of COVID.
Central Bank Advances No data available.
Foreign Currency Reserve Sales Sale of $1.45 billion in reserves between 28th February and 29th May. 
CBSL Purchase of Government Securities  Additional Rs. 239 billion worth of Treasury Securities held by the Central Bank between 12th March and 12th June. 
EPF Purchase of Government Securities The EPF is purchasing securities at below the market rate. As a result the savings of EPF members obtain a lower interest rate than they should. This is a violation of the Monetary Board’s fiduciary duties to its members. 
Swap Lines $400 million swap line with Reserve Bank of India
COVID Refinancing Facility  Rs. 50 Billion refinancing facility.
Illegal Auction of Treasury Securities Since the breach of the borrowing limit in late April, issuances of Treasury securities have occurred without legal authorization. However, the Monetary Board continues to allow the Public Debt Department to act as the Treasury’s agent.  

The President’s accusations have no basis in fact. In fact, they suggest that he is unable to cope with the demands and strain of his great office. This comes as no great surprise considering that he has very little economic, political and policy-making experience.

If he did, he might be aware that your Government has now complete control over the Central Bank. It lost any semblance of independence on 31st May. Your government took the unprecedented and irascible step of asking two of five members of the Monetary Board to resign even though their six-year terms were not completed. Unfortunately, probably mindful of the propaganda blitzkrieg that awaited them if they did not comply, they did as requested. As a result, the three members of the Monetary Board are all appointed by the President. In fact, the majority (the Governor and Treasury Secretary) effectively serve at the President’s and Finance Minister’s pleasure. However, it is now an open secret that the Central Bank’s politicization is initiated not by you, but by the true economic czar of the regime. A person once called an ‘economic assassin’ by a senior government minister.

The CBSL has done what was required of them in response to the crisis. They were quick to provide plenty of liquidity and to ensure the integrity of the payments and settlements systems during the worst of the crisis. They have been successful in bringing down interest rates and very quickly articulating the framework for moratoriums that provided breathing space to businesses for the next six months. In addition, they enabled refinancing schemes to provide working capital loans for SMEs at 4%. This was done whilst provide some cushion for the banking system by relaxing liquidity and capital thresholds.

A Central Bank’s role is to manage the supply and cost of money in order to achieve price stability. The cost of money has come down dramatically, the supply of money has increased to a more than satisfactory level, and inflation remains under control. In other words – the Central Bank has done its job.

To shout and scream at the CBSL in this context simply reflects no understanding of the Central Bank’s role in the economy. The responsibility of driving economic growth and articulating the strategy for economic revival is the role of the Treasury and other arms of the government

The President, in his outburst demanded a ‘mechanism’; a monetary relief package, by the next morning. As everyone knows, the fundamental problem is fiscal. The government needs to spend money or take on the risk for others to lend and spend. In any case, tantrums are not the way to make policy. The President should have appointed an inter-agency working group to study the situation and present a plan of action. Even better appoint two and then let them pick holes in each other’s analysis so the best decision can be made. I have been asking the government to enlighten the public as to its economic recovery plan. My pleas have fallen on deaf ears.

Also in response to the President’s demands the CB has further eased the Statutory Reserve Requirement – this simply provides even more liquidity to the system when there is already sufficient and in fact excess liquidity in the market. The problem is not liquidity. The problem is credit risk. The banks do not want to lend to businesses that have become high risk due to COVID because a default in such lending can directly lead to the loss of depositors’ savings. On the one hand the CBSL is castigated for allowing finance companies to fail and on the other hand they are being asked to push banks to lend to risky businesses setting banks up for failure as well.

To solve this problem the Treasury must provide a partial guarantee of the loans provided by banks for COVID relief – this will ensure banks can lend freely knowing that there is some additional protection for depositor’s funds. However the Treasury has no funds to provide such a guarantee. And this is not a surprise when the government decided to slash one-third of treasury revenue in December last year by implementing drastic tax cuts. The tax cuts had no impact on prices and cost of living and now the treasury can barely pay salaries let alone provide funds for relief to SMEs. If the Treasury had some revenue they could have implemented the following:

1) A Corporate Bond Buying Programme – where stressed corporates issue long dated corporate bonds which the treasury purchases and has the option of selling later in the secondary market once stability returns. 

2) A Special Purpose Vehicle – for equity investment in SMEs – the SPV could have been set up with Treasury investment which can invest in equity in SMEs. Conditions could be set such as the beneficiary SME must list on the Empower Board of the CSE so that the equity can later be divested. To qualify the SME should be required to retain employment levels and/or get into the export sector.

3) Loan Guarantee Fund – a Treasury fund which provides partial guarantees for loans provided by private banks to share risk and ensure smooth flow of capital through the economy during this stressed time. Again, beneficiaries could be required to retain employment levels.

A government must build up reserves to respond to a crisis. Unfortunately when the government throws away all its reserves by slashing its revenue sources before the crisis, it leaves itself weak and helpless when the crisis hits. When this happens there is no point running to the Central Bank and asking it to print more money. The Central Bank as an independent professional institution has acted with responsibility thus far – but it is now being pushed to the brink. Today Zimbabwe reported inflation for May at 785% – soon it could be Sri Lanka.

Before, I proceed to summarise the suggestions I and others have been making for some months, I must place yet another warning on the record. Countless companies and citizens are going to default on their loans. The market expects the government to default on its loans. This will place banks in a situation of unprecedented stress. If further pressure is placed on the banks, it may lead to a banking crisis. And banking crises are much longer and much worse than other crises – including the dreaded case of sovereign default. This is all the more worrying because the government doesn’t have the fiscal space for a bail-out.

This could all have been avoided. Much of our current woes arise from the unprecedentedly rapid deterioration in our foreign relations. If your government maintained the ties we had repaired over five years, Sri Lanka would not be in these dire straits today. When you came to office, here is a summary of the economic relationships that we had established. The largest grant in Sri Lankan history, worth $500 million, from the United States; GSP+ and fishing exports restored to the EU; Indian concessional finance and investments for airports and railways; a huge Chinese free trade zone in Hambantota and FDI into the Hambantota Port; a Free-Trade Agreement with Singapore; almost interest free financing for the LRT from Japan. The world was ready to help and wanted to partner with Sri Lanka. That goodwill was lost within months. The latest news from the Japanese embassy on the suspension of the LRT is just one example. This is why our stimulus is probably less than 2% of GDP, in contrast to India’s stimulus of 10% of GDP.

There is still a narrow window of opportunity to avoid calamity. When I was your foreign minister during your first term, you had the wisdom and sagacity to send me to Washington DC to ensure that Sri Lanka received the MCC Grant. Your Senior Advisor was coordinating the project in Sri Lanka. Unfortunately, because your government threw democracy and human rights in the dust-bin, the grant was suspended. 

Do not make the same mistake today. If you present a credible economic restructuring plan, ensure human rights, democracy, reconciliation and the rule of law, you can create a COVID recovery fund that is many times greater than the Rs 150 billion fund so far promoted. Here are my back of the envelope estimates.

Assistance  Type Value 
Millennium Challenge Corporation Grant Rs. 93 billion
IMF Rapid Financing Initiative Concessional Loan Rs. 149 billion 
LRT Concessional Loan Rs. 186 billion
Official Creditor Moratorium (estimate) Grant Rs. 56 billion 
TOTAL Rs. 484 billion

Although all of these facilities wouldn’t be able to be disbursed immediately, the IMF’s Rapid Financing Initiative alone would give the government considerably more space to take on some of the risk of concessional COVID lending. Then there are the measures mentioned in my recent press statement titled “A New Deal for Sri Lanka”.

Allow me to conclude by looking to the post-election period. I am sure your advisors have told you that markets expect Sri Lanka to default late this year or next. It will be an unprecedented situation for us all. The rupee will have to be devalued. Our international trade, including exports, will be greatly disrupted. I hope you are preparing a solid plan with international experts who have worked on sovereign defaults before.

I hope you read this letter in the same spirit it was written.

With kind regards, 

Yours Truly,

Mangala Samaraweera

Print Friendly, PDF & Email

Latest comments

  • 17
    70

    Mangy: How does a hairdresser and fashion designer become an Economic Expert?!
    Sri Lanka must call for DEBT CANCELLATION. The US and EU have printed money and accumulated trillions in DEBT, but IMF and WB are not asking them to pay back and be frugal??! The South Asian countries are calling for DEBT Cancellation because the global financial system and big banks and sovereign bond traders are a Ponzi Scheme to make the rich richer and poor poorer. Hence global protests against racism and economic inequality at this time.
    But Mangy: you want to sell Sri Lanka’s Strategic assets cheap to the Washington Deep State and its Euro-NATO buddies who developed COvid-19 virus with Wuhan labs as sub-contractor for dual use bioweapon and HYBRID WAR – a virus to boost the EU-American Big Pharma, vaccine mafia, and medi and biotech industry among other things.
    Covid-19 is an attack on GLOBAL ECONOMY AND SOCIETY and the Emerging Economies – Brazil, Russia, India, China, South Africa – BRICS and others to make Euro-America great again and stop migration, but also back fired.
    WEST ve. REST is the name of the Covid-19 hybrid war game to reboot EU-US colonialism.

    • 60
      13

      “How does a hairdresser and fashion designer become an Economic Expert?”
      Perhaps in the same way (or slightly better than) how an escapee to the US claims to have solved on his return all manner of problems that the country faced.

      • 8
        23

        SJ: it seems that Mangy’s economic advice to sell Lanka’s strategic assets and let MCC land, water and ocean grab in Sri Lanka are being drafted in Washington DC at the MCC headquarters, since clearly Mangy does not have a clue about Development Economics.

        The US, UK, French now claim over 30 percent of the Indian Ocean, although they do not have borders on this ocean using their COLONIZED ISLANDS like Reunion and Chagos Islands with EU, and Swiss Development Corporation and Nestle in tow are

        So, SJ Kindly, understand that the Washington Consensus fake advisors to the CBSL and IMF’s big bank and sovereign bond trader friends have put Sri Lanka into a DEBT TRAP with your help and that of corrupt Ravi K and Jarapassa’s Nivard Cabraal (who you and US puppet Bondscam Ranil protected all those years), precisely so you could advocate for MCC’s Fake Aid and selling of Lanka’s assets cheap to US-EU?!

        The UNP-SLFP corruption racket in Parliament and CBSL has been promoted by USAID, MCC and Washington Consensus CORRUPTION advisors and Fake “experts’ on economics, finance, development and “good governance.” And of course Human Rights and peace building which is now a farce!

        • 17
          4

          D
          My comment was on a flippant remark by you.
          I do not think that Mangala claimed any expertise. People in politics get advise from others when they comment on issues.
          So his expertise or otherwise is irrelevant.
          Question anyone’s views by all means.
          But personal abuse will invariably be throwing stones from a glass house.

      • 22
        3

        “How does a hairdresser and fashion designer become an Economic Expert?”
        The same way that pickpockets can be cabinet ministers. But having a real trade is way better than being a pickpocket.

        • 1
          7

          old codger, Sri Lankan pickpockets are as smart as one can get. They can teach our politicians a trick or two!

        • 10
          6

          In srilanken context –

          alleged high criminals become President and Prime ministers.
          :
          Those who have provably looted the state to the core become ministers.
          :
          Bitch s son Mahindananada thought he would have every power to drop down anything and everything but the bugger from what he released, today, has caused all the stress being on the their entire bunch if going back MaRa powerfuldays.

          Bunch of thieves are caught by SILLY statements added to the SIRASA.
          .
          In the same time, what was hidden is coming to surface about former bunch…. no doubt, Bsons would not have the the chance to get elected to Diyawannawa again.

          • 2
            1

            And…..,
            .
            I saw your no OL no job SP going behind everyone apologizing for things they are saying on political stage.

            • 0
              0

              SCP,

              if you listened to Mr SP, your heart would not agree with you.
              :
              But if you would please listen to Mahinda Rajaakshe or his men, if you are sane, woudl see, how stupid they are.
              :
              How dare you the kind of idiots call him not having OL ? There is no body that would not pass Olevels. I guess all these theses are almost like your anaylses on COVID statistics.
              :
              SCP,
              Why not you go to kindergarten again? that is the first step to schooling. We know as one who lost everything, to the manner Michael Jacken, what brings to you – .. your cricketing life should have taken away the basics from you… poor guy.

            • 0
              0

              SCP,

              if you listened to Mr SP, your heart would not disagree with you.

              https://www.youtube.com/watch?v=npvr0MnPp9Y
              :
              But if you would please listen to Mahinda Rajaakshe or his men, if you are sane, woudl see, how stupid they are.
              :
              How dare you the kind of idiots call him not having OL ? There is no body that would not pass Olevels. I guess all these theses are almost like your anaylses on COVID statistics.
              :
              SCP,
              Why not you go to kindergarten again? that is the first step to schooling. We know as one who lost everything, to the manner Michael Jacken, what brings to you – .. your cricketing life should have taken away the basics from you… poor guy.

    • 41
      10

      Dear Mr Samaraweera,
      .
      I believe nothing but GR did not know what he was talking about. He may have thought that he was standing before an army parade. We know all these from school cadet gathering, how our cadet leaders behaved then, the command was everything them to control over the pupils. Uneducated men becoming leaders for their ulterior motives, their overreactions of this nature should be expected, and inevitable. Even my dogs would not behave the manner, going beyond innappropriate, since they have been brought up well. I am proud of them today.

      As it is not overlooked that we now see, 100 day of the previous govt achieved a lot more the beneifit of the people.:: With all this in our mind, we should improve the mind set of the vulnerable so that they would not vote for these bitchs sons for the ruin of the nation.
      :
      Your OIL formular worked to the top, to the manner EUROPEANS expected, but nothing like is now in practice under the current leadership, nor exist any information about that… 15% of price reduction of the petroleum is not just negligible because that is a crucial factor of anything and everything in each country. But bitch s sons keep the people in dark as nothing like is known to them but to the world.

      • 25
        8

        Your OIL formular worked to the top, to the manner EUROPEANS expected, but nothing like is now in practice under the current leadership, nor exist any information about that… 15% of price reduction of the petroleum is not just negligible because that is a crucial factor of anything and everything in each country. But bitch s sons keep the people in dark as nothing like is known to them but to the world.
        :
        However bath balayan (leaders of the regionals slaves) started sending messages containing ” thank you sir,… you re the best.. you re born to lead this country bla bla”: And immediately following the flipped out speech, according to the slaves, the CBSL had been working for a report going on a breaking night – however, this is not the first time, those and other banks work at night, leaving all the lights on- why to mislead the easy targets this way ? is beyond questionable. For no reasons these bitches sons seem to abuse their freedom of speech.

        • 12
          31

          leelagemalli,
          ” thank you sir,… you re the best.. you re born to lead this country bla bla”:

          What else you expect people to say to a leader dedicated to take care of their interests.
          Some Dumbos say President should not have spoken like that to staff of Central Bank. Why not? Are they ‘Sacred Cows’. After all their salaries are paid by the tax payers. If they are not doing their job properly the leader of the country elected by people to represent them should do his job.

          • 3
            4

            What else you expect people to say to a leader dedicated to take care of their interests.”

            Eagle,
            You didn’t know that yet?

            Comedy Thamai!

            here we go !
            HE…… HE…….. HE…… HE…… HE…… HE…. HE….. HE… HE…. HE

            • 0
              0

              CT,
              This comment and few others are not visible if not ‘Logged In’.

      • 9
        1

        It is true that Gota has grabbed powers that are not his constitutionally. He is not supposed to have even the powers that Sirisena had.
        “The President should have appointed an inter-agency working group to study the situation and present a plan of action”. That won’t wash. Gota’s usual method is to stuff task forces with Generals.
        As far as I know, there aren’t many Generals who are economists. We all know that the patriots who join the forces are not all that bright. Like the General who surrendered to Dudley Sirisena.

        • 4
          3

          old codger

          “Gota’s usual method is to stuff task forces with Generals.”

          Generally Generals are noted for staging palace coups.

    • 29
      4

      Dinuk has displayed the complete ignorance about international economics that is prominent among the Bayya clan through the statement: “The US and EU have printed money and accumulated trillions in DEBT, but IMF and WB are not asking them to pay back and be frugal?”
      He does not know that not only does the IMF and WB have nothing to do with lending to the US (hence why would those institutions care about the US’ quantitative easing aka money printing), rather are heavily dependent on the US for their own survival.
      _
      “Sri Lanka must call for DEBT CANCELLATION” – another stupid statement by the genius Dinuk and bayya clan. First of all, more than 40% of Sri Lanka’s foreign borrowings is through the market (i.e. rich institutions, pension funds, etc). The world bank accounts for about 11% of the country’s borrowings, i.e. less than Chinese debt owed by Sri Lanka. By his logic then shouldn’t his beloved China first cancel its debt to Sri Lanka, especially since he believes conspiracy theories being floated on the Internet that China is an innocent third party in the economic annihilation currently being propagated through a virus spread by their unhygienic backward practices?

    • 25
      5

      Dinuk

      ” How does a hairdresser and fashion designer become an Economic Expert?!”

      Let me see how, when we have members of saffron, khaki, olive, ……… brigades are considered being expert archaeologists, head harbour, airports, ……………….. a crooked “lawyer” heading Ministry of Finance, ……………….. thugs heading Vihares, racist imbecile heading Ministry of Small & Medium Business and Enterprise Development, Industries and Supply chain Management, ….. why not others, you could even head Central Bank, Ministry of Health, if we ever owned a NASA equivalent, ……. Google, Microsoft, ….. Boeing, …. … all at the same time, because you are Sri Lankan.

    • 27
      5

      Dinuk,
      Is it better to get Sri Lanka sold to China by someone whose whole family is still US citizens? So he can get benefits from both China and USA, if he has to run away from Sri Lanka again. What Economic or Political expertise he has? He even cannot be claimed as a war veteran, because he ran away from Sri Lanka during the height of civil war with his family to save his life, and lived a very ordinary life, until his brother became the President, and let the family loot the country. Then he bought mansions in USA. He is a suspected murderer until proven otherwise. A hairdresser and a fashion designer, who did not pillage the poor country’s coffer, would be more benevolent towards our people; at least he would not make people disappear when they disagree with his ideas. Hair dressing and Fashion designing are harmless hobbies compared to maintaining Killer Shark tanks.

    • 11
      0

      You are partly right Dinuk.

      SL should cancel all commercial debt (bonds). They have the highest interest rates, no return because they were not invested (all stolen by Rajapaksas and Ranils) and the worst that can happen is SL will be unable to get more of these loans (which is great).

      If Mangala managed the economy well, UNP would not have ended with just 42% of the vote (ot of that 23% are minority block votes so only 19% from the majority). Ravi K is qualified in accounting but he was a worse finance minister than Mangala. Gotabaya and Basil have no qualifications whatsoever. Mahinda is a lawyer.

    • 5
      4

      Dink,
      .
      You sound to be a negative about almost everything in this world.

      However, countries like ours would have no chance if the FUNDING TAP would not function anymore even if their self-adulations could keep the vulnerable little bit away from their anxities for the moment.

      Entire world had no plan for any kind of such virus crisis. Looking back, this is common to rich and poor, developed and developing… for all sofar. Most hit countries such as Italy, Spain, Britain, US, Russia and the like countries would have to think of their own economies than pouring funds to the developing folks as was the case sofar.
      So, the sitatuion what the countries our nation, filled with a bunch of thugs and high criminals as politicos will have to suffer more than they speculate. Just showing that we managed COVID crisis for keeping the VULNERABLE on their side, I dont think can help much.
      :
      What would be positve for this country would be FAMILY politics of alleged criminals be marginalized… however, people are not yet grown to realize this.. anyway, at least more of JVPrs and UNP moderates togethher with educated few from SLPP and SLFP could do lot more to this country in the future.

    • 7
      4

      Dinuk
      Do you understand the crap your writing? I think not.

    • 6
      4

      Racists in this country, are on a chase after Mr Samaraweera, but in today s context, according to them with a POWERFUL leadership, they just allow former minister in nothern soil to add… following comments on how they killed … during the war was at its heights.

      Powerful president GR and his brother being the PM, stay today as if they have no places to hide their tails behind the rear legs.
      :
      Are u happy 69 lacks of TANAKOLA eaters today ?
      ————–

      I killed some 2000 to 3000 soldiers in one night -Karuna

      20 June 2020 09:26 am – 61 – 15654
      AddThis Sharing Buttons
      Share to Facebook
      FacebookShare to TwitterTwitterShare to More
      More620
      A A A

      Former Minister Vinayagamoorthy Muralitharan alias “Karuna Amman” claimed that he is more dangerous than Covid-19.

      “Chairman of the Karthivu local government body has said that I am more dangerous than the coronavirus. That is true. When I was a member of the LTTE, I killed some 2000 to 3000 Sri Lankan army personnel in one night at Elephant Pass. I have killed more in Killinochchi. That is certainly higher than the number of lives the coronavirus has claimed in Sri Lanka,” he said addressing a gathering in Navadinveli, Ampara yesterday.

      • 1
        0

        leelagemalli,
        Killing those who surrendered is ‘Barbaric’ and bragging about that barbaric act is ‘Animalistic’. May be something to do with genes of that clan.
        —-
        I killed some 2000 to 3000 soldiers in one night -Karuna

    • 6
      4

      How does a 7/11 cash till operator become President of Sri Lanka

    • 0
      1

      I know this woul dnnot fit here, but I was schoked by the poverty levels seen in this part of srilanka.
      :;
      Rajakashes waste STATE FUNDS for their Luxury life styles on the cost of tax payers fundss. None of thoese young men inthat family SEEM to be working for their own income.

      https://www.youtube.com/watch?v=px1d3V6AHRA

  • 13
    52

    Mr. Mangala Samaraweera,
    .
    Funny this is coming from a person who tolled us…..
    #….. Chandrika Kumaratunga can “cope with the demands and strain of his great office” and can do a great job as a President of Sri Lanka.
    #….. Maithripala Sirisena can “cope with the demands and strain of his great office” and can do a great job as a President of Sri Lanka.
    #….. Ranil Wickremesinghe can “cope with the demands and strain of his great office” and can do a great job as Prime Minister of Sri Lanka.
    #….. Ravi Karunanayake can “cope with the demands and strain of his great office” and can do a great job as a Minister of Finance.
    #….. Ruwan Wijewardene can “cope with the demands and strain of his great office” and can do a great job as a State Minister of Defence.
    #….. Sajith Premadasa can “cope with the demands and strain of his great office” and will do a great job as a President of Sri Lanka.
    #….. “Yahapalana” government……………………………………………………………………………………………………………………..
    .
    My dear Mr. Mangala Samaraweera,
    .
    You are about to be kicked out of parliament for good.
    .
    “THE PEOPLE” of this country have elected GR as OUR PRESIDENT to govern the country any way he seems fit.
    .
    Do us a favor and mind some other business.

    • 21
      9

      S. C. Passqual

      “You are about to be kicked out of parliament for good.”

      Where did you get the idea he is going to be kicked out of Parliament? His term is over and he said he was not going to contest the next election.

      Remember Mussolini who was being a strongman promised to run trains on time however he was later found hung upside down from a girder in the Piazzale Loreto in Milan.

      • 7
        13

        Mr. Native Vedda,
        .
        You IDIOTS are getting funnier day after day…..
        .
        Check the EC’s gazette notification with preferential numbers of candidates contesting 2020 general election.
        Mangala Samaraweera is contesting for Mathara under a setup called Samagi Jana Balawegaya. What ever that means.
        .
        Check results after 5th of August.
        .
        And…..
        We kicked out your pair of Mussolinis (RW and MY3) in 2019 presidential election.
        Now, there will be elections on time for people to decide who governs them.
        Get ready for provincial councils election on December.

      • 8
        5

        NV
        “Remember Mussolini who was being a strongman promised to run trains on time however he was later found hung upside down from a girder in the Piazzale Loreto in Milan.”
        Reminds me of Sun God who promised you Ealam ….…

        Soma

        • 3
          3

          somass

          “Reminds me of Sun God who promised you Ealam ….…”

          You are another smart ass member of the Gota’s b***s carrying coterie.
          Your brethren VP demanded/promised Tamil Eelam.
          Eelam is the ancient name for the entire island.
          Are you the Guruvarayo of High Commissioner to the UK, Dhinesh and Ravinatha? What a pathetic lot you have become?
          You must be very stupid to remain ignorant in these columns.

          You can be a practicing/card carrying racist yet remain well informed.

          Could you let me know the meaning of Ravi natha?

          Over the past 35 years a handful of people in the South have become very very rich
          indeed. Are you grateful to your brethren psychopath VP?

    • 4
      5

      Remember your President is only a 7Eleven clerk as far as business and economy goes. This is only the beginning, he is going to drill the economy and country to the ground.

  • 9
    35

    BTW Mngy:
    It seems that your economic advice to sell Lanka’s strategic assets and let MCC land, water and ocean grab in Sri Lanka with the Swiss Development Corporation and Nestle in tow are being drafted in Washington DC at the MCC headquarters, since clearly you haven’t got a clue about Development Economics??!

    Kindly, understand that the Washington Consensus fake advisors to the CBSL and IMF’s big bank and sovereign bond trader friends have put Sri Lanka into a DEBT TRAP with your help and that of corrupt Ravi K and Jarapassa’s Nivard Cabraal (who you and US puppet BOndscam Ranil protected all those years), precisely so you could advocate for MCC’s Fake Aid and selling of Lanka’s assets cheap to US-EU?!

    The UNP-SLFP corruption racket in Parliament and CBSL has been promoted by USAID, MCC and Washington Consensus advisors on economics, finance, development and “good governance.” And of course Human Rights which is now a farce!

  • 26
    8

    This is a real fact., this man in this prime position for which he never had or will ever have the necessary requisites..
    He’s at this very second a FISH out of WATER.
    =
    There is also no member in his sordid cabinet who has the ability, education and the relevant working experience to hold a candle with the maestros at the Central Bank of Ceylon.
    Even his erstwhile older brother who is an exponent for doing all the wrong under the table doings.
    =
    Hopefully, at the upcoming poll, the parties in the Opposition [ all join paws ] will be the ultimate winners to turn around the out of control going down the pallan rajapuk convoy of boru hora imbeciles, bring them to the anti-climax of a full stop and then endeavour to set the would-be fortunes on its correct path to ensure that Ceylon as it should be aptly renamed to be the next WONDER of ASIA which title it would have held till today if not the dastardly racist misleading poll of 1956.

  • 19
    3

    No doubt and no consolation of any kind could be explained in the manner the President addressed the topmost Bank Officials of CB, including the other Commercial Banks. The President’s Media outfit never ever thought of the publication of such “Bad Mouthing” by the “BOSS” would boomerang, both in the Local and at International levels. More than once, this type of “Dressing Downs” by the President in public has come into prominence. Perhaps, he the President does not realize the “Magnanimity” of the position he holds or at least dozens of his “Inner Circle” keep his “EGO” firing high in order to embark on a “Project” of “Image Building” to lead to an “Authoritarian Commander”. In the best interest of the country, it is high time that the President takes a “Self Assessment” of his “Behavioral Patterns” of his own character and “Discard” some of his “Arrogance” and “Commanding” types to fit into the shoes of a “Benevolent Adjudicator” to function as the Head of the State. Every “Legislator” both past and present and the “Beaurocratic Brigade” are aware of the predicament that the country is facing and that needs careful planning and conciliatory approach to be adopted if we are to recover.

  • 9
    2

    The president is requesting the bank to forward or present him the strategies to cope with the demands eight months has passed what presentation has the bank given to bring relief for the people
    All in the bank resourced with knowledge initiative launch when in rick of falling behind in development encourage rapid progress in implementation in new programs and strategy is required , knowledge sharing and capacity building strategy forum must be hot performance and it not seen nothing is happening.
    Police is suffering in putting things on line
    Doctor’s nurses are suffering to Health care is upgrade.
    Central banks must evolve to help governments what should be done and not. How the Central Bank Influences an Economy The Bottom Line The president says this what that was not seen and ie Quantitative easing (QE) refers to emergency monetary policy tools, Rapid Financing Initiative initiative is backwards from the side of the bank having the bank having the self-worth is determined by you. You don’t have to depend on someone telling what to do

  • 24
    4

    As a Prime Minister and the Financial Minister Mahinda Rajapakse should resign his post immediately for the failure of his duties. What is the purpose of a Finance Minister who cannot control the Central Bank? It is a violation of the constitution. Who can control Central Bank? Is it Finance Minister or President?

    • 18
      1

      Ajith: What do you mean by “CONTROL” of the CB? Have you already forgotten one PM took “control” of the CB by “Vesting” it under him? Even after “FIVE” long years of “control” by that PM, we still have not been able to find a solution. The LOSS the country and the people were made to bear has yet to be assessed. Although the CB comes within the purview of the Finance Minister, there is an “Independent” decision-making body that “Governs” the CB affairs, which is called the “Monetary Board” and the representative from the Finance Ministry is statutory. As at date, only “THREE” of “FIVE” are functioning, having “TWO” outside members “FORCED” to resign. That is the type of “CONTROL” that these unscrupulous politicians deem a prerogative right. So what is NEEDED is not “Control”, but “COMPETENT” management of the country’s “Economy” and “Finances”.

      • 13
        2

        Simon,
        I meant by control that the Finance minister should know what is happening in the Central Bank which comes under his purview of Finance Minister and he should be able to answer any queries that is need some action or some answers. You are right that the competent management of the country’s economy and Finances. When President called for meeting with Central Bank staff, he should have consulted the Finance Minister. It is an insult to the Finance Minister.

    • 6
      15

      Ajith,
      Did you tell Ranil Wickramasinghe to resign when Central Bank robbery took place while the CB was under him violating the Constitution?

      • 17
        3

        EE
        Mahinda Rajapakse was the Finance Minister from 2005 to 2015. The presidential commission report is not available until now to see what is in that report. According to information the malpractices have a long history including the period 2005 to 2015. If Ranil has done wrong he should be punished and legal action should be taken. By the way, now Karuna Amman claims, it is he won the war with LTTE. This is the reason Gotabaya gave a special illegal passport to travel UK. Do you agree?

  • 12
    1

    Mangala, you had the benefit of having having an excellent Governor of the Central Bank. His replacement is only used to lecturing students more than a decade ago and not used to problem solving. The Heads of State received the assistance of their Central Banks or equivalents to support the businesses affected by the Covid-19 shutdown. Our Central Bankers needed a pep talk to present a solution. Reports indicate that it is a complex task to satisfy the terms and conditions laid down by the Central Bank.

    I agree with you that the attempt to cancel the LRT project, at a time when we need foreign investments is a disaster. I hope President GR will review it, considering the compensation payable and the enormous cost of souring the relationship with one of our greatest benefactors. The MCG grant was badly promoted by you and people were misled by the election canards. It needs to be reviewed immediately after the election. The resumption of the IMF program after the election is another priority. You have the honor of achieving negative GDP growth in 2019, thanks to the neglect of the Security Council, which resulted in one of the worst terrorist attacks in history.

  • 11
    14

    ‘Kudu’ mafia is operating from prisons. ‘Finance’ mafia is operating from the Central Bank.
    According to ‘Aruna’ newspaper (21 June 2020), there are about 50 CB staff who get ‘Santhosam’ from Leasing companies, Finance companies and Micro-credit companies.

    Ravi Karunanayake praise the President. Mangala Samaraweera condemn the President. Whom is right?

    • 11
      5

      Eagle Brain Dead Blind Eye

      “‘Kudu’ mafia is operating from prisons. ‘Finance’ mafia is operating from the Central Bank.”

      Both are being controlled by God Father brothers from Presidential palace and Temple Trees.

      “there are about 50 CB staff who get ‘Santhosam’ from Leasing companies, Finance companies and Micro-credit companies”

      It shouldn’t be a hot hot breaking news.
      It could be a breaking news only if it carries a list of who gets what?
      If this has been going on for years, what were the team of crooks who ruined the island between 2005 and 2015 doing at the time? More % of santhosam, 10, 20, 30%?

      • 6
        11

        Native (Fake) Vedda,
        The team that ruled the country from 2005 – 2015 did not ruin the country. They liberated the people in this country including Demala people from Tamil terrorists who slaughtered people in this country for three decades.
        It was the ‘Royal Gang’ led by Dr. Bond who ruined Central Bank and the country. Between 20015 and 2019, the ‘Royal Gang’ robbed the Central Bank not once but twice with the help from insiders. Now the Deputy leader of the party is charging the ‘Royal Gang’ for Bond Scam. No need of any other evidences. Yet the one who master minded the robbery and allowed his friend who helped the robbery to escape talk as if nothing happened. The skin must be thicker than the skin of a crocodile.

        • 5
          3

          EE,
          .-
          world become as of today from SHAKE-HAND to ELBOX TOUCHING greetings

          So everything ll be changing from stupid mentalities to the knowledgeble.Even street mongering Sincho appu to Balawathies have to care about the mask wearing and adhere to social distancing..

          In such an enviroment, regardless of where your geographical location would be, we have to see it right going by facts.. but facts..
          let s see it right going by FACTs and FIGURES leaving all the public provocations aside- most what srilanken press make for their hay is nothhing but misleading for their own survivals…. srilanken press is no second to DRUG mafia is public secret. I wonder why authorities have no guts to do the due yet – and this should be a real big grey area – where not prevailing laws could help either. Law makers failed to bring any reforms sofar. There should be real big obstacle in that line, not to work anything against.
          .
          1) If former CBSL governer AM alleged bond scammer would have changed his name and be living as usual in Singapore are just fairy tales to the stupid people – that would be welcome by adding ” yes sir, you arethe best sir… etc_ community”.

        • 3
          3

          Eagle Brain Dead Blind Eye

          “They liberated the people in this country including Demala people from Tamil terrorists who slaughtered people in this country for three decades.”

          Of course they liberated people’s assets (including assets from VP’s Fort Knox) from throughout the country made them theirs and sold bits and pieces of the island to foreigners in the process they have become one of the richest clan in the world and now aiming to complete their long term ambitions of converting the island into a pure Sinhala/Boutha fascist state, supported by all sorts of brigades, saffron, Kaki, olive, Aryan Amude, ….

          • 3
            1

            They liberated who ?

            I think they liberated their pockets for the flow of funds in the name of war. That is how they became untouchably wealthy as of now.
            :
            Buddhagama is the banner of the ceremony but what is goinng on is something else.
            :
            wITHIN the last 8 months alone, the bps have looted it again- they dont have hearts even if over 30% of people of the nation would go starving not having let alone 3 meals…. just imagine what happened to the 1000 millions wasted for sand conservation project of MOUNT LAVINIA beach ?

          • 2
            0

            Native (Fake) Vedda,
            There was a Hindu/Christian fascist State led by Piripakaran. In 2009, Rajapakshes eliminated that fascist megalomaniac and brought that State under their control. Now Sinhale is a Sinhala Buddhist democratic State.

  • 6
    4

    Mr. Mangala Samaraweera: In your “Back of the envelope estimates” the first item is “Rs.98 billion from Millennium Challange Corporation”. Have you studied that “Agreement”, so named by that outfit? The Chairman of that Committee Prof.Lalithsiri Gunaruwan of the University of Colombo( appointed by the present Government to study and report) is reported to have recommended not to sign the “Agreement” as it is very “DETRIMENTAL” to the SOVEREIGNTY” of the country. It is further reported that Agreement is not a “CONTRACT”, but a “TREATY” between the USA and Sri Lanka. I have said many times of your attempts to get this “MCC Agreement” through and the “Monster” behind is none other than the “Pathfinder” NGO “Nadey”. You say it is “Behind” the envelope, but you know very well, it is the “Main OPEN Agenda” of that NGO that has submitted their “Action Plan” to the President and the “MAHA SANGA”. I can understand “Maha Sanga” who are “CLULESS” of these “Intricate” “Agreements” and “Treaties” accepting it, but not of politicians of your status unless of course you too are a “Associate Member” of that “PACK” lured by “DOLLARS”. I deduce, you ARE.

    • 12
      1

      Simon
      “The Chairman of that Committee Prof.Lalithsiri Gunaruwan of the University of Colombo( appointed by the present Government to study and report) is reported to have recommended not to sign the “Agreement” as it is very “DETRIMENTAL” to the SOVEREIGNTY” of the country”
      _
      Except that he didn’t actually say anything of the sort. This was only the viewpoint that was carried by a few SLPP mouthpieces. Please read his actual statement and then get back to us.

  • 13
    4

    Wow-what a great article. Mongala I have to felicitate you for such an insightful piece of writing.

  • 9
    1

    I do not care much for Mangala Samaraweera and his Yahapalana cabaal nor often agree with his point of view as I firmly believe he is a key responsible figure for the missed opportunities of the disastrous Yahapalanaya 2015-2019 era with his kowtowing to the wrong people until it was too late and lack of understanding of the common man.
    However, my personal views are irrelevant here as his article above (whether written by him or likely his advisors) is quite spot on. I am waiting to read respected economist W A Wijewardena’s take on ths situation soon.
    _
    Within a day of the Great Leader’s scripted drama that mysteriously omitted the minister of Finance and concocted by the economic hitman ‘Peanut Butter and Jelly’ the now depleted Monetary Board consisting solely of the President’s appointees cut the SRR (the proportion of the deposit liabilities that commercial banks are required to keep as a cash deposit with the Central Bank) by a further 2% and unloaded a further Rs 120billion+ into the market that was already having excess liquidity (cash) of RS 100Bn. On top of that a pointless refinance facility of Rs 150 billion yet the issue was not

  • 7
    0

    The fiscal thing that sticks out most is the “Drastic Tax Cuts.” Yes, it is agreed that much revenue was lost at its implementation. But why on earth did current GoSL implement this for our humble Motherland, mang dan næ aney. And all the extra CB forced antics like SVP’s, revolve around the “Drastic Tax Cuts.”
    *
    My, did they think we were like the Trumpian US capitalizing on vast global holdings, snatched, cohered, or freely-given? I mean, tax cuts for the rich means the US-rich can actually roll their wealth globally such that US-Dollar value stays as global top-currency. And returns trickling for them is actually a flow. But what does our MotherCounty have to merit such financial returns is the grinding question.
    *
    As for the 500-mill MCC, how could gotabaya have so sagaciously sent mangala to the US to negotiate that deal….mangala would have gone and told them all about human rights and things. But in retrospect, this is a good thing, for at last the MotherCountry can regain her traditional Buddhistic-socialist setting mindful of the souls of her inhabitants. And I saw pics. of mahinda walking around Walauwas. :)

  • 9
    2

    Thank you Mangala, for a very timely piece. It is refreshing to see someone giving our ex-King a polite lesson in economics and for letting new-King how badly he is screwing things up.

    Why oh why are those scientists and industrialists from viyathmaga not stepping up to the plate and providing solutions?

    Perhaps new-King should wear his military medals and summon all foreign envoys in Lanka for a similar dressing down, so they too can also work overtime overnight and provide a solution by the next morning?

    Perhaps the solution is to appoint another militarised task force to sort things out by threats and force?

    Mangala, hope that you too are not nurturing suicidal thoughts and prepping a long well constructed note to explain things to the public.

    We desperately need sensible people like you, so please don’t do that.

  • 5
    2

    “As ministers who have served for many years, you know as well as I do that from time-to-time a few miscreant officials need a good dressing- down. You and I have put our fair share of officials in their place. But we have always done so in private. In public, we have always defended the honour and reputation of the institutions and officers that silently serve the public. However, we have always resisted the temptation ‘to play to the gallery’ by humiliating government officials in public.”
    Here the modern Mahabharata’ Karna is teaching to Duchadana how to dress down an enemy in front of the Court. The above is online lesson during Covid-19 by a Dress Designer to a Sil Redi Money thief, how to dress down Public officials. This world greatest liar told the entire world lies about the Thief who stole $18B. But Mangala missed Johnston to teach how to fire down a parliamentarian with Chili Water Cannon. So on that day all 8th grade parliamentarians walked home safe, saved by Ranil and Mangala.

    Mangala had the Tamil woman, Mrs. Charles demoted because she was not obedient enough to him. That is the dress down celebration he is proudly taking about now. Mangala and Old King assigned anyone to the jobs in an artistic manner. Name of that art is nepotism. Mangala’s office was filled with his aids custodians.

  • 5
    1

    Old King had even better way, 2000 family members in all offices. I really have question to Mangala; all ministers and high officials only appoint their acolytes in their offices; then if the boss says to drop the pants down, what is the resistant. Otherwise how do you deign a dress for a model citizen, like Mangala’s & Old King’s handpicked employees? (Idiot doesn’t know what he is talking!).
    Earlier, Mangala had brought his Foreign Exchange Fraud Amnesty Act (2017) to have Old King $18B safely transferred to Lankawe. Lankawe was listed by FATF & EU as safe haven for money launders. The Central Bank lost the control on Exchange Rate. Faithless Old King picked up on Mangala and Ranil for the demise of the exchange rate. Few days before election, Old King had a press meeting on behalf of King. A reporter asked if the exchange rate was reflecting Rupees worthiness. Latter CBK described this press event: “He looked right, he looked left, he looked back, but he didn’t answer the question”. She said they didn’t’ know the answer because the CB Cabal who was sitting behind secretly told Old King to answer that they will do it when they get the power. Now where all these Maha Viyath stood with Royals before EP election? If they are not coming forth to answer the economic question of the country, what is wrong in King swinging his Thirukkai Vaal?

  • 5
    1

    “As your predecessor who was in charge of the subject of finance until November last year, I believe it is my duty to defend the Central Bank
    ………………………..
    Since you will not speak-up, for obvious reasons, it is my duty to enlighten the public as to the truth. “
    What is Mangala saying? He is excusing for his appointees resisting King’s monetary Policies policies?

    “The President’s accusations have no basis in fact. In fact, they suggest that he is unable to cope with the demands and strain of his great office.
    Why did Mangala resigned from SBP? Can Vaalaiththodam Jr answer to this question? To take over the EP seat when King quit not being able to bear the pressure of the office?

  • 10
    3

    Although the writer is a former finance minister, he seems to have forgotten the political basis on which the president came to power. He is the saviour of the Sinhala Buddhists, having defeated a modern Elara in Prabhakaran and recently almost single-handedly he defeated COVID-19. What were the president’s handlers thinking? He has to bark and spray saliva at the hapless professionals in a chosen institution and the hoi polloi or millions of poor, desperate buffaloes chanting jayaweva have an election coming up and they’re going to cast a very important 2/3 vote for the vultures to return to the 225 seat commode to crap on the people for the next so many years. In such a context, what monetary policy? What fiscal policy? Who cares? Arrack and bath packets or dhal and sardine tins work work far better than real economic jurisprudence..!

  • 6
    2

    Well said Mangala. What does a military man know bout finance and economy management There are qualified experienced officials in CB Som of them are serving for more than 25 years. Spending money not projects that will not generate revenue is the bottom line of the perils. Printing paper money will not solve economic peril. The country has become a poor country in SE Asia. It is because of bad ethnic policy. Foreign Investors are hesitating to invest. Tourists are reluctant to come. Jons in ME is in a quandary. Confidence of the local businessmen is lost The government officials are made the scapegoat for the sins committed by Mahinda dynasty

    • 7
      2

      Dear Kuviyam,
      .
      Mangala from South and Sumanthiran from north could raise a voice regardless of the the issue, but all the very many others stay as if they are fed with CLAY – no different to the style of clay fed crocodiles when speaking about loads of injustices being promoted in today s context than prior to last Novemember.
      .
      I think I have lost my faith kept on SRILANKA. My friends and their families would want to leave the country – not few many known to us. The situation is worsening with the politics of RAJAPAKSHEs
      :
      Second wave of Refugees from Srilanka will be heard in the days to come.. now the COLD war ist against RAJAKASHE family poltiics which would not be tolerated by anyone with some sanity but slaves.

    • 4
      5

      “What does a military man know bout finance and economy management?”
      Eisenhower, a General, was president of the USA.
      We tend to personalize posts a little too much.

      • 7
        4

        SJ

        “Eisenhower, a General, was president of the USA.”

        Yes true.
        However he had Council of Economic Advisers (CEA) to advise him. He regularly sought advice from Congress.

        Gota may seek economic advice from Wimal, his crooked brothers, cousins, Asgiriya, Karaka council, Channa Jayasumana, ……

        • 2
          3

          Native (Fake) Vedda,
          You forgot to mention ‘Viyath Maga’, ‘Eliya’. Are you suffering from ‘Selective Amnesia’.

          “However he had Council of Economic Advisers (CEA) to advise him. He regularly sought advice from Congress.”
          Did Eisenhower tell you that he sought advise from Council of Economic Advisers (CEA) and Congress regularly. We should tell President Gotabhaya Rajapakshe to inform Native Vedda whenever he sought advise from experts.

  • 1
    4

    Old King Modaya or King can cheat only the Sinhala Buddhists. But Mangala is one step ahead. He released many statements in English to press nd made many speeches at parliament during Yahapalanaya government with sole intention of cheating educated diplomatic community and save Old King. If the Old King is only artist, Mangala master artist. He closely working with Ranil & protected all secrets about Royals, until Royals returned back to power. Now he quit Vaalaiththodam Jr’s team only because to cut Vaalaiththodam Jr down by sitting inside his house. Mangala could have resigned, before election date was released or only after having gained a seat for him. All these Yahapalanaya Ministers, including Mano Ganesan, worked with ISIS to bomb Tamil churches. Why did he resign? Read my lib here. All these crooks have seceat palns to save the Royals from the international investigation permanently. Even Sumanthiran like TNA gang too are in this game. Earlier Sumanthiran said he will resign if he was not able to get the Secret Solution to Tamils. He didn’t resign. But Sampanthar and Sumanthiran going to start Secret Solution 3nd round, after the end of war, with Old King.

  • 4
    6

    My Guess is Mongala has escaped from Angoda.

    • 1
      1

      a14455

      “My Guess is Mongala has escaped from Angoda.”

      Did he come to visit you?

  • 2
    0

    Is Mangy a good politician , a gentleman in politics or a nice man is totally
    different issue ! Mangy has a serious problem of positioning him where he
    belongs ! He is wrongly under the impression that he is a King Maker and
    ha can do that over and over and again and again ! No doubt he is an
    outstanding serious politician with good intentions but he has a problem of
    over estimating his capacity . His thirty years of life in politics , he was in the
    S L F P , the U N P , the S J B and now something else not yet named ! To our
    culture of politics , this won’t take you anywhere else , mark my word !

  • 0
    0

    In simple language His Axcellency threatened to Axe the Central Bank Officials if they did not toe the line. Incidentally, a few weeks back another vocal minister boomed that if the CB Governor cannot control his officials he must go but this was not reported in the CT. Therefore one can infer that there was a tug of war between the CB and the Government and naturally the Governor did not want to become another Mahendiran in saying “Yes” to anything and everything of the Government. In that sense I cannot agree with the author of this letter that the President is unable to cope with the demands and strain of his great office. Further, even the Prisons officials too got their share of admonishing. Is that too a display of the inability of coping with the demands and strain of his great office? Had Sajith the great got elected wouldn’t there be any difference? When hinted about the financial viability of his pet ideas the reply was “the treasury has enough money to finance my project”. Whether it is Gota or Sajith one cannot expect much independence, the first rule is to comply and fulfil the divinely “Vision”.

  • 4
    2

    While most of you buffoons with an ax to grind go on criticising Mangala you are missing the dire warning contained in this piece. Markets expect Sri Lanka to default on its loans by the end of this year or early next year resulting in a collapse of the Currency. Now Mangy has experience as Fin.M. He is certainly not an imbecile as some of you are trying to make him out to be which is a typical racist Sinhalese tactic. Even a hairdresser can gain some understanding of Finance if he listens to his advisors in performing his role as minister of finance over many years. Sri Lanka is heading into an unmitigated disaster GR knows this but is unable to figure out a way out of it hence his outburst. Lambasting the CB is not going to fix anything. A devious crooked political outfit managed to get itself voted into office by racist means. It then proceeded to lower taxes based on advise given to them by their backers with ulterior motives of profiteering out of not having to pay higher taxes. Little did this bunch of crooks and morons realize what was going to hit them when COVID-19 arrived.

Leave A Comment

Comments should not exceed 200 words. Embedding external links and writing in capital letters are discouraged. Commenting is automatically disabled after 7 days and approval may take up to 24 hours. Please read our Comments Policy for further details. Your email address will not be published.