23 October, 2017

Vision 2025: PM’s Alleged Instructions To Remove Direct Placements Are Against The Vision

By W A Wijewardena –

Dr. W.A Wijewardena

Clarification

Deputy Minister of National Policies and Economic Affairs, Dr. Harsha de Silva, in an email to this writer, has clarified that what is meant by the goal of being ‘enriched’ in V2025 is not to become a rich country in terms of the World Bank classifications. Instead, “It’s about a country rich in money as well as values, culture, etc.” What it means is that V2025 envisages to be a prosperous nation by 2025 still remaining in the higher middle income country category which Sri Lanka will join in 2017.

In the previous parts

In the previous three parts of this series, it was noted that the Vision 2025, released recently, was in fact the fourth of such visions placed before the public after the present Government came to power some two years ago.

All four visions had one underlying philosophy, namely a knowledge-based highly competitive social market economy as the guiding light of the nation’s policy. It was noted that this philosophy, adopted from post-war Germany, which sought to have a third way different from Western Capitalism or Soviet Communism, had been customised to suit Sri Lanka’s specific situation.

Sri Lanka lacked both ‘knowledge’ and ‘competition’ and therefore they had to be added to the social market economy which had combined both the free market economy principles and the need for supporting vulnerable groups left behind in a competitive market economy.

It was also noted that all the four visions had presented just a wish list and hence they had to be translated into concrete actionable plans for the realisation of the intended goals. However, after the presentation of the first three visions, there was no such actionable plan prepared and therefore the goals in visions had just remained desired wishes. Thus, it was emphasised that the same fate should not befall the current statement Vision 2025 as well.

The present vision had goals corresponding to the country’s election cycle and not to any perceivable economic cycle. Hence, the objective of the Government had been to present the electorate with a success story to secure re-election in both 2020 and 2025.

However, they had accelerated the original long target of making Sri Lanka a rich country to 2025 requiring the country to maintain a high economic growth of around 16% per annum till 2025. It was noted that, given the country’s low economic performance in the past, this was an uphill task for the Government.

Further, it was also noted that the plans of the Government to tackle the country’s boiling public debt problem were short of a permanent solution that called for a drastic curtailment of consumption by all.

An independent Central Bank as a facilitating partner

In this part, we will look at how Prime Minister Ranil Wickremesinghe’s alleged instructions to the former Governor Arjun Mahendran to abolish the direct placement system of issuing government securities would be counter to the vision of establishing an independent Central Bank in the country.

Prime Minister Wickremesinghe, in his first economic policy statement delivered in Parliament in November 2015, assured the nation that his Government would introduce necessary legislation to enable the Central Bank to function as an independent institution.

In V2025, he has gone further and promised to introduce necessary legislation to facilitate the Central Bank to have inflation as its prime target without the intervention of politicians.

The Central Bank is an independent institution for monetary policy and its budget is within the existing laws. Hence, when he said that his Government would make the bank independent, what was implied was that the bank would be fully independent from political authorities like Germany’s Bundesbank or England’s Bank of England.

When the first promise was made, it was welcomed by the market. But no action was taken within the last two years to put this wish into practice.

PM deciding monetary policy?

Instead, the opposite has happened, as revealed by evidence given by the former Governor Arjuna Mahendran and others before the Commission of Inquiry into the Issue of Treasury Bonds, commonly known as the Bond Commission.

The evidence and many other acts which occurred during this period suggest that there have been attempts at compromising the independence of the bank. Mahendran, giving evidence on oath, told the commission that Prime Minister Wickremesinghe advised him to do away with the practice of issuing bonds direct to primary dealers, a practice which had been used by the bank since 1997 and known as ‘direct placements’. The Central Bank, its senior officers and the Monetary Board, from day one of the alleged bond scam, tried to paint a demonic picture about the direct placements in practice.

Even Prime Minister Wickremesinghe, it appeared, had been misinformed by the bank about the direct placements as was evident from the statement he made in Parliament in March 2015 explaining the action his Government had taken regarding the bond issue in question.

Was PM misinformed?

In his speech, Prime Minister Wickremesinghe had said: “Records confirm that private placements had become a norm rather than an exception. In just one instance in 2013, Rs. 16 billion worth of five-year bonds were sold through auction at a yield of 10.9% and thereafter Rs. 76 billion of the same bond were sold through private placements at a higher yield of 11.42%. Who stood to benefit from such acts? The answer is obvious.”

It appears that the Prime Minister has been informed by Central Bank officials that it was a crime to issue five-year bonds in 2013 at 11.42% through direct sales. What the Prime Minister has not been informed about is that the prevailing market rate for 8.0% – a five-year bond in January 2013 was much higher at 11.63% and 11.45% in March 2013.

Who supplied incomplete information to PM?

Hence, if the bonds had been sold at 11.42% under direct sales it would have been at a beneficial rate for the Government since the bonds in question had been sold above prevailing market prices.
Those who had bought the bonds at those prices could not have made a profit immediately as alleged by the Prime Minister since the bond prices remained at around the same low levels almost throughout the year.

It is not comprehensible why the Monetary Board at that time – the objective, impartial and impassioned advisor to the Government – chose to supply incomplete information to the Prime Minister.

Laws don’t permit political authorities to issue instructions to CB

Now the former Governor Mahendran has revealed in his evidence on oath before the commission that it was Prime Minister Wickremesinghe who had advised him on 24 February 2015, three days before the controversial bond issue, to do away with direct placements as a method of issuing government securities.

In terms of the existing laws, neither the Prime Minister nor the Finance Minister can give directions to the Monetary Board which enjoys autonomy with respect to policy making.

Monetary Board and not the Government which makes monetary policy decisions

This specific arrangement which conforms to the world’s best practices in central banking was introduced to the bank’s governing law, Monetary Law Act or MLA, by its architect, John Exter, for a good reason.

That was to prevent the politicians from abusing the Central Bank’s power to print money and thereby erode its value with the adverse consequence of people losing the real value of their wealth in financial form. It would not only create chaos in the economy but also hamper the country’s long-term growth. Hence, the Central Bank’s Monetary Board was given full powers to conduct its policy without the interference of the government in power.

However, since the Government has the overall responsibility for the economy and if there is a disagreement between the Minister of Finance, the representative of the Government, and the Monetary Board with respect to any policy, a special provision has been made in MLA under section 116(2) to resolve such disagreement.

Political interference in CB should be transparent and lawful

The section under reference says that in the event of a disagreement between the two parties, every effort should be made to reach an agreement. This is because any open battle between the Minister of Finance and the Monetary Board will not augur well for the country in the eyes of the investors.

However, if an agreement cannot be reached, the relevant section empowers the Minister of Finance “to inform the Board that the government accepts responsibility for the adoption by the Board of a policy in accordance with the opinion of the government and direct that such a policy be adopted by the Board”.

When such a direction is given by the Minister, the “Board shall carry out such direction”. Hence, the Prime Minister cannot give any direction to the Central Bank under the law. Even if the Minister of Finance is to give any direction to the Central Bank, it is presumed that he should first get the approval of the Cabinet of Ministers headed by the President since he commits the Government to take responsibility. Any other direction is illegal and, hence, the Monetary Board is not bound to carry it out.

A Governor acting in naivety compromising CB’s governance principles

In this case, it is totally naïve for the former Governor Mahendran to carry out a direction given by the Prime Minister which is outside the law. It is equally bad that he does so without getting the prior approval of the Monetary Board which is the competent authority of the Central Bank under MLA.

Thus, in the concerned case, there is a failure on the part of the Monetary Board too, since it had not raised this issue with the Governor, according to the evidence placed by senior Central Bank officers before the Committee on Public Enterprise or COPE in its second inquiry. This is a serious issue relating to the governance of the Government, governance of the Governor and governance of the Monetary Board of the Central Bank. It is bad for a Government which has pledged to deliver good governance to Sri Lanka.

Dahanayake saga of directing CB policy

In the whole of the Central Bank’s history, there is only one occasion where the Government of the day had invoked the powers it had got under section 116 (2) of MLA. That happened in December 1959 when the Monetary Board decided to increase its main interest rate on its short-term loans to commercial banks, known as the bank rate, from 2.5% to 3% per annum.

The Government of the day under Prime Minister Wijayananda Dahanayake was to run for an election the following year and it thought that the increase in interest rates would jeopardise its chance of being re-elected. Hence, it directed the Monetary Board to restore the interest rate to its previous level under section 116(2) taking responsibility for its decision.

However, analysts later remarked in a lighter vein that the Government took “full responsibility for its direction” since it was ousted from power with the Prime Minister too losing his seat in the subsequent election.

A Governor is not supposed to blindly follow instructions 

A Governor who knew his job would have explained the matter to the Prime Minister when the alleged instructions had been issued.

If the Prime Minister did not agree with him, then he should have immediately reported the matter to the Monetary Board for a decision. In such vital issues involving the independence of the Monetary Board, the Governor cannot and should not take action on his own. The direct placement practice had been in use at the Central Bank since 1997 and even the Monetary Board at its meeting held just one day before on 23 February 2015 had decided to continue with it in the forthcoming Treasury bond issues.

The direct placement system had been a vital instrument available to the Monetary Board to prevent undue increases in interest rates via collusive action by primary dealers. Hence, before abolishing it, the technical staff of the Central Bank should have thoroughly analysed its pros and cons and apprised the Monetary Board of the desirability or otherwise of its abolition. None of this had happened in the Central Bank in this case.

A farsighted PM would have listened to CB

This writer believes that had it been explained to Prime Minister Wickremesinghe, he would have accepted it given his past track record of not showing arrogance on three previous occasions.

The first happened in 1994 when he was the Prime Minister and campaigning for re-election at the general elections held in August that year. A request was made by his campaign managers to Governor H.B. Disanayake for release of a lady non-staff officer to serve on the campaign. Governor Disanayake, who consulted the senior staff of the bank and the Monetary Board, rejected the request and informed Prime Minister Wickremesinghe that the Central Bank had no powers to do so. Prime Minister Wickremesinghe did not make any fuss about it.

AS Jayawardena refusing to accede to illegal instructions

The second and third instances took place from 2002-2004 when he was the Prime Minister again and at that time A.S. Jayawardena was the Governor of the Central Bank. On a paper submitted by the Minister of Finance, the Cabinet had approved the appointment of a senior officer of the Central Bank to the Ministry of Finance as economic advisor. Under MLA, Central Bank officers could be released to other government bodies provided the consent of the officers concerned had been obtained.

In this case, the officer concerned had not given his consent and therefore could not be compelled to accept the appointment. Governor Jayawardena informed the Ministry accordingly and the Government headed by Prime Minister Wickremesinghe accepted it.

On the third occasion when there was a general election in 2004, the Opposition had presented an election manifesto with a number of unmanageable goodies to the people. Since the costs were enormous, it was beyond the financial resources of the Government. The Cabinet then decided to direct the Central Bank to examine the financial prudence of the manifesto in question and submit a report. Governor Jayawardena informed the Prime Minister that it was not a job of the Central Bank to examine the manifestoes of political parties. As before, Prime Minister Wickremesinghe accepted Governor Jayawardena’s explanation.

Politicians love to control the Central Bank. But it is the responsibility of the Governor and other senior officers of the bank to defend its independence.

*W.A. Wijewardena, a former Deputy Governor of the Central Bank of Sri Lanka, can be reached at waw1949@gmail.com

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Latest comments

  • 3
    1

    IT looks Harsha De Silva doe snot know what he is talking. How come when they are incrfeasing the number of casinos, no of distilleries, no of liquor shops, KUDU – busines is not still stopped, there is no control over internet web sites, evenschool children are out od control, and politicians are involved in everything. what ever HArsha De silava, both President and PM were presenting an economic plan. ———— Everybody knows the eocnomic skills of Ranil now eventhough he vistits and talk in every economic conference probably to talk some western expetts and their needs to fulfill in Srilanka. It is very clear, Ranil is silent and Arjun Mahendran, probably with the help of I KNOW NOTHING RAVI who is a self – acknowledged money launderer but still he is outside, should have blund sided Ranil. ————- the amazing thing no one is resigning or fired or arrested by the law enforcement. It looks Sri lankan law enforcement is realy weak and they are scared to arrest whote collar thieves because they might lose their jobs. Every where it seems the bureaucrats are not doing their jobs. YOur information may be important during a forensic analysis of the theft during court case.——— PResident attended UN with the family and now he is In a Indian Kovil with the whole family, probably he is fully aware something is coming. So, he is getting ready to pack up, I suppose. He is very silent. He pretends he doe snot know or does not here anything. this high way robbery by politicians can not be stopped. They do it in the open. what is your solution about that ?

    • 2
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      Jim Softy, why not you guys help them getting the due knowledge.

      Mattala, Or any other places they had been in vain, whatever the comments you bring today. Not being able to see it right LET alone today, these thugs behaves like crabs in hot water.

      If Ravi or other would have been wrong, investigations will clear them in the near future.
      No doubt about that but we need to catch the real THUGS by their horns sooner that later.
      Former family will have to face it though it late , that is GLASS clear.
      No spouse of former state leaders had been alledged to corruption, but MR s behaviours di d not exclude her.

      • 0
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        GEorge soros has a history of currency manipulatuons of countries in which he invested in order to get higher returns. I think, the Central bank robbery is instigates by Arjun Mahendran , Ranil and I” KNOW NOTHING RAVI. there amay be more into this.

      • 0
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        SAmuel Jayaweera: You are guys worst then the LTTE suicide bombers. What else RAVI has to say. See all over the world, how theives of politicians have been arrested and sent to jail and there after home because of simple mail fraud. I KNOW NOTHING RAVUI is an admitted Money launderer, and knowingly registered companies in TAX havesn even though he is the finance minister. His assets should be confiscated. But, Ranik Maithripala Would not do that because they both are in the same camp. What we need a govt is surely to prosecute these people and recover the losses. then you HIKANALAS may come and jump to that ship too.

    • 1
      1

      Dr. Wije, You need a Political Economic analysis here. Vision 2025 was produced by right wing Millennium Challenge Corporation (MCC). In an era of “fake news”, fake experts, and post-facts we also have also have fake debt /accounts generated by IMF and other international financial organizations to MAGNIFY debt caused by so called “international development AID” and local corruption.
      The IMF magnifies debt traps so that Washington may control economic and SECURITY policy-making in Lanka and works the global 1 percent and taxes the poor.
      Please read the report of the Amsterdam based Transnational Institute on DEBT crises and the bailout business: https://www.tni.org/en/publication/the-bail-out-business

      • 0
        0

        Right on.
        An International Political Economy approach and analysis is needed to explain the debt and governance crisis in Sri Lanka and many countries in Africa and Asia.

        Foreign “Aid” that lacks transparency and accountability, particularly from China, India and the US, is designed to advance their security interests , and promotes cronyism and corruption in a local context of political crisis and instability .. this is the root cause of the debt trap.

  • 2
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    After reading his informative articles on the real and the most important issue of the Economic future of the Srilankan nation , I have great respect for Dr Wijewaardana…………Sadly I do not see many comments from the loud and frequent commentators ,, here.
    Dr Wije exposes the Pie in the Sky development forecasts of Dr Ranil to deceive his Economically ignorant followers …………..Others who help Ranil are there in the Cheer Squad for obviously different reasons aka their own agendas.
    How on Earth can Dr Ranil’s boys Dr Harsha and Mr Eran push the Growth Rate from below 4 % to a wopping 16% to bring home the Bacon in 2025.?………..
    .GDP wouldn’t reach 200 Billion , even in 2050 , if it grows at the current rate…….. It will be a hard task for this Lot, to even to maintain a consistent 4 % ….. because they only focus on commercial deals from their mates , where they can collect Fat Commissions mates……….
    USD 200 Billion won’t match even little Indians income in Malaysia ….Let alone the Indians in Singaporean……
    How can the CB boss be independent when he is Dr Ranil’s mate , family friend and the recruiter?………

    • 4
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      KASmaalam K A Sumanasekera

      “Sadly I do not see many comments from the loud and frequent commentators ,, here.”

      Don’t you think they are all avoiding you.
      By the way ABD has approved $900 loan for the infrastructure development of North East UVA…. provinces. Have UNP and SLFP reached an agreement on how they are going to divide the windfall unearned income?

      What is your % ?

      • 0
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        Dear Native, ……. How many times do I have to tell you….. Ii just got the Full Year dividends …… That will top up my Malt Collection and pay the Green Fees for the next six months …. Plus leave enough for my Charity work too………How about you?…..mate….

        • 1
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          KASmaalam K A Sumanasekera

          “Ii just got the Full Year dividends “

          No one in his/her right mind question your income from your investment in Blue Chip Companies. However the question is that how much backhanders did you receive when your boss was abusing power? It must be an unimaginably a large amount for you to invest in Blue chip foreign companies to bear dividends.

          Are you a proxy shareholder, a Benami, a bagman, a Hawala agent, …………… a money launderer, ….. ?

          As long as your man Dr Ranil remains prime minister, clan or their b***s carriers need not worry. By the way does Namal baby still tickle you?

  • 4
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    The curse for the country is efficiency and honesty not appreciated or promoted. Only influence in the party/family/friendship irrespective of efficiency/honesty matters for high posts in the Government. Seniority/Experience/efficiency is neglected.
    During the 50s everything was going on well. From 1956 everything went upside down and the country is sunk in debt which will take centuries to repay the dents and interest for such huge debts.

  • 2
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    Policy makers and politicians are two different entities ..
    Policy makers and civil service professionals should advice PM and President on different policies that suit the country ..economy; education and foreign policies and so on..PM. and President should have that trust between all.stake holders…
    But sometimes those in executive powers do not care about experts advice at all…so they bound to fail in their careers

  • 2
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    I didn’t read your article yet, but the title gave me a full belly laugh. Poor you. Don’t you know Ranil, Dr. WAW, when did he have a vision for future? But the masses have a vision in which Ranil plays a big role in prison.

    Now that Ranil has run out of his presidential baits much to his disappointment, he seems to be trying to present himself as a candidate, unless of course all other avenues, such as conferring presidential powers to the Parliament under the guise of a new Constitution, winning all minority votes through temporary measures, etc., don’t work.

    • 0
      2

      Chimp(a) full belly laugh? Yeah, surely a whore cannot laugh otherwise.

    • 3
      3

      Saddest reality is Chamapwathie to laugh for the kind of articles but in the same time praise to anything come from FORMER MAFIA men ?

      Even Newyork city prostitutes would not behave the way you ve been, however, you should be very happy with the package you get paid by the stolen funds by them.

      Karma will come on you sure, delayed is no forgotten.
      I think crime is equally a crime if you deliberatly prmote thugs and their vicious agendas for own selfish gains.

    • 2
      3

      Under the RTI, i would like to know what kind of package being offered to this Champawathie to turn things no second to Derana ?

      Champawathies are abused by former thugs as Iraki or lybian high men did as we read in the history.

      Champawathi is appointed to clean anyone in that bunch – also that condom support of FORMER mafia king – Wimal Buruwanse.
      Wimal Buruwa will have to face it sooner than later.

  • 3
    0

    It is high time to get rid of this notion that Ranil understands economics (nor did MR).

    Ranil is a lawyer (and a mediocre one at that I am told). Why are we still expecting “amazing feats” from him ?

    • 3
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      According to BD (Big Disappointment) Ranil, his policies are going to bear fruit in 2025. This means that we, the Putujjaana, have to wait with our mouths open for another 8 years, That is, 2 elections more, voting for him. It also means that if he is rejected by the masses, then the masses are to be blamed – not BDR. But then, who cares? Not even BDR, would. After 8 years in power, he would retire and hopefully go and live in some Western country in retirement, dreaming about giving an occasional lecture in a prestigious Colleges – but mercifully, not to be seen – not to be heard again by us, the Putujjana..

      • 0
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        BDR is 67 years old now. Who knows he is going to retire or just drop dead before the retiring time. Because, that is how Sri lankan politics work. Rats stay there whether are sloths or not until the end.

    • 3
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      Amazing feats like Houdini the great magician. Good magicians make things disappear, like the bond scam, produce things out of thin air, like getting money to pay all debts and then mercifully disappear themselves, like the way the Putujjana hopes Ranil will.

    • 2
      1

      MR knew he did not understand economics, but he had common sense which RW lacks. So instead of handling Economics, MR looked for competent people and did let them handle it. ….RW is not.

      One reason RW decided on direct placements was it was a decision they had made before elections. They came with a plan to rob the central bank.

      • 3
        1

        sach the stupid

        “So instead of handling Economics, MR looked for competent people and did let them handle it. ….RW is not.”

        Dr Mahinda Rajapaksa did indeed allow his brother (%?), sons and cronies to handle the economy. Brilliant.

        They were very competent in redistributing wealth (one of the responsibility of the state) from state to themselves and handling their own economy. FCID has to dig deeper to get to the bottom of their activities. In fact Dr Ranil is handling very well protecting the clan, crooks, murderers, war criminals, ……………………….

        • 0
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          NATIVE VEdda: Why your prime minister is not prosecuting them. Is it because, he knows something bigger than he has done. IS he scared that it would come out ?.

          • 1
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            Jimsofty Dimwit

            “Why your prime minister is not prosecuting them.”

            You tell us.
            After being in this forum for many years you have just asked an interesting question for the first time. Congratulations.

        • 0
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          It was people like Jayasundara who handled the economy…..GDP increased by 400%…..

    • 2
      2

      Perriamama

      “It is high time to get rid of this notion that Ranil understands economics (nor did MR).”

      Do you?

      • 1
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        I do as a matter of fact :) I actually have a PhD on it……now you didn’t expect that did you ..did you?

        • 2
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          Perriamama

          G. L. Peiris too have PhD not one but two. Had he really understood law he would not have gone to work for Dr Mahinda. Now he is being reduced to a childminder looking after Namal baby (half PhD).

          “now you didn’t expect that did you ..did you?”

          Does it matter whether one has a PhD or DSc, finally it is a matter of one taking one’s bull s**t to a whole new level?

          Keep up your bull.

          We come nearest to the great when we are great in humility.
          -Rabindranath Tagore

          • 1
            1

            You certainly talk a lot of bull!

            Yet to see a coherent comment from you ha ha keep it up.

            You asked if I understood economics, and I said yes.

            • 0
              1

              PA, …… Native Vedda has a PhD from UNP…….

              • 2
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                KASmaalam K A Sumanasekera

                I know who had earned four doctorates and a Professor Emeritus for his record on human rights from Visva Bharati University of Calcutta . These doctorates must have cost him an arm and a leg.

                Why would I need a PhD from UNP or Colombo Uni? It is cheaper to get one from Colombo than other countries. Even Gota got one from Colombo which was bestowed on him free of charge. All what you need is a bunch of “academics, professors, …..” who could be persuaded to grant one or two doctorates.

                I am told Namal baby is a half doctorate, completed in 3 months.

            • 2
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              Perriamama

              “You asked if I understood economics, and I said yes.”

              Do you think in order to understand economics one actually needs to have a PhD on it?

              Well my local vegetable vendor once told me “The Problem with human being is you can satisfy their need but not their greed”. He was only educated to 8th standard. That is economics Perriamama, one doesn’t need a PhD to understand economics.

              Did you know 1 + 1 = 3
              If you are three hand economist you should be explain away the above.

  • 2
    1

    It says that KAbeer HAsim Was the minister responsible for State Banks. Ranil Was responsible for the Central Bank. Malik Samarawickrama was the chairperson of the UNP. Ravi KArunanayake was just the finanace minister. Yet, all four persons went to a cabinet meeting and discussed the need of money for the next election. How that is possible. Even PResident knew about the theft. Secondly, Ravi KArunanayake instructed banks to go for lower insterest rates when the minister responsible was KAbir Hasim. How did the bank managers acept the orders from a person who was not responsible for the banks. Why KAbir HAsim and Malik Samarawickrama are not questioned yet ? WAs there any foreign influence because some one wanted to sell or buy the distillery in the East that was established newly.—————– with respect to your article even the president does similar things. He has something MATHATA THITHA or something similar. Yey, he allowes ditilleries to be opned new, He reduces the hard liquor prices to make people addicted to Beer. that looks like very much the old wild west in Sri lanka.

  • 2
    1

    I saw the vision 2025 published in a newspaper. It looks very funny to read as I am used to read so many magazine articles similar to that. The author is a book writer who has published a book in economy. His proposals very vague. It is very sure he di dnot know about Sri lanka except what he searched in the internet. After all, the report quote a reference from one Defence University from USa. Why do we need those ?. what is going on. Anyway, vision 2025 is a big screw up. It is not going to much different from 10 million jobs ranil created this time and his Lichchavi-Malla Style govt which steald from the cantral bank as soon as they form the govt. I do not know whether the voters will be that dumb to accept that crap. YOu read that type of articles in business week, Economist like magazines. Those are just general articles and nothing specific for the country’s needs.

  • 1
    2

    True Ranil and his cabal are fraudsters!. But there is another story to this people like W. A Wijewardena, Dayan, Chandra Jayaratne, Rajeewa Jayaweera, are all anti Ranil and anti UNP. This shows the hate among them.

    If not for Ranil by now we would be facing economic sanctions imposed by the UN and all former regime leaders would be facing travel ban.

  • 1
    0

    Dear Daw,
    We also follow the proceeding at the Bond Commission through Newspapers.. What we noted was AM has kept RW in formed that direct placement should be removed.If it is correct Can you say RW was interfereing . A M should not have consulted RW on CB matters. As every one believed A M is an authority on C B matters why he informed R W unless he wanted RW also to get involved in his crooked plan s

  • 2
    3

    lalith Weerathunga and D A W have common face cuts. Both believe they were Pandiths. One obeyed a president.and he followed SIL REDI HORA blindly and now on bail We are sure Supreme court will enhance your punishment
    Other kept quiet when Cabral ran amok in CB. Where were you then and you never uttered anything against Rajapakses. Mr Wijewardena.
    If you had done so Arjun M would have never ever tried his dirty tricks. The tragedy of Srilanka has been that professionals never tell the truth when needed.

    • 1
      1

      Mugalan,

      Well said. They were like rats during the previous regime and never ever dared to open there mouths.

  • 0
    1

    WA Wijewardena’s articles carry too much of Emperor’s New Cloth stuff and this article is no exception.
    WA W ends the article ~ ” Politicians love to control the Central Bank. But it is the responsibility of the Governor and other senior officers of the bank to defend its independence”
    We (the silent majority unfortunately) will not forget what happened to a former CJ SL who attempted to defend the independence of the judiciary (rather the tiny tiny tiny bit left at that time)
    WA W says ~ “Now the former Governor Mahendran has revealed in his evidence on oath before the commission that it was Prime Minister Wickremesinghe who had advised him on 24 February 2015, three days before the controversial bond issue, to do away with direct placements as a method of issuing government securities”.
    Just because this was given under oath, it is not necessarily true.
    A wealthy Lanka must include rural Lankans as well. But this term has got accepted as applicable to the Colombo elites.
    For example rural Lankans will aspire to send their children to a medical school but not to SAITM – ever never.
    Do the rural Lankans participate in the obscene bonus paid to AirLankan employees?
    In the 2025 wealthy-Lanka, will there be rural Lankans in MidEast (slaving?)
    Just before the 08 January 2015 election, MR advised the voters “A known devil is better than an unknown devil”.
    Two years later the GoSL is telling us “OK we are corrupt too but no white vans and there is freedom (except for the military rule in N & E)”.
    To cut a long story short: A corrupt wealthy Lanka is not what Lankans want.

  • 0
    0

    KP, Now you are talking mate………….

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