PBJ flag bearer for presidential candidate at CB event
With five days more for the presidential election, Sri Lanka’s top technocrat Treasury Secretary P.B. Jayasundera went out of the way to talk on the upcoming presidential elections and current politics in a marathon ‘lecture’ at the launch of the Central Bank’s Roadmap for 2015 in Colombo on Friday.
Quite a few bankers and businesspersons left the BMICH, where the event was held, amidst Dr. Jayasundera’s over 60-minute speech.
In a presentation resembling his master’s voice, Dr. Jayasundera noted that he started his career as a Central bsanker and worked under three Finance Ministers two of them were presidents as the Treasury Secretary and the present president was the only one who took decisions courageously like a leader.
He noted that as the country’s Finance Minister the President always expressed his concern on the downtrodden and found ways and means to tackle poverty when discussing about economic fundamentals.
Dr. Jayasundera revealed that the country has been able to absorb shocks arising out of drought and other natural disasters without affecting the poor due to the Rs. 50 billion buffer strength of the Samurdhi banking sector.
Referring to what he called ‘debt’ mania of some intellectuals, retired bankers, and politicians, he said that debt is part of the economy, and what matters was the proper management of Debt to the GDP ratio.
Addressing a packed audience of around 640 government and Central Bank officials, bankers, business leaders, heads of chambers, professionals and real sector representatives, he emphasized that “an election is for a change in a country but that change should not be for the sake of a change, but for future betterment of the people”.
Tracing the history of 100 day programmes pledged by politicians during periods of elections – in an obvious reference to the opposition campaign -, Dr. Jayasundera said that bringing rice from the moon after 100 days, providing eight pounds of cereals, and the 2004 United National Front government’s country-forward programme failed to gain expected results.
He pointed out that everyone should consider the past and present track record and long term development plan without falling prey to short term programmes.
Dr. Jayasundera further noted that some of his ministry officials, government officials ministers, politicians, businessmen and entrepreneurs do not like him because he sometimes has to say ‘no’ to their requests, but some sections have a liking for his boldness.
In a final remark, he said that he is planning to write about his long time experiences in the public service for future reference.
A large number of persons who waited patiently to hear the details of Central Bank moved out of the BMICH main hall before the conclusion of Dr. Jaysundera’s speech and some of them told the Business Times that the Treasury Secretary has violated election laws and administrative regulations of government officials.
Presenting the Roadmap, Central Bank Governor Ajith Nivard Cabraal said that the goal is to support per capita GDP to increase up to US$7,500 plus by 2020 while maintaining macroeconomic stability in the country. The enhanced monetary policy framework is expected to support an annual growth rate of around 8 per cent in the medium term from the current level of 7.6 per cent.