President criticizes CBSL on its responsibility of rebuilding the economy

President Gotabaya Rajapaksa expressed severe criticism over the conduct of the Central Bank of Sri Lanka (CBSL) and its inability to implement the policy decision taken by the government to revive the economy amidst the coronavirus (COVID-19) pandemic.

“We cannot let the health crisis develop into an economic crisis. What we are facing is a global crisis. The Central Bank and the Treasury are entrusted with the responsibility of formulating right monetary and fiscal policies that are instrumental in economic revival. Many tools have been introduced by the Central Banks in the countries around the world. We have not received such a positive response from our Central Bank. Let me know the measures that need to be taken to confront the crisis without delay”, President Gotabaya Rajapaksa told the top most officials of the Central Bank of Sri Lanka.

President made these strictures during a meeting with the officials led by the Governor of the Central Bank held at the Presidential Secretariat today.

Noting that even though the government had put forward its proposals for economic revival, the President noted that the Central Bank has not extended its support towards it thus far. President asked them to explain reasons for their failure.

President Rajapaksa asked: Look at this headline. “The AFED (Arab Forum for Environment and Development) commits to use a full range of tools to help the economy through unprecedented time”. What is the tool we have used? We have used nothing. Our Central Bank has not done anything towards this. Monetary and Fiscal Policy has been formulated by the Central Bank. That should be done in accordance with the economic policy of the President of the country.

‘If you are not on the same page with my suggestions please give me your strategies to revive our economy by tomorrow morning. Give me your suggestions on how to strengthen the economy, how to assist banks under these dire circumstances, how to categorically assist small scale and medium scale businesses. If what I say is wrong, do not hesitate to let me know,” he said.