Mar 07, 2021

Money printing increased by threefold - Ranil Featured

Leader of the United National Party Former Prime Minister Ranil Wickremesinghe says government revenue has decreased drastically compared to the period of the former government.

Speaking at a meeting in Borella today, Former Premier Wickremesinghe said the government reduced revenue by granting tax concessions to many corporate entities, resulting in a cash deficit.

As a result of this deficit, the UNP leader said the government faced difficulties in meeting day to day expenses in the country.

Former Premier Wickremesinghe added money was being printed to bridge the cash deficit.

The former Premier claimed three times the money printed during the combined terms of the good governance government and the Mahinda Rajapaksa led administration was released to the economy during the term of the present administration.

Therefore, he noted foreign exchange revenues were scarce, as the country could not afford the coronavirus vaccine as well.

UNP Leader Wickremesinghe stressed many countries will recover from the coronavirus while Sri Lanka remains burdened with a government that did not possess necessary skills for economic management.

In response to claims that the former government did not carry out development, Former Premier Wickremesinghe revealed they uplifted the economy and strengthened the healthcare sector.

He noted the “Suwa Seriya” initiative commenced with the assistance of Indian Premier Narendra Modi, while also spending on education under the “Langama Pasala Hondama Pasala” project.

The UNP leader stated infrastructure spending increased with an insurance scheme for students also being introduced.

He stressed many people opposed his decision to distribute tabs to students.