News
Cabraal stresses need to be mindful of country’s economic health
‘Govt. has proved doomsayers wrong by taking appropriate action’
by Saman Indrajith
State Finance Minister Ajith Nivard Cabraal told parliament on Friday (23) that while dealing with the Covid-19 pandemic, the country should be mindful of the sustenance of its economy as well.
Cabraal noted that the Covid-19 pandemic had taken the world by surprise. “It was a great shock to the entire world. No one was prepared for it and it was a big question in everyone’s mind how we should deal with it, what effects it would have on the economy, etc. However, we had to take certain short-term measures Had these decisions not been taken, it would have been a grave hindrance to the country’s progress.”
Minister Cabraal said the government had wasted no time in identifying the priorities and understood that the pandemic would not end anytime soon. But, the issue of how the government was going to address the economic repercussions had also come up, he said.
“That is the reason we had to impose certain import restrictions. It was important to take some tough decisions in order to maintain our economic stability. Many thought that it would not be possible to manage the economy and the rupee would devalue and the economy would collapse.”
Some wished for the collapse of the economy while shedding crocodile tears, he said, adding that even during the war some people had expected the economy to go belly up.
Minister Cabraal said that today there was a new normal and the country needed to adapt to it. “Sometimes, we may have to change our attitudes. We were able to overcome these adversities and even relax some of the import restrictions. Although many thought we could not handle it we have managed to do so. We have also managed to pay back our debts and even get the required medical supplies.”
The Minister pointed out that despite bleak predictions by many that the country would crumble in the face of the COVID-19 pandemic, the government had managed to steer the country through it all and overcome those challenges. “The IMF, World Bank and ADB had made bleak predictions in their regional reports regarding Sri Lanka’s ability to face the impacts of the Covid-19 pandemic. In addition, they had predicted Sri Lanka would record poor exports, tourist arrivals, foreign earnings from migrant workers, high interest rates, higher trade deficit and inability to meet foreign debt repayments, etc. However, despite these predictions, the government and all state institutions worked hard and took measures to face this situation. As a result, these institutions have exceeded expectations and produced results. The rupee did not collapse the way they expected. We continued to pay back loans.”
The Minister added that even the unemployment rate had decreased from 5.7 to 5.4, according to the second quarter statistics released by the Census and Statistics Department. He noted that exports had grown to pre-COVID levels.
Prime Minister Dr. Harini Amarasuriya met with the representatives of the European External Action Service [EEAS] on Tuesdqy [10 th February] at the Prime Minister’s office.
Welcoming the delegation from the European External Action Service (EEAS), the Prime Minister emphasized the importance of further strengthening and deepening the long-standing partnership between Sri Lanka and the European Union, noting the role of the European Union as a key development and economic partner.
The Prime Minister also expressed appreciation for the timely assistance extended by the European Union to Sri Lanka in response to the recent cyclone, highlighting the EU’s continued solidarity and support during times of need.
Attention was drawn to the need to expand economic cooperation between Sri Lanka and the European Union. The Prime Minister underscored the importance of undertaking necessary legislative and policy reforms to facilitate enhanced economic engagement, trade, and investment.
The delegation was briefed on the ongoing initiatives and reforms being implemented by the new Government aimed at strengthening economic stability, governance, and creating a conducive environment for sustainable growth and international cooperation.
The meeting was attended by the Acting Managing Director for Asia and the Pacific in the European External Action Service, EU co-chair of the Joint Commission, Ms. Paola Pampaloni; EU Ambassador, Head of EU Delegation Ms. Carmen Moreno and the representatives of European External Action Services and Delegation of the European Union, and Additional Secretary to the Prime Minister, Ms. Sagarika Bogahawatta and the officials from the Ministry of Foreign Affairs, Foreign Employment, Tourism Sri Lanka.
[Prime Minister’s Media Division]
The newly appointed Country Director of the Asian Development Bank for Sri Lanka Ms Shannon Cowlin and the accompanying delegation met with Prime Minister Dr. Harini Amarasuriya on Tuesday [0th of February] at the Prime Minister’s office.
Welcoming the delegation, the Prime Minister extended congratulations to the newly appointed Country Director and acknowledged the long-standing partnership with the Asian Development Bank. The Prime Minister also expressed appreciation for ADB Bank’s continued engagement and support aligned with Sri Lanka’s national development priorities.
The Prime Minister also conveyed gratitude for the timely assistance extended by the ADB in response to Cyclone Ditwah, noting the importance of such support in mitigating the immediate impacts of natural disasters.
The ADB delegation reiterated its readiness to further assist Sri Lanka during the post-cyclone recovery phase, including rebuilding and reconstruction efforts, and emphasized its commitment to the supporting the education sector.
The meeting was attended by OIC / Deputy Director General, SARD Ms. Sona Shrestha, Ms. Cholpon Mambetova Country Operations Head of ADB Sri Lanka Mission Resident, Additional Secretary to the Prime Minister Ms. Sagarika Bogahawatta, Director General of the External Resource Department, Ministry of Finance Samantha Bandara, Director for ADB Division in External Resource Department, Ministry of Finance Ranjith Gurusinghe.
[Prime Minister’s Media Division]
A discussion on regulating school student transport services was held on the 09th of February at the Prime Minister’s Office under the patronage of Prime Minister Dr. Harini Amarasuriya, with the participation of officials from the National Transport Commission and the Ministry of Education.
The authority for regulating school student transport has been vested with the National Transport Commission, and as the relevant draft of regulations have already been prepared, discussions were held on the provisions contained in these drafts as well as on new proposals that should be incorporated.
During the discussion, the attention was focused on meeting the emerging needs of transportation arising from the schools, minimizing issues encountered in the transportation of school students by establishing an organized transport mechanism, and deploying the “Sisu Sariya” school transport service in a more efficient and effective manner followed by the new educational reforms process.
Discussions were also held on introducing laws and regulations to systematize the transportation of schoolchildren, prioritizing child protection by preventing reported incidents of abuse and harassment during student transport, and enhancing professionalism among school transport service providers to ensure a responsible and accountable service.
The focus was also emphasized on the need for coordinated action among the Ministry of Transport, Highways and Urban Development, the National Transport Commission, the Ministry of Education, Higher Education and Vocational Education, and the National Child Protection Authority.
The discussion was attended by the Minister of Transport, Highways and Urban Development Bimal Rathnayake, Chairman of the National Transport Commission P. A. Chandrapala, officials of the National Transport Commission, and the officials from the Ministry of Education, Higher Education and Vocational Education.
[Prime Minister’s Media Division]
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