Connect with us

News

Cabraal stresses need to be mindful of country’s economic health

Published

on

‘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.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Pakistan naval trio leaves Colombo after goodwill visit

Published

on

By

Wrapping up their goodwill and replenishment visit, the Pakistan Navy ships ‘PNS Taimur’ and ‘PNS Aslat’, along with the submarine ‘PNS/M Hangor’, departed the island on 04 Jun 26. The naval units, which arrived in Sri Lanka on 01 June, were accorded a traditional naval send-off by the Sri Lanka Navy at the Port of Colombo, upon their departure.

During their stay, the Commanding Officers of Pakistan Navy ships and submarine called on the Commander Western Naval Area and the Flag Officer Commanding Naval Fleet at the Western Naval Command Headquarters, where discussions were held on several matters of mutual interest.

Meanwhile, Sri Lanka Navy personnel had the opportunity to visit the visiting Pakistan Navy ships and submarine. Furthermore, the crews of the visiting vessels explored the rich heritage of Sri Lanka, taking time to tour several culturally significant landmarks across the island.

Continue Reading

News

China, Lanka intensify cooperation to fight cross-border crimes spreading across Asia and beyond

Published

on

China and Sri Lanka have intensified joint law enforcement efforts to combat cross-border online gambling and telecom fraud, crimes that authorities warn are increasingly spreading across Asia and beyond.

The Chinese Embassy in Colombo said both countries are working closely to dismantle scam centres and fraud networks that have relocated to Sri Lanka from other parts of Southeast Asia. The Embassy noted that such operations often intertwine with human trafficking and other serious crimes, posing grave risks to public security and social stability.

China’s position on cross-border gambling remains firm: Chinese capital is prohibited from investing in overseas casinos, citizens are barred from operating them, and foreign casinos are forbidden from soliciting Chinese nationals. The Embassy stressed that gambling “almost invariably leads to financial ruin,” with tens of thousands of Chinese citizens suffering losses and harm. Recent amendments to China’s Criminal Law have criminalised cross-border gambling activities.

The Embassy pointed out that Sri Lankan authorities have carried out multiple raids in recent months, dismantling gambling and fraud dens and arresting suspects from several countries. Several Chinese nationals, involved in fraud-related crimes, have been handed over to Chinese authorities, producing what officials described as a strong deterrent effect.

The Chinese Embassy praised the efforts of Sri Lanka’s ministries of Foreign Affairs, Finance, and Public Security, particularly immigration and police officials, for their cooperation.

It warned that without firm and immediate measures, the spread of illegal gambling and fraud could damage Sri Lanka’s international image, undermine social stability, and harm the safety and security of its people.

China has already conducted similar law enforcement cooperation with countries including Spain, the UAE, Myanmar, and Cambodia, leading to arrests and repatriations of overseas fraud suspects. It has also proposed the creation of an international alliance against telecom and online fraud to coordinate global efforts, it said.

Going forward, China pledged to actively implement the Global Security Initiative and Global Civilization Initiative, while continuing to deepen law enforcement and security cooperation with Sri Lanka.

The Embassy said these efforts aim to safeguard lives and property, protect financial security, and build a “clean, safe, and beautiful Sri Lanka,” while contributing to a new global framework for combating transnational crime.

Continue Reading

News

Asst. Manager, security officer arrested over Rs 30 mn snatch at Horana PB branch

Published

on

An assistant manager and a security officer, attached to a state bank branch in Horana, have been arrested in connection with the robbery of more than Rs. 30 million that was being transported to replenish automated teller machines (ATMs), Police said.

The two suspects were taken into custody on Friday after statements were recorded from them regarding the incident, which occurred on Wednesday afternoon at the Horana branch of the People’s Bank.

According to Police, a bank employee was carrying two bags containing cash through the rear entrance of the bank at around 2.45 p.m. when an individual, who had arrived on foot, allegedly snatched the bags and fled the scene.

The stolen money, amounting to approximately Rs. 30.5 million, had been prepared for distribution to ATM machines and transportation to other bank branches. Earlier reports had estimated the loss at around Rs. 35 million.

Investigators subsequently arrested a suspect believed to have been directly involved in the robbery and recovered Rs. 17 million of the stolen cash.

Police have not disclosed the exact circumstances that led to the arrest of the assistant manager and security officer but said investigations uncovered information linking them to the incident.

The Western Province North Crime Division is conducting further investigations to determine whether additional suspects were involved and to recover the remaining stolen money.

The daring daylight robbery has raised concerns over security procedures employed during transportation of large sums of cash to/from banking institutions.Further investigations are continuing.

by Norman Palihawadane

Continue Reading

Trending