2023-09-20
News Categories : Committee News
Hon. Wajira Abeywardana stated that when the Central Bank declared financial bankruptcy, an entire country failed.
The Member of Parliament stated the above when the Select Committee of Parliament to Investigate Causes for Financial Bankruptcy declared by the Government and to Report to Parliament and Submit its Proposals and Recommendations in this regard met recently (Sep. 15) Chaired by Hon. Sagara Kariyawasam in Parliament.
Hon. Wajira Abeywardana and the former Central Bank Governor Ajith Nivard Cabraal were called before the Committee.
The statements made by the Member of Parliament Hon. Wajira Abeywardana on September 1st, 2022 and February 10th, 2023 regarding financial bankruptcy were inquired at the Committee meeting held.
Addressing the Committee Hon. Wajira Abeywardana pointed out that according to the Constitution, the power of financial control vets with the Parliament and because of follwoing a wrong process, the Central Bank declared the country's financial bankruptcy on 12.04.2022. The Parliamentarian pointed out that as a result of this, the whole country fell into trouble.
Hon. Wajira Abeywardana pointed out that in the first quarter of 2022, $3.9 billion was to be paid and by April 8th, 2022, $3.2 billion had been paid. He pointed out that by April 12th, about 70 million dollars had to be paid to China and in that context, the Central Bank declared financial bankruptcy on April 12th effortlessly. The Parliamentarian pointed out that this is a wrong process and this should not have happened and there was potential to get support from the private sector and pay this amount. As a result, he pointed out that a large number of officials of the Central Bank are responsible for the situation in the country and certain individuals were not standing by Sri Lanka at that point in time. Therefore, the Member of Parliament further mentioned that people who stand with Sri Lanka should be given a high chair.
He also quoted a statement made by the current President, Hon. Ranil Wickremesinghe, on April 8th, 2022, when he was a Member of Parliament. He also commented on the submission of about 70 amendments to the recently presented Central Bank Act by the Supreme Court.
Addressing the Committee, the former Central Bank Governor Ajith Nivard Cabraal pointed out that the declaration of financial bankruptcy was the result of a long-term effort by several groups. The new Central Bank Governor declared financial bankruptcy on the first day of his appointment, i.e. April 12th, he said. He also pointed out that this is a declaration of debt default made without any national or institutional level discussion.
The former Central Bank Governor Ajith Nivard Cabraal pointing out 3 main points in particular and accordingly, indicated that the announcement of financial bankruptcy on April 12th, 2022, how the bankruptcy took place and the fall in the value of the rupee will be discussed here. He explained at length how the declaration of financial bankruptcy was made on April 12th, 2022, and stated that he would elaborate on the other two points on a future date due to time constraints.
The Committee Chair, Hon. Sagara Kariyawasam, stated that there is an opinion that the governor of the Central Bank ran away at a difficult time for the country and he needs to give an explanation in this regard. Former Governor Ajith Nivard Cabraal said that on 03.04.2022, all the Cabinet Ministers met and took a decision to resign from the Cabinet and because he was also present at this occasion, he too felt obligated to take the same decision. But he pointed out that it does not amount to running away.
The Committee Chair, Member of Parliament Hon. Sagara Kariyawasam stated that it is important to get a good understanding regarding this matter so that something like this does not happen in the future.
Minister Hon. (Mrs.) Pavithradevi Wanniarachchi, Members of Parliament Hon. S. B. Dissanayake, Hon. Jayantha Ketagoda, Hon. (Dr.) Major Pradeep Undugoda, Hon. Sanjeeva Edirimanna, Hon. Nalaka Bandara Kottegoda were present at the Committee meeting held.
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