Former Deputy Governor says Government responsible for the crisis

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Former Deputy Governor of the Central Bank, Dr. W. A. Wijewardena says the country wouldn’t have been in the current predicament had the Monetary Board floated the Rupee in April 2021.

Dr.Wijewardena explained how the failure on the part of the Monetary Board to take remedial measures at the required time caused a catastrophe.

Dr. Wijewardena pointed out that Cabraal, who succeeded Prof. Lakshman, too, failed to address the issue.

The much-delayed decision to float the Rupee in the second week of March this year should be examined against the backdrop of the overall failure of the so-called ‘road map for economic recovery’ to achieve its targets within six months, Dr. Wijewardena told Media .

Sri Lanka couldn’t address the developing crisis by securing limited funds from India, China and Bangladesh. Instead, the assistance of the International Monetary Fund (IMF) should be secured, the veteran banker pointed out, adding that those who dismissed repeated calls to seek IMF help to restructure Sri Lanka’s debt should accept responsibility for the pathetic state of affairs today.