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Cabraal sets record straight on the debt burden left behind by Yahapalana regime and JVP claims
By Saman Indrajith
Sri Lanka’s success story of countering the COVID-19 crisis could have been a more effective and advantageous if not for the debilitation of the economy under the yahapalana regime, Parliament was told on Wednesday.
Winding up the debate at the time of the adjournment of the House, State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal said that the performance of the previous government had weakened the economy as never before.
“There is a shortage of reserves and that has resulted in limiting our import options. We would have been able to do much better after overcoming the COVID-19 crisis if there had been enough reserves. The previous government also increased the debt burden. Debts stood at 71 percent of total GDP at the time they came to power. They increased it to 91 percent.
“We managed somehow. But we could have given more relief to the people. We could have made use of some opportunities on the economic front to boost the small and medium scale enterprises if there had been enough reserves.
“During our time we recorded a 6.5 per cent growth and an increase of GDP from 24 billion US dollars to 79 billion US dollars. Inflation shot up causing suffering to the people due to the collapse of the economy under the previous government.
“Now, we are planning to get the national economy back on the track by 2021. You can get an idea of the current situation from the Central Bank 2019 annual report before you understand the challenge before us. We have to rebuild the economy and help the public. It is a big challenge but we are not afraid because we are sure that we can turn the tide; we have the expertise to do. We’ll fast-track the development process. We are introducing some tools to attract foreign direct investments”, Cabraal said.
The State Minister said that he would not take the predictions of the Opposition Leader seriously as the latter had a record of making wrong predictions. “I remember that he was shouting in 2007 and 2008 that the economy would collapse any time. That did not happen.”
Responding to JVP leader Anura Kumara Dissanayake’s allegations that the economy had suffered a loss by investing in Greek bonds while he was the Governor of the Central Bank, the Minister said: “That is a topic they keep harping on while the rest of the world has moved ahead. I have explained this in my book ‘The Great Bond Scam’ in detail. There on Page 313 this matter has been dealt with in detail. Then there is a judgment by a three-judge bench of the Supreme Court presided by Chief Justice K Sripavan. It has put all these allegation to rest. The MPs who come here to talk should do their homework. I do not know whether they deliberately hide facts to mislead the public. There is one such example, it was stated in this House today that our decision to invest EPF monies was wrong because we suffered a 3,071- million-rupee loss. The Opposition however did not say that while the loss was standing at that amount for some loss making shares, we had earned a Rs 17,577 million profit. In 2011, the capital profit from EPF investment was at Rs. 2,678 million. In 2012 it increased to Rs. 3,016 million in 2013 and Rs. 3,339 million. In 2014, the profit rose to Rs. 5,544 million. I table a copy of my book because it has answers to some questions the MPs raised though they have passed their shelf life. The matter of a forensic audit has been raised. I have explained that on page 149 of this book.”
Referring to the contribution made by the JVP to the national economy, the state minister read out a list of damages and destruction attributed to the Marxist party during its second insurrection in the period of terror from 1989-90. “They destroyed 684 post offices, 13 telecommunications centers, 550 buses, 75 tea factories, 40 estate bungalows, 130 CEB transformers, 12 trains and six railway stations. The total loss by those actions has been estimated at Rs. 55 billion rupees.”
Cabraal said that while he was the Governor of the Central Bank he had heard of the same allegations being made in the House but he could not respond as an official. “Today, I am a member of this House and I can respond to these wild allegations and inform the House the truth. I thank colleague member Prof Ranjith Bandara for moving this motion for debate,” the minister said.
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PCoI on Easter Sunday attacks:
By Shamindra Ferdinando
Attorney General Dappula de Livera, PC is not bound by recommendations made by the Presidential Commission of Inquiry (P CoI) into the 2019 Easter Sunday carnage, or presidential directives in that regard, according to authoritative sources.
They said that the AG couldn’t under any circumstances initiate legal proceedings until he had received the full PCoI report.
President Gotabaya Rajapaksa received the PCoI report on Feb 1. The President’s Office delivered a set of PCoI reports to Speaker Mahinda Yapa Abeywardena on Feb 23, a day after the report was presented to the cabinet of ministers. The Island raised the matter with relevant authorities in the wake of a section of the media reporting the PCoI recommending punitive measures against former President Maithripala Sirisena, Defence Secretary Hemasiri Fernando, IGP Pujitha Jayasundera, Chief of State Intelligence Senior DIG Nilantha Jayawardena, Chief of National Intelligence retired DIG Sisira Mendis and All Ceylon Makkal Congress (ACMC) leader and Samagi Jana Balavegaya MP Rishad Bathiudeen et al over the Easter Sunday carnage.
Sources pointed out that due to the inordinate delay in sharing the PCoI report with the AG, the department hadn’t been able to take preliminary measures required to initiate the proceedings. Sources said that a team of officers would take at least six weeks or more to examine the report before tangible measures could be taken.
With the AG scheduled to retire on May 24, 2021, even if the AG Department received the P CoI it would be quite a tough task to initiate proceedings ahead of retirement, sources said. However, in terms of the 20th Amendment to the Constitution enacted in last October, both the AG and the IGP could receive extensions beyond 60 at the President’s discretion.
Dappula de Livera received an Acting appointment as the AG a week after the Easter Sunday carnage whereas his predecessor Jayantha Jayasuriya, PC, was elevated to Chief Justice.
Responding to another query, sources said that the Attorney General two weeks ago requested Secretary to the President for a copy of the P CoI. However, the AG was yet to receive one, sources said. In spite of the AG not receiving a P CoI copy, the AG had instructed the IGP to obtain a copy of the report when he requested the police to complete investigations into the Easter Sunday carnage. The AG issued specific instructions after having examined police files pertaining to the investigations.
The IGP, too, hadn’t received a copy so far though some sections of the report were in the public domain.
Agriculture Minister Mahindananda Aluthgamage displayed at a live political programme on Derana a copy of the P CoI report he received at the cabinet meeting earlier in the day.
Sources said that the Attorney General’s Department couldn’t decide on a course of action in respect of the Easter carnage on the basis of a section of the report. In terms of the Commission of Inquiry Act (Section 24), the AG enjoyed significant powers/authority in respect of investigations; sources said adding that the Department urgently required both the P CoI report and police investigations report. The Attorney General’s Department has raised the delay in receiving a P CoI report amidst the Catholic Church attacking the government over the same issue.
Sources said that ministerial committee appointed to study the P CoI report couldn’t decide on how to proceed with the recommendations and the matter was entirely in the hands of the AG. Sources pointed out that the delay on the part of the government to release the report had received the attention of sections of the international media, including the New York Times. Public Security Minister retired Rear Admiral Sarath Weerasekera having met Malcolm Cardinal Ranjith at the Bishop’s House on Dec 8, 2020 said that the AG would get a copy of the P CoI report once the President received it. Minister Weerasekera said that the CID had handed over the relevant files after having completed investigations into eight blasts. Referring to the Parliamentary Select Committee (PSC) report on the Easter Sunday carnage, the former Navy Chief of Staff said that all such documents would have to be brought to one place and considered before initiating legal proceedings. Acknowledging that there could be delays, lawmaker Weerasekera said that on the instructions of the Attorney General a 12-member team of lawyers was working on the case. The minister vowed to expose the mastermind behind the Easter Sunday attacks. Investigations continued while some of those wanted were overseas, the minister said.
The minister acknowledged that the Attorney General couldn’t proceed without the P CoI report. Minister Weerasekera reiterated that once the President received the P CoI report, it would be sent to the Attorney General. The minister said that there were documents two to three feet high that needed scrutiny. The minister assured comprehensive investigation. The minister said that investigations pertaining to eight blasts had been completed and the reports handed over to the AG. However, the Attorney General had found shortcomings in those investigations.
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By Saman Indrajith
The Presidential Commission of Inquiry on the Easter Sunday bombings had failed to identify the mastermind of , the JVP said yesterday.
Addressing the media at the party headquarters in Pelawatte, JVP Propaganda Secretary MP Vijitha Herath said that the PCoI report had levelled accusations against former President Maithripala Sirisena, former IGP and head of intelligence for their dereliction of duty, shirking of responsibilities and not taking action to prevent the attacks and negligence. There were reference to the causes of the terror attacks and actions to be taken to avoid such attacks and the influence of extremist organisations. “However, there is no mention of the mastermind of the attacks, the handlers of the attackers and those whose interests the carnage served. It is also not mentioned whether there has been any foreign or local organisation behind those attacks. As per the PCoI report the attack took place as a result of culmination of extremism.
“According to the PCoI the extremist activities were a result of the prevailing political situation then. The entire nation was waiting to see who was responsible and who masterminded those attacks. The PCoI has failed to identify the true culprits responsible for the terror attacks. The report says that the leader of the suicide cadres killed himself in the attacks and it was a puzzle. That means those who are actually responsible for the attacks are still at large. The report does not provide exact details of the sources of the attacks. The PCoI had sittings for one year and five months. It summoned various persons and got their statements but it has failed to shed any light on the terror attacks. Everybody knows that the top leaders of the government and heads of security and intelligence establishments failed in their duties. Ranil Wickremesinghe was the second in command and he too is bound by the responsibility but the PCoI report fails to identify him as one of the persons against whom legal action should be instituted. The PCoI has treated Wickremesinghe and former President Maithripala Sirisena differently. We are not telling that this report is a total failure but we cannot accept this as a complete report. The PCoI handed over its report to the President on Feb 1. After 23 days it was sent to Parliament. Now, a copy of the report is there in the parliamentary library for the perusal of MPs.”
Herath said that the PCoI did not have powers to take punitive action. “It only has powers to name those responsible and recommend action to be taken against those named.
