Sri Lanka President invites parliament to probe 2020 macro blunders

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“If the House agrees I can appoint a Presidential commission of Inquiry,” President Ranil Wickremesinghe told parliament.

“Otherwise have a select committee. The parliament has powers to do that. You’ll decide on that.”

He was responding to opposition legislator Kabir Hashim who said the public was undergoing severe hardship the key actors who were responsible for tax cuts and money printing after 2020 which led to the default were free and not accountable.

“You said there were no options but bear this pain,” Hashim said. “Ok. Everyone up to now has made sacrifices. But we have a problem.

“Who created this problem? The Institute of Policy Studies, which is a semi-government institution says policy errors in 2020 led to the crisis. The officials and politicians who took these decisions are still free.

“Up to now no investigation has been done on these officials. Please appoint a Presidential commission. This is a request from the opposition.”

“I do not think there is anything to hide,” President Wickremesinghe said. “Our system had a lot of structural defects, which got triggered off by reducing taxes.

“I think the former President has accepted that. We will go into that and find out what the structural defects are, because we must remedy them also.”

Some critics say a key structural defect is the intermediate central bank. (Colombo/Dec08/2022)

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