Ravi Karunanayake’s Foot in Mouth Disease: Parliament dissolved due the mismanagement of the economy!

In the past 6 months Ravi Karunanayake and Harsha de Silva have managed to make sure that you and the whole country pays dearly. The mismanagement of the economy is evident in the recent foreign reserves data of $6.4 billion or 3.8 months of imports, rising external debt cost of 6.125%, domestic debt increase of $216 billion (in the first 3 months of 2015), snail pace real sector activity as indicated by the low GDP 1Q rate of 6.4%. The 30 year bond robbery. A fragile and weak Sri Lankan Rupee of 140 to the US Dollar and an increased budget deficit of 9%.

Despite all the obvious indicators showing red flags the duo continue to say that the economy is in good health. What is ironic is that they openly say that they inherited a broken economy.  However, real data suggests otherwise.

For all the above, macro indicators were significantly better as at December 2014.  Foreign reserves stood at $9.0 billion. Total Domestic borrowing was $850 billion. USD 10 years bonds were at 5.85%. GDP in the first quater grew at 7.6% The 30 year bond was 9.75%. Sri Lankan Rupee exchange rate was 130 to the US Dollar. Fiscal deficit was 6.4% Therefore the data  shows the breakdown of the whole country.

It is indeed rather worrying to find that Ravi and Harsha arguing to the contrary, when in fact they and UNP are solely responsible for the plight we are faced with currently. It should be obvious that the Yahapalana is continuing to lie and run down a strong and hard earned economy that they inherited from President Rajapaksa.

As smart professionals and young adults we must not be fooled anymore. The failure in 6 months is sufficient to cripple the country for the next two years.

If the economy was in good shape as professed by Ravi and Harsha would they have dissolved parliament?