Financial cost of economic crisis will be US $ 240Bn for decade ending 2030: Patali Champika

Special crime tribunal needed to hear it and bring those responsible to justice

• There will be unrest in the country if the value of bank assets and EPF, ETF declines 
• The economic crisis has cost each citizen of this nation a sum of Rs. 3.6 million

By Yohan Perera and Ajith Siriwardana  

The financial cost of the economic crisis will be a whopping US $ 240 billion for the decade ending in 2030, Opposition MP Patali Champika Ranawaka said in Parliament yesterday.  “A special crime tribunal should be established to hold those responsible to account,” he said.  Mr Ranawaka who leads the political movement called 43rd Brigade said the per capita cost of the economic crisis would be Rs.3.6 million.  “Sri Lanka’s per capita income in 2030 would have been $ 5,434 if there was no economic crisis. However, Sri Lanka would earn a per capita income of only $ 4,344 in 2030 even if the economy would grow by three per cent starting this year.  

“In other words, this would mean that the economic crisis has cost each citizen of this nation a sum of Rs. 3.6 million,” the MP said.  

“This has been confirmed by President Ranil Wickremesinghe as well. The President said Sri Lanka would be able to earn a GDP similar to the amount it earned before the economic crisis only in 2028. Sri Lanka’s GDP was $ 89 billion in 2019 and will start earning a similar GDP only in 2028. One could see the gravity of the economic crisis when you look at these figures. This is what the country should focus on rather than thinking of revising the conditions laid out by the IMF. Beggars have no choice,” he added.  

The MP said Sri Lanka should consider restructuring domestic debt with utmost diligence.  

“It has been estimated that the value of assets held by banks will decline by 30 per cent. It has also been estimated that the value of EPF and ETF will also decline by 30 per cent if the domestic debt is restructured.  

“There will be unrest in the country if the value of bank assets and EPF, ETF declines,” he noted.  

The MP questioned why the Government is opting to privatize institutions such as SLT and Sri Lanka Insurance.  
“IMF has not recommended the privatization of such institutions.”   

• Sri Lanka should consider restructuring domestic debt with utmost diligence