UNP Leader Ranil Wickremesinghe yesterday (16), warned the US dollar would reach Rs 300 before the end of the year.
In a statement, he said the economy is deteriorating, while both the dollar deficit and the rupee deficit have not been resolved yet.
“Today, the real value of the rupee is actually Rs 250 to the dollar. Even more so, this way it can go up to Rs 275. If we do not stop there, it will reach Rs 300 before the end of the year,” he said.
The middle class is facing hardship, many are being pushed down the economic ladder. The agriculture sector has been destroyed. Small and big businessmen are unable to procure goods to do their work. This is the problem faced by the citizens. By June and July, we will have to repay foreign loans again. We have a total of US$ 6 billion to repay this year. We have not yet discussed the situation with the IMF. So we have to find the money to repay the loans in June and July. New problems are continuing to arise and this is why the banking system has been abandoned, Wickremesinghe said.
“Under Article 4 of the IMF’s Constitution, each member state is required to discuss and report on its economic situation once a year. The IMF team arrived in Sri Lanka last December. We know that the report will be presented next week. As soon as the Government receives that report they have to present it to Parliament. Once it is presented to Parliament we must hold a debate on it. The proposals put forth in the report must be discussed. From there, we will see if we can come to a consensus and agree to basic principles. It is our duty,” he said.
Speaking further, the UNP Leader said, “Our country just has a single resource and that is the younger generation which comprise Millennials and Generation Zs. We need to think about that group. They want to create a future, but they have lost faith. The Government has broken its trust.”