• Protest held outside Colombo Fort MC as Cabraal released from case

Claiming that it was during his tenure as the Governor of the Central Bank of Sri Lanka (CBSL) that Sri Lanka received the largest credit facility from the International Monetary Fund (IMF), former CBSL Governor, Ajith Nivard Cabraal yesterday (25) made critical comments regarding the suspension of foreign debt repayment and raising taxes.

Commenting to the media on China and India responding positively to the debt restructuring programme, he said: “China and India have made it very clear that they will extend the debt repayment period, but it is not a debt write off. This is what I continued to say. I have even written about it in the book that I wrote (Among Economic Killers). When I was the CBSL Governor, I asked for a loan from China. They were about to give it. All the details about it are in my book. If anyone reads it, they can know more about it.” When queried as to why it did not come through during his tenure, he said: “If you ask a bank for a loan today, will you get it tomorrow? The largest credit facility was taken from the IMF during my tenure. It is said in the relevant CBSL report that that was the most successful borrowing done. I am loyal to Sri Lanka. So, if something happens that will cause inconvenience to Sri Lanka, I don't like it. What we have been doing is the option. The option is also mentioned in my book."

Cabraal, who is also a former State Minister of Money and Capital Market, queried from the media as to whether they can be happy that the payment of foreign debt has been suspended. He said that if an ordinary person defaults on the loans, they cannot take another loan. He said that the problems caused by credit defaults and tax hikes do not affect him, but the common people. If it is not a problem, he said that then there is no problem in the implementation of the programme currently being implemented.

When queried by the media about the allegation that he had printed money in large quantities during his tenure as the CBSL Governor, he said: "He (incumbent CBSL Governor, Dr. Nandalal Weerasinghe) is printing money 50% more than I did. Do the relevant calculations and see. It is not that he does it but that he has to do it. That's because we have to do so when we control the economy of a country. That's why he has done it and that has happened even when foreign debts are not being paid."

Meanwhile, when Cabraal was leaving the Colombo Fort Magistrate's Court (MC) premises after speaking to the media, a group of people gathered there protested him by chanting "thief, thief, bank thief." He appeared before the Court yesterday when the private complaint filed by Ven. Thiniyawala Palitha Thera against him over the alleged misappropriation of a sum of United States dollars (US $) 6.5 million belonging to the Government of Sri Lanka between the period from 2006 to 2015 was taken up. As the complainant had withdrawn the said complaint, Colombo Fort Magistrate Thilina Gamage yesterday ordered the release of Cabraal from the related case.