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Parliament was misled with wrong estimates : CBSL Governor

Sri Lanka’s Central Bank Governor Dr. Nandalal Weerasinghe revealed to the Committee on Public Finance that the treasury had misled parliament by submitting wrong estimates.

“Unrealistically high revenue estimate were to Parliament. On that basis they estimate the expenditure which cannot be cut. I don’t believe these officers, those who are in the treasury did not know that this was unrealistic. Knowing this was unrealistic they misled the Parliament submitting wrong estimates,” he told the Committee on Public Finance on Tuesday (24).

“The revenue obviously is not coming that way. Then your finance different ways either by money printing or something else. When you have a revenue estimate that is not coming, then you have to increase the debt. This is where the debt trap is there,” he pointed on.

The Central Bank Governor said that for every month only for essential imports Sri Lanka needs about USD 600 or 650 million.

“The electricity board, gas company and CPC, they don’t have sufficient collection of rupees to buy dollars,” he told the Parliament Committee.

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