Money is being printed in large amounts. Prices are likely to surge by end of 2021: Ranil

Money is being printed in large amounts. Prices are likely to surge by end of 2021: Ranil

8 March 2021 07:34 am

In the event that the government is printing huge sums of money, the prices of goods are likely to surge up in astronomical figures by the end of this year, warned Ranil Wickremesinghe, leader of the United National Party (UNP), speaking at a discussion held by Green Blood Youth Movement at Borella yesterday (07).

"As this government has cut down the revenue, it does not have enough revenue for normal operations. Money is being printed because there is no such income. Money is being printed as if the week-day and weekend newspapers are issued. Money is printed three times the sum of money that was printed during the 2010 Mahinda Rajapaksa Regime and our 2015 Regime, the ten years," he said.

The former Prime Minister added: "We handed over $ 7.5 billion in foreign reserves then, now it has come down to $ 4.5 billion. We we blamed that we have done nothing. But we had built the economy. They now begin to understand. We spent money on Health. The number of emergency treatment wards was increased, the Suwaseriya Service was initiated. We also had contributed to Education. When we were planning to distribute tab computers, they had opposed it. It these tabs were given, part of the problems in education would have been solved today. There is no money to bring tabs today."

"We feel sorry, because this country should have been taken forward, regardless of what government there is. They could have taken the political advantage by protecting our good deeds, making up for our shortcomings and relieving more from income that was being generated. Instead, everything is now broken. So now the prices of goods has gone up. This is just the beginning. By the end of this year, the figures would be astronomical," Wickremesinghe warned.

"A typical government may require more than ten years to solve this crisis. By then, the age of youth would be over. Besides, the youth had hopes for this government. They had voted in the Presidential Election. The Middle Class had voted for them. But what has happened today? The confidence of these young voters is lost, their future has been put at risk," the UNP Leader further emphasised.