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Sunday, 3 June 2012

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Government Gazette

‘Disseminating misleading and false information’:

Govt decries UNP, JVP attempts to destabilise economy

The Government yesterday deplored attempts by the UNP and the JVP to destabilise the economy through disseminating misleading and false information.

In a special statement released to the media, the Government said it has been in the forefront of protecting the entire financial system, which is borne out by the fact that the economy has remained robust and safe even in the face of intense global instability.

“It is in order to disturb this situation and create chaos that Opposition MPs seem to be pouncing on various perceived setbacks. It is necessary to expose the blatant and international efforts to destabilise the economy, in the same way these forces strove to curtail the humanitarian operation in 2009,” the statement said. It pointed out that key international organisations such as the IMF, World Bank and the ADB have categorically stated that Sri Lanka’s economic management is on course towards stability and growth. “It is quite clear that the Opposition is getting desperate because they may have hoped that Sri Lanka’s economy would have faltered in the face of the global situation.”

The statement condemned opposition efforts to target specific economic personalities including Central Bank Governor Ajith Nivard Cabraal to create chaos in State institutions and destroy the people’s trust in institutions such as the Central Bank.

The Government statement noted that some UNP and JVP MPs have been consistently attacking the Central Bank, EPF and the National Savings Bank. They have attempted to destabilise the stock market as well as precipitate a run on deposits of finance companies stating that The Finance Company (TFC), which has more than Rs.20 billion in deposits, is unstable and bankrupt.

The TFC is on the path of profitability and it would be one of the stronger finance companies in the financial sector.

It is clear that the current reduction of the share price of the TFC is not a reflection of the weakness of the company, but it is due to the present trends that the share markets all over the world have been subject to.

The statement also decried Opposition attempts to discredit the EPF on the grounds that some of its investments have lost value in the stock market. “All investments made by the EPF are based on a careful analysis carried out by qualified persons guided by a high-powered investment committee.”

It said the EPF is a long term fund which aims at long term returns. “That is the reason why even when the market was on an upward trend and when the EPF had unrealised gains of over Rs.19 billion in its portfolio, it was not inclined to make such investments because it was convinced that it could make even better returns for its members in the long term.”

The JVP had no right to speak about protecting economic assets having caused damage worth Rs.60 billion to public property in 1988-89, it said.

 

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