Opposition economists slammed Central Bank Governor Ajith Nivaad Cabraal for releasing what he called ‘politically coloured’ economic data and vowed to conduct an independent audit upon a new Government following Thursday’s election.
“There is a saying – torture the numbers and they will confess anything. This is what the Central Bank Governor has done in 148 slides of his Road Map,” UNP Economic Affairs Spokesman and MP Dr. Harsha De Silva told a press conference at the Opposition Leader’s Office yesterday.
Dr. De Silva said provincial GDP figures unveiled by the Central Bank Road Map 2015 and beyond last Friday were “highly questionable”.
“What we realised during the Uva election campaign was that people were very poor and their economic situation had got worse,” he charged. De Silva said an independent audit would show the real situation in the Treasury.
“In countries like Greece, debt and budget data changed after the government changed,” he asserted.
The Opposition MP cited eminent Economist Nimal Sanderatne as saying the Government must refrain from further borrowing and use debt to boost the balance of payment surplus.
“We estimate that actual public debt, especially the foreign component is much higher than the figures disclosed by Central Bank. It could be as high as 60 percent and not 36 percent,” De Silva charged.
The UNP MP also questioned data furnished on EPF, saying that the Auditor General had raised various queries on the Fund’s accounts.
Dr De Silva promised an independent audit of Sri Lanka’s Employees Provident Fund since the Parliamentary oversight committee on public accounts had been prevented from questioning the Fund’s managers.
“Never has the office of the Central Bank Governor been so politicised. It is unacceptable in a democracy, that officials conduct themselves in this manner,” the UNP MP charged.
Cabraal has denied the opposition claims and told the Forum last Friday that the EPF market investments were showing unrealised gains rather than losses.
De Silva said that the strange numbers were a dangerous trend. “Soon we won’t be able to believe data from private banks,” he said.
Once Opposition candidate Maithripala Sirisena is elected, De Silva said the opposition would reveal the true economic data.

The new Government will not cease development work, but corruption would be arrested, the UNP MP explained.
“The new unity Government will pursue a social market economic system,” De Silva pledged.
The Opposition legislator promised economic stability, sound macroeconomic fundamentals and development will be ensured under a new Government.

“Certain projects like the Port City and the Lotus Tower will be reviewed. One foot of the Lotus Tower costs Rs 13 million,” he charged.

De Silva added that the new administration, if voted into power will ensure private property is safeguarded.