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Sri Lanka’s Supreme Court asks the Auditor General to investigate the reasons for the economic crisis

IANS , Edited By : IANS , Updated on: 07 Oct 2022, 05:23:40 PM

(source: IANS) (Photo Credit: (source: IANS))

Colombo:

Sri Lanka’s Supreme Court on Friday ordered the country’s Auditor General to investigate the causes of the current economic crisis through a petition filed against former President Gotabaya Rajapaksa and his two brothers Mahinda and Basil Rajapaksa. Allowing it to proceed with the fundamental rights petition filed by academics and civil rights activists, the five-judge bench ordered the Auditor General to conduct an audit inquiry on the reasons for not seeking International Monetary Fund (IMF) aid. Do. It also decided to settle sovereign bonds worth $500 million in January this year using existing limited foreign reserves.

The court also directed the Auditor General to investigate the decision of the Monetary Board of Sri Lanka to artificially manipulate exchange rates and fix the price at 203 LKR against the US dollar.

The Court further directed the Governor of the Central Bank to produce copies of all communications and recommendations shared between Gotabaya, former Prime Minister Mahinda Rajapakse, former Finance Minister Basil, members of the Cabinet, the Monetary Board and former Governors of the Central Bank.

The petitioners have requested the court to find out the reasons for the economic crisis and take necessary action against those responsible for it.

The island nation is going through its worst economic crisis since independence from the British 74 years ago, and uncontrollable inflation and dollar shortages have forced it to face shortages of all essentials, including food, fuel, medicine and electricity.

Sri Lankan President Ranil Wickremesinghe while addressing the Parliament said that he met Prime Minister of India Narendra Modi in Japan and expressed his desire to go to India. He further said that India has always been a good friend of Sri Lanka and has offered further help.






First Published : 07 Oct 2022, 05:23:40 PM



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