Ranil, who got mandate from Gota, ravages the country
When Gotabaya Rajapakse banned chemical fertilizers and inputs overnight and shifted to organic farming, agriculture collapsed completely. The way Ranil Wickrathamasinghe is following the way of shrinking the economy has made the export income collapse in a big way.
The Central Bank of Sri Lanka has revealed the data confirming this in the latest announcement regarding foreign trade transactions related to last year. Especially the import costs of vegetables and fruits have increased in 2023 compared to 2022. In 2022, the cost was 365.4 million dollars; in 2023, it had risen to 402.4 million dollars.
Industrial export earnings have collapsed by 11.3%, sending even stronger alarm signals. In 2022, the export income was 10,465.3 million dollars; in 2023, it fell to 9,277.7 million dollars. As such, industrial export income has fallen by 1,187.6 million dollars. This breakdown is equivalent to four loan instalments from the IMF.
Meanwhile, according to the announcement, last year’s total export revenue has fallen by 9.1% compared to 2022. Total export earnings in 2022 were $13,106 million; in 2023, it fell by $1,195 million to $11,911 million.
After Ranil Vikra Masingha was elected to the presidency by Pohottu MPs, Central Bank Governor Dr. Nandalal Weerasinghe and Finance Ministry Secretary Mahinda Siriwardena took the initiative and launched measures to shrink the economy. It was implemented as a strategy to reduce inflation, and most economic experts have pointed out that reducing inflation should be the right economic strategy, giving a broad scope for the economy to expand.