He explained that as a result of that bond scandal, bank interest rates rose sharply, and because of that, the country’s business community lacked the financial strength to withstand the crises that followed.
“Brothers, the economic crisis we are facing today as a country is a very serious problem. People explain it in different ways, but I’m saying this openly in public — regarding the damage done to this country — we first saw that damage in 2015. In 2015, I realized — I know my elder brother very well — that the consequences of that damage would eventually surface. When I saw it, I put my life, my property, my money, my family, and my children aside, and in 2015 we fought that battle for the good of this country. The results of that effort came within a month and a half. My brother became President on January 8th, and on February 27th, the Central Bank was hit.
I asked — and I’m not only saying this in front of you but anywhere in the media, and I’m ready to discuss it with anyone — that the very first cause of the economic downfall we are now facing was the crime committed against the country’s finances on February 27th, 2015, with that bond transaction.
As a businessman at that time, I took loans at 8% interest. You might think 8% was something special. There’s something called an AWPR+ loan — you can ask your bank managers about it — but you had to pay the full interest monthly, not in annual installments. At 8%, it was manageable. But because of that crime, we jumped straight to 14%. Those who had been paying 12–14% had to go to 18–20%. This single act destroyed the financial strength our business community once had to withstand challenges. As one of the country’s leading businessmen, I state very clearly that I am ready to debate this with anyone.
Alongside that economic fall came the 2018 Sinhala–Muslim unrest, which began to pull the tourism industry down. Then, with the 2019 Easter Sunday terrorist attacks by Zaharan’s group, we became even more vulnerable. Then COVID-19 spread worldwide in 2020–2021, and we became more helpless still.
By 2022–2023, when the country faced massive protests, the situation was that the country went into lockdown. Without diesel, petrol, or electricity, the country came to a halt. In my view, under the economic situation created after February 27th, 2015 — by leaders we ourselves appointed to save the country — President Maithripala Sirisena was not directly involved, but we still suffered huge losses. Then a new government came to power recently, but before that, Ranil Wickremesinghe became acting President, and he must bear responsibility for this.
With his appointment, the IMF’s proposals began to be implemented in the country. One of the main features of these proposals was increased tax rates. It’s like adding an ox to trample a man who has already fallen from a tree — for businessmen who had been in financial decline for years, this was another blow. But now there’s nothing to be done — these measures have to be implemented.
Therefore, brothers, do not see this economic challenge as only the problem of the current President or the present government. This is a challenge we ourselves must overcome. To win against this crisis, we must make great sacrifices. The entire country must become a working ground. The whole nation must become a hub for tourism. Without that, if we keep waiting for others, not only will we fail to overcome this crisis, but the future of the children we have brought into this world will also be in great danger. That is why I place before you this proposal — let us unite as one team, overcome this economic challenge, and bring back the valuable future that has been taken from our children.”
Mr. Dudley Sirisena made these remarks while addressing the annual fellowship gathering of the Wayamba Chamber of Commerce in Kurunegala recently, where he was the chief guest.
