Elect MPS ca­pa­ble of han­dling fis­cal poli­cies

Daily Mirror (Sri Lanka) - - EDITORIAL -

Peo­ple should elect MPS who are act­ing with or show­ing care and thought for the fu­ture. MPS have to be pru­dent enough to han­dle fis­cal and mone­tary mat­ters of the coun­try.

“Cur­rently, the coun­try is fac­ing a non-vir­tu­ous cy­cle of debt and is in a very frag­ile sit­u­a­tion which can even lead to a debt cri­sis,” Cen­tral Bank Gover­nor Dr. In­dra­jit Coomaraswamy has said. He was speak­ing at the Pres­i­den­tial Com­mis­sion on Srilankan Air­lines. We must take this ad­vice se­ri­ously and take suit­able, cor­rec­tive ac­tion. We thank Dr. Coomaraswamy for giv­ing such ad­vice.

Peo­ple should elect MPS who are act­ing with or show­ing care and thought for the fu­ture. MPS have to be pru­dent enough to han­dle fis­cal and mone­tary mat­ters of the coun­try.

Fis­cal means re­lat­ing to gov­ern­ment rev­enue. Fis­cal pol­icy is how the gov­ern­ment uses tax­ing and spend­ing to ex­pand eco­nomic growth.

On the other hand, mone­tary means re­lat­ing to money, es­pe­cially the to­tal amount of money in a coun­try. Mone­tary pol­icy is the process by which the mone­tary au­thor­ity of a coun­try con­trols ei­ther the cost of very short-term bor­row­ings or the mone­tary base, of­ten tar­get­ing an in­fla­tion or in­ter­est rate to en­sure sta­bil­ity and gen­eral trust in the coun­try.

When we ap­point Mem­bers of Par­lia­ment, they should have the knowl­edge of th­ese im­por­tant prin­ci­ples. Let us think about this when we cast our votes at the next elec­tion. D. WEERATUNGA,

NUGEGODA

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