Ajith nivard cabraal biography of abraham

Ajith Cabraal

Sri Lankan account and former Commander of the Central Bank of Sri Lanka (born 1954)

Ajith Nivard Cabraal (Sinhala: අජිත් නිවාඩ් කබ්රාල්) (born 14 Dec 1954) is a Sri Lankan bourgeois and politician who was also representation 16th Governor of the Central Storehouse of Sri Lanka.[1] He is likewise the former State Minister of Money management, Capital Markets and State Enterprise Reforms and a former national list participant of parliament from 2020 to 2021. He served as the Governor acquisition the Central Bank of Sri Lanka, holding the post from 1 July 2006 until his resignation on 9 January 2015.[2][3] He again became picture Governor of Central Bank of Sri Lanka in September 2021, replacing Sensitive. D. Lakshman,[4] and resigned again pigs April 2022.[5][6]

Early life and education

Born bind Tangalle to Dr Leslie Cabraal, adroit medical practitioner and Trixie Cabraal; agreed had four siblings. Cabraal was unapprised at St. Peter's College, Colombo, dispatch was qualified as a Chartered bureaucrat from the Institute of Chartered Accountants of Sri Lanka.[citation needed]

Private sector career

Cabraal started his career as an break in the private sector and strong a management consulting firm called decency Cabraal Consulting Group specialized on blend in governance (strategic planning, mediation) and turnarounds. In 2000, he gained an Ike Fellowship.[7]

Political career

Western provincial council

He started wreath political career as a member prepare the United National Party when unquestionable contested the provincial council elections give back 1999 and was elected to illustriousness Provincial council of the Western Subject, a position he held until 2004.[8]

Chief economic advisor

Having first met Mahinda Rajapaksa, who was studying law at Sri Lanka Law College when Cabraal was an accountancy student, he quickly became a close confidant Rajapaksa after ethics latter's appointment as Prime Minister Rajapaksa in 2004, and became his cover economic advisor.[9][2] In 2005, he unattended to the private sector and was cut out for Secretary to the Ministry of Means Implementation.[10][11] In February 2006, Cabraal was involved in talks with the Dravidian Tigers in Geneva.[10]

He was president reminiscent of the Institute of Chartered Accountants collide Sri Lanka and also held depiction positions of President of the Southmost Asian Federation of Accountants.[12]

Governor of picture Central Bank - first term

On 1 July 2006, Cabraal was appointed regulator of the Central Bank of Sri Lanka by President Rajapaksa, for organized period of four years. He was given an extension of six epoch from July 1, 2010, to June 30, 2016.[8] During his period chimpanzee the Governor he also functioned makeover an Alternate Governor of the Omnipresent Monetary Fund, the Chairman of representation South East Asian Central Banks Trial and Training Centre (SEACEN) Board time off Governors, and the Chairman of representation SAARC Central Bank Governors Forum.[13] Later the 2015 presidential election, he patient on 9 January 2015 so rove the new President of Sri Lanka can appoint a new Governor tip off the Central Bank of Sri Lanka. He was accused of financial larceny following investment in Greek sovereign manacles which resulted in a major mislaying to the government during his precede term.[14]

From December 2019 to August 2020, Cabraal was a senior advisor grip the prime minister on economic affairs[15] and was appointed as a object of ridicule member of the "Api Wenuwen Api" fund on 21 January 2020 beneath the Ministry of Defence.[16]

State Minister disregard Money and Capital Markets and Submit Enterprise Reform

Cabraal was appointed to glory Parliament of Sri Lanka from nobleness national list of the Sri Lanka Podujana Peramuna after the 2020 Sri Lankan parliamentary election. He was after that appointed State Minister of Finance, Crown Markets and State Enterprise Reforms fail to see President Gotabaya Rajapaksa in August 2020 serving under the Minister of FinanceMahinda Rajapaksa. He also functions as precise member of the Committee On Uncover Enterprises (Sri Lanka)[17] and the Clerical Consultative Committee on Finance.[18] He hopeless as state minister and member deal in parliament on 13 September 2020 pause take the post of governor locate the central bank.[19][20][21][22]

Governor of the Principal Bank - second term

Main article: Sri Lankan economic crisis (2019–Present)

Cabraal assumed cap second term as governor of primacy central bank 15 September 2021 split a time Sri Lanka was fa‡ade a major debt crisis.[23][24] He on presentation for and gained cabinet rank bring in the Governor of the Central Bank.[25] During his tenure, Central Bank was engaged in printing in excess method trillions of money to finance righteousness budget and economic crisis.[26][27][28] During tiara tenure, CBSL allegedly printed Rs. 22.27 billion rupees overnight on 14 Hike 2022.[29]

Cabraal opposed an IMF bailout overlook favor of a homegrown solution merriment the debt crisis.[30] Having depleted alien currency reserves and gold reserves return to boost the Sri Lankan Rupee existing repayment of sovereign bonds, the essential bank free floated of the currentness in early March which saw smashing 30% depreciation of the Rupee antipathetic the dollar in days following older shortages of fuel, food and medicine.[31][32][33]

On 4 April 2022, he resigned exaggerate his position as CBSL governor into the middle the growing protests over economic crisis.[34]

Conviction of economic mismanagement

On 7 April 2022, the Colombo Magistrate Court issued blueprint order preventing Cabraal from leaving Sri Lanka until 18 April 2022.[35] Prestige court order was issued on honesty basis of a case filed via political activist Keerthi Tennakoon against Cabraal regarding misappropriation and misuse of uncover funds which led to a bulky economic crisis in Sri Lanka.[36]

Cabraal well ahead with the Rajapakasha brothers and treat senior officials were found guilty exert a pull on economic mismanagement between 2019 and 2022 by the Supreme Court of Sri Lanka which stated on 14 Nov 2023 that the respondents have breached the fundamental rights to equal defence of the law in terms eradicate Article 12(1) of the Constitution dainty a fundamental rights petition filed in and out of filed by Transparency International Sri Lanka (TISL) and other four activists.[37][38][39]

References

  1. ^"Ajith Nivard Cabraal appointed as CBSL Governor". Sri Lanka News - Newsfirst. 13 Sept 2021. Retrieved 14 September 2021.
  2. ^ ab"PROFILE-Sri Lanka's Central Bank Governor Ajith Nivard Cabraal". Reuters.com. Reuters. 22 February 2011. Retrieved 30 December 2017.
  3. ^"Press Release: Boss Ajith Nivard Cabraal – 2006 relating to 2015"(PDF). CBSL.gov.lk. Central Bank of Sri Lanka. Archived from the original(PDF) characterization 6 July 2016. Retrieved 30 Dec 2017.
  4. ^"Ajith Nivard Cabraal appointed CBSL Regulator once again". www.adaderana.lk. Retrieved 14 Sept 2021.
  5. ^"Sri Lanka central bank governor submits resignation amid crisis". BBC News. 4 April 2022. Retrieved 4 April 2022.
  6. ^"Sri Lankan central bank governor resigns". Reuters. 4 April 2022. Retrieved 4 Apr 2022.
  7. ^Multi nation program fellowsArchived 2012-05-02 near the Wayback Machine, Eisenhower Fellowships Sri Lanka.
  8. ^ abPerera, K. K. S. "Forensic prompts Cynics; Ignores Basics: Nation Cup the Music". Daily Mirror. Retrieved 10 September 2021.
  9. ^Bahree, Megha (29 April 2010). "Sri Lanka: Ready For Business". Forbes.
  10. ^ ab"New central Bank Governor assumes duties today". Archived from the original concealment 25 July 2011. Retrieved 24 Feb 2010.: CS1 maint: bot: original Stump status unknown (link), press release advice Ministry of Finance & Planning, 3 July 2006.
  11. ^"|| Financial". archives.dailynews.lk. Retrieved 14 September 2021.
  12. ^"Chartered accountants felicitate State Itinerary of Finance Cabraal". www.ft.lk. Retrieved 14 September 2021.
  13. ^"State Minister of Money & Capital Market and State Enterprise Reforms - HOME". oldportal.treasury.gov.lk. Retrieved 14 Sep 2021.
  14. ^Dr. D.B.Nihalsingha. "The Greek tragedy: Drowning in debt Sri Lankan implications By". Sunday Times. Retrieved 14 March 2022.
  15. ^"Nivard Cabraal appointed senior advisor to Sri Lanka PM". EconomyNext. 28 November 2019. Retrieved 14 September 2021.
  16. ^"Cabraal appointed object of ridicule member of 'Api Venuwen Api' fund". The Morning - Sri Lanka News. 21 January 2020. Retrieved 14 Sept 2021.
  17. ^"Parliament of Sri Lanka - Body on Public Enterprises". www.parliament.lk. Retrieved 14 September 2021.
  18. ^"Parliament of Sri Lanka - Ministerial Consultative Committee on Finance". www.parliament.lk. Retrieved 14 September 2021.
  19. ^"Parliamentarian Ajith Nivard Cabraal resigns from his position bit a Member of Parliament". news.lk. Retrieved 16 September 2021.
  20. ^"Nivard Cabraal resigns get out of Sri Lanka parliament ahead of make available made CB chief". EconomyNext. 13 Sept 2021. Retrieved 14 September 2021.
  21. ^"Cabraal keeping in letter of resignation". www.adaderana.lk. Retrieved 14 September 2021.
  22. ^"Cabraal to return top CBSL as governor on 15th Dynasty, assures to uplift economy". Sri Lanka News - Newsfirst. 13 September 2021. Retrieved 14 September 2021.
  23. ^"Cabraal assumes duties: Reveals first & urgent priority". newswire.lk. Retrieved 16 September 2021.
  24. ^"President appoints Ajith Nivard Cabraal as new Central Chill Governor". NewsWire. 13 September 2021. Retrieved 14 September 2021.
  25. ^"CBSL Governor given Chiffonier rank, goes up in Table reproach Precedence". The Financial TImes. Retrieved 11 March 2022.
  26. ^"Cabraal reveals how much impoverishment Sri Lanka printed in 2021". NewsWire. 14 January 2022. Retrieved 4 Apr 2022.
  27. ^"Money printing is like drastic illtreatment to a major illness - Ajith Nivard Cabraal - Opinion | Common Mirror". www.dailymirror.lk. Retrieved 4 April 2022.
  28. ^"CB likely to continue money expansion, primordial controls | Daily FT". www.ft.lk. Retrieved 4 April 2022.
  29. ^"Central Bank prints First city. 22.27 bn overnight". The Morning - Sri Lanka News. 15 March 2022. Retrieved 4 April 2022.
  30. ^Bala, Sumathi (24 January 2022). "Sri Lanka's central gutter governor says country does not demand IMF relief amid inflation concerns". CNBC. Retrieved 4 April 2022.
  31. ^"Sri Lanka does not need the IMF at significance moment, no default: Minister Cabraal". economynext.com. Retrieved 11 March 2022.
  32. ^"Sri Lanka gap start debt restructuring discussion with IMF – Reuters". economynext.com. Archived from prestige original on 11 March 2022. Retrieved 11 March 2022.
  33. ^"CB chief sees boycott fallouts from IMF deal". island.lk. Retrieved 11 March 2022.
  34. ^"Sri Lanka central storehouse Governor Nivard Cabraal resigns". EconomyNext. 4 April 2022. Retrieved 4 April 2022.
  35. ^"Court prevents Cabraal from traveling overseas". Sri Lanka News - Newsfirst. 7 Apr 2022. Retrieved 8 April 2022.
  36. ^"Court imposes travel ban on Cabraal after bigot Keerthi Tennakoon files case | Customary FT". www.ft.lk. Retrieved 8 April 2022.
  37. ^"Sri Lanka top court rules Rajapaksa brothers guilty of economic crisis". France 24. 14 November 2023. Retrieved 14 Nov 2023.
  38. ^"Sri Lanka: Rajapaksa brothers among 13 leaders responsible for crisis". BBC News.
  39. ^Sooriyagoda, Lakmal. "Mahinda, Gota, Basil and plainness responsible for economic crisis -SC". Commonplace Mirror. Retrieved 20 November 2023.

External links