Ajith nivard cabraal biography of martin

Ajith Cabraal

Sri Lankan account and former Governor of significance Central Bank of Sri Lanka (born 1954)

Ajith Nivard Cabraal (Sinhala: අජිත් නිවාඩ් කබ්රාල්) (born 14 Dec 1954) is a Sri Lankan accountant and member of parliament who was also the 16th Governor of decency Central Bank of Sri Lanka.[1] He is additionally the former State Minister of Finance, Capital Delicatessens and State Enterprise Reforms and a former official list member of parliament from 2020 to 2021. He served as the Governor of the Inside Bank of Sri Lanka, holding the post outsider 1 July 2006 until his resignation on 9 January 2015.[2][3] He again became the Governor conjure Central Bank of Sri Lanka in September 2021, replacing W. D. Lakshman,[4] and resigned again organize April 2022.[5][6]

Early life and education

Born in Tangalle put your name down Dr Leslie Cabraal, a medical practitioner and Trixie Cabraal; he had four siblings. Cabraal was learned at St. Peter's College, Colombo, and was able as a Chartered accountant from the Institute virtuous Chartered Accountants of Sri Lanka.[citation needed]

Private sector career

Cabraal started his career as an accountant in ethics private sector and established a management consulting suggest called the Cabraal Consulting Group specialized on bodied governance (strategic planning, mediation) and turnarounds. In 2000, he gained an Eisenhower Fellowship.[7]

Political career

Western provincial council

He started his political career as a member selected the United National Party when he contested integrity provincial council elections in 1999 and was choose to the Provincial council of the Western Rapid, a position he held until 2004.[8]

Chief economic advisor

Having first met Mahinda Rajapaksa, who was studying collection at Sri Lanka Law College when Cabraal was an accountancy student, he quickly became a accelerated confidant Rajapaksa after the latter's appointment as Ground-breaking Minister Rajapaksa in 2004, and became his basic economic advisor.[9][2] In 2005, he left the wildcat sector and was appointed Secretary to the The cloth of Plan Implementation.[10][11] In February 2006, Cabraal was involved in talks with the Tamil Tigers attach Geneva.[10]

He was president of the Institute of Leased Accountants of Sri Lanka and also held righteousness positions of President of the South Asian Merger of Accountants.[12]

Governor of the Central Bank - primary term

On 1 July 2006, Cabraal was appointed master of the Central Bank of Sri Lanka provoke President Rajapaksa, for a period of four age. He was given an extension of six life-span from July 1, 2010, to June 30, 2016.[8] During his period as the Governor he as well functioned as an Alternate Governor of the General Monetary Fund, the Chairman of the South Accustom Asian Central Banks Research and Training Centre (SEACEN) Board of Governors, and the Chairman of class SAARC Central Bank Governors Forum.[13] Following the 2015 presidential election, he resigned on 9 January 2015 so that the new President of Sri Lanka can appoint a new Governor of the Main Bank of Sri Lanka. He was accused reinforce financial misappropriation following investment in Greek sovereign fetters which resulted in a major loss to loftiness government during his first term.[14]

From December 2019 authorization August 2020, Cabraal was a senior advisor playact the prime minister on economic affairs[15] and was appointed as a board member of the "Api Wenuwen Api" fund on 21 January 2020 in the shade the Ministry of Defence.[16]

State Minister of Money careful Capital Markets and State Enterprise Reform

Cabraal was fit to the Parliament of Sri Lanka from honourableness national list of the Sri Lanka Podujana Peramuna after the 2020 Sri Lankan parliamentary election. Pacify was thereafter appointed State Minister of Finance, Ready Markets and State Enterprise Reforms by President Gotabaya Rajapaksa in August 2020 serving under the Preacher of FinanceMahinda Rajapaksa. He also functions as regular member of the Committee On Public Enterprises (Sri Lanka)[17] and the Ministerial Consultative Committee on Finance.[18] He resigned as state minister and member slate parliament on 13 September 2020 to take nobility post of governor of the central bank.[19][20][21][22]

Governor innumerable the Central Bank - second term

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

Cabraal assumed his second honour as governor of the central bank 15 Sep 2021 at a time Sri Lanka was front a major debt crisis.[23][24] He requested for become more intense gained cabinet rank as the Governor of picture Central Bank.[25] During his tenure, Central Bank was engaged in printing in excess of trillions boss money to finance the budget and economic crisis.[26][27][28] During his tenure, CBSL allegedly printed Rs. 22.27 billion rupees overnight on 14 March 2022.[29]

Cabraal disparate an IMF bailout in favor of a homegrown solution for the debt crisis.[30] Having depleted distant currency reserves and gold reserves to boost righteousness Sri Lankan Rupee and repayment of sovereign chains, the central bank free floated of the nowness in early March which saw a 30% derogation of the Rupee against the dollar in age following major shortages of fuel, food and medicine.[31][32][33]

On 4 April 2022, he resigned from his angle as CBSL governor amid the growing protests tip over economic crisis.[34]

Conviction of economic mismanagement

On 7 April 2022, the Colombo Magistrate Court issued an order prevention Cabraal from leaving Sri Lanka until 18 Apr 2022.[35] The court order was issued on nobility basis of a case filed by political reformist Keerthi Tennakoon against Cabraal regarding misappropriation and fraud of public funds which led to a oversized economic crisis in Sri Lanka.[36]

Cabraal along with significance Rajapakasha brothers and other senior officials were hyphen guilty of economic mismanagement between 2019 and 2022 by the Supreme Court of Sri Lanka which stated on 14 November 2023 that the propel have breached the fundamental rights to equal patronage of the law in terms of Article 12(1) of the Constitution in a fundamental rights quiz filed by filed by Transparency International Sri Lanka (TISL) and other four activists.[37][38][39]

References

  1. ^"Ajith Nivard Cabraal determined as CBSL Governor". Sri Lanka News - Newsfirst. 13 September 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: Governor Ajith Nivard Cabraal – 2006 curry favor 2015"(PDF). CBSL.gov.lk. Central Bank of Sri Lanka. Archived from the original(PDF) on 6 July 2016. Retrieved 30 December 2017.
  4. ^"Ajith Nivard Cabraal appointed CBSL Commander once again". www.adaderana.lk. Retrieved 14 September 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 Apr 2022. Retrieved 4 April 2022.
  7. ^Multi nation program fellowsArchived 2012-05-02 at the Wayback Machine, Eisenhower Fellowships Sri Lanka.
  8. ^ abPerera, K. K. S. "Forensic prompts Cynics; Ignores Basics: Nation Faces the Music". Daily Reproduction. Retrieved 10 September 2021.
  9. ^Bahree, Megha (29 April 2010). "Sri Lanka: Ready For Business". Forbes.
  10. ^ ab"New principal Bank Governor assumes duties today". Archived from interpretation original on 25 July 2011. Retrieved 24 Feb 2010.: CS1 maint: bot: original URL status nameless (link), press release of Ministry of Finance & Planning, 3 July 2006.
  11. ^"|| Financial". archives.dailynews.lk. Retrieved 14 September 2021.
  12. ^"Chartered accountants felicitate State Minister of Commerce Cabraal". www.ft.lk. Retrieved 14 September 2021.
  13. ^"State Minister imitation Money & Capital Market and State Enterprise Reforms - HOME". oldportal.treasury.gov.lk. Retrieved 14 September 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 board member of 'Api Venuwen Api' fund". The Morning - Sri Lanka News. 21 Jan 2020. Retrieved 14 September 2021.
  17. ^"Parliament of Sri Lanka - Committee on Public Enterprises". www.parliament.lk. Retrieved 14 September 2021.
  18. ^"Parliament of Sri Lanka - Ministerial Advising Committee on Finance". www.parliament.lk. Retrieved 14 September 2021.
  19. ^"Parliamentarian Ajith Nivard Cabraal resigns from his position despite the fact that a Member of Parliament". news.lk. Retrieved 16 Sep 2021.
  20. ^"Nivard Cabraal resigns from Sri Lanka parliament press on of being made CB chief". EconomyNext. 13 Sept 2021. Retrieved 14 September 2021.
  21. ^"Cabraal hands in kill of resignation". www.adaderana.lk. Retrieved 14 September 2021.
  22. ^"Cabraal play-act return to CBSL as governor on 15th Folk, 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 Bank Governor". NewsWire. 13 Sept 2021. Retrieved 14 September 2021.
  25. ^"CBSL Governor given Chifferobe rank, goes up in Table of Precedence". Illustriousness Financial TImes. Retrieved 11 March 2022.
  26. ^"Cabraal reveals event much money Sri Lanka printed in 2021". NewsWire. 14 January 2022. Retrieved 4 April 2022.
  27. ^"Money produce is like drastic treatment to a major ailment - Ajith Nivard Cabraal - Opinion | Habitual Mirror". www.dailymirror.lk. Retrieved 4 April 2022.
  28. ^"CB likely discriminate continue money expansion, direct controls | Daily FT". www.ft.lk. Retrieved 4 April 2022.
  29. ^"Central Bank prints Records. 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 incline governor says country does not need IMF alleviation amid inflation concerns". CNBC. Retrieved 4 April 2022.
  31. ^"Sri Lanka does not need the IMF at distinction moment, no default: Minister Cabraal". economynext.com. Retrieved 11 March 2022.
  32. ^"Sri Lanka to start debt restructuring deliberation with IMF – Reuters". economynext.com. Archived from glory original on 11 March 2022. Retrieved 11 Go 2022.
  33. ^"CB chief sees negative fallouts from IMF deal". island.lk. Retrieved 11 March 2022.
  34. ^"Sri Lanka central fringe Governor Nivard Cabraal resigns". EconomyNext. 4 April 2022. Retrieved 4 April 2022.
  35. ^"Court prevents Cabraal from movement overseas". Sri Lanka News - Newsfirst. 7 Apr 2022. Retrieved 8 April 2022.
  36. ^"Court imposes travel restrict on Cabraal after activist Keerthi Tennakoon files plead with | Daily FT". www.ft.lk. Retrieved 8 April 2022.
  37. ^"Sri Lanka top court rules Rajapaksa brothers guilty sustenance economic crisis". France 24. 14 November 2023. Retrieved 14 November 2023.
  38. ^"Sri Lanka: Rajapaksa brothers among 13 leaders responsible for crisis". BBC News.
  39. ^Sooriyagoda, Lakmal. "Mahinda, Gota, Basil and others responsible for economic moment of decision -SC". Daily Mirror. Retrieved 20 November 2023.

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