22 September, 2020

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Fixing Sri Lanka’s Gaping Trade Deficit

By W.A Wijewardena –

Dr. W.A. Wijewardena

Finance Ministry plans to go for import substitution and not for structural reforms

Annual Report of the Ministry of Finance and Planning for 2012

Last week saw the release of the Annual Report of the Ministry of Finance and Planning for 2012. Though it is a report pertaining to a Ministry, since the Ministry of Finance is the focal point in the economy, it is a comprehensive analysis of the current state of the Sri Lanka’s economy with a detailed presentation of the economic strategies to be adopted by the Government to fix numerous issues presently facing the economy.

Thus, the Ministry Annual Report is the last of the four reports which one can peruse to learn of the state of the country’s economy. The first three were the State of the Economy 2012 issued by the independent think tank, Institute of Policy Studies in November 2012, Annual Report of the Central Bank for 2012 made public in early April 2013 and the Report issued by IMF after the consultations its staff had with Sri Lanka’s authorities in its Article IV Consultations series in February 2013 but released to the public domain in May 2013.

A well-written readable report

The issue of a comprehensive annual report covering the entire economy by the Ministry of Finance has been a recent development, the first of such report being issued only three years ago. Following its past traditions, this year’s report too has been very well written and presented in a reader-friendly manner with eye-catching graphs and charts to substantiate the facts and arguments it has presented to readers. The report contains a wealth of information that will be useful for any analyst to make an independent judgment about the economy.
However, independent analysts may have a different view on the diagnosis of or the policy strategy relating to many of the issues discussed in the Ministry’s Annual Report. One such issue relates to the gaping trade deficit experienced by Sri Lanka in the last few years.

Finance Ministry: Trade deficit is a major challenge

A trade deficit – the gap between the export earnings and import expenditures – is not uncommon in Sri Lanka since the country has had trade deficits of varying sizes in the post independence period except a few years in which it ran moderate trade surpluses. However, these moderate trade surpluses were one-off events and not repeated since their occurrence since they were not due to country’s achievements but due to some windfall gains arising from changes in the international environment.

In this background of having chronic trade deficits, the deficits encountered by the country since 2010 have risen to acute proportions requiring prompt measures for quick fixing. Even the Finance Ministry Annual Report has classified it as a “major challenge in the country’s economic management” since the trade deficit has arisen in an environment of import expenditures rising to almost double the size of the country’s export earnings.

However, the Central Bank in its Annual Report 2012 has looked at the trade deficit from a different perspective: It has shown its complacence about the decline in the trade deficit from $ 9.7 billion in 2011 to $ 9.4 billion in 2012 – just by a minute $ 300 million – reflecting, according to the Central Bank, “the effectiveness of the concerted policy measures adopted to reduce import expenditure”. Accordingly, it has not been considered necessary by the Central Bank to classify this gaping trade deficit – $ 9.4 billion or 16% of GDP – as a challenge in economic management.

Cause of the deficit diagnosed to errant imports

Both the Ministry of Finance and the Central Bank have diagnosed the cause of the trade deficit to rising import expenditures. Hence, their remedial measures have focused mainly on disciplining imports. This diagnosis is only partly true since the cause of the rising trade deficit is due both to an increase in imports and a sluggish growth in exports.

The IMF in its Article IV Consultation Report 2013 has very correctly diagnosed the cause to declining trend in exports since 2000. IMF has thus said that “after peaking in 2000, “exports have declined significantly as a share of GDP and of world exports, returning to the lows of the 1980s”.

Export complacency is not good
Independent analysts have also viewed Sri Lanka’s export growth in a perspective similar to that of IMF. It is true that Sri Lanka’s exports have increased over the years in absolute terms. For instance, the exports of the country which amounted to $ 5.5 billion in 2000 have increased to $ 10.6 billion in 2011 before they fell to $ 9.7 billion in 2012.

This doubling of exports over a decade has made the Sri Lanka’s authorities complacent about its performance overlooking the risks the country has been facing in the exports sector. One glaring oversight has been the declining share of exports, as also has been pointed out by IMF, in both the country’s own Gross Domestic Product or GDP and in the world’s total exports.

Decline in exports as a share of GDP

Exports as a share of GDP amounted to roughly to 33% in 2000. However, they declined by about a half to 17% in 2012. During this period, GDP has increased nearly four-fold from $ 16 billion to $ 59 billion. What does it mean? It means that growth has come basically from the growth in non-exported related domestic production and growth in services, specifically in growth in public service and use of mobile phones by the local population.

Such economic growth is not sustainable since when the country is saturated with the use of mobile phones, it cannot grow any more. Further, the growth in the public sector too has a limitation in the form of constraints to increase government revenue to run an ever increasing public sector.

Fall in dollar has reduced the purchasing power of exports

There is another compelling reason why Sri Lanka should not be complacent about its export growth from $ 5.5 billion to $ 9.7 billion during this period. That is the decline in the purchasing power of the US dollar during this period due to domestic inflation in USA. In 1999, the average US Consumer Price Index with a base year in 1982-84 stood at 166. It has risen to 229 in 2012 showing a decline in the domestic purchasing power of the dollar by about 27%. Thus, the export earnings of $ 9.7 billion in 2012 could purchase only a basket worth of $ 7 billion in terms of US prices that had prevailed as at the end of 1999.

Accordingly, compared to export earnings of $ 5.5 billion in 2000, export earnings of 2012, measured in real dollars, happened to be higher over the exports of 2000 only by about 27%. This is significantly lower than the absolute growth of 77% recorded in this period.

Shrinking share in world exports

Sri Lanka being a tiny economy has an insignificant share of exports in the world exports. It is even less than 1%. Thus, its share in world exports amounted to about 0.085% in 2000 and that share had declined to about 0.055% in 2012. What this means is that when the world exports have been rising, Sri Lanka has failed to keep pace with the global growth trends. It is demonstrative of the existence of a serious structural problem relating to Sri Lanka’s export sector and immediate measures are needed to be applied to correct those structural issues.

What are those structural problems that have prevented Sri Lanka’s exports to show a super performance? One is the failure of the country to move away from the simple type of products to more complex type products. Another is the non-availability of a skilled work-force to man new type of export industries.

Sri Lanka, the simple product producer

Sri Lanka has been producing simple products which could be produced by using only simple technology. Before 1977, Sri Lanka did not have worthwhile industrial exports and it had been exporting principally commercial agriculture based tea, rubber and coconut products. After 1977, it has increased its industrial exports but that again has principally been the export of garments and textiles. Both types of these exports are based on simple technology and as a result it faces strict competition from countries which can copy these technologies easily.

For instance, to produce garments, a country needs only industrial sewing machines, textile, designs and cheap and easily trainable labour force. Today, many countries in the developing world such as Bangladesh, Myanmar and Cambodia are blessed with that resource endowment.

Sri Lanka ranked low in the economic complexity index

Accordingly, in the Economic Complexity Index prepared by Harvard University and Massachusetts Institute of Technology in USA, Sri Lanka ranks very low toward the middle of the second half of the index. In the Index pertaining to 2010, Sri Lanka is ranked at 71 out of 128 countries lower than the emerging Asian economies like India (51), Philippines (59), Indonesia (61) and Vietnam (67). This is because Sri Lanka has been producing and exporting largely simple products like tea, rubber and coconut from the agricultural side and textiles and garments from the industry side.

The countries which also started with these types of products at the initial phase of their economic development such as Singapore and South Korea have moved in the Complexity index even higher than the advanced Western world. Singapore is ranked at No. 7 and South Korea at 12, higher than the world’s technology giant USA which occupies the 13th place in the Index.

Technology and skilled labour are an obstacle

One obstacle which Sri Lanka faces when moving into a complex production system has been the lack of technology. Even if it can acquire technology, it is faced with the problem of not having a skilled and competent work force. The acquisition of technology depends on the country’s investment in research and development and in this area, Sri Lanka’s past track record has not been very encouraging.

Instead of using the scarce resources of the country for research and development, it has been wasting such resources on subsidies, loss making and inefficient public enterprises and a huge public sector. The periodical absorption of the unemployed youth to the government sector to appease their agitations for jobs has cut the work force that is available to operate the factories and other economic enterprises.

FDIs will solve the problem of technology

To solve the problem of not having the required technological base within the country, the IMF has recommended that Sri Lanka should go for a fast drive for foreign direct investments or FDIs. That will also help Sri Lanka to have access to markets by getting integrated to the global market place. Even if Sri Lanka is successful in attracting FDIs on a significant scale, that move will be constrained by the absence of a skilled and competent work force. Perhaps, the Government may have to consider releasing the youth it has already absorbed to the Government sector back to industry since such youth are unproductively utilised in the Government sector at present.

Recently this writer was visited by a couple of graduates absorbed under the graduate trainee scheme with packets of vegetable seeds which they have been required to distribute among urban populace. They were particular about getting the writer’s signature which was a procedural requirement to prove that they have done the job. This is certainly a job which the market can do more efficiently and at low distribution costs and, therefore, such graduates can be released back to the economy without reducing the current output in the public sector.

To fix the trade deficit permanently, go for structural reforms

Thus, to tackle the country’s gaping trade deficit what it should do is to go for a structural reform program. Those reforms involve the reform of the public sector and public enterprises to release resources for the development of science and technological base and human resources. Along with these reforms, Sri Lanka has to introduce measures to remove or abolish regulations that have impeded the private sector business initiatives.

On top of these measures, the country has to ensure the protection of property rights to assure the enterprising private businessmen that what they invest has been free from arbitrary take-overs by the government or government sponsored private parties. That can be assured only if the country is successful in observing the Rule of Law, maintaining law and order and having an independent judicial system.

Ministry solution: Import substitution and increase in value addition

However, to fix the problem of gaping trade deficit, the Ministry of Finance has suggested going for an import substitution program that would make the current problem worse in the long run. It has suggested that annual import cost on milk-foods and dairy products, sugar, fish and grains in the consumer goods baskets and cement, building materials, steel, sanitary-ware and furniture in the basic industry and durable goods baskets could be saved by adopting appropriate local production methods.

To transform the export structure, it has also suggested having more value addition in local exports such as tea, rubber, light engineering and gem and jewellery products. The objective of these measures has been as the Ministry has claimed “to cut down imports through domestic value creation”. Though the Ministry has identified the need for improving productivity in all areas in order to reap the best benefit to the country from all these measures, improving productivity requires the adoption of economy-wide structural reforms.

What is suggested as the medium term strategy by Ministry of Finance to fix the gaping trade deficit is short of economy-wide structural reforms. It, therefore, does not appear to be the appropriate strategy which the country should follow to give a permanent solution to the problem.

*W.A. Wijewardena can be reached at waw1949@gmail.com

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Latest comments

  • 0
    0

    Excellent analysis and in many ways obvious medicine for Lanka..
    But how come Sir, you don’t mention Military Business and the drain of a huge military on a debt ridden economy – along with unemployed graduates? The fact is the military preventing economic growth and small enterprises by running state and tax payer subsidized hotels, parks, resterauntes, clubs, travel agencies etc. This is bad for the economy and bad for military discipline and results in massive corruption – just like the unemployed graduates is a political project to keep the Rajapassa dictatorship in place and prevent youth unrest..

    Obviously the the corrupt and uneducated crooks – the Rajpassa brothers will have nothing of investment in research and development!
    They fear educated people who can think critically and rationally. They want a population that is DEAF AND DUMB – which do what they are told by the military dictatorship.
    The Rajapassa mode of development is low end tourism and casonos – which obviously no self-respecting Lankan wants – so people prefer to go the the MId East.. Voila the debacle of Asia!

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      Right on! Lankan citizens need to be educated though a campaign for ETHICAL BUSINESS, CONSUMPTION AND TOURISM.
      The military budget is almost 25 percent of GDP and a huge waste. They are also corrupt and land grabbing with the use of guns and with impunity from the Rajapassa brothers.
      First the prime coastal lands are grabbed from citizens by the military and slowly transferred to the Rajapassa brothers and sons and cronies for their tourism and casino businesses..
      Check out that hotel chain Anilana which is built on Land grabbed in northeast – Pasikuda, Nilaveli, Panichchankani, Seladive Island, Vakarai with military and Rajapassa imunity..
      BOYCOTT ANILANA HOTELS which is part of Rajapassa military business on stolen lands!

      • 0
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        Good stuff but you need to do more POLITICAL ECONOMIC AND GOVERNANCE ANALYSIS Dr Wijewardena.

        For instance please talk about the Rajapassa gravy train, not just the massive waste of funds on unemployed graduates in the civil administration but also the MASSIVE MILITARY and the MASSIVE CABINET OF clowns and fools, and a massive administration of unemployable graduates!
        The name of the game is: patronage politics and corruption galore – of the old school – just like the massive and corrupt military
        The Rajapassa’s greed for power and need to indulge in patronage politics is resulting in the economic crisis. Economics comes second to the sustaining of the Rajapassa military dictatorship. This is the main point and governance strategy – keeping the cronies happy through had outs!
        Thus there are piles of unemployed and useless graduates in the public administration, like the piles of moronic cabinet ministers and soldiers who are farming and land grabbing- what a topsy turvy political economy to keep the Rajapassa brother’s supporters happy!

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    Anyone would agree with the writer that use of graduates to distribute vegetable seeds is utter waste. Any one visiting a government office can observe duplication of work and thereby utter waste of human resources and space. None will disagree that they should be released to do something productive. But to do what is the question.

    Most factories in Sri Lanka do not have suitable jobs for most of these graduates. There are very few research type of jobs in our factories. Invariably, most vacancies in our factories are for factory hands. But Graduates being graduates, they’ll not work as factory hands in Sri Lanka. Perhaps, they’ll do any odd job if it is abroad. That’s different story.

    MR may not have a P.hD, but he knows very well that he cannot leave these graduates to find work in the open market because he knows very well that no-one will employ useless geezers. But MR knows the importance of social stability. So, he must be thinking that its better to under-employ them to sell seeds than to let them join the JVP and other anarchists to pave way for an Arab like spring and upset the entire social fabric. But this cannot go on and on.

    So how to rectify this anomaly? I see MR has a vision. I hear, he has a plan to turn graduates and diploma holders who are mainly in demand by the industry and the service sector by changing the eduction and its system.

    I have been listening to the two education ministers the other day at ITN. They were explaining about 16 new Higher Education institutes to be opened soon. And the change of faculties, courses and curriculum at existing universities. Not to mention the private universities. I see their plan will change the unemployable graduates to employable ones if only they are allowed to proceed.
    Leela

    • 0
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      If MR has a vision according to you, read somewhere to have earned a degree (a PhDer from the West)

      a) Tell us giving examples why your beloved leader failed to take any action using the knowledge of these graduates since 2005

      b)Give us why his vision has failed to work with University dons to the manner the intellectuals in the country applaud

      c)If he has a great vision or it is limited has well been shown by the appointment he himself made the newly elected VC to the CMB Uni lately – and why the masses see it not appropriate tell us why

      d)What has MR administration planned to provide the graduate forces in SL today – if you think he would – then when ?

      e) Please add also provable evidence to your comments can then help CT readers to follow your bunkem

      • 0
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        [a) Tell us giving examples why your beloved leader failed to take any action using the knowledge of these graduates since 2005 ]

        Why he should hire the gradutes ?. Instead , he can hire the lecturer who gave them the knowledge.

        IF you are talking about the creativity of these graduates, then it becomes completely a different problem.

        • 0
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          JimSofty

          Leela says:

          “Any one visiting a government office can observe duplication of work and thereby utter waste of human resources and space.”

          You can deal with this mess only by “Creative Destruction” popularised by Joseph Schumpeter in the 1950s.

          Or according to Hindu mysticism god Siva is portrayed as destroyer and creator. You need management guru Siva.

          You say:

          “IF you are talking about the creativity of these graduates, then it becomes completely a different problem.”

          Would you like to train the young graduates in “Creative Accounting”?

          Definition of ‘Creative Accounting ‘

          Accounting practices that follow required laws and regulations, but deviate from what those standards intend to accomplish. Creative accounting capitalizes on loopholes in the accounting standards to falsely portray a better image of the company. Although creative accounting practices are legal, the loopholes they exploit are often reformed to prevent such behaviors.

          – Investopedia

          If trained, these creative accountants can immensely help the present Kleptocracy.

          • 0
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            (:-)

            • 0
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              manisekaran thangavelu:

              (:-)

              ???????

            • 0
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              For your hypothesis on creative accounting..

          • 0
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            Native @, Great, you have made it clearer… It seems Jim Softy would not want graduates to be trained – if they have clear deficiencies. This should be interested in to ministry of higher education too, since universities function under their guidance.

  • 0
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    I do agree Dr Wijewaradana ours economy is simple commodity production in Agriculture are certain primary industries ,base on primp stage of capitalism. Due to under-develop and lopsided of capitalist system, and its progress came into being as immutable. In order of such structural of capitalism and commodity production of national economy had been confined to agriculture and certain fisheries, that sphere turn into by impassively capitalism. Hence since 1980s the manpower export, become for lucrative foreign currency income for national GDP. The last decades as an unmitigated failure have to narrow a conception of Economic success.
    Along many dimension, income inequality, longer life expectancy
    higher unemployment, less investment in education and health,as result of that even grater producitity ,relative to the size of labour force had been tap into the our country underutilized resources Sri
    Lanka last several years since 1980s; country become less develop nation among developing world. Needless to say the correct analysis of
    the concert condition of common struggle of all nationalities of the country for the liquidation of economic dependence and backwardness remain unfinished by UNP regime was in power.
    Under the UNP regime,this common struggle will be facilited by preservation of unity of Sri lanka, that they launch, politics power direct opposite that by state of SPLIT NATION INTO TWO and POLITICS of WAR SINCE 1980,s. The tendencies like centralization of power deliberately keeping certain area withing various backward and exploiting the conflicts and contradiction, which were done by UNP remain in power ruling classes to consolidation their rule.
    The driving force of growth and development is efficiency and equality, we urgently need to have co-ordinated MONETARY, FISCAL AND STRUCTURAL POLICIES OF CAPITALISM PATH OF PROGRESS.
    Our future national economy can have growth and more equality—two are not MUTUALLY EXCLUSIVE. We want to laid out certain policies attain to PRODUCE BOTH.

  • 0
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    I have a simple solution to solving the trade deficit: introduce a family tax . Those families with more than 2 children should pay a special tax. Why does this make sense? Namely, Sri Lanka has free healthcare and education. Families with more than 2 children will use the services more often. Families with just 1 child should get benefits from the government.

    I also recommend a hijab tax and a halal tax. There should be a penalty for wearing hijab in public. Stores selling halal meat or other halal products should pay a special government tax.

  • 0
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    there is another system working in Sri Lanka.

    what about over the decades, ministers allowing businesses to import every thing at the expense of every thing produced in Sri Lanka.

    govt Science and Technology minister talk about grand plans and strategies, but he does not talk about what he has implemented upto now.

    He talks about Nano Technology, Femto Technology initiatives. Yet, even the potato, onion are imported.

  • 0
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    Dr. Wijewardena

    An extremely fine analysis, in no way ethereal but absolutely practical. the readership is beholden to Dr. WAW for his presentation with a wealth of relevant detail.

    I often think that an intellectually advanced Economist or Scientist or Administrator who churns out ideas at a furious pace is like a turbine that rotates interminably generating power. When power reaches the relevant echelons with transmission losses and step down transformers, it can hardly move a fan.

    The point made is that intellectuals must forge a direct contact with the powers that be and with those close to them. Where they can’t influence they have the option to overwhelm. I know of an instance 40 years ago when an official in a very high position adopted the strategy of supporting a brief clear Paper with a 45 page technical document and approval was received without questions asked by the august body. There was a massive fund flow for a very major project. It was an honest endeavour with sincere motives.

    I was reminded then of the story in Parkinson’s Law regarding easy approval for an Atomic Reactor and an hour’s discussion on a cycle shed. The latter, P said all could understand. Folk lore helps. Tamils say, to make a donkey go forward you have to pull it by its tail backward.

    A Group of Five, comprising retirees in the disciplines of Economics, Administration, Science and Law, if it can bombard the citadel of power, there may be a hearing one day. Worthwhile papers won’t get a rebuff. Personal interaction can follow subsequently. I know the difficulty. Even till retirement no man of character would have learned the art of hawking his wares. Even so one may consider what Hitler said – A patriot should not wait on the sidelines awaiting a call. He should be in the forefront in thrusting his services.

  • 0
    0

    Todays news

    “CB relaxes foreign exchange controls

    Sri Lanka has relaxed controls on foreign exchange for travel, migration, sale of residential property by non-residents and maintaining foreign exchange accounts.

    “During the past few years, Sri Lanka’s macroeconomic fundamentals have improved and the domestic financial sector has become stronger and more resilient,” the Central Bank said in a statement.

    “In that background, foreign exchange regulations have been reviewed and relaxed gradually with the objective of achieving greater efficiency in the conduct of international financial transactions and further facilitating economic activity of the private sector…”

    Foreign exchange for travel had been raised from 2,500 US dollars to 5,000 dollars and on migration each individual family member will be allowed to take up to 150,000 US dollars instead of a ‘family unit’, the Central Bank said.

    Non-resident who had bought residential properties with funds remitted through international banking channels would be allowed to take them capital and capital gains out.

    Funds in non-resident or foreign currency accounts of one bank could be transferred to another or a new account opened without exchange control permission.”

    This is what our Economics Wizard, Mr Goldfingers says. So then where is there a trade deficit. And why are we borrowing dollars from abroad. Looks like the gang is trying to transfer their loot and escape.

  • 0
    0

    Dr Wijewardane,

    Exports as a share of GDP amounted to roughly to 33% in 2000. However, they declined by about a half to 17% in 2012.

    You have correctly diagnosed one reason as regulations that have impeded the private sector business initiatives, especially the protection of property rights to assure the enterprising private businessmen that what they invest will be free from arbitrary take-overs by the government or government sponsored private parties. This is essential to attract foreign investment in export oriented enterprises.

    The primary reason is the over valuation of the Sri Lankan Rupee. In September 2012 the exchange rate was US$ = Rs. 132.87. Today it is 127.43. Hence, the Rupee has appreciated 4.1% while the inflation is running at 7.3%, if not higher. How do you expect export growth?

    The Central Bankers, both present and past, should learn lessons from China on the impact of the exchange rate on exports. For further information, please refer: ‘Devaluing to growth and prosperity – Misaligned Currencies and Their Growth Consequences by Surjit S Bhalla Ref. http://bookstore.piie.com/book-store/6239.html

    • 0
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      Based on your statistics are correct, that alone indicate – there is nearly a 50%
      reduction of export over the last 12 years. So how can then they boast about their economic policies today ?

  • 0
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    First of all we cannot accept Finance and Planning Annual Report.

    Before publishing it should be Audited by a reputed Audit firm to make sure of it’s authenticity and Genuineness.

    50% of Private sector Businesses including TFZ went out of business after The Government won the LTTE war.

    All infrastructure development Projects cannot taking mega foreign loans cannot be categorised as Real Investments due to they are not directly contributing to national GDP.

    All our exports been dropped by 50% including Tea while Tourism does not show real figures.

    Middle East Labour earnings have been dropped in last three years.

    Why do we need a Mega Cabinet when 90% of the Budget is controlled allocated, spent and executed by the Three Rajapakse Brothers only.

    We don’t need a mega Parliament and Ministries to manage the rest of the 10% of Budget which is the biggest unproductive expenditure we have today.

    How come 56 cents of each Rupee collected as Taxes spent on to Maintain 1.6 million Government servents. What does the Govt. do with the rest of the 44 cents…..to the country.

    How come a Minister’s Electricity bill alone per month exceeds over 125,000 Rupees when 70% of countries workers earn average 15,000 rupees per month.

    80% of Cabinet Ministers are under qualified and do not know their subject matter. Also their secretaries, advisers as well as 90% of their employees appointments are on political basis and not on Merit basis.

    Dr.Wijewardena should submit us a report on each Minister’s Monthly Salary and all other extra utilities such as Electricity, water, telephone, Travel and car allowance, health insurance expenses, local and foreign trips, meetings, pleasure tours, their childrens education expenses, their security expenses, their secretaries expenses and other expenses etc, that are paid by the Government.

    Please give us a report as to how much GOSL spend on each minister per month. This is very useful to us as Taxpayers.

    50% of Private Businesses including FTZ went Bankrupt after Rajapakses won the Eelam war. This includes my Brother in Law’s business, who survived the LTTE war but closed it down after LTTE war when Rajapakse started imposing Tax upon Tax on Private Businesses while increasing Electricity, Petrol and other utility and OH expenses. He simply killed the Private sector while politicised Investments.

    There’s a 40% unemployment and under employment presently in the country.The Rajapakse Government simply Murdered Private sector enterpreneurs while loosing Billions upon Billions of rupees as losses in all the Govt run corporations.

    Where are we heading is the million Rupee question to answer. Now the country is run like a ship without a captain.

    CHOGM will expose sri lanka as a Laughing stock and a Joke to the outside world.

    Dr.Wijewardena should do more research on these Govt.Annual reports and give us the correct Information to public.

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