16 May, 2022

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Has Sri Lanka Become A Poor Country? Seek IMF & Other Assistance

By Laksiri Fernando

Dr. Laksiri Fernando

After artificially fixing the exchange rate in Sri Lanka for so many years (since 2001), whether the sudden floating of the rupee rate to dollar is a wise decision is altogether a different matter. However, because of this decision the dollar rate has jumped from Rs. 197/203 to 321/328 since this decision was taken on 9 March, just a month ago.

Has Sri Lanka become a ‘low income’ country because of this decision, and other circumstances, is the first question that this short article raises? In 2019, as a mouthpiece of the government the Central Bank announced that “Sri Lanka graduated to the upper middle income country status as per the World Bank classification of countries published in July 2019.”[i] On the other hand, the World Bank downgraded Sri Lanka to a ‘lower middle income’ country considering the currency crisis and inflation, in July 2020, much to the disappointment of the government and economic bureaucrats.

Inaccurate Classifications

It is the World Bank that classifies countries as ‘low income,’ ‘lower middle income,’ ‘upper middle income,’ and ‘high income’ countries whether those criteria are reasonable or accurate.

The following are the measures that they use, simply said, based on the per capita GDP.

Group                                                             GDP Range (per capita)

Low Income                                                      0 – 1036

Lower Middle Income                             1036 – 4,045

Upper Middle Income                            4,045 – 12,535

High Income                                           12, 535 –

As I have raised this question previously, the income range for ‘low income’ or poor countries is arbitrary and excludes many countries who need international support from institutions and countries. The range could be up to $ 3,000 and not $ 1,036. Sri Lanka is only one country among them. There can be a tendency on the part of international organizations, including the World Bank and the IMF to avoid responsibility to help poor countries as those organizations are dominated by Western or rich countries.

Right to Seek Assistance

To seek assistance from international organizations and rich countries however is a right of poor and developing countries. On behalf of the people living in those countries, this right is absolutely a human right.

Strangely enough or ironically, the behavior and attitudes of many elite politicians in poor and low-income countries go hand in glove with these elite politicians and bureaucrats in rich countries and international institutions. Sri Lanka is a very good examples and most of the arguments in this direction come from the ‘nationalists’ and ‘leftists.’

Before going into details of this matter, let me first answer the question whether Sri Lanka has now fallen into the pit of low-income or poor countries. Sri Lanka’s GDP or per capita GDP is calculated first based on rupees. Let us take an example.

According to the Department of Census and Statistics, Sri Lanka’s GDP on market prices in 2021 was Rs. (million) 16,809,309.[ii] Sri Lanka’s population is 22 million. Therefore, Sri Lanka’s per capita income was Rs. 764,059 million.

As of today, the dollar value of this per capita GDP is just $ 2,380, based on the floating rupee (1 Dollar = Rs. 321), irrespective of the government’s ‘vision for prosperity’! The reasons are bad financial management, wishful thinking and power politics. The reasons apply not only to the present government but to all past governments.

IMF Assistance?

The second question that I want to raise is what is wrong in going to the IMF and seeking assistance? Sri Lanka joined the IMF in 1950 even before joining the UN (1955). One advantage the country has at present is ironically not seeking much assistance previously from this organization meant to assist member countries (190 members now).

It was in 1965 that Sri Lanka first sought IMF ‘assistance’ and continued to do so until 2002 as a formality even without drawing the full amounts owed to the country under ‘Standby Arrangements.’ See this table.[iii] It was under J.R. Jayewardene that the country sought ‘Extended Fund Facility’ in 1979 due to the foreign exchange difficulties. But that amount had to be paid back in three years which raised much criticism. In 1988, the same administration sought ‘Structural Adjustment Facility’ again to be paid back in three years.

I happened to meet the IMF representative to South Asia/Sri Lanka in 1990 at a Norwegian friend’s place in Geneva (Inger Nordback) the guy’s name I cannot offhand now remember. He was one who appeared in picture with JR during a famous ‘Vap Magul’ festival. Our casual meeting led to some talk about ‘IMF conditions’ and he told me that the problem with Sri Lankan representatives was that ‘they don’t bargain but leave with dissatisfaction after meetings.’ I hope this is not and should not be the case today.

Sri Lanka has received the last ‘Extended Fund Facility’ from IMF in 2016 to the amount of $ 952,230,000 to be paid in 2020 and still 892,283,000 is outstanding. Perhaps this is understandable, given the Covid pandemic and other circumstances. Otherwise, Sri Lanka has a ‘clean slate’ thanks to the ‘nationalist and leftist’ antipathy against the IMF!

Debt Restructuring

Let me touch on some other IMF matters. When Rajan Philips wrote ‘Mayhem in Mirihana; Shaken Gota is Home Under Curfew’ (Colombo Telegraph, 3 April), I posted the following comment and there were scathing attacks on me as usual!

“The declaration of curfew is acceptable to prevent further anarchy and violence today based on the experience at Mirihana and other places. However, this should not continue. The immediate root cause should soon be addressed. The government (whatever) should immediately negotiate with the IMF to obtain $ 10 billion to end the fuel crisis, energy shortages, essential imports, and loan repayments of this year. Then the unrest might subside. Debt restructuring can be done from next year. If the government is multi-partisan, it is very much better in negotiating with the IMF. There is no point in obtaining ad hoc loans from countries although those could be utilized later. It is already too late. IMF officials completed discussions with the government officials in December although the Report came out in February. This is April. Whatever the weaknesses or biases of the IMF, it is the main international mechanism to rescue countries under international monetary constraints. Undoubtedly, Sri Lanka must agree for strict conditions which could be negotiated. When you fall into a pit, you must escape from the same pit.”

I was looking at the economic side of the crisis and still maintain the same positions except the fifth sentence of the above quote: ‘Debt restructuring can be done from next year.’

Obviously, debt restructuring should start forthwith. Past governments, including the present, have irresponsibly depended on international sovereign bonds at higher rates of interest and purely on commercial conditions even with China. A poor country like Sri Lanka cannot afford that. The present debt obligations for this year appear to exceed $ 7 billion. Forex reserves at present however do not exceed 2 billion, necessary for even essential imports.

The government has appointed a good three-member expert panel to advice and negotiate with the IMF. The appointment of the present Central Bank Governor is also commendable. While negotiating with the countries like India and China or institutions like the Asian Development Bank and the World Bank to postpone the dept repayments, if Sri Lanka could obtain around $ 10 billion from the IMF, some of the economic reasons for the present crisis can be ameliorated.

Political Crisis

The present political mobilizations with Kumar David’s slogan ‘Go Gota Go’ are mainly political, of course based on economic and social reasons. However, to seek IMF assistance to resolve the economic crisis there should be some political stability. This is something Sri Lanka is lacking not only under the present government, but it was there even under the last government.

The spontaneous protests from non-political sources at least have understood this calamity without supporting any political party. The question however is what are the alternatives?

During the debates on the IMF report in Parliament, no MP on the government side or in the opposition never came up with a constructive proposal. Even Sajith Premadasa’s argument was to resolve the Forex crisis acquiring money laundering revealed in the Pandora Papers. The gravity of the crisis was undermined. The debates were focused on personal attacks and trivial political matters.

The opposition is now proposing a ‘no confidence motion’ on the government and an impeachment against the President if the former is successful. On the other hand, the so-called ‘independents’ who broke away from the government are proposing an ‘interim government’ until the economic crisis is resolved, and the country can hold elections. That kind of a government could include Ranil Wickremesinghe, M. A. Sumanthiran, and Harsha de Silva if not Sajith Premadasa. No Rajapaksa should be included except the President who should promise to leave politics within two years. Under such an interim government President’s power should be curtailed. This could be the opening for changing the presidential system among other things.

[i] 13_Box_01.pdf (cbsl.gov.lk)

[ii] National Accounts | Central Bank of Sri Lanka (cbsl.gov.lk)

[iii] History of Lending Commitments: Sri Lanka (imf.org)

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Latest comments

  • 3
    0

    Laksri,
    Per capita income need not be the sole criteria to classify countries as low income, middle income etc.. It would have been better if other parameters such as Debt to GDP ratio are taken into consideration, it would have been much more realistic.

  • 3
    0

    Laksiri,
    Your proposal for an interim government looks like a neo- liberal economic solution that will automatically and permanently falls into western lap and you want corruption and nepotism continue perhaps as a grease for development .

    • 13
      1

      Sri Lanka was never as rich as it claimed to be. It was living on borrowed time, on borrowed money. The foolish “patriots ” decided on war in 2005, and Mahinda Rajapaksa obliged. He bought 10 times as many weapons as needed, recruited 10 times as many men as needed, to claim a great “victory”. Now the Kaputas have come home to roost. What we could have spent on sustainable development was splurged on the war and fake projects named after the Rajapakses .
      If these Rajapaksa idiots simply improved the road and rail network, it would have served the purpose. Instead, they enabled every denizen of Hambantota to come and clog up the roads in Colombo.
      I think the best punishment for the Rajapaksas is to have them eat their precious expressways.

      • 3
        0

        OC,
        Eat their ‘precious expressways’ along with their ancillary, numerous artifacts such as the Pokuna and Tower named after .NELUM!
        Incidentally the Nelum Mal is the symbol of the ‘Pohottuwa’
        SLPP has been in the longterm planning stage since 2010, if not earlier!
        Good plan to ensure people remember the Nelum Mal and the Pohottuwa party SLPP, whenever they come to Colombo!!
        Nelum Pokuna and Lotus Tower!! What else better to prompt memory?!

      • 8
        1

        “The foolish “patriots ” decided on war in 2005,”


        If not.

        Prabakaran would’ve died of diabetes or old age ……. country would’ve been spared all the death and destruction …….. Nathan would’ve been the new leader of a semi-autonomous Eelam …… Rajapakse’s would’ve borrowed all the money needed from right next-door Eelam and be out of trouble.

        Native would’ve lined up for the first visa with EE and Soma. Old Codger would’ve been walking around surrounded by all the Eelam beauties like Elvis Presley. Ramona would’ve been talking about Eelam crypto. Sinhala_Man would’ve been flattering and cajoling the anonymous/incognito visa-officer to find out who he really is and his family history to kingdom come ………..

        Man …….. I kick myself when I think of what it could’ve been!

        • 3
          1

          Nimal,
          “Sinhala_Man would’ve been flattering and cajoling the anonymous/incognito visa-officer to find out who he really is and his family history to kingdom come “
          🤣🤣🤣🤣

        • 2
          0

          Nimal,

          Eelamist would probably not deal with
          Crypto…they would instinctively know that it would come crashing down sooner or later. No, they would ensure they installed rigid systems and controls in place for the Capitalistic venture. Alas, they would align with Tamil Nadu and build the land bridge. But if they were given the whole of Motherland, minus land bridge, minus too much integration with India, plus SB rights, they would have done wonders for Motherland! Having failed at their quest for Eelam, we can now only look at the AKD-Sajith to implement the needful.

      • 1
        0

        OC, you are spot on.
        .
        “Sri Lanka was never as rich as it claimed to be” – this is very correct. I thought there are no POLATHU HUT owners in the coutnry, as Rajaakshes repeated on that. However, if you would move to Uva province, since YT video clips are in circulation, real truths on the poverty are now revealing. Might be possible, no matter people suffered, they just wanted to paint the picture in favour of their political masturbuation. How unhearted these buggers shouldbe ? They fell into their power intoxications – as no other leaders in any continents today.
        :
        The reason for those white elephant projects in Humbugthota came into being due to long term inferiority complex suffered by MR. He was against Bandaranayakas from the day one. Sadly, none of those gigantic projects in Humbugthota – Mattala Airport, Harbour and Suriyawewa stadium all brought nothing.

  • 6
    0

    Dr. Laksiri Fernando,

    Your “there, there, let’s give them a pat on the back” response really undermines the gravity of the dirty rotten situation.

    1: “However, to seek IMF assistance to resolve the economic crisis there should be some political stability. This is something Sri Lanka is lacking not only under the present government, but it was there even under the last government.”

    The stability of this government is a 1000x worse than the last government….where were the riots and protests during the last government? And nothing to do with Covid either…other similar countries after Covid are doing fairly ok.

    2: “Even Sajith Premadasa’s argument was to resolve the Forex crisis acquiring money laundering revealed in the Pandora Papers. The gravity of the crisis was undermined. The debates were focused on personal attacks and trivial political matters.”

    Omg……those Pandora Papers and other secret accounts are not trivial political matters. They need to be Frozen! CIA, FBI, Interpol, M16, SIS, and others need to go after them and prize them open. Billons will be recovered. Only way out of the howling mess.

    • 4
      0

      3: “The opposition is now proposing a ‘no confidence motion’ on the government and an impeachment against the President if the former is successful. On the other hand, the so-called ‘independents’ who broke away from the government are proposing an ‘interim government’ until the economic crisis is resolved, and the country can hold elections. That kind of a government could include Ranil Wickremesinghe, M. A. Sumanthiran, and Harsha de Silva if not Sajith Premadasa. No Rajapaksa should be included except the President who should promise to leave politics within two years.”

      And why exactly should the GR-president be included in the interim government? You really think he is going to hand over all stashed assets to the interim government….Ranil to cajole it out of him, forgive him, and steal all R’s stratagems? No, Rajapaksa game-plan will not be divulged for the better of the country. They would want to hold it all to themselves in the slim chance all come to fruition. Indeed, it will be to crush the starving masses to force the stratagems to come to fruition.

  • 7
    2

    Laksiri today’s news. Sorry Lanka temporarily (???) suspends foreign debt payment. It means, Lanka will default, on it’s debts. Reportedly treasury is now minus 3 to 4 Billions. You decide Lanka is poor or not.

    • 7
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      Laksiri, to be precise Sorry Lanka defaults on entire 51 Billion external debt

      • 0
        5

        Chiv,

        More like the 40 something million interest payment on the 51 billion debt.

        Btw, where is our Manyokka grower? Has he got poisoned from the cynaide in the Manyokka?

        • 4
          1

          As a fund manager, you really think Sorry Lanka will payback and settle loans ??? I remember you trying to correct me on Australia suspending Chinese investments, and we both now know what happened after. Leave alone Manyoka grower, don’t you think,even a school going kid would have managed accounts better than Rajapaksa, Inc. Btw when are you, the fund manager, coming back to help the royal to stay royal ??? Did you here Fidelity, T. Rowe and few other colleagues of yours / fund managers loosing millions, lending to Rajapaksa, Inc. People with active retirement/ pension funds in West should check whether their personal money is lost by investing in bankrupt Lanka.

          • 4
            1

            Regie there is more bad news. Few in down South may die of Manyokka poisoning /too much consumption , due to prevailing starvation. Find out whether any of your kith and kin are missing. As a successful fund manager I was expecting you to address 51 Billion debt, and not the 40 something interest. I am sure you’re well aware of dysfunctional Rajapaksas economics,which you conveniently ignored. Rajapaksas desperately want people like you to revive Sorry Lanka.

          • 0
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            Chiv,

            That is Australia’s loss. Ask the Australian wine producers or the farmers about how detrimental it is for their business for loosing the Chinese market.

            • 0
              0

              Regie, wine makers , cheese processors lets leave them alone I am sure they can take care of them selves without Silly Lankans help/ advise
              Focus on Manyokka poisoning , food, fuel , electricity and $$$$

              • 0
                0

                Regie the fund manager, there is more bad news for you. Rating agencies down graded foreign currency rating and most of our banks, by placing on watch list. . You know what that means. Good news is, now that Lanka decided to suspend foreign debt payment, citizens too have decided to suspend their debt payments owed to local banks. Such a relief for the struggling common man, don’t you think so ??

  • 8
    1

    Sri Lanka is poor or not is immaterial at this juncture. Our opportunistic politicians and Religious Fundamentalism took this country into poor is the reality. Educated professionals who supported the race based, Religion based policies are responsible for this economic and political crisis. This crisis could have been saved if the country had a genuine patriotic political leadership since the end of war. As long as this arrogant opportunistic family political leadership remains in power even IMF can’t save this country.

  • 13
    6

    “As of today, the dollar value of this per capita GDP is just $ 2,380, based on the floating rupee (1 Dollar = Rs. 321), irrespective of the government’s ‘vision for prosperity’! The reasons are bad financial management, wishful thinking and power politics.”

    The author is missing a key point. Per capita GDP depends on the proportion of skilled vs. unskilled labor. According to standard economic theory, “as countries get richer, their consumers increase their relative consumption of goods which are more skill-intensive in their production, thereby increasing the returns to skilled labor relative to those of unskilled labor.” The fundamental issue in Sri Lanka is that existing industries are underdeveloped. The opportunities for skilled labor are also minimal, which does not attract foreign investment. As I proposed on this website a long time ago, Sri Lanka needs to develop its own class of skilled technical workers and then focus on developing the industries to match.

    • 5
      13

      Lester,
      The only real solution is to let the minorities run the country. Already they contribute way more than the majority. Even Gota has finally got the message. The Finance minister is a Muslim, and none of the Economic advisory Council members are Sinhala Buddhist. Time for you to throw in the towel like your leader.

      • 12
        2

        Codger,

        Yes, Muslims are playing an important role in the Sri Lankan economy. Instead of wasting time with a fake freedom struggle, they learned Sinhala and became successful traders. Now they should follow Gnanasara’s advice and adopt more secular trends to prevent their religion from being hijacked by extremists.

        • 4
          12

          Why should they follow the advice of ignorant louts like Gandasara? He may be credible only to someone like you.

          • 12
            0

            You are frustrated that Muslims are outperforming Tamils in Sri Lanka. Is that Gnanasara’s fault? Your TULF/TNA should have accepted federalism when the IPKF was here. CBK was a big idiot, LTTE played her for 15 years, stealing territory after territory in the North and East. She only woke up when Moda Ranil was about to form a joint venture with Prabhakaran. At this point, your leaders should have realized Rajapakse is a radical willing to use “total warfare” to eliminate his opponent. And immediately surrendered, although it is unlikely Rajapakse would have spared them.

        • 1
          11

          “Now they should follow Gnanasara’s advice and adopt more secular trends”
          Gandasara and Secular trends??
          What a mix to be suggested by the ‘so called Intelligentsia’!
          No wonder Sri Lankans are grovelling in the mud, like water Buffaloes??!!
          Very fitting one might say, for providing such painful remedies of starvation and deprivation of basic necessities of a modern world, by uneducated, misinformed and misled leaders, who promised ‘Sawbhakiya Dekma’, vistas of Splendour and Prosperity!!
          None evidenced in reality!!!

  • 7
    3

    There are certain social media posts asking Sri Lankan expats to send money to SL or invest in SL.

    My advise for SL expats is don’t fall for this. Mixing Prosperity and patriotism is a poor man’s action. Well to do people will never think along these lines.

    SL has to make a $51 billion debt settlement today (12/4/22) and most likely it won’t and will default.
    If you want to understand the consequences of sovereign debt default, google and read about the examples of Moldova and Uruguay. Don’t look at the case of Argentina because SL is no Argentina.

    You little peanut dollars ain’t going to make a difference.
    The only people it will help are the corrupt Rajapakse brothers.

    • 1
      0

      I’ll only invest after the R’s go.

      • 2
        0

        Rajapakses are a problem no doubt. But there are other problems aside from them.

        Sri Lankan’s work ethic has changed from a nation of hard workers to a nation of crooks. You don’t need good leadership you need good rule of law. If there is an independent judiciary and the rule of law is properly implemented, then good leadership will follow.

        The present day problems did not start with the Rajapakses. There was no law and order ever. No one afraid break the law because theft, bribery, fraud are crimes that rarely if ever got punished.

        A nation of whiners, they were hoping for the expat Sri Lankans to die of COVID in the Western countries at the height of the pandemic. Little did these bloody fools know that as an expat, I’d rather die of COVID in a Western country than live in their pariah state. Now shamelessly begging the same expats for Dollars.

        I for one will not give a cent.

  • 7
    11

    Sri Lanka is always in debt, mismanaged, corruption is always rampant in the leadership and country, and we can never progress and succeed, because of the arrogance of leaders not willing to take the advice of those who are trying to help us. In fact we keep biting the hands that feed us, by refusing to cooperate with them when they try to hold our leaders accountable, insulting their officials, and accusing them of “interfering” in our country. Now, if we were self sufficient and a wealthy nation, we can afford to act that arrogant, but we are constantly in need, and yet we have this false national pride that is laughable when one looks at our economic situation.

    Now the Rajapaksa’s who kept thumbing their noses at the IMF, have to eat crow (kaputas) and go with the begging bowl, and show willingness to toe the line. How low have they fallen, now that people are feeling the consequences of their collective stupidity, the failure of Nandasena’s policies, and his rule by racism, nepotism, cronyism, and unqualified felons being in his administration. We have a nation of qualified and experienced professionals, but this family has a record of appointing crooks, liars, and murderers, even pardoning some. What hope for this country to have ANY sensible leadership with these rascals holding power and doing any damn thing they want, even breaking the laws?

  • 2
    10

    LF
    First of all the Citizens of SL don’t want NGR to continue as President of SL. He should resign and hand over to a Council of learned citizens as Eran Wickemaratne , Rasamanickam ,
    And Anura K D.
    We don’t want people like Ranil W or Sirisena or Premadasa
    Until then we can not REST; struggle should go on

  • 5
    8

    The president is an idiot ….The worst President Sri Lanka ever had even Silly Sena looks credible.
    The entire Rajapaksa should go immediately and should be banned form entering politics ever…not only the Rajapaksa’s but their extended family and friends

    the likes of Dr. Laksiri Fernando Dr Jeyatillke were rooting for Rajapaksas at one time….there are many others coming out of the woodwork

    Not Only Rajapkasas Sajith , RW , Vasu, Wimal etc etc should be kicked out

  • 1
    0

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    For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2

  • 2
    4

    Sri Lanka should buy oil from Russia. I am serious. As I said earlier elsewhere, “Oil-for-Rubles” is an attractive deal. India buys oil from Russia and we buy oil from India. It doesn’t make any sense. We can buy oil directly from Russia. And, we will be able to cut a good deal. Sri Lanka should ask Russia for oil for half the price. We have long term, excellent diplomatic relations with Russia. Who is Sri Lanka’s Ambassador in Moscow? He should have coordinated a good oil deal between Russia and Sri Lanka. That is what Ambassadors are for.

    • 1
      7

      Is Russia Donating fuel ??? Pakistan wants to know.

      • 7
        3

        Heavily discounted Russian oil is similar to a donation. High oil prices deepened Sri Lanka’s economic crisis. “Oil-for-Rubles” is good for our depleting foreign currency reserves.
        On a separate matter, Canada has proposed unprecedented measures to reduce carbon emissions. I hope the Russia-NATO conflict will come to an end soon. NATO should stop spreading its destructive tentacles towards the Eastern Europe so that the world can focus on climate change. Russia is the bridge between the East and the West. Any attempt to destroy Russia will erupt a war between the two sides. Common sense. As reported by the media, President Putin has said Russia was proceeding “calmly and rhythmically to achieve the planned goals”. Well, at least Russia is not going to be reckless as envisaged by Barack Obama. The US and Britain shed a lot of crocodile tears over civilian deaths. All the destruction could have been avoided hadn’t they replaced peace talks with weapons. Then, there are Channel-4 movie moments too. President Putin is determined to save Donbass region from neo-nazis. Can he be stopped? I don’t think so. Ukraine is in their last attacks on Donetsk. The news coming from Mariupol and Donetsk is heartbreaking.

      • 1
        1

        Chiv,

        Russia and Pakistan will figure that out. You stay out of it. The last they would want is an inquiry from the stateless.

    • 11
      4

      Champa,

      As I wrote elsewhere, Sri Lanka is plenty rich in natural resources. It should be a net exporter of most commodities as well as agricultural products.

      ” Based on the initial data and regional studies, the PRDS is estimating the Mannar basin alone could have the potential to generate 5 billion barrels of oil and 9 trillion cubic feet of natural gas, which would be sufficient for Sri Lanka’s energy needs for the next 60 years. “

      That is just oil and gas. Combined with hydropower and investment in solar, there is no rationale for any power shortages.

      Because of Tamil Tiger terrorism, the development of the country was set back by 100 years. Imagine, countries like Japan and South Korea with few natural resources rely heavily on imports. Yet, they are wildly successful due at least partially to being ethnically homogeneous. Sri Lanka is far more resource rich, so logically development should be far easier.

      • 3
        13

        Lester,
        “That is just oil and gas. Combined with hydropower and investment in solar, there is no rationale for any power shortages.”
        Typical Pohottuwa sunshine story. So where is this oil and gas? Why won’t any company (since 1974) touch it with a barge pole? Ah yes, the CIA must have warned them off?
        Do you even know that there is no more hydropower? Solar power? What do you do with coal power stations in daylight?Why don’t you talk about something you know about, not what you picked up on YouTube?

        • 2
          12

          OC, That was told by Duminda on April fools day. One fool telling to another fool.

        • 11
          4

          Hydropower is still there. Sri Lankans have built hydraulic structures for 2500 years at various scales. “Weva” system from ancient days is still there, which proves the efficiency. You just want the country to fail because your fake freedom struggle ended in the mud in Nandikadal. For economic development, one has to refer to the expert consensus. What is your background, given your support for a banned terror organization?

          ““Floating solar can potentially work well with hydro power generation. Any new power generation also requires new power infrastructure but if you put solar near hydro, the same power infrastructure can be used. Sri Lanka has many water bodies that could potentially be used for floating solar,” said World Bank Senior Water Supply and Sanitation Specialist Kristoffer Welsien.”

          Some excellent articles on CT about alternative energy. Sri Lanka can become a hub for alternative energy.

          https://www.colombotelegraph.com/index.php/solar-and-wind-the-way-to-go/

          https://www.colombotelegraph.com/index.php/the-saga-of-lankas-renewable-energy-reaching-70-more/

          • 5
            2

            Lester the energy expert,
            “Sri Lankans have built hydraulic structures for 2500 years at various scales. “Weva” system from ancient days is still there, which proves the efficiency.”
            All that proves is that you wouldn’t know hydro-electricity if it bit you in your ass. Sri Lankans never managed to even build a water wheel for grinding grain. In fact, it’s doubtful if they had wheeled vehicles. Irrigation is different from power, dumbo. Why the devil do you think hydro stations are all up in the hills, not in Polonnaruwa?
            And, BTW, I hope your thumb machine gives you some compensation for your retarded intelligence.

            • 1
              2

              “Irrigation is different from power”

              Hahaha, what a stupid comment. You need power to move the water. The water doesn’t move by itself.

              • 3
                2

                Lester
                The Jester

                “You need power to move the water. The water doesn’t move by itself.”

                Did people who build irrigation canals between ? …….. and 1890 have electricity to move water miles and miles from far away places? For a second I am also confused.

                Seriously we know you are stupid are you that stupid?
                Lots of things wrong with you.
                Where did you study, Damma school?

                • 2
                  3

                  Tiger Veddah,

                  There are different kinds of power, not only electric. For example, the “mechanical power” of an axe was applied to the brain of a large buffalo at Nanthikadal. Have a nice day.

              • 1
                1

                Lester,
                “Irrigation is different from power” “You need power to move the water”
                Wow! What an intellect!
                But please keep your kindergarten semantics to yourself.

                • 1
                  1

                  “Sri Lankans never managed to even build a water wheel for grinding grain.”

                  This proves you are a first-class buffoon. How do you build a swimming pool on a high mountain like Sigiriya? https://ychef.files.bbci.co.uk/1600×900/p0b7n6cj.webp.

                  You are bragging about a “submarine” built by LTTE terrorists. Hundreds of people have built their own one, according to “Youtube.” These days, only drug cartels use these old submarines. Modern submarines are nuclear-powered, well beyond the ability of any Wanni terrorist to comprehend.

          • 2
            1

            Lester,
            “What is your background, given your support for a banned terror organization?”
            Interesting question, given the fact that the first people in the country to build submarines and attack vessels were guilty of “support for a banned terror organization?”
            For your info, I have defused bombs for the STF. Does the moon have to explain itself to barking dogs? If you want to check my expertise, you can look at my discussions with Kumar David, that’s if you can understand them. You can assume I am not talking through my hat using YouTube “research”.

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              Ask Kumar David to explain to you the meaning of potential and kinetic energy and the analogy to hydroelectricity. Although a year 5 student can do it. By the way, Sri Lankans (Sinhalese) built much more than a “water wheel”, did you study in Sri Lanka? Sustainable dry farming is not possible without advanced irrigation techniques. Water storage, distribution, hydraulic structures, elevation, etc.

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                Lester,
                You talked big about hydropower. Don’t change the subject. What Sinhalayo may or may not have done 2000 years ago is not the subject. The Romans, Persians and Indians did have water wheels. That in part is why they are called great civilizations.
                Your use of verbiage like elevation, hydraulic, etc doesn’t cover your total ignorance. Stick to something you know about.
                Whatever happened 2000 years ago is irrelevant. The fact is that today Sri Lankan agriculture is in ruins due to Gota, and Tamilnadu which doesn’t have half the rainfall produces 3 times the per capita output.

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        “Sri Lanka is plenty rich in natural resources. It should be a net exporter of most commodities as well as agricultural products.”
        First and foremost, leading net exporter of TOTAL AND UTTER MISGUIDED, MISINFORMATION!
        There are only intelligent people in Sri Lanka, which is devoid of stupid idiots and Imbeciles!

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        Lester,
        NE Palk bay, information on underground oil and Gas was established by various Consultants – Dutch, Danish, Norwegian (North Sea) and Russian in the early 1970’s.
        Sirima O’s government in power, opted to exploration and ‘test drilling’ by Russians on G-G arrangement. Drilling commenced in early 1973!
        Government, in 1972 extended term of office by 2 years.
        Governing under Emergency, for over 4 years exhausted all options, dissolved parliament, for a mandate, July 1977 deadline.
        Public opinion was against the governments’ misrule!
        No oil after 4 ½ years of drilling, it was dire situation!
        All of a sudden, the week before the election date, the Russians declared (or so stated the government department of Information) they had found the long elusive underground oil, prior to leaving Sri Lankan days prior to the elections!
        Investigative journalists and inquisitive locals (the Russians has departed soon after the “Oil drill hole was identified”) and therefor desolate, that there were “traces of Crude Oil in the sand” and together with “2 empty suspicious Barrels” which was suspected, had been used to transport ‘Crude Oil’ to site with ulterior motives!!
        Fool the public on election date!!
        Outcomes proved otherwise!
        May achieve same outcome today!

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          Lester,
          Good morning.
          This is only one example of SLFP (Now same clan in SLPP by MR, who was then the youngest legislator in the house).
          Shows thet they have not forgotten, nor would they hesitate to “Fool the masses” to gain power at all costs and retain it by ill-conceived means means.
          Skulduggery at its best and fine tuned!!

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            Mahila,
            There isn’t any point in presenting facts to paid trolls. They are losers who habitually lie. They have thumb machines too for consolation. It improves their ego when they are being trashed, to give themselves lots of “thumbs up”. We should pity them.

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          Proven gas reserves have been found in the Mannar Basin:

          https://economictimes.indiatimes.com/industry/energy/oil-gas/cairn-makes-second-gas-discovery-in-sri-lankas-mannar-basin/articleshow/10726846.cms?from=mdr

          Whether oil is also there (proven reserves) remains to be seen. You can’t compare 1973 to 2022, as the technology for detection and extraction is much better now. Much more exploration needs to be done using cutting-edge technology. Remember, some of these areas in the North and East were controlled by terrorists for decades, they are on par with Somalia in terms of development.

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            Lester,
            So why didn’t Cairn India dig it out? It’s ñot economically viable, dumbo.

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              First you said it doesn’t exist, now you say it hasn’t been extracted. Think quickly before you have a “Nanthikadal” moment.

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                And you’re the one who says Sri Lanka is rich in natural resources? Talk about counting chickens before they’re hatched.

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