20 July, 2024

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Politics Of Bankruptcy & Solvency

By Ameer Ali

Dr. Ameer Ali

Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism~ Joseph Stiglitz)  

Bankruptcy, according to one definition, “is a legal proceeding when a person or business cannot repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills”. What is true for an individual is also true for a country. When Sri Lanka was in the grip of a historic economic crisis and when the treasury was running out of foreign exchange to fund imports and service foreign debt, talk of an impending bankruptcy or near-bankruptcy started circulating within the financial circles both locally as well as internationally. The successive downgrading of Sri Lanka’s credit rating by international agencies rang alarm bells, and something far more serious was looming in the horizon. That happened on July 5 2022, when the new Prime Minister Ranil Wickremesinghe (RW) declared that the country was officially bankrupt.  However, to calm the situation at the time, CBSL Chief Dr. Nandalal Weerasinghe maintained in an interview a few days later that “the country was not bankrupt but the government took a conscious decision to opt for a pre-emptive negotiated default in the largest interest of the country and its people”. Behind all that verbiage the fact of the matter was the treasury did not have enough funds to pay for the country’s imports and service the outstanding debt. Economy needed a fresh start to cope with the new situation. However, if one really wants to trace the true origins of this bankruptcy one has to start from the late 1970s when JR introduced his open economy model within a political culture that was unfit to handle an economy open to the vagaries of international capitalism. Otherwise, why was IMF invited sixteen times then? Let the economic historians handle this subject.  

No sooner RW became president on 21st July, he immediately approached the IMF for the seventeenth time. IMF accepted the invitation with conditions and the economy since then is moving slowly under its direction. After two years of this incomplete operation, and when President RW is in the thick of a yet undeclared election campaign, he is celebrating the end of bankruptcy and return to solvency just on the back of a deal signed with private creditors over a restructured plan to repay all loans on concessional terms by 2043 the latest. All bilateral loan instalment payments are deferred until 2028. With IMF sponsoring these negotiations and more importantly – a fact hardly mentioned – the geostrategic importance of Sri Lanka in a growing Cold War in the Indian Ocean, that deal should not come as surprise.  Yet, that deal should be welcomed and RW may have something to celebrate over a piece of “good news”. But it does not mean the economy is solvent.  CBSL chief who from the outset rejected the bankruptcy description is now logically compelled to object RW’s claim that bankruptcy has ended and solvency has returned. This controversy over nomenclature and RW’s premature claim to victory only reveals that it was not economics but politics that prompted him to declare the beginning and end of Sri Lanka’s bankruptcy. He is now credited by his admirers for lighting the IMF lamp to drive away the darkness which covered the economy since 2022.

Whether one calls it bankruptcy or not the economic condition of a vast majority of Sri Lankans in 2022 was dire. Former President Gotabaya Rajapaksa (GR) and his clan of kleptocrats surrounded by the so-called Viyathmaga experts and the two pliant governors of SLBC, Professor W. D. Lakshman and Greek Bonds fame Nivard Cabraal, dragged the economy along a blind alley in the name of an undefined development path, which ultimately drained the treasury of financial resources, buried the economy in an ocean of debt, created supply shortages, drove inflation to double digits reaching around 70 percent and made hunger, malnutrition and even starvation knock the doors of an unprecedented number of households. That economic disaster which was brewing unnoticeably from 2020 came to a boiling point with the entry of Covid. But while other countries in the region hit by the same pandemic were able to recover and resume economic growth Sri Lanka was back sliding because of a fundamental systemic crisis which displayed its full horror through the economy. Chaos reigned supreme and the aragalaya captured the mood of the nation. What happened thereafter is common knowledge and needs no repetition.

Without immediate foreign assistance recovery was unthinkable. With the departure of Mahinda Rajapaksa, RW was virtually dragged from the back seat and put on the PM’s chair and after the resignation of GR, RW was elevated to become the President. Whether RW or anyone else occupying that position he or she would have had no alternative but to approach IMF. Therefore, what RW did was nothing out of the ordinary.  Once IMF was brought in RW had to dance according to its tune. His 1922-23 and 1923-24 budgets as Finance Minister were drawn to satisfy IMF conditionalities than to restructure the economy with measures fundamental and urgent to pull the economy and country out of doldrums. This is why having monitored the economy’s progress over the last two years and willing to release the third tranche of the $2.9 billion EFF, even IMF feels that economic stability and growth are shaky and at knife’s edge.  In any case, as one opposition MP remarked, the verdict on the end of bankruptcy should come not from RW but from international credit agencies.          

However, the reason for RW’s premature declaration is simple. Just as it was politically advantageous for him to describe the 2022 economy bankrupt in order to create an impression that he was undertaking a Herculean challenge, so also his premature claim for solvency after two years of his reign to prove his financial wizardry. In short, RW is advertising his management credentials to strengthen his claim to continue as president with or without an election. All the plaudits that he is receiving from his parliamentary cabal and outside convey that strategy. One idiotic Muslim MP has gone to the extent of calling the RW presidency a Divine favour, and another parvenu of the same ilk was directly appealing to Allah to keep RW as President, perhaps forever. There is no dearth of flatterers and conjurors at least among Muslim politicians.   

On a closer analysis though the past two years tell a different story. To start with, RW and his eulogists are failing to understand or unwilling to concede the fact that economic bankruptcy marked the culmination of a systemic failure and was part of a poly-crisis. Without changing that system there will not be permanent redemption for the economy and society. This point has been emphatically repeated and elaborated in previous contributions to this journal. RW has shown no inclination to change that system and he is determined to continue with it with support from its protagonists. The kleptocracy which exploited that system and bankrupted the treasury are still in power and enjoying protection from his Presidency. Nepotism, corruption and the breakdown of judiciary and misrule of law had been the bane of this country since the time of independence. These evils are ingrained in the existing system. With PTA and OSA as protective shields RW is guarding himself and his cabal from any threat against the status quo. As long as the system is allowed to rule IMF’s seventeenth visit will not be the last. The post-debt-restructure era will also open am fresh opportunity to borrow more and spend without accountability.  If at all there is going to be any “disciplined fiscal policy” under the current system it is going to be one that imposes even heavier burden on ordinary citizens.        

The struggle for system change is beyond the perimeters of traditional party politics. System change is a radical solution demanded by the Aragalaya generation to bring back genuine democracy and a clean government that would guaranty a level playing field for all citizens and communities. It is an intergenerational challenge. Only NPP has taken up that cudgel and is ready to prove its strength through the ballot box. The ruling political culture grounded on ethnonationalism must be destroyed through a social revolution. That seems to be the primary message and promise of NPP. Therefore, the coming struggle is scheduled to be a direct confrontation not simply between RW or any other and AKD, but between the masses represented by NPP and the guardians of an old order represented by NPP’s opponent/s. It is destined to be an intergenerational confrontation.  Who will and should vote and whether the minorities would join the aragalaya majority are crucial questions that deserve answers in a separate discussion.   

*Dr. Ameer Ali, Business School, Murdoch University, W. Australia

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Latest comments

  • 16
    2

    Sri Lanka seems so far away from here. …….. We are in a little resort town called Zakopane in a quaint hotel reminiscent of Grand Hotel, N Eliya. Needs a few days to recover and recharge the batteries from the horrors we’ve seen.

    Poland has so much of a blood soaked history …….. where some times the entire country disappeared, carved up and divided among the neighbors …… but they seem to have recovered very well.

    Compared to them our troubles seem to be minor …….. Native shouldn’t worry too much about the ol’ Cardinal wanting to build a bridge or two.

    • 6
      1

      Nimal,
      “Poland has so much of a blood soaked history”.
      This should depress you a little more:
      “During the Second World War Zakopane became a major resistance trafficking centre on the border with Hungary. The basement of the “Palace” Hotel was converted to a Gestapo prison (called “the butchery of Podhale”).

  • 6
    1

    Bankruptcy and solvency in our nation needs a different approach than Poland as the cause is rather obvious. Robbers must be legally jailed, and the money of nation must be recovered.

  • 11
    8

    “That economic disaster which was brewing unnoticeably from 2020 came to a boiling point with the entry of Covid. But while other countries in the region hit by the same pandemic were able to recover and resume economic growth Sri Lanka was back sliding because of a fundamental systemic crisis “
    This “system” is actually cultural, not political. Sri Lankans have a tendency to live beyond their means.. we have fancy cars (second-hand). Our neighbours have brand new ones. We have beautiful highways built with borrowed money. The neighbours have ugly highways built with their own money.
    I doubt that the JVP is any different. After all, AKD himself wears designer shirts and shoes, and spends a lot of money travelling abroad talking to people who have no vote.. I might take him seriously if he wears faded jeans and slippers, and travels by public transport.

    • 3
      0

      “We have beautiful highways built with borrowed money. The neighbours have ugly highways built with their own money.”!!??
      ………….AND REGULARLY THE FUNDS DUE CONTRATORS ARE SIPHONED-OFF AND/OR INCORRECT MEASURMENT AWARDING MORE SUMS BECOME DUE TO CONTRACT SUPPLIERS OF MATERIAL ARE USED AS PAY-OFFS!!?? Grand Evolution!!???

    • 2
      0

      OC,
      “We have beautiful highways built with borrowed money. The neighbours have ugly highways built with their own money.”!!??
      ………….AND REGULARLY THE FUNDS DUE CONTRATORS ARE SIPHONED-OFF AND/OR INCORRECT MEASURMENT AWARDING MORE SUMS BECOME DUE TO CONTRACT SUPPLIERS OF MATERIAL ARE USED AS PAY-OFFS!!?? Grand Evolution!!???

  • 12
    2

    “RW and his eulogists are failing to understand or unwilling to concede the fact that economic bankruptcy marked the culmination of a systemic failure and was part of a poly-crisis.”
    RW and eulogists are well aware of what made not only economic bankruptcy but also political bankruptcy. They do it purposely because they are among a few who benefits from the bankruptcy. They all are contributed to their maximum to bring this bankruptcy to this country. The overall debt of this country is over 100 billion dollar. The external debt in 1978 just 1 Billion dollar increased to 58Billion dollar in 2022 must have gone to 70 billion or more. We have to note that it was 56 Billion $ in 2019.
    So, it is very clear that it is because of the systemic failure of the poly-crisis which mainly contributed by both UNP lead by RW and JRJ and SLFP lead by Chandrika_Rajapaksa. Out of the all Poly-Crisis, the fundamental issues are racism and Buddhist Fundamentalism.

  • 7
    2

    Upto RW’s strategy of projecting himself as the saviour and its inaneness the article is fine. Then, Ali lapses into his system change-the same old story without identifying what system is changed. The old JVP wanted the system changed. It had its five principles. Now, we are told that the Aragalaya wanted a system change. Was the change identified by the Aragalaya which involved disparate groups united by a desire to bring down Gothabaya who was piling up misdeeds. Once achieved, the Aragalaya dissipated. When people write about system change ad nauseam they must identify what system is changed. Eradicating bribery does not require system change. Applying existing laws rigorously would be sufficient to do that. NPP has not told us that they will dispense with the IMF. Rather indications are that they would renegotiate terms. The solution to the ethnic crisis is, if at all, through the existing 13th Amendment. So, next time Ali writes, instead of doling out more of the same, he could tell us what system is changed. Though what he says is of little use, unless the NPP appoints him as their spokesman.

  • 3
    1

    The IMF ‘s main responsibility is to take care of the DONORS who are awaiting to get their pound of flesh!
    They want to put taxes on the poor and hard working people in the country.
    Why not the IMF request the GoSL to make sure that those who robbed the country’s wealth to RETURN to the state. The rulers aren’t affected by IMF’s request/requirement

  • 2
    1

    “”“Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism” ~ Joseph Stiglitz)  “
    .
    Was Stiglitz referring to nation states?

  • 1
    5

    People talk about System change, any system is only good as the people who run them. That is the weakest link. If people who run the system are corrupt and incompetent the end result is the same. Ameer is holding a candle to the NPP, but on one knows what is their policies to lift the country form its dire state. Also who are the experts in that team who is going to soil their hands bringing about this miraculous change over. It is a mystery except for a few academics who have come forward. This could be Viyathmaga 2.0 version. The country will fall from frying pan to the fire. One need evidence of their past performance to see what in store for the future. Do not be fooled by this rubbish.

  • 2
    1

    Both the (RR) Ranil & Rajapaksha major party in Sri Lanka have contributed to the country’s financial difficulties. Now that they are working together, it can be seen as a case of “birds of a feather flock together.” Ranil is claiming that he has saved the country from bankruptcy, but the current situation is partly due to his actions. all are observing that prices in Sri Lanka are going down due to the upcoming elections, rather than because of positive economic measures. This can happen as governments sometimes take short-term measures to reduce prices or increase subsidies to gain favor with voters before an election. election times, the corruption associated with Ranil was further highlighted by Rajapakse. during the last electon

  • 5
    0

    Cicero, I have raised this “what system change” Dr.Ali is talking about, but nobody responded, including Dr. Ali. It seems to me people (CT) here are talking about this system change without mentioning a single a word how/what is going to be changed. The learned CT readers/commentators seems to playing with word. In any case these people represent not even 1% of the voting population and are not going to make a dent in the majority of the sinhala-buddhist vote bank. May be our wise SJ will respond/clarify this issue.

  • 3
    3

    Dr Ali
    ”…..Whether RW or anyone else occupying that position he or she would have had no alternative but to approach IMF. Therefore, what RW did was nothing out of the ordinary. Once IMF was brought in RW had to dance according to its tune…..”
    If my memory is correct, the NPP was totally against the IMF intervention & you say there was no alternative, so now that it is confirmed that the NPP will also follow the same path, was their initial objection just to disagree on principal? You say RW had to dance to the tune of the IMF but would the IMF dance to the tune of the NPP as the NPP rhetoric states?

    Furthermore, can you spell out the ‘system change’ the NPP talks about? In my understanding the change Aragalaya wanted was to sack all the current yobs in Parliament but is the NPP solution to replace them with ‘socialist’ JVP ideology? GR talked of eliminating corruption too. In fact, he visited a couple of corrupt govt. offices initially to show he was ‘shaking the tree’ but nothing changed, if not, got worse. So how is the NPP going to change the corruption & lethargy in our govt. system? Will banging up the likes of the Rajapakses & their cronies, even if successful, would be a deterrent & change our current DNA?

    • 3
      5

      Raj,
      “If my memory serves me right, the NPP was completely opposed to IMF intervention and you say there was no alternative, so now that the NPP is confirmed to follow the same path, their primary objection is disagreement on the main? You RW had to dance to the IMF’s tune?” But say IMF is dancing to NPP tune as per NPP rhetoric.

      Not only the NPP but even Vasidewa (aka PAKAYA), Wimal Buruwanse, Udaya Gommanpila and other leftists opposed going to the IMF, even though it was the only option before the bankrupted country.
      .
      The Sri Lankan press does not seem to be notcing this injustice even today. That is why Weerawansa and the NPP colleagues continue to spread lies. Lies , lies lies..
      One of the biggest lies is that the RW led government took more loans in the last 2 years and is now over 100 billion in debt.
      If the whole world knows that Sri Lanka is a bankrupt nation, the President will reveal the truth today on how to take new loans. Why spread blatant lies and falsehoods? Because they know that all people are completely disgusting idiots.
      Even professor GLP blindly promotes lies. Dr. Harini Amarasuriya is the same. Oh God, the people in the Rajapaksa-punished land will get caught by easy misleads… Lies can destroy people’s lives today easily..

      • 4
        1

        LM: Your comments (1) ” One of the biggest lies…….now is 100 billion”(2) “Only spread blatant lies…..that all people are completely disgusting idiots”

        Though you live in Germany, I would not like you to fall into that category of “completely disgusting idiots”. To help you not to fall into that category, I would invite you to read:

        THE QUARTERLY DEBT BULLETIN – 2024 FIRST QUARTER issued by The Ministry of Finance, Economic Stabilization and National Policies of Sr Lanka.

        • 1
          2

          Thanks and link is added for everyone s note :
          https://www.treasury.gov.lk/api/file/1f884c2c-71db-4058-9b99-a9cb7f0690b7
          If you dare to defend ex-murderers again and again, please discuss the latest bulletin with economics experts. As I understood, it is a summary of all accumulated debt that depreciates and appreciates the local currency. If the Ministry of Finance confirms today that the loan has not been taken, it must be true.
          .
          But if you really believe in expert opinions then please rule out theorists like Sunil Handuneth.
          JVPs who did not properly study what the “foot notes” but jumped and described, they were all cunning people, they should better prove it atleast today. I know Dr Harsha De Silva though my friends in SL. I dont have the least doubt to brand him as a cheater.
          .
          Hate mongering is in the genetics of JVPrs that killed innocient youth in this country. It is beyond the world standard. It may mislead you, not us. I have been to Singapore 20 times or more and I know very well that if the bank robbery was led by AM, he would not be free to go unpunished. I know all this very well, I live in a country where law and order is stricter than any other country.

        • 1
          2

          “Even if you live in Germany, I don’t want you to fall into that category of “totally obnoxious idiots”. This statement is similar to more or less 225 corrupt”

          You have interpreted this in your favor. As I am a Sri Lankan expatriate, I do not belong to the common locals. You know but are deliberately trying to insult me. It seems to be in your genetics. That does not bother me. .
          .
          For the past 3 decades I have not been closely associated with Lankans. I get my information only through web and other sources. But I always visited my home country. I survived again last year even though the order had instigated the SM killers.
          When my education began in Peradeniya, like many other youths of those years, I experienced the level of brutality with which JVP and vanguards were harassed in the local universities. My nephew confirmed that the level of brutal bullying in that country has become even more criminal today.

          • 2
            2

            LM: Now you know that our loan debt of 100 billion is not a “LIE”. Have the courtesy to admit that.

            I am, moment by moment awaiting to hang the murderes. That is for sure. But when you stand by the “PROXY” (Ranil W) whose main task is to protect the “Murderers”, question yourself: “Who am I, and What do I stand for? Am I not responsible indirectly for protecting the murderers?

            One advice. Please don’t undress inside glass chambers. Have a nice day!

            • 1
              0

              D,
              Please do not distort the information. I did not say 100 billion in debt.You yourself claimed to be an intelligent person, please dont fabricate in favour of what you want to hear. This I never expected from you the kind of senior citizens. –
              .
              It states the accumulated debt as per the conversion of inflation rates. The question was that how one could take loans while not a single country is giving loans. This was discussed during my previous comment. I still hold the same view.
              You should read carefully what I have commented above. You simple simons make judgments without respect for facts. I have no doubt, by the time the election day approaches, people will realize his true nature, which is no different from Gotabhaya.

  • 2
    0

    This System Change term could refer to a multitude of changes from the hitherto style of governance. New faces to replace the old faces. New ways of outlook from the past etc etc. But the constant here is that the old or the new are good ol Srilankans. with a class difference. As the good ol Dr.Ameer may say …….Down with the Cultoor !

    • 1
      1

      Hear! Hear! Plato!!
      .
      “Down with the Cultoor !”
      .
      One problem, Plato! We belong there ourselves.
      .
      With this additional problem for me! I don’t know exactly who you are, although the vice-versa is true! You know me!
      .
      I mean, both of us having been at S. Thomas’ Mt Lavinia at roughly the same time, with you having been teaching English at Peradeniya at the time I was an over-age undergraduate, and both of us having English as first language, we are the very people whom we want brought down.
      .
      It is indeed confusing. However, if any other reader is also confused, please as indicate that to me!
      .
      I don’t have the same problem with the author of this:
      .
      https://www.colombotelegraph.com/index.php/everyone-loves-a-revolutionary-but-how-many-will-vote-for-him/comment-page-1/#comment-2495621
      .
      A few days ago, Jeevan Hoole suddenly asked me “where is Kumar?” I said almost definitely in Los Angeles. Kumar’s identity and whereabouts are no secret, although I have no WhatsApp number for him.
      .
      And whose is the most closely-guarded identity of all? Absolutely no doubt about that: “leelagemalli”!
      .
      But I know his identity! What a life!!

      Panini Edirisinhe; (NIC 483111444V) of 51B, Golf Links Road, Bandarawela, Lanka

  • 0
    1

    The world’s most indecent, orchestrated, political drama is loan restructuring. In that, the two partners (Evil and Nandhalala) who staged it too have fallen apart, because even they two could not agree on the modality of it. Now they are selling it to Modayas to reap the election harvest out of it. Opposition parties are silent on that because it is Sinhala Buddhist Patriotism.

    There is nothing in the Debt Restructuring nor in the Evil Fake propaganda speech he delivered yesterday. Evil said in that speech that his hard earned three years interval should not be wasted by the Modayas electing some others instead of his UNP-SLFP union in the coming election. The truth is that by the Racist Sinhala Buddhist start given by Don Stephen in 1948, 75 years of interval was wasted by the UNP-SLFP union. After the mountain stomach pained to make a debt returning for the last two years. Evil administration & IMF Chief Negotiator Peter Breauer have managed the country in the bi-later government to loans, three years, that is 2025,2026 & 2027 time to remit the loans (before 2028). During the Yahapalanaya administration, on at least three occasions (NCM, Jihadi War, & Un-constitutional Coup), Evil attempted to hand over the government to Royals. As in none of those occasions the Royals were willing to take over, in 2019, Evil dismissed his own parliament and quit the government.

  • 0
    1

    Now the hooligan Evil is boosting him and proclaiming that he was so brave that he pledged his challenge by taking over the bankrupt country, to save the Royals from their economic and human rights crimes. Because the Sinhala Buddhist Modayas are the worst in the world in IQ, he is fooling them that he has created another Wonder of Asia by obtaining three years of delays in bilateral loan repayments (No details of the deed which was negotiated for two years protracted are published in media, nor anything about the sovereign bond settlements. The super Comedian and the male makeup artist Ali said the government has gained $17B in this deal…Karumam, Karumam, Karumam!). Once the India pledged $ 4.5B is dried, the food and medicine import will be coming to stand still again. People will have to depend on local farming and Chinese Citizens’ poop fertilizing. So far none of these problems have been fixed in the restructuring deals. They are advertising too much the three-year extension and the loans siting in the treasury as Foreign Exchange reserve because they hope that to help them on the failed Sovereign bond restructuring negotiations. My guess is that will be double the flub than this bilateral flub. No books of economics citing borrowing and keeping it in treasury as reserve is a solution for any of the problems we are envisaging.

  • 0
    1

    This three years delay game is useful only until Evil declares the election for EP. After that, Evil, Nandhalala, NPP/JVP and the masses will stand on the same plane and see the three years delay as good for nothing. In the meantime, Evil preaches that if the Modayas, without electing him, if they elect NPP/JVP, NPP will have squandered the money which he has brought through this three years delay. What magnificent terminology and rhetoric to cheat on Modayas – SQUANDERED”!

    Britain started Tea and Rubber (Estate Industry) export is the only one export industry in Langkang. Evil’s master recovery alternative policy for the election campaign is redeveloping the Sinhala Buddhists’ Cinnamon Export. The outstanding point here is from 1948, that is on the Don Stephen’s era, UNP- SLFP Union feel an annoying ailment from the Estate Industry, because it is still manned by Tamils, though the profits swindled by Sinhala Buddhist politicians. Come on man! What comedy this Evil Modaya is talking about? Where the world has gone in modernization? now only Evil, to show his anti-Colonialism, wants to destroy the remaining Estate Industry and create Cinnamon Export.
    The complaint that the Colonialist destroyed the Cinnamon industry is not true at all. Colonialists marketed only the products that fetched higher income. The is in the Langkang’s today’s’ need, the higher foreign exchange.

  • 0
    1

    Colonialist introduced the “Arikkan Laampoo”. Now, the Chinese are selling only LED bulbs. Don’t the Evil want to replace them with Kandy’s classical Brass lamps? What is this insane infatuation for Sinhala Buddhism?
    If the Colonialist had left in 1948 only with the Cinnamon Export, and had burned down all Tea and Rubber Estates, we wouldn’t have needed UNP-SLFP union to and 75 years’ time to bankrupt the country. It itself would have gone bankrupt somewhere in the 1950s. Then it will arise in all people of commonsense’ mind why this Kaunanaki Evil talking all these economically Modaya talks in the national addresses to the country, which would be watched by the concerned foreign diplomats and their countries’ executives, too? The only available answer to that question is, that is the nature of Sinhala Intellectuals, who are the unique experts in making Kandyan accords. This was the same talk Evil made when he was making the second Kandyan accords, the sale of Hangbangtota and Colombo Pong Ching to China. That is, they had annihilated the Parai Demolos in Mullivaikkal, with the help of the new Colonialists, the foreign forces, so any other sacrifice can turn out to be enhancing the pride of the Sinhala Buddhists, including the current Bankruptcy. And had chased the remaining few as shameless refugees, outside the country, where they live as beggars showing their beggar wounds and beg – Hakeem.

  • 0
    1

    That is what the past, UNP-SLFP Union’s master consultant GL Pieris said; they did not release the loan restructure deed for public because it is not a good deal. In other word, it is only the third Kandyan accords of the Sinhala Buddhist Intellectuals.

    Evil and his team are skillfully convincing the Modayas that they will make the world to withdraw Bible, Koran, Torah, Geetha and will have thrush Mahavamsa in the world’s prayer places! What is the demand for Cinnamon and what countries want to buy? And what is the demand for tea and rubber? What a destructive proposal to destroy the Estate industry only because it was introduced by colonialists, and the Evil reintroduce Cinnamon – Lavangam, the Langkang’s pride product. What does this UNP hooligan understands about world’s trade and economic and cultural civilization, other than Telugu Mahanama and his Mahavamsa.

    For years CT commentators have been citing the Vietnam example for loan less, non white-elephant investments, and for commission-corruption- robbery less funding.

    1). Vietnam’s former minister of commerce accused of ‘wrongdoings’ in oil deals
    2). Vietnam jails 2 ex-ministers over COVID test kits scandal
    3). Head of Vietnam’s parliament resigns amid corruption crackdown
    Those are few recent news shows how Vietnam deals with its political criminals.

  • 0
    1

    But the samples of the history of the political impunity of Langkang’s sugar import, Covid vaccine import, Sports ministry corruption, central bank robbery… in none of those deals no political criminals were punished. In that condition, if Evil pretending that he is going to change Langkang as loan less miracle like Vietnam, while granting impunity for all political criminals, what criminal, defrauding intentions of these cheaters are – only to portray that all the past 76 years of (UNP-SLFP destruction of the country happened because people are about to vote for NPP/JVP in the coming election?
    From 1948, they promised to create Miracle of Asia, Moon rice Imports, Super Sat, Asia Wonder, Another Singapore, A Japan in the Indian Ocean, South Korea…..but they only made Singapore’s example country Ceylon into one of the bankrupt, North Korea, Venezuela, Iran…. Now the Evil comedian brings Vietnam as an example to follow. Evil might have been hanged by the neck if he was in Malaysia or Vietnam for Central Bank Robbery, leave aside the Batalanda commission’s verdict.
    FDI, which Evil now prefers for bilateral loans and IMF loans, does not come from political sources. The prospects of FDI and Sovereign bonds are damaged by America by blocking seeking justice of American investors. But the Colombo media is creating new hope in Modayas’ minds that America will start to pump money in, after the loan restructuring.

  • 0
    1

    But America has so far missed all the opportunities to help retrieve the commissions deposited in the world’s stock market and bring to Langkang. China was pumping in bilateral loans, by 50:50 ratio of loan with commission to Royals. That is about from the $15B loan, Royals earned more than $18B commission. Then, in 2017, Evil and Mangala opened some incentives to make Old Rowdy King bring them back home the commission. The countries in which those commissions are deposited labeled Langkang as a Money Laundering port, and thus they blocked the money heading back home. This labeling & restriction for foreign exchange coming home has forced Langkang to go into bankruptcy. That means unless NPP/JVP, like a serious force, comes to power and sues the Royals and the countries holding those investments, the people’s money will not be returned ever. The past large-scale squandering was done by 1). Royals, 2). the current parliament, which is substantiating Evil, 3). Evil and Mangala team and their foreign partners, 4). and the Central Bank staff.

    When Evil & his Evil’s parliament team were squandering the EPF funds, they spread stories for Modayas that their negotiation would get 30% debt reduction across the board, on all categories of loans.

  • 0
    2

    Then they promised no loan repayment before 2030 -2035. Now there is not even a penny reduction in the bilateral borrowing, while it has to be repaid starting before the 2029 election. This tricky negotiation was made with the intention of only if anybody other than Evil’s team captures the power in the 2024 election, they could be easily brought down in the 2029 election, with the repayment’s burden of 2028. These are explained as good terms for the country and Evil calling in the UNP Kadaies to be on the watch out from NPP/JVP from stealing. This is how they negotiated the Secret Solution with Sampanthar Aiya, until he was alive, and converted him as the statue of disappointment in politics, at his death. The Munthanai Sumanthiran hiding has gone with the wind. I am not for it or not for it; but the Tamils leaders’ common candidate call is no longer avoidable. It is going to roam as an unleashed wild dog in the North East. That could issue a free license to Evil to unleash the Rapist Sinhala Buddhist Security System in the North East before the election. Sampanthan Aiya’s demise will be a certain election loss for Sumanthiran, in the next parliamentary election.

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    Those who wants CHANGE should really get behind AKD and his followers of the NPP. RW/SP/Rajapaksas together have played active role in the decimation of the Island Paradise. We need AKD to steady the ship and to get rid of the PARASITES. RW effectively sabotaged the ARAGALAYA and provided protection for the crooked politicians.
    Superficially the country seems to be normal but it is actually rotting inside with both Professionals and non-professionals leaving the country to work abroad.

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