20 July, 2024

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President RW Emphasizes He Has Not Deviated From The Principles Of The Democratic Socialist System

President Ranil Wickremesinghe emphasized that he has not deviated from the principles of the democratic socialist system in Sri Lanka. He noted that two key objectives have been incorporated, ensuring that all citizens have an adequate standard of living and promoting rapid development across the country through public and private economic activities aimed at social objectives and the public good.

President Wickremesinghe highlighted that the recently submitted Economic Transformation Bill is designed to achieve these ambitious goals within the framework of the constitution. He asserted that this legislation underscores his adherence to constitutional principles, thereby countering any accusations of unconstitutional actions.

The President made these remarks during his keynote address at the inaugural session of the 45th “SAARCFINANCE” Governors’ Meeting and Symposium held today (13) at the Hilton Hotel, Colombo.

President Ranil Wickremesinghe noted that several countries in the region have recently held elections, resulting in the formation of new governments. He remarked that Sri Lanka is also approaching an election, which will be pivotal in determining the country’s future trajectory. The President emphasized the importance of this election, suggesting that it will decide whether Sri Lanka continues the cycle of changing governments every five years or sets a course for sustained national progress.

President Ranil Wickremesinghe highlighted the International Monetary Fund’s (IMF) positive assessment of Sri Lanka’s efforts to rebuild its economy. He noted that Sri Lanka has met all its quantitative targets for the end of December 2023 under the current economic program, with the exception of the indicative target on social spending. Furthermore, by the end of April 2024, the country had achieved many structural targets.

At a time when many doubted Sri Lanka’s ability to recover swiftly from its economic crisis, President Ranil Wickremesinghe expressed that the current situation has exceeded his expectations. He thanked all those who worked with him with confidence to achieve these results.

The conference themed “Central Banking amid Multi-Faceted Global Economic Challenges” will take place over two days.

President Ranil Wickremesinghe made following remarks during his keynote address at the inaugural session of the 45th “SAARCFINANCE” Governors’ Meeting and Symposium held today (13) at the Hilton Hotel, Colombo.

“The work we have been doing in the last two years, when many people didn’t expect Sri Lanka to come out of this crisis so quickly, has been remarkable,” President Wickremesinghe stated. He attributed this success to the dedicated efforts of the Central Bank of Sri Lanka, which played a crucial role in guiding the nation through challenging times by enforcing policies that curbed expenditure.

He also expressed gratitude to the Government and Reserve Bank of India, as well as the Government and Central Bank of Bangladesh, for their financial support, which he described as lifesaving. This assistance, along with aid from USAID and the World Bank, was pivotal in stabilizing the country’s economy.

President Wickremesinghe outlined future plans for Sri Lanka, including the introduction of the new Central Bank Act aimed at ensuring monetary stability. He also mentioned upcoming legislation such as the Public Debt Management Bill and the Public Finance Bill, which are expected to bolster financial and monetary stability in the country.

The President underscored the importance of combating corruption and detailed the government’s commitment to establishing a robust anti-corruption framework by 2025. He also highlighted the need for job creation and economic growth, stressing the importance of transforming Sri Lanka’s import-based economy into an export-driven one.

“Today morning, as the Governor mentioned, we had good news. Actually, it was better than what I anticipated. Because, reading briefly, we’ve been saying performance under the program has been strong. All quantitative targets for the end of December 2023 were met, except the indicative target on social spending. Most structural benchmarks due by the end of April 2024 were either met or implemented with delay.

The work we have been doing in the last two years, when many people didn’t expect Sri Lanka to come out of this crisis so quickly, has been remarkable. I was confident, and I am fortunate to have had a team that shared this confidence. I must acknowledge the role played by the Central Bank of Sri Lanka in guiding this group, especially under very difficult circumstances. They upheld policies requiring a curb on expenditure, something unfamiliar in Sri Lanka for a long time.

I must also extend my thanks to the members of the Secretary and the Ministry of Finance, who, along with the Central Bank, were responsible for formulating the policy and handling the pressures of budgetary restrictions that the Central Bank did not have to face. Additionally, I must thank the Government and the Reserve Bank of India and the Government and the Central Bank of Bangladesh. That three and a half billion and that 200 million were lifesavers. Without that, we wouldn’t be here today; there would have been chaos. Maybe this hotel would have burned down.

Their support allowed us to obtain some fertilizer, which we received as aid from USAID, and assistance from the World Bank. That was a tough year. I won’t delve into it here; it deserves a book, not merely one hour of discussion.

Today, you are meeting to discuss the issues of central banking amid multifaceted global economic challenges. This topic requires in-depth discussion for this region. I need not elaborate on the role monetary policy has played since the 2009 crisis and the measures needed to recover from COVID. You are also facing two issues: where the power lies in Montreal—is it exercised by the IMF with the present voting pattern? If not, what’s the challenge that can be posed by the BRICS? These are concerns for all of us, and South Asia should take a similar stand, especially with the move towards de-globalization after years of being urged to globalize. What happens to the international monetary system? But I will not go into detail on those.

I thought of speaking a few words about what Sri Lanka has achieved and what we plan to do in the coming years. To illustrate the depth of the crisis, let me provide a few facts. I was born in 1949. The fixed exchange rate at that time was 3 rupees 32 cents. In 1978, when I was in the Cabinet, we did away with the fixed exchange rate and moved to a floating exchange rate, which was 16 rupees per dollar. By 2009, we had reached 116 rupees to a dollar, despite expansive schemes like the Mahaweli Development Scheme, which required money printing. The IMF stated there was a moderate risk of external debt distress.

After 2009, when the war was over, the Mahaweli Scheme made us self-sufficient in rice, saving foreign exchange. Our free trade zones ensured our manufactured goods were exported, and we had a thriving tourist industry. By 2024, people expected the rate to reach 400 rupees per dollar. Today, it’s at 300 rupees. So, the story from 1949 to 2024 highlights that the growth of the economy often relied more on printing money than on central bank policies. As a borrower, we either borrowed money or printed it.

Fortunately, I was in a good position because my family was involved in printing, so I understood its limits. The new Central Bank Act, which we have presented, aims to ensure monetary stability. The central bank cannot grant credit to the government. There is no way to obtain loans from the central bank, nor can money be printed or taken from the state bank. This forces us to look at how to raise revenue. Additionally, there are inflation targets.

We have three laws: the Central Bank Act, the Public Debt Management Bill, and the Public Finance Bill, both of which will be passed by Parliament. These will form the framework of our financial and monetary stability. Once we carry this through, I see Sri Lanka achieving stability in monetary and fiscal affairs for the next decade or more.

The second issue is corruption. Corruption has been a significant issue in Sri Lanka, and everyone talks about how to address it.

No one tells us how to catch them. That’s the problem. So my government has come to an agreement and discussed the matter with the IMF. We also required their help, and we brought the governance diagnostic report. Many laws have to be passed. One has been passed, the Anti-Corruption Act. The second one, proceeds of crime legislation, is now being drafted to be sent to Parliament. There are a series of other laws that are required. By 2025, we will have the strongest anti-corruption system in South Asia and even, I think, in Southeast Asia, except for one or two countries. So this brings us to the next part of the issue. Now we have stability. The next issue is the one that worries all politicians: jobs. How do you create jobs?

There are a large number of people in our country who expect jobs. As the level of education goes up, they are not satisfied with just a menial job; they expect satisfactory jobs. In our country, virtually everyone has a mobile phone or two at most. But what is the expectation of a job? We have to realize that our per capita income also has to increase as we find jobs in this area. This is also a growth area. I was reading some reports, and I’d like to read from them. One of the World Bank reports on growth for 2024 states that growth in South Asia is expected at 6% for 2024. It’s one of the highest, but structural challenges hinder the ability to create jobs and respond to climate shocks. Are we going to get stuck with jobless growth, destabilizing the system? Or are we looking at growth?

This is what I thought we should address in Sri Lanka. We are all in this traditional British system where we don’t address the major policy changes required. We pass various enactments creating one authority or abolishing it and creating another one, but the total framework is not created by us. In many other countries, you find certain laws on economic development and regulating the financial system. We haven’t got that. We stick with the British policy of not doing it. Britain accepts a free market economy. We are in countries where it’s all debated: Do you want a free market economy, a socialist economy, a Marxist economy, a controlled economy, or socialism with Chinese characteristics or with Vietnamese characteristics? We just can’t make up our minds about what we want and what our goals are.

I thought we should bring in the third part of the legislation, which is the most important to me: How do we ensure economic growth? What do we do? For Sri Lanka to attain growth, we have to transform our import-based economy into an export-driven economy. As the IMF report says, “Nevertheless, the economy is still vulnerable, and the path to debt sustainability remains knife-edge. Sustaining the reform momentum and efforts to restructure debt are critical to putting the economy on a path toward lasting recovery and debt sustainability.” As a result, we have decided to bring a new law called the Economic Transformation Law.

We’ve had laws from the British rule onwards that created a colonial market economy dependent on plantations. In 1972, there was a breakup of capital formation and a strictly controlled economy. From post-1977, we started gradually liberalizing, but we did not bring the necessary legislation. A series of legislation brought in the 1972 economy, but we were chipping away after that. Each time we chipped away, there was some demonstration outside or a campaign against it. Nevertheless, we chipped away. I said, forget about that. Let’s put the new economy into place. We have failed; there’s no need to be shy about what you are doing. Do it and be done with it. That’s what Erhard did in Germany, what the Japanese did after the war, what the Chinese did, and what the Vietnamese did. There’s nothing to be frightened of.

I have not in any way departed from the principles of the democratic socialist system in our country. I have, in fact, incorporated two of the objectives: to ensure that all citizens have an adequate standard of living, and to create rapid development of the whole country by means of public and private economic activity towards social objectives and the public good. First, I put down in the law that I am working within this constitution. No one can say that I am going outside the objectives of the constitution. These two provisions are more than enough to rewrite the economic policy of Sri Lanka. It has to be growth-oriented; others have failed.

In clause 3, section 3, I put down that the national policy on economic transformation must provide for the restructuring of the debt owed by the government. The public debt to GDP ratio shall be below 95% by the year 2032. These are IMF targets. The central government annual gross financing needs to GDP ratio shall be below 13% by 2032. Now that is in the law. That is what we agreed with the IMF. The central government annual debt service in foreign currency to GDP shall be below 4.5% by 2027 and thereafter. This is one part of the national policy on economic transformation, which has some of the factors to be provided in the national economic transformation.

The second part is the transformation of Sri Lanka to a highly competitive export-oriented digital economy. This is a legal obligation, including diversification and deep structural changes in the national economy to boost competitiveness. The law states that we must have deep structural changes. I wonder if anyone can go to court and take action if we don’t have deep structural changes. Achieving net zero by the year 2050, increasing integration with the global economy, achieving stable macroeconomic balances and sustainable debt, modernizing agriculture to boost farmer productivity, incomes, and agriculture exports, and promoting inclusive economic growth and social progress are also part of the plan.

The cabinet of ministers, in formulating the national policy on economic transformation, must ensure the following targets: GDP growth to reach 5% annually by 2027 and above 5% thereafter. Unemployment should be below 5% of the labour force by 2025. Female labour force participation should reach not less than 40% by 2030 and not less than 50% by 2040. The current account deficit of the balance of payments shall not exceed 1% of GDP annually. Exports of goods and services as a percentage of GDP should reach not less than 25% by 2025, not less than 40% by 2030, and 60% by 2040. Net foreign direct investment as a percentage of GDP should reach not less than 5% by 2030 and not less than 40% after 2030. The primary balance in the government budget should reach 2.3% of GDP until 2032 and at least 2% from 2032. Government revenue should reach at least 15% of GDP beyond 2027. The multi-dimensional poverty headcount ratio should be less than 15% by 2027 and 10% by 2035.

These are difficult targets, but unless you make it difficult, you can’t succeed. If a government feels that it can’t achieve this, it must go to Parliament and get the act amended. Otherwise, you must act within this framework. This is opening up the system fully, and that’s what we are aiming for. It also means that, as I have done earlier, we all work together. I meet with the governor, my economic advisor, and others weekly. But it means that we can now put together a mechanism. A legal mechanism has to come into place, either by cabinet vision regulations or by law. We have the central bank, the treasury, and economic advisors all working together to achieve this objective.

Now, to begin with, I want to ensure that the initial beneficiaries of the measures we have taken with the IMF are the ordinary people of Sri Lanka. They are the ones who suffered most. They are the ones who lost their jobs, had to mortgage their properties, and sell their land. To ensure that, I have said that we should ensure the money goes to the bottom. Stabilizing the rupee and bringing interest rates down has been one benefit. With the help of the World Bank, we have increased social welfare payments threefold. From 1.8 million families, it will go up to 2.4 million families. That’s at the very bottom. We gave government workers a Rs. 10,000 allowance, and the private sector followed. The government ordered plantation companies, which had refused, to make a payment of Rs. 1,350 per day. It was a challenging course, and the court threw out the challenge. So we have ensured that money goes in.

We also created a district development budget. These are decentralized funds to build roads in villages or put up buildings, which means giving money to small contractors and others in the area. A fair amount has been given to the people. Since 1935, the government has been giving out land for people to cultivate, but never ownership, only through a permit. Similarly, we have built houses for low-income families in and around the city of Colombo, which are again given for rent. We took a policy decision, which we are implementing now, that all lands given to average people for building houses or for cultivating will now be given as freehold land. For those who have these low-income apartments, we will give title deeds, which means 2 million additional families are going to get this money. These are bankable assets, so look at how the banking service expands and how you take it to rural areas.

We are also bringing in new laws to change vocational training because large numbers go into vocational training more than university as they look for employment. These are some of the measures we are taking to ensure that the lower end of the population benefits from the measures we take. It cannot be confined to a few at the top. We want the big companies to expand, and I’m happy to see many of them expanding. We have already got hotels in the Maldives, and now we have investments in Bangladesh. We are seeing Indian investments coming into Sri Lanka. As we expand, I think we can deal with the economic issues relating to collaboration.

We are at a very significant moment. In many of the countries, we have just won elections, and new governments have come in. In Sri Lanka, we are going in for elections. Expectations are high. Is it going to be the usual way where we change the government every five years, or are we really going to deliver? The central banks have a major role to play in this.”

SAARC Secretary General Ambassodor. MD Golam Sarwar, Finance Ministry Secretary K. M. Mahinda Siriwardena, Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe, Governor of the Reserve Bank of India Mr. Shaktikanta Das, Governor of the Royal Monetary Authority of Bhutan Mr. Dasho Penjore, Governor of the Maldives Monetary Authority Mr. Ali Hashim, Governor of the Rashtra Bank of Nepal Mr. Maha Prasad Adhikari, Governor of the State Bank of Pakistan Mr. Saleem Ullah, Central bank officials of SAARC countries and Treasury Secretaries of SAARC countries attended the event.

President’s Media Division (PMD)
13.06.2024

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Latest comments

  • 3
    10

    … this election, will decide whether Sri Lanka continues changing governments every five years or sets a course for sustained national progress.
    The above is a threat that should we want continuity his Government has to be elected.
    Why wouldn’t a new and better government be able to continue more efficiently.
    .
    … No one tells us how to catch them.
    Sure way is to catch them by the balls!
    Whom are you kidding!

    • 3
      0

      Hello Nathan,
      “will decide whether Sri Lanka continues changing governments every five years or sets a course for sustained national progress. Sounds more like a threat to dispense with Elections to me, or impose a Government of National Unity. Whatever way, Ranil is not a Democratic Socialist.
      He asks the question “The next issue is the one that worries all politicians: jobs. How do you create jobs?”
      I studied his text carefully, but I cannot find a single concrete example of how he will create jobs.
      “More than two million Sri Lankans have left the country to work or study abroad since 2022, when the country defaulted on its debt and sank into its worst financial crisis in more than seven decades”. https://www.context.news/socioeconomic-inclusion/sri-lankan-health-crisis-could-worsen-as-doctors-seek-work-abroad
      Young men and women (many not so young), Professional, Skilled and unskilled, leaving a country for jobs in the Middle East and elsewhere will probably be very reluctant to come back. Ranil may want to create jobs, but he will find it difficult to find people with the necessary skills. Would you want to come back to a Country that pays its Teachers less than a Cashier in a Qatari/UAE Supermarket?
      Best regards

      • 2
        2

        It was Sage Thirunavukkarasu’s activities that extradited Telegu Pandit Mahanama to Langkang in the 15th century, from Kanchi to Rajarata. That is how the Aryans’ Bald Head religions spreading in South India like Covid 19 were brought under control. Later Kanada Periyar cleaned the superstitions in the Tamils Nadu. I have written here many times that unless a Sinhala Thirunavukkarasu is born and gives free tickets to the Kandy Ayatollahs to Middle East and find some farming work and live an honest, decent life and a Sinhala Periyar cleanse the Modayas who are infected with “Sinhala Buddhist Covid”, no hope for Langkang. Old Rowdy threatened China that if the Nuraicholai was not starting to work, he would invite Indian Engineers and hand it over. About 50 computers of the Langkang government departments shut down. Rowdy offered China the Colombo Ping Cing and had restarted the shutdown computers. Evil shut down Colombo Pong Cing for his Yahapalanaya victory. ended up giving Hangbangtota Harbor and settled the account. The Biggest Modada Gothapayal, teased China using People’s Bank’s LC payment for the poop he bought. China Forced the country to go bankrupt. Tamils are orphans; if wanted UN will donate a couple of batons to beat them, a water bowser to soke and wash them, and justification narration “called UN Charter” for Anduwa. But China?

      • 1
        2

        Thanks to Buddha, we had Ehelepola and Pilimatalawe’s Kandyan accord. The British trains’ iron wheels were rolling all over the Ceylon on the Railroads in 19th century. Sadly, Peter Brewer started to rescue the Langkang Economy. The Island is slipping into the Bengal Bay loan ocean. This is the harvest we are reaping from the British Universal Franchise. If you observe a crow walking on the land, you will quickly realize that it is clumsily copying the Swan’s elegant parading style walking. It is the, Ehelepola and Pilimatalawe introduced British Royal democracy brought us this social democracy Karma. “Anna Nadai Nadaka Poi Kaham Than Nadayum Kedduthaam.” The crow copied the swan style now has lost the lesson of how to walk like a crow. The anti-American Anti-West Sinhala Buddhists who were dreaming all the time to live a rich life in American bungalows are flying to Israel to do farming which is abandoned by the Palestinians.

      • 9
        4

        Hello LankaScot,

        “Would you want to come back to a Country that pays its Teachers less than a Cashier in a Qatari/UAE Supermarket?”

        The solution is to replace the human teacher with AI. Here is one example: https://www.duolingo.com/

        There are limits to this (the human teacher may be needed at various intervals), but it will likely be done in the future. It takes a corporation about 6 months to train a worker, yet the typical human goes to school for around 17-20 years and retains less than 10% of the knowledge.

        • 2
          1

          Lester

          Thanks for the link.
          Let me start learning Hindi and Chinese both of which are expected to replace Sinhala and Tamil as official languages in Sri Lanka, sooner than later.

        • 1
          1

          Hello Lester,
          Does the corporation take their workers on at 4 years old? The typical “human” leaves school at 18 so according to you they start at 1 year old?
          Information is retained, knowledge is created in the process of education, formal or informal. As you know Lester I have a PGCE in Adult Education. But a Certificate does not make you a good Teacher, only concrete practice does that. I have taught people of all ages in a formal setting and children informally. I taught adults IT at Night Classes way back in the 1990s. The Students ranged in age from 18 to early 80s. Many were parents that wanted to understand their children’s homework. Two of my Electronic Engineer Colleagues attended my ECDL (European Computer Driving Licence) Classes. They were both Graduates with BSc Electronics. However the women (usually parents) consistently outperformed my colleagues. You must have read the same Science Fiction books as me about Robots teaching children. The real world is different, teachers will be needed for a long time.
          Best regards

          • 1
            1

            Hello LankaScot,

            If education is effective, the student reaches a point where he/she is able to acquire further knowledge without the aid of a teacher. There is a name for this process: “self-education.” People wonder about “prodigies”; in fact, the biggest difference between a prodigy and a non-prodigy, excluding some level of natural talent (which is required to some degree) is their motivation. Both of Gauss’s parents were illiterate. How did he become the greatest mathematician?

            “”Gauss often worked from early morning until late at night, absorbed in his calculations and the pursuit of mathematical truths. His ability to concentrate for extended periods was remarkable, and he would frequently forget to eat or sleep.”

            The same is true of Newton, who learned calculus in a barn. Or Einstein, who deduced relativity while working in the patent office. Had your students been locked in a room for 12 hours a day, focused entirely on one subject, they too would have succeeded. Want more? Ruth Lawrence – Oxford at 12. Samia Yousef – Oxford at 11. This process is not magical – it requires discipline and some slight natural talent.

            • 1
              1

              *invented, not learned

            • 0
              2

              “If education is effective, the student reaches a point where he/she is able to acquire further knowledge without the aid of a teacher.”
              And there are those (like the jungle mathematician) who acquire all knowledge by sitting under a tree.

          • 1
            1

            Hello LankaScot,

            From Quora. One year is possible.

            When my son was one year old, I started his math training. Every time, when we went up or down stairs, I counted the steps loudly.

            When he started to talk (1.5 yrs old), I asked him to count the treats. More he could count, more treats he would get.

            When he knew how to count > 100, (around 3 years old, I played cards with him. If he could sort all cards in right order, he got some treats.

            4 years old: taught him a little addition and played a math game with him. I called it, the perfect ten. Give you four cards, you find a solution to add two or more cards to get number ten.

            5 years: taught him multiplication. Every day on the way to his kindergarten, we recited times table.

            6 years: I started to teach him to play the 24 game. Now he likes to play the game on my phone by himself.

            7 years: I started to teach him how to code in scratch. Scratch – Imagine, Program, Share

            N9 years old, loving math and coding, and saving money to buy his first Raspberry Pi computer.

            • 0
              1

              Hello Lester,
              Don’t be mean, give him one of your AI Cyborgs to play with 😉. But don’t let him watch the film “M3GAN beforehand.
              Best regards

              • 1
                0

                Scot,

                You miss the point. Public education is a failure if homeschooled children are able to attend Oxbridge at age 11. Maybe that was not your ambition, but in countries like S. Korea, parents spend tens of thousands of dollars a year on cram schools in an attempt to get their children into top unis.This gap in education will be at least partially be filled by AI in the future.
                I would also clarify, not everyone benefits from public education. Their IQ should be tested early on, and then accommodations should be made for the worst performers to work in supermarkets, factories, etc. to fill any labor shortages. That way, people like Codger don’t have to stand in dana lines to meet their nutrition requirements. This is how the Soviet Union functioned.

              • 0
                2

                LS,
                That’s not Lester’s kid. It’s somebody sounding off on Quora.

                • 0
                  2

                  Do you seriously believe Lester is capable of raising kids, let alone producing them?
                  😵‍💫

                  • 0
                    1

                    old codger

                    “Do you seriously believe Lester is capable of raising kids, let alone producing them?”

                    Producing kids are the most easiest job in the world. Lester needs just one or two minutes the most.

                    However raising kids by normal people is not an easy task leave alone Lester attempting to raise,especially his own kids, you need and entire village.

                    • 1
                      0

                      Native,

                      Do you have data on the number of Vedda graduates from leading universities? TIA.

              • 2
                1

                Hello LankaScot,

                Ignoring the spam artist, here is a challenge for you: AI was able to easily pass coding interviews at Google and Amazon. The Google job is worth $183,000 USD and the Amazon job, something like $135K. What about the students in your night class for IT? If they are making anywhere near this amount of money, then I will gladly concede that human teachers are superior. Keeping in mind that generative AI is still in its infancy.

          • 3
            5

            LS,
            “The typical “human” leaves school at 18”.
            You must take into consideration that Lester is no “typical human “. Quite atypical. Be that as it may, he’s very sensitive nowadays, so treat him kindly. He doesn’t like being corrected.

      • 2
        3

        ““More than two million Sri Lankans have left the country to work or study abroad since 2022, when the country defaulted on its debt and sank into its worst financial crisis in more than seven decades”.”

        This is the policy of Sri Lanka.
        1. Over half of the Indian Tamils were forcefully removed from the country. The Indian Origin population was reduced from 13% in 1881 to 5% 2011
        2. Since 1983, over 2million Tamils were forced to leave the country to secure their lives. The Population of Sri lankan Tamils reduced from 13% in 1881 to 11% in 2011.
        3. Sinhalese Population increased from 66% in 1881 to 75% in 1012.
        4. Muslim Population increased from 7% in 1881 to to 9% in 2011.
        5. Even now Tamil population are forcefully allowed to run away from the country.

  • 14
    14

    Among all the self¬-congratulatory back-patting Ranil is sprouting/spreading ……… what he is not divulging is …. when Gota left we had 83 billion in debt ……. now we have 100 billion. Ranil has borrowed 17 billion in the 2 years he has been at the helm. And that, while not paying any interest on the loans we already have.

    Mahinda’s total borrowings during his time at the helm for 10 years is 34 billion ……. Ranil has already borrowed half of that in just 2 years.

    Ranil is covering the true facts of his “success” and trying to make the gullible swallow a sugar coated Seenibole.

    As usual Ranil is nothing but a cheap deceiver ….. that appear as a messiah to some.

    • 8
      2

      “As usual Ranil is nothing but a cheap deceiver ….. that appear as a messiah to some” (idiots.)
      Nimal, it is truer than the absolute truth.

  • 4
    2

    One time the Library of Congress informed CT that they would store CT for a certain period in their database for the election history of 2015. It was a time of pride for CT. I do not know how or whether they recognized CT as a National Media, International Media, Technical- political media or even as revolutionary media against Totalitarianism/ Tyranny. Later, the 2015 election brought the very first blow to the Royal Rowdies. As equal or even better than that now the Evil Emperor administration has sent its propaganda pamphlet, underlining their path on “socialism”? Bravo! Well, the Zionist Junius Richard called Langkang a Socialistic, Democratic republic. You know the child kidnapper walks around with a piece of candy in his pockets. So all the tyrannical states decorate their names with red, green, blue, yellow, pink… color candies. Now Batalanda fame is calling them by the same name to indicate that they have not moved any far away from Junius Richard’s socialism and democracy. Is that telling the NPP/JVP too played a role for CT to earn its second, equal- recognition of Library of Congress? So, they have recognized the true status of CT? !!

  • 9
    14

    “There is no way to obtain loans from the central bank, nor can money be printed or taken from the state bank. “
    Laws are made to be broken, in this country. We have perfectly good laws against murder, rape, etc, but hundreds of thousands have been murdered by the State itself. Some murderers on death row get Presidential pardons. Some live in luxury hospitals. Some sex abusers escape because of their robes.
    At least two Chief Justices have been proved to be biased or corrupt.
    What price laws?

    • 4
      1

      “At least two Chief Justices have been proved to be biased or corrupt.”

      You must be referring to Sarath N. Silva and Mohan Pieris. Even the present Chief Justice is an acolyte of theirs.

      • 7
        13

        Hancho,
        Yes.

    • 5
      4

      old codger

      “Some sex abusers escape because of their robes.”

      No, never, they are good people, good Sinhala/Buddhists, …. Lester vouch for their character, Sangha Hierarchy never admonish them, ….. Ranil too believes the final authority rest with them, …. because the constitution says so.

      The president too says so:
      “President Ranil Wickremesinghe underscored that according to the constitution, prioritizing Buddhism is imperative. He emphasized that the responsibility of upholding this principle is vested in the executive, legislature and judiciary. He emphasized the indisputability of this matter.
      The President further stated that if anyone seeks to alter this principle, should endeavour to amend the constitution accordingly.
      https://news.lk/news/political-current-affairs/item/36446-according-to-the-constitution-buddhism-should-be-given-priority

    • 1
      1

      “What price laws”
      Not much higher than a community’s human lives, which Evil Emperor’s uncle had developed an art of haggling for cup of coffee and which path Evil Emperor had proclaimed in the past the holy path he too pilgrimages. The main element of that art is cornering the opponent in a cage by laying around one bar at a time. The tactical Sinhala Buddhists leadership welcomed the British Universal Franchise, opposed full freedom, advocated only for a dominion state, then disenfranchised the enemy who too had gained votes with Universal Franchise. A chicken(hen) does not see the coop as prison because it always had the habit of eating the grains inside the coop by putting its head through the spaces in between the coop’s bars, by standing outside. That is how you bargain for the chicken for the grains inside the coop. One time five hungry pigeons jumped into a trap net, but the leader joined them and saved everybody. Modaya PC Lowyer Sum jumped into the Secret Solution. The birds’ leader Sam too jumped into that, but did not save anyone, but pledged the TNA and Tamils for Evil, as pigeon curry to touch for the birth party Idi Appam. Now Sum Modaya challenges to defeat the common candidate because that he sees as a disadvantage to Evil but a non-provoking (Sinhala Buddhist) advantage to JVP.

  • 2
    12

    Dear RW,
    Good you have done well in the past two years better than Gota.The person who handed over to you still there.why can’t you hand it back to him now?

  • 7
    12

    RW,
    Why you are hiding now?
    Why can’t you say that you are standing from your party?
    Why can’t you tell that the total debts reached 100billion US dollar ??
    Why can’t you tell that you can’t take actions against with those who bought bankruptcy?
    Why can’t you say that I will implement 13th Amendment in full as in the constitution?
    What is the most important to you?
    Is it you becoming elected President?
    Is it IMF?
    Is it your party?
    Is it people?

    • 1
      1

      Ajith, RW won’t have anywhere to hide if he postpones elections as aragalaya 2 will be more difficult to handle than the previous aragalaya

  • 15
    4

    So the guy who was rejected by the patriotic Sinhala Buddhist voters in the last general election manipulated the National List, became a parliamentarian ‘illegally’ and then became the president ‘illegally’ with the help of MR, now claims to be DEMOCRATIC. International community doesn’t even accept his presidential signature. What a disaster!
    /
    The economic crisis was created artificially in oder to make this clueless fellow the president.

    • 5
      10

      Tony dear,
      Wasn’t it your “patriotic Sinhala Buddhists ” who elected MR in the first place? So what’s wrong if MR supports Ranil? You should too.

      • 6
        1

        old codger

        6.9 Voted for Gota and SLPP won 116 seats at the parliamentary elections, people chased him out of office, out of his presidential palace and eventually out of the country, after all he won the Demelas single handedly and then appointed Ranil to run the country, because Mumy’s boy refused to take responsibility, ….

        It was not just Gota who was chased out but the entire clan was in hiding.

        Why didn’t Gota hand over his throne to Champika, Wimal, Udaya, Pilayan, Karuna, Dayan, …. Basil, Namal Baby, Lohan Ratwatte, ….. Gnanasara, Tony?

        • 3
          4

          Native
          Let’s see how Channa Jayasumana’s Nugegoda meeting goes on the 18th.

        • 4
          2

          Native,
          —“Why didn’t Gota hand over his throne to ………….”—
          It is because he promised the throne to RW before the election. Christian RW played the role of clown opposition leader for 25 years or so for CBK and MR. So the presidency is the gift RW received from them.

          • 2
            1

            Tony

            “It is because he promised the throne to RW before the election. “

            Tony baby, you should ask Mumy’s boy Sajith as to why he refused to accept the offer from Gota, who won with exclusive Sinhala/Buddhist votes with blessing of Asgiria.

            Are you ready to deal with the fall out from Saudi Arabia’s decision to end the Petro Dollar Agreement?

            If you need to educate yourself about Petro-Dollar agreement ask old codger or nimal fernando.

        • 1
          0

          old codger, as you say the entire clan was in hiding on an island in the sea. Let them not forget it and repeat on a larger scale as they can try to be royals only in this SL.

      • 1
        1

        old codger, MR supports Ranil as latter does all things that MARA wants in order for Ranil to stay in power. One craves power and the other craves money

    • 3
      3

      Tony doesn’t seem to know the difference between “illegal” and “illegimate”.
      Now I feel that the mandate given by the 6.9 million of stupid voters should also be illegimate because they made them stupid enough to harvest many votes.
      Also, many candidates of Sri Lanka Podujana Peramuna who were elected by the people were also illegitimate as people were made to believe that GOTABAYA is a wondermaker.

      *
      If Tony is literate, he should read the constitution first. In such a situation, the next president should be the leader of the opposition. Unfortunately, the Leader of the Opposition suffers from “Angst”.
      The next option was to nominate any candidate president thought, is capable of handling the issue. He did it and the parliament confirmed it.. So it is constitutional. Basta !

      May our peoples be blessed with brains !

      • 3
        3

        Leelagemalli,
        Try to comprehend the context of current the Sri Lankan politics. The term “illegal” is straightforward and covers a broad area here. “Illegitimate” is subjective. Think RW as an “illegal immigrant” in politics. Do you get it now?
        Don’t look at the finger which is pointed at the moon to show you.
        /
        No doubt GR betrayed the Sinhala Buddhists. But his votes are legitimate.
        /
        There’s nothing holy about the gimmicks full of “bogus” constitution. Its aim is to keep Sinhala Buddhists people hold down. It was made by Thambi Mudiyanse JR and the UK.
        /
        NORMALLY, if the sitting president resigns, next in line is the prime minister, and the speaker is the third in line of succession.
        /
        It was always known that RW would become president only by resignation or death of a sitting president.

    • 1
      0

      Tony, the economic crisis is not artificially created. It was because the robber family extracted every dollar and rupee most of which went to hidden foreign accounts abroad, I guess to educate future generations abroad, though they will want to remain jobless and behave like royalty.

    • 3
      4

      Tony,
      UNP had only eligible to have only one member to become a member of parliament. But UNP did not nominate any for months.Ranil should have resigned accepting the fact that it was his failure and the UNP should have elected a new leader. But he didn’t do that. Why,?He then nominated him instead any other members. Why?

  • 3
    5

    Democratic-Socialist System: well, Democracy and Ranil are at two ends. In a democratic system, the citizens should have the right to protest and not face police batons and water cannons. Does this happen under Ranil? NO! Ranil also protects the rogues in the Parliament and even promotes them – for example, human rights violator Pujitha.

    The Socialist System under Ranil is not prevalent as he is pumping money to buy support from opposition MPs at the expense of the citizens paying more taxes. Ranil has not taken one step to return the stolen money parked outside the country. In addition, Ranil has been paying for the homes of the MPs, which were burnt down, while a citizen has to claim if such a thing happened from insurance. Why the double standard? Now Ranil is clearing the path with vehicle imports to allow MPs to get duty-free vehicle permits.

    What Democratic-Socialist system is Ranil talking about?

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