By Ameer Ali –

Dr. Ameer Ali
“The reactionary is always willing to take a progressive attitude on any issue that is dead” ~ Theodore Roosevelt
Ranil Wickremesinghe (RW), one of the fallen heroes at the 2024 Presidential Election, has been reported to be planning to organize 1000 rallies across the country and calling all opposition leaders, their aficionados and apparatchiks to rally behind him in his war against what he described as a “constitutional dictatorship”. If one understood the logic behind that concoction, one would have gathered that if there is a dictatorship prevailing currently in the country then that dictatorship has been permitted by the constitution. But what is strange is the fact that that constitution was introduced by none other than RW’s own uncle and Sri Lanka’s first Executive President, JR Jayewardene, who boasted that he could do anything under his constitution except to change the gender of a person, and RW was a minister under JR. It was the same constitution but with additional powers elevated President Gotabaya Rajapaksa to become a virtual dictator. When the aragalaya youth forced him to run away from the country and resign, RW stepped into the presidential shoes with the consent of the parliament, and the first thing he accomplished was to order the security forces to end the aragalaya by arresting its leaders, demolishing their temporary shelters and chasing out the rest to their homes. Now he is calling AKD Presidency and NPP government a constitutional dictatorship. Is it?
To start with, what was the immediate provocation which made RW to come out of the woods at the age of seventy-six to announce unofficially his readiness to enter the race for presidency again? It was undoubtedly the shame that he had to endure when he was produced before the court by the police to face allegations of misusing public funds when he was the stop-gap president. After an incredible drama at the court, which raised questions about the honesty and integrity of the medical professionals who vouched for RW’s failing health condition, he had been granted bail until investigations are completed. He has not been acquitted yet. When an allegation is made against any person or persons under an existing law then the country’s judiciary is constitutionally bound to deal with it independently. This is what is meant by Rule of Law (ROL) in a democracy. ROL is not just a concept but the cornerstone of a society that values equality and fairness for all individuals. Therefore, RW’s resolve to end “constitutional dictatorship” is in other words his agenda to end ROL. But what happened to ROL before RW fell victim to it?
ROL was professed by all political leaders and was inscribed in all constitutions in operation since independence; but politicians and especially those belonged to the ruling party or parties were virtually elevated to become a special species of individuals whom the arms of law were unable to touch. It was this untouchability which almost became an unwritten ‘convention’ if one may call it that allowed corruption to flourish, illicit businesses with underworld connections to prosper and organized crimes to increase during the reign of several governments. (Is it a coincidence that Tangalle in Hambantota District, the political fortress of Rajapaksas has become virtually an epicentre of narcotics)?
It was against such corrupt political culture and system operating with legal immunity that a new generation of awakened youth staged the aragalaya in 2022, a landmark event in Sri Lanka’s post-independence history. The fundamental message of that revolt was lot broader than just a narrow regime change. It implied a radical change of an entire system built on identity politics and corrupt governance which ultimately led to economic bankruptcy. The rebels demanded a new political culture in which ROL remains supreme without any political interference and with an independent judiciary as enshrined in the constitution. And that was the pivotal promise made by AKD and NPP in their election campaigns respectively, and which they are delivering now. Is that constitutional dictatorship or constitutional governance?
RW is therefore inviting all reactionary elements to rally behind him to stage a showdown against the current government, which has just completed the first of its mandated five years. Perhaps to support RW, critics have begun to unleash a vicious propaganda with a catalogue of AKD’s and NPP’s promises before and failure to deliver them after the election. Within one year?
Constructive criticism is a necessary element in a healthy democracy which should be encouraged. But criticism driven by a spirit of seeking vengeance is to create chaos and that is what driving the current propaganda. Without being overtly apologetic towards the new leadership it is fair to say that the country is not at least worse off than what it was when the new leaders took charge. But given the relative inexperience of several of the cabinet ministers and the enormity of challenges facing the nation, pragmatism and not blind commitment to ideology is the need of the time. That appears to be the strength of the current president. For example, on the economic front the fact that AKD accepted IMF strategy towards economic stabilization and growth instead of renegotiating for alternative terms and conditions has stopped the economy from heading backwards. Hasn’t the speed of stabilization and recovery amazed even the IMF and World Bank? Hasn’t the country’s dollar surpluses higher now than when the government came to power? Hasn’t AKD’s delivery of corruption-free governance been the main reason why IMF is not insisting on privatization of the SOEs? Yet, there is a long way to go to achieve economic independence as promised. The incoming budget should give a better picture about the actual state of play. Given these facts, isn’t it reasonable to wait at least till the end of the first half of the government’s tenure to make an educative judgement about its performance? As they say, Rome was not built on one day.
But what really seem to have added to an already angered group of fallen heroes and encouraging them to support RW’s battle cry is the recent cancellation of perks and privileges enjoyed by this self-promoted elite and which had become an unbearable burden to a struggling economy. That cancellation had angered not only RW but more so the Rajapaksas and other previous presidents. Before law catches them, several other politicians and public officials for misusing their powers and privileges, they would prefer a regime change as early as possible. In short, RW’s agenda is a move to restore the ancient regime with its weaknesses.
But these fallen heroes are obviously underestimating the strength and reach of the aragalaya phenomenon. When RW thought that he had ended the revolt by force, the protestors did not go home to give up their mission but went straight to the voters instead to convince them of the rebels’ radical message. The rest is history. Would RW’s countermove provoke another aragalaya of different dimensions?
Ajith / September 26, 2025
“Ranil Wickremesinghe (RW), one of the fallen heroes at the 2024 Presidential Election, has been reported to be planning to organize 1000 rallies across the country and calling all opposition leaders, their aficionados and apparatchiks to rally behind him in his war against what he described as a “constitutional dictatorship”.
It is waste of time to spend on time about a person who was a liar to the people for and people did not consider him as a trustworthy politician. I don’t think that he ever organised a single rally in his life. It is a habit of UNP leaders about the number 1000. Sajith Premadasa said that he will built 1000 Buddhist temples in the North and people also rejected him. Racism and Religious terrorism will always end of in sufferings. If you don’t understand this truth, you are an enemy of Buddhism.
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nimal fernando / September 26, 2025
Ranil should’ve been killed at birth.
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For everyone’s good …… including his own.
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………. thoughts passing through the mind of a committed pacifist.
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Douglas / September 26, 2025
“Ranil should have been killed at birth”. What are your dreams?
He is a ‘Con Artist’ who even read ‘Boris Johnson’ while connected to the life-saving equipment at the ICU bed of the General Hospital in Colombo. Strangely enough, he ‘WALKED’ away without any assistance from the ward (with that book Boris Johnson) after hearing of the ‘Bail’ out from the court. Who knew he would be such a ‘Con Artist’ at his birth?
Among many of the electrical devices to diagnose the ‘Brain Activity’, there is a ‘Brain Mirror’ developed by scientists, and it is called ‘EEG’ (Electroencephalogram) that could let you eavesdrop on the electrical activity of the brain. The Sri Lankan Judiciary must order this test on Ranil W and many others who are subjected to judicial custody for crimes against the public.
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nimal fernando / September 28, 2025
“Among many of the electrical devices to diagnose the ‘Brain Activity’, there is a ‘Brain Mirror’ developed by scientists, and it is called ‘EEG’ (Electroencephalogram) that could let you eavesdrop on the electrical activity of the brain.”
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That’s a test ……. Ranil and many Lankan pols will pass with ease!
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There hasn’t been much ‘Brain Activity’ in 40 – 50 years in politics.
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And in long lives too.
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It’s a piece of cake ….. to fake brain inactivity …… for a few minutes …… for a natural born ……. lifelong practitioner.
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J.C. Lately / September 26, 2025
J.C. Lately
Gota’s term of presidency ended the moment the wheels of the plane rose from the runway at the airport the day he was chased away. He sought asylum in Maldives, Singapore and Thailand. Failing, he had to return to the country he once gave up for American citizenship. Having returned he claimed and was given all presidential privileges. And he had the nerve to ask for another house in Colombo 7 because the first house was noisy.
Then came Ranil to latch onto what Gota left. Through a convoluted piece of law he too became eligible for presidential privileges. One presidential term but two sets of presidential perks foisted on the people.
They were both dictators. Remember, “you don’t need laws; my circulars are enough” (Gota) and “you shut up and sit down.” (Ranil in parliament).
As against Ranil’s No Money-No Elections policy AKD held the local government elections.
Constitutional dictatorship is a contradiction in terms. Just as those who had gathered the other day to announce it were in their political outlook.
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Jit / September 27, 2025
“…..(RW), one of the fallen heroes at the 2024 Presidential Election….”
He was no hero — just a pathetic loser, Ameer! He accuses AKD of running a “constitutional dictatorship,” but it was he himself who jailed the youth who dared to challenge the rotten-to-the-core political cesspit that was Sri Lanka in 2022.
His worshippers blindly follow and propagate the greatest myth in our political history: that Ranil Wickremesinghe “rescued” the country from bankruptcy. My foot! It was Ranil’s bonds, alongside MR”s Chinese loans, that led the country into the historic bankruptcy Sri Lanka was tarnished with!
Under Ranil’s watch and influence, CB issued over US$12.5 billion in International Sovereign Bonds between 2015 and 2019. A staggering US$4.4 billion was issued in 2019 alone — just before the presidential elections that year. This is the mess left behind by Arjuna Mahendran, Aloysius, and Wickremesinghe Inc., dumped on our country and on our future generations.
All these bonds came with mandatory payback periods of 5 and 10 years. And he jolly well knew it was nothing more than a band-aid solution, and Ranil knew full well it would explode in Gota’s face.
The end result? Gota had to offer his neck to the guillotine in 2022 and flee for his life when the Aragalaya erupted like a volcano.
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nimal fernando / September 28, 2025
I don’t know much of the details: I don’t follow closely …… but go along with most of what you say …….
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“A staggering US$4.4 billion was issued in 2019 alone”
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That would’ve been when Indrajith Coomaraswamy was the head of CB ……. a man from good stock …… I’ve a lot of regard for …….
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“All these bonds came with mandatory payback periods of 5 and 10 years.”
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That would have been rolled on: paid back the old by issuing new bonds …….. like the US treasuries …… and some other countries
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But the amount is staggering ……. wonder what the funds were used for ……. just like the funds from the leasing of the Hambanthota Harbour.
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Any chance of a forensic audit ……. from Ranil supporters themselves …… to show Ranil’s claimed great economic-talent?
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Going to the IMF is not an economic talent (perhaps only in SL) ….. we were already with the IMF ….. getting help for the bankruptcy ….. was just another step
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If we had to go to the IMF …… it’s the IMF that rescued the economy: not Ranil.
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That kind of honesty I don’t expect from Lankans ….. I expect silence.
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Deafening silence.
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And ……. tomorrow to come again ….. and say how Talented Mr Wickramasinghe saved the economy.
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Jit / September 29, 2025
NF, I only targeted that popular myth in our society – ‘RW is an economic whizkid who saved the country from misery’. True, Yahapalanaya was burdened with MR’s billions of Chinese loans on white elephant jobs, but if he was such a smart kid, then RW should have started discussions with the IMF right there in 2015/2016 FY! What did he do instead? Applied super band-aid solution – ISBs!! He did that by shifting away from SL’s usual IMF borrowing strategy of concessional loans. Over $12.5 billion ISBs were issued in ISBs during Yahapalanaya, often at rates between 6–9%, with 5-10 year maturities. Compare that with grace periods, 30yr payback and 1-2% annum interest with IMF loans! I don’t really know the facts, but a proper inquiry would only reveal whether Ranil connived with Mahendran & Co., in that bond saga by issuing this level of unusually high number of ISBs. The end result was an unsustainable, monstrous debt cycle. By the end of 2019, Sri Lanka’s external debt had ballooned to over $72 billion, with ISBs forming a disproportionately large share. The country’s foreign reserves, once stable, were increasingly depleted to meet bond repayments, leaving little buffer for any economic shocks. That is exactly what happened in 2022 when Covid and Easter attack triggered tourism zeroed out along with expat remittances!
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nimal fernando / September 30, 2025
Jit,
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Do you know who really lost the money in the “Bond Scam?”
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You seem to know the details well.
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I can’t figure out who actually lost the money …… the bank would have only lost if they sold the bonds to Perpetual T. at a discount to be on-sold to investors.
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I guess the ISBs are dollar denominated. Does the EPF have some of their funds in foreign currencies? It’s the EPF that they always used to raid.
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There actually isn’t a need for a third party like Perpetual T. to marked the bonds …… a government entity could’ve done it.
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P T was set up by Aloysius/Cabral gang just to swindle.
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To look like IPOs and book-building etc
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Jit / September 30, 2025
1) Nimal, again, I have to reiterate my comment was not about the effects of that infamous ‘bond scam’, but about the myth around RW’s economic ‘super vision’ which his henchmen blindly follow. I’ve said enough on that so let’s turn to your question. I really don’t know who ‘lost’ money in ‘bond scam’ as I have not been proved by anyone to that effect! But let me tell you this first – the ‘bond scam’ was not related to the case of International Sovereign Bonds (ISBs) I mentioned in my previous comments, but rather to the issuance of domestic Treasury Bonds. They are totally different tools ad not related to each other.
With the little reliable information, I filtered through at that time, leaving the massive loads of political crap aside, I honestly do not know if there was any ‘bond scam’ as such. Maybe I am wrong, but I see it as a buying and selling business by any legitimate trader using their speculation powers. The only issue I see here is that ‘it looks’ Mahendran has passed some inside information about the actual volumes CB was going to issue to his son-in-law’s company (PTL) prior to the ‘Primary Auctions’. Contd to 2)….
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old codger / September 30, 2025
Jit,
“I honestly do not know if there was any ‘bond scam’ as such”
You are right. There was corruption, but the process itself would have happened even with different actors.
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Jit / September 30, 2025
2)…And PTL used that information (which was not available to competitors) to entice EPF to buy a bigger volume of low yield bonds in the ‘Secondary Market’ resulting an unethical huge profit for PTL. As I said, I don’t know, because to come to such a judgement without solid information in this very complex subject is unfair. It is very different to frauds revealed by investigative journalists like Lasantha W, Victor Ivan etc few decades ago with solid, reliable and provable information and data. In this case I am yet to see anyone proving the ‘fraud’ with substantiated facts or technical details. The reason why Aloysius is in jail is due to a VAT fraud in one of his companies I believe. Only a proper investigation will tell what really happened, but I doubt even this government has the time or proper resources to add another big one, to its already long list of corruption, murders and other investigations!!
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old codger / September 30, 2025
Nimal,
“Do you know who really lost the money in the “Bond Scam?”
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You seem to know the details well.
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I can’t figure out who actually lost the money …… the bank would have only lost if they sold the bonds to Perpetual T. at a discount to be on-sold to investors.”
Here we go again.
PTL got the CB to raise the interest by 2%, from 9 to 11.
PTL bribed Ravi K to give them inside info and used it to buy ALL the Bills, 10 bn worth
PTL got a loan of 10 billion from BOC to buy the bills
So far, the only loss if any is the extra 2%.
PTL sold the bills to third parties including EPF at a markup (because the bills will pay 11% for 30 years)
Even if others bought the bills they would have done the same.
PTL settled BOCs loan within 6 months, I think, with a tidy profit.
Those who hold the bills now will be paid interest till 2044 at 11%
But , in 2044, they probably won’t be able to buy a decent car for 10 billion.
So, who’s the biggest loser(s) ?
Not the CB., not BOC., but Aloysius himself. 🤣🤣
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“a government entity could’ve done it.”
Yes, both BOC and PB do it, but they were told not to bid by Ravi K
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nimal fernando / September 30, 2025
1/2,
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“PTL settled BOCs loan within 6 months, I think, with a tidy profit.”
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OC,
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How did PTL get their “tidy profit?” That’s the mystery.
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The only way PTL would have made a profit is, if the issuer of bonds sold the bonds to PTL at a discount ……….. or simply in other words …….. if PTL were able to sell the bonds to whoever bought them at a higher price than what PTL bought them for.
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PTL doesn’t make money from the interest, whatever the rate is …….. because they don’t hold the bonds.
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Once the bonds are out in the market the interest rate is determined by the price they sell for ………… i.e. if a bond with a face value of 100 sells for 50 the interest will be doubled.
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The mystery no one is still unable to answer …….. how exactly did PTL make a profit?
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Jit / October 1, 2025
“….How did PTL get their “tidy profit?” That’s the mystery….”
1) Nimal, looks like the way Perpetual Trust made huge profits was by using two mechanisms – privileged information to manipulate bond auctions to buy AND using political influence to off load the purchase. This is how they seems to have done it as far as I understand: The Central Bank (CBSL) initially advertised the auction for a small amount only, which was Rs. 1 billion. But actually the real need was for 10b which Aloysius got to know through “insider information”. As the initial issue was for a smaller amount, so was the interest offered by the CBSL – smaller too – say 9% at which rate PTL was contracted to on the first bid. But when actually the real need was 10b, PTL was offered a bigger lot at the same agreed interest rate 9%. That act may or may not be dodgy, I don’t have the facts. And then came the interesting point. When the volume is increased to 10b, as per the market supply and demand theory, CBSL need to offer a more attractive rate – 12.5% or 13% for the rest of the lot. Cntd to 2)…
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Jit / October 1, 2025
2)…That is when PTL got activated, bought them with BoC funding. Later they enticed the EPF (with influence from CBSL and political VVIPs) to buy the lot at 13%. That gave them a clean 4% net profit, and you do the math for te total profit for few weeks! It was also alleged that, the other usual main buyers such as PB and BoC were ‘advised’ not to bid. Instead, BoC was ‘advised’ to loan Rs 10b to PTL to facilitate the purchase. This kind of huge funding by banks to buy bonds can happen in normal marketplaces and why didnt they bid themselves but funded PTL instead, could be a normal thing for strategic reasons, yet this is Sri Lanka so a deep forensic investigation might reveal a different outcome – the deeper truth. Who gained the bag of profits is clear, but who lost is not, because there is no cardinal rule that public funds ALWAYS get a positive return – particularly in financial instrument markets, unless there was clear technical evidence that a foul play took place. As for me, this is where the matters stay at.
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old codger / October 1, 2025
Jit,
“Who gained the bag of profits is clear, but who lost is not, because there is no cardinal rule that public funds ALWAYS get a positive return”
There were no public funds involved. The State was borrowing money from Aloysius, to put it simply. The State-owned BOC lent him 10 bn, but did make six months interest on it. 700 million(?).
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nimal fernando / September 30, 2025
2/2
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The only possibility is PTL bought the bonds for less than what they sold them for.
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Only possibility I can think of ….. the interest rate was increased by CB (or whoever the issuer) from 9 to 11 by selling the bonds at a discount (say a 100 bond for around 82.)
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And again PTL making a profit by selling them to the EPF (or whoever bought them) for an interest rate less than 11 (say a 100 bond for 105.)
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There was a “tradition” of swindling the EPF …… by pumping and dumping shares …… and all that.
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If I’m not mistaken, the EPF is run by a different section of the CB …… that’s why it can be duped and swindled so easily.
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old codger / October 1, 2025
Nimal,
It is complicated, but easy to explain.
There was no discount. PTL sold the bonds at a markup, say for 13 billion (?)
The EPF managers are interested in long-yielding bonds, so they are assured of 11% (1.1 billion) every year till 2044. They are happy.
Aloysius pays the BOC. He has made 3 billion in six months. BOC gets 700 mn of that too. They are both happy.
Today, EPF still gets 1.1 billion when rates have fallen to 7%.
Where IS the humongous loss?
Some of Cabral’s (and Ranil’s) bonds went as high as 35%. But they were short-term, usually 6 months.
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SJ / October 1, 2025
oc
There is a little arithmetic that seems forgotten.
The accumulated value of the interest (if reinvested) will be far above the 30 x 11% received as interest on the bond.
I feel a little lazy to do the sum right now. But one may afford a little more than a decent car.
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nimal fernando / September 28, 2025
“Under Ranil’s watch and influence, CB issued over US$12.5 billion in International Sovereign Bonds between 2015 and 2019. A staggering US$4.4 billion was issued in 2019 alone”
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Wonder if that was to pay back – principal + interest – earlier bonds (Mahinda’s)?
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I think the bonds paid like 6% interest …… when US treasuries were near 0 …… and Japan (and Germany?) …… below 0 …….
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Playing defence for Ranil …… feel sorry for the supporters …… gotta get Native to come out of hiding …… and say a little more than AKD’s father’s name is Brumpy …… and came from Timbuktugama ….
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We all know that ……. It’s Ranil’s economic-talent that’s still in the dark.
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nimal fernando / September 28, 2025
If you haven’t noticed …… Ranil is very uncomfortable around honest good decent competent people like Indrajith Coomaraswamy.
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It’s Sirisena who appointed Coomaraswamy. Ranil walked into the CB with Mahendren and tried to stop it. Sirisena, to his credit, would have none of it.
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Ranil, by nature, is attracted to crooks and feel very comfortable with them. …….. Mahendran, Tiran, Deshabandu, …….. Mahinda, Namal and the entire Pohottuwa lot.
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He feels more comfortable with crooks from the Pohottuwa/SLFP side of uneducated out and out crooks ……. than with the people in his own UNP ….. and the ones who left with Sajith.
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He was in his true element in the 2 years he was the leader of the Phottuwa mob in parliament.
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Come to think of it ………. I can’t think of a single occasion Ranil appointing a honest suitable competent person to any position – even Harsha was left out.
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Can/do any of you? This is one for Ranil supporters…. Native, LM? …….. OC, I leave a wide margin. The man is different: he’s a lover! I know them: only too well!! :)))))
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nimal fernando / September 28, 2025
Ranil feeling very comfortable ….. comments are interesting reading ……. https://www.youtube.com/watch?v=CzBzjf1m8Dw
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Native, what would ye say? Hmmmm?
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Or Mao was a real rotter?
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AKD’s father’s name was Brumphy?
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RBH59 / September 27, 2025
It is also worth Recalling that former President Maithripala Sirisena attempted to remove Ranil from the position of Prime Minister in 2018, triggering a major constitutional crisis. This incident further underscored the political instability and deep divisions surrounding his leadership.Many citizens of Sri Lanka regard the past leadership of Ranil Wickremesinghe as being deeply flawed and marked by serious mismanagement. Among the most pressing concerns are allegations surrounding the mishandling—or possible cover-up—of the Easter Sunday bombings, the hiding of drug-related activities which has been happening during his tenure, and we withness them through the drugd bussinessman saing and why is his freind hing in singapore, and the manipulation of constitutional mechanisms to delay or bypass democratic elections……………….
These actions have significantly eroded public trust in his leadership. The decision by Sajith Premadasa not to align with Ranil’s party is widely interpreted as a reflection of serious political rifts and a lack of confidence in his direction………………
Today, what is visible to the public is a system that Appears constitutional on The surface but operates in a manner functionaL,,,,
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leelagemalli / September 27, 2025
Readers,
Sadly, the NPP’s blatant hypocrisy, dishonesty, and incapacity are making things more and more hopeless every hour. Other factions don’t even notice, but they remain silent and don’t question how they made their own pockets work miracles and which “Daizy grandma” gave them millions of dollars.
The following video, which was supplied by a lawyer and dentist, is worth watching because it may help you open your permanently closed eyes. It will be evident to me and other considerate people that it is worthwhile to talk about JVP-thakkadiyas’ degree of dishonesty.
https://www.youtube.com/watch?v=-9qFwILAV5s&t=1133s
In actuality, Lalkantha’s income declarations from the past (which can be traced) and the present are wildly disparate. Strangely, Lalkantha and Wasanth Samarasighe openly brag about being long-time, affluent landowners. It’s my foot! But they were poor because they were lazy and hadn’t worked for their money. The former government’s net proved to be extremely helpful in apprehending these actual criminals who exploit the public to fulfill their fantasies.
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whywhy / September 29, 2025
L M ,
A Country full of Hypocrisy , who will they choose for their
leaders ? They , the J V P , when they decided to go under the
banner of N P P , an intelligent public would have detected
the wolf . Are we an intelligent public ? Giving the J V P an
overwhelming two third proves it . For me , I don’t need many
talks to smell the rats . I have repeatedly maintained , they
are fully brainwashed insurgents who won’t talk any other
language . But we got to agree in all honesty , that is the
language the majority in our country speak , no matter rich or
poor , educated or uneducated . We do have a culture that will
never help us achieve anything but slow and sweet death .
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nimal fernando / September 27, 2025
Let DTG or his acolyte God write the flowery descriptive words …….. https://www.youtube.com/watch?v=JH1CLxyO3aI
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Naman / September 29, 2025
RW, MR, GR, MS
All the above should be deprived of civic rights for having brought the economic melt down + Ethnic dis harmony over the last decades. They should not have access to social media, WiFi etc etc. Otherwise they will try to disrupt the country’s progress.
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