9 December, 2019

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Sri Lanka Ports Likely To Sell Two $500 Millon, 10-yr Bonds This Year – Reuters

(Reuters) – Sri Lanka’s state-owned Port Authority is likely to sell two $500 million 10-year bonds this year to repay a series of yen-denominated loans and finance its investment projects, a top government official said on Friday.

“Initial expectation is to get $500 million, but our target is to get $1 billion to offset our yen loans and finance a few investment projects,” Sri Lanka Ports Authority (SLPA) Chairman Priyath Wickrama told Reuters in an interview.

“We will go for the first $500 million most probably around July and another $500 million within this year. We are trying for 10-year tenure as all the projects are long-term investments in nature. So going for a 5-year bond is not that practical.” (Reporting by Ranga Sirilal; Writing by Shihar Aneez; Editing by Paul Tait)

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    Ha…ha…ha…hope springs eternal in the human heart.

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    This is the result of ad hoc economic planning of mediocre Economists. This MR govt. has over invested in projects that have no immediate return, like Hambanthota Port, Airport and a Cricket Stadium. Currently Billions are spent on beautifying around the Parliament area and the city of Colombo. At what cost? and What immediate return? The common man’s food, the bread prices are soaring. So is gas, milk, cement announced already and fuel very soon. What has happened is that MR govt. has got the priorities mixed up. I worked as a Consultant to a Company that came here to construct a mono rail project from Ratmalana via Fort to Battaramulla. Within two months I was able to find land for 24 stations of the 27 stations for property development almost within the requirement of the land sought, as the Company wanted to invest in the Property development sector in order to recover expenditure, as the rail project itself will take time for pay back. The project was not persued, possibly because not enough of kick backs. Had this project got underway three years ago it would have been commissioned by now. Imagine the employment genration and the halving of the transport costs and for easy and faster travel within the city, not forgetting the easing of traffic congestion on the road ways?

    What happened to the $ 500 million that Nivard Cabral was hoping to raise from the Sinhala Diaspora a couple of years back? Only consolation is that at the rate we are borrowing, we will be owned by some other country and at least we will have a foreign Passport from that country instead of Sri Lankan.

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      Good points! Since Nivard Cabraal unlike his boss does not have presidential immunity he should be interdicted and an investigation made on the Commonwealth Games bid scam, since if Lanka had won the bid it would have been bankrupted building a games village in Hambantota.
      Nivard Cabraal is mortgaging this country by advising national banks to issue bond which is public debt that the people have to pay for. This is going to soon cause a crisis in the Sri Lanka Banking sector and must be stopped.
      The former Prime Minister of Iceland was tried for financial crime and negligence for the crash of the banking sector in that country. Cabraal and must be held accountable for the economic debacle now.
      He is painting “rosy pictures” about the Lankan economy and putting out fictitious figures about per capita income growth, when all that is growing in inequality and poverty as the poor get poorer and the rich richer due to his policies and the dependence on IMF loans. he IMF always makes poor people pay for the policy mistakes and greed of the rich and will soon be shut down as the Euro crisis spirals out of control. But here in lanka we need to ensure that Cabraal is put behind bars and the so-called Minister for Economic Development who has not got a degree is sacked.

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    Quite right! More bonds issue mean more debt and more rupee depreciation, which means a rise in cost of living. Sri Lanka’s post-war “development” which is bankrupting the country and for generations to come, is in the hands of 1 goon and 2 thieves: 1. Gotabaya, a psychopathic torturer who is militarizing and running military businesses with state subsidies since he’s trying to avoid a war crimes trial. 2. Basil Rajapakse to with Gotabaya’s development plan is the reason for the huge balance of payments crisis and the depreciating rupee and rising cost of living – along with 3) that Central Bank joker and liar Nivard Cabrall who needs to be interdicted.
    This troika and their development policy are slowly but surely turning Sri Lanka into a bankrupt military dictatorship on the Pakistan model where the military has unlimited power to land grab and take over civilian businesses and property. This is extremely dangerous for democracy!
    By the way since he had to stop white vanning people after the Kumar episode. GR is now arresting and harassing people in the eastern province. Gota is the worst – a psychopath who constantly needs to be hurting people and watches sharks in his spare time!

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