{"id":204719,"date":"2019-09-11T10:51:36","date_gmt":"2019-09-11T05:21:36","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=204719"},"modified":"2019-09-11T13:58:13","modified_gmt":"2019-09-11T08:28:13","slug":"vipathmagas-blue-print-to-build-castles-in-the-air-mangala-samaraweera","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/vipathmagas-blue-print-to-build-castles-in-the-air-mangala-samaraweera\/","title":{"rendered":"Vipathmaga’s ‘Blue Print’ To Build Castles In The Air:\u00a0Mangala Samaraweera"},"content":{"rendered":"

“Gotabaya Rajapaksa\u2019s so-called \u2018Economic Blue Print\u2019 is anything but a plan,” says\u00a0Mangala Samaraweera, the Minister Of Finance.<\/p>\n

\"\"<\/a>

Mangala Samaraweera<\/p><\/div>\n

Issuing a statement today Samaraweera said: “The 82 slides, released on Sunday, pump aspiration and dump implementation. A blue print is supposed to be a roadmap for how to achieve an objective. The slide-deck dreams many dreams. But there is precious little that can be actioned. It is, at best, a blue print for building castles in the air; at worst, a blue print for disaster.<\/p>\n

“More worryingly, it has taken the sensible strategy of Vision 2025 and fused it with toxic Rajapaksa kleptocracy. In reality, the \u2018blue print\u2019 sets Sri Lanka on a Vipath Maga \u2013 a road to sorrow – returning to the era of debt-fueled crony capitalism. The fact that one of the sessions was chaired by a person arrested for financial fraud and indicted by the Attorney-General demonstrates the calibre of advisors preparing these documents.<\/p>\n

“As such, the only surprise for me was seeing captains of industry listening avidly to Gotabaya\u2019s speech<\/span><\/strong><\/a>. For it was only a few years ago that, in hushed whispers and fitfully looking over their shoulders, many complained discreetly about having to cut deals and grease one of four gilded palms at 5 star to get anything done. Perhaps they think that attending such an event is an act of \u2018strategic promiscuity\u2019 \u2013 buying insurance should the worst occur.<\/p>\n

“But that insurance is no safety net. The sugar high of the post-war years cannot return. The previous regime borrowed so much during their tenure that Sri Lanka\u2019s credit card is maxed out. Any attempt to load further debt, or to destabilize the economy, will mean that financial markets will withdraw credit and increase interest rates. But that does not worry the organizers of Vipath Maga. Their economic plan is simple: a return to the dictatorial kleptocracy of the ancien r\u00e9gime.\u00a0<\/span><\/p>\n

“In fact, the Vipath Maga presentation shows that no lessons have been learnt from the mistakes of the past. There is no reassurance there won\u2019t be even more Hambantota Ports and Airports, Lotus Towers and Cricket\u00a0Stadia. Not to mention pumping and dumping the stock-market, artificially over-valuing the rupee (in the process destroying export competitiveness) and making a profitable airline loss-making because the CEO did his job.”<\/p>\n","protected":false},"excerpt":{"rendered":"

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