{"id":224063,"date":"2021-12-02T12:58:26","date_gmt":"2021-12-02T07:28:26","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=224063"},"modified":"2021-12-02T12:58:26","modified_gmt":"2021-12-02T07:28:26","slug":"development-loans-truth-behind-the-statement-by-the-prime-minister","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/development-loans-truth-behind-the-statement-by-the-prime-minister\/","title":{"rendered":"Development & Loans: Truth Behind The Statement By The Prime Minister"},"content":{"rendered":"

By Champika Ranawaka<\/a> –<\/strong><\/span><\/p>\n

\"\"<\/a>

Champika Ranawaka MP<\/p><\/div>\n

At the inauguration ceremony of New Kelani bridge, the Prime Minister said that the Previous \u201cYahapalana Government\u201d had done no development projects but just borrowed money. During his tenure as the President he had done massive development projects such as the Port, Airport and the Dakshina Highway.<\/p>\n

The political rhetoric on \u201cViyathmaga\u201d stages during the last elections was that the Rajapaksha government had a 6-7% economic growth during the 2005 \u2013 2015 tenure and the Yahapalanaya only had a 2-3% economic growth. for the country to go back to a 6-7% economic growth, Rajapaksas should become the rulers again.<\/p>\n

Even some monks were saying that the Gotabaya government is forced to repay the loans taken by the Yahapalana Government.<\/p>\n

The Truth<\/span><\/strong><\/p>\n

The debt crisis of our country is principally linked to the foreign debt repayment. The dearth of US dollars and the restriction on importing goods has created a black market and the shortage of goods.<\/p>\n

Our foreign debt bouquet is heavy with commercial borrowings with no concessional periods and high interests.<\/p>\n

The distribution of high interest commercial borrowings with no concession over repay period, among foreign debt as a percentage.<\/p>\n

Year\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Debt (%)<\/p>\n

2000\u00a0 \u00a0 \u00a0 \u00a03<\/p>\n

2001\u00a0 \u00a0 \u00a0 \u00a09<\/p>\n

2002\u00a0 \u00a0 \u00a0 \u00a07<\/p>\n

2003\u00a0 \u00a0 \u00a0 \u00a06<\/p>\n

2004\u00a0 \u00a0 \u00a0 \u00a08<\/p>\n

2005\u00a0 \u00a0 \u00a0 \u00a09<\/p>\n

2006\u00a0\u00a0\u00a0\u00a0\u00a0 12<\/p>\n

2007\u00a0\u00a0\u00a0\u00a0\u00a0 16<\/p>\n

2008\u00a0\u00a0\u00a0\u00a0\u00a0 19<\/p>\n

2009\u00a0\u00a0\u00a0\u00a0\u00a0 23<\/p>\n

2010\u00a0\u00a0\u00a0\u00a0\u00a0 28<\/p>\n

2011\u00a0 \u00a0 \u00a0 \u00a030<\/p>\n

2012\u00a0 \u00a0 \u00a0 27<\/p>\n

2013\u00a0\u00a0\u00a0\u00a0\u00a0 35<\/p>\n

2014\u00a0\u00a0\u00a0\u00a0\u00a0 40<\/p>\n

2015\u00a0\u00a0\u00a0\u00a0\u00a0 47<\/p>\n

Accordingly, the 8% borrowings which were rigid and high interest at the start of Mahinda Rajapaksha regime became 47% by the end of 2015<\/p>\n

As a result the country went in to a vicious cycle from 2016 to borrow from commercial lenders for a high interest without any concessional period to repay. by the end of 2019 the percentage became 58%. further, a sizable proportion of those borrowings were to repay previous debts.<\/p>\n

Year\u00a0 \u00a0 \u00a0Foreign debt repay (USD million)\u00a0 \u00a0 Foreign borrowing (USD million)\u00a0 \u00a0 \u00a0 \u00a0(%)<\/p>\n

2010\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01540\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3529\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a044<\/p>\n

2011\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1766\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3467\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 51<\/p>\n

2012\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02139\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03314\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 65<\/p>\n

2013\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02127\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03242\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 66<\/p>\n

2014\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02218\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03727\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 60<\/p>\n

2015\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3066\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a06554\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 47<\/p>\n

2016\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4179\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5248\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 79<\/p>\n

2017\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4469\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4919\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 91<\/p>\n

2018\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05838\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a06141\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 95<\/p>\n

2019\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05324\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05582\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a095<\/p>\n

This shows that by 2017-2019, 90-95% of foreign borrowings were for debt repayment.<\/p>\n

Who\u2019s Loans?<\/span><\/strong><\/p>\n

The percentage of loan repayment against the year of borrowing<\/p>\n

Year of borrowing\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2020\u00a0\u00a0\u00a0\u00a0\u00a0 2021<\/p>\n

1956-2004\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 15.7%\u00a0\u00a0\u00a0 14.6%<\/p>\n

2005-2014\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a069.8%\u00a0\u00a0\u00a0 77.4%<\/p>\n

2015-2019\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 19.6%\u00a0 \u00a0 \u00a0 8.0%<\/p>\n

This shows the development bubble that was created during 2005 -2014 which saw us the Lotus tower, Port, Airport at Mattala and the Highways, has caused us to repay debt since 2016 and the current foreign currency crisis in 2021 \u2013 2022 is a direct result.<\/p>\n

Net Foreign assets (Central Bank – NFA \u2013 CBSL) and Net foreign assets (Central Bank+Banking sector) NFA (CBSL+Banks) and official foreign reserves.<\/p>\n

2014\u00a0 \u00a0 \u00a0 \u00a0 2019\u00a0 \u00a0 \u00a0 2021<\/p>\n

NFA (CBSL)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05250\u00a0\u00a0\u00a0\u00a0\u00a0 4933\u00a0\u00a0\u00a0\u00a0\u00a0 -794<\/p>\n

NFA (CBSL+Banks)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 537\u00a0 \u00a0 \u00a0-3611<\/p>\n

Official foreign reserves\u00a0 \u00a08208\u00a0 \u00a0 \u00a0 \u00a07642\u00a0 \u00a0 \u00a0 1500<\/p>\n

This shows that the Central Bank and the Banking network is at the brink of foreign currency crisis.<\/p>\n

We are left with just 1500 million USD including the gold reserves ( plus the export and other income) to repay approximately 7 billion USD in 2022. The country is at the verge of bankruptcy in the next few months.<\/p>\n

The government is \u201cfiddling while Rome burns\u201d when the need of the hour is intelligent economic management.<\/p>\n","protected":false},"excerpt":{"rendered":"

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