Quote “We
are not responsible and we are Irresponsible”! unquote
The Buildup of The Crisis
Recent turnover of events has warranted further listings as part 2 in deals
with true and actual reasons led to the present crisis, Part 1 dealt with further
deepening of crisis, in both search for ideas to alleviate whole crisis in long
run.
Every
day, week and month there has been long queues for essential commodities of one
the other, each family member is pushed into queues for different items, not a
single member of a family cannot involve or turn towards earnings of monthly or
daily, a situation worser than a lockdown against Covid19 spread. The
worst part of this miserable scenario is staying in a queue never ensures the
commodity yearned for while waiting painstakingly very long hours is bought for
a price, all ends up in price less precious time is lost without allowing the
public to seek alternative for the scarcity cited item. These all happens amidst
pandemic a new variant of Omicron Covid19 is rapidly
spreading in South East Asia, all through drastically
wrongful notion of any vaccinated population is free
of contracting a new variant infection. Thus, all politicians
stop giving false hope to the public, as “the commodity they are yearning for is
released to the market today” and propelling the public to the queues. This political rhetoric lies “the commodity
they are yearning for is released to the market today” is the only reason forming
long queues long hours in expectation, rather than the actual scarcity of
essential commodity, because the people know item will not be available at any
cost, as it has happened to the milk powder, they knew it will not be available
at any cost and they don’t form a queue, it is so simple as it is. This doesn’t any way mean liquid milk or milk powder is
not an essential commodity, both are essential items for the healthy
life of the public in general. In contrary the uneducated
morons at the helm are trying to prove that the milk and milk powders are luxurious
item by allowing the scarcity for so long.
The
same people who once prioritized excavate port building for hectic ship
transport and business, are now hilariously asking the ships/oil tankers to
anchor at the sea until they find enough Dollars to dock and unload the tons of
fuel and cooking gas critically needed by the country, compound the crisis
further as both items are just not essential items just for consumption but
backbone of the economy to sustain even in critically challenging times.
The
baffling part and bizarre is that the readiness of this government to pay the
delay charges for the tankers and ships anchoring within Sri Lankan waters, the
charges not in Sri Lankan Rupees, but in US Dollars 18000/= per day and the
ships are allowed to stay adjacent two to three weeks, and not days despite
claiming that acute shortage for US Dollars.
Why
the government has not tried to curb the anchoring the tankers/ships within Sri
Lankan waters for prolonged period, and wasting
cash in foreign exchange as surcharge despite you all claim tightly
strapped of foreign exchange. Additionally, these huge
vessels carrying many thousand tons of very dangerous fuel and cooking gas,
along with other essential commodities anchored in the sea until those ships
are docked for unloading, if any accident occur the Sri Lankan
government will be forced to pay whole value for the entire Tank/ship load even
without those commodities landing within port itself. Any layman can calculate the
heavily compounded risk and bizarre of this and suspect foul-play in prolonging
delay the docking of the ship for unloading.
We
all can understand the reason for all these is rapidly draining down Foreign
Exchange or Dollars in the Central Bank reserves, but whose fault it has been –
all of who formed the government alternatively since independence in 1948. Central
Bank of Sri Lanka does not have a Forensic Probe facility, all the politicians
do know very well of this and dispute and disrupt the Central Bank activities to
unchallengeable magnitude, especially during and after the war. This is
situation still prevails despite, the commission inquired into the Central Bank
Bond Scam emphasized establishing a Forensic Probe Facility and recommended
inquiring into bond issuance of 2008 to 2015, and the reply hit back to square
one there is “no Forensic Probe facility’!!
This
is a fundamental reason for gradual depletion of Forex from reserves, what made
the compounded rapid unavailability of Forex as both should have been
considered as different entities in managing foreign exchange properly. Rapidly
depleting Forex reserve set in the panic of past misdeeds and panic handling brought
about the rapid unavailability of Forex!
What are the misadventure handlings brought
about the rapid unavailability
of Forex!
1.
Enforced
change of foreign currency into Sri Lankan Rupees, according to the rule all incoming
foreign currency should be converted to Sri Lanka Rupees within the same month
effective from 2021October 23rd. As soon as this rule came to effect
more than 50% of the foreign remittances have been diverted to off shore
banking, another 25% stopped remitting to any Sri Lankan bank from foreign countries,
within 45 days of this new rule precious 500 billion Dollars have been lost to
Sri Lanka, the rule is still intact will continue to drain.
This is not a panic-stricken idea, but a
henchmen idea for collection of commission for each dollar converted to Sri
Lankan Rupees from private exchangers. The banking sectors have categorically refused
to issue the dollars needed for importing of essential commodities, since the
banks could not accumulate the Dollars due to this rule of Enforced Change.
Most of the foreign currency remitters –
skilled foreign employees do convert their part of the foreign currency without
any instructions or demand to meet their immediate family members’ need, now what
has happened is, everything said by this government not trusted by anyone, and
demand to convert has pushed them totally to reject, change their foreign
currency off shore to Sri Lankan rupees send it to beneficiaries, thus Sri
Lanka lost another colossal accumulated amount of foreign currency.
Therefore, immediate change of entire
foreign currency rule should be withdrawn, attractiveness and trust
should be restored for foreign currency remitters and all foreign currency incoming
should be considered as Reserve Foreign Currency after spontaneous
convert which always happen, and do not try to balance the Money Printed through
changed money, it will rapidly weaken the Sri Lankan Rupees. Reserve
Foreign Currency will not allow rupee to fall down if not rapidly as
of now.
2.
The
moron advisers to President/ or the president himself as he claimed in his
address to Nation, pushed the Central Bank to peg the dollars, tried to defend artificially
the indefensible, and allowed further 4 billion dollars public money is to be
drained off. Lately realized the suicidal blunder and restored dollar to float,
better late than never decision welcomed.
3.
Though
the welcoming decision to allow Dollar value to float of late, the above 1 and
2 have coupled drastically during this peg period to drag down the rupees with
rapidity.
4.
Lost
state revenue of by Rs. 600 billion (rupees) per year when implemented the, tax
cuts which were never demanded by already rich beneficiaries, perhaps
as a bribe to those Business Magnets and silence who were responsible for the change
of government in 2015, and to silence them towards the selfish “mismanagement”
foreseen. Quote - "I foresaw the coming crisis" Unquote from address
to the Nation 18/03/2022
You
all are trying to balance this annual colossal loss Rs. 600 billion through enforced
conversion of hard-earned foreign currency of skilled workers who work under very
appalling conditions in foreign countries leaving their loved ones inshore who are
not covered by Employees Trust Fund or Employees Provident Funds as well for
their older age support unlike the inland workers. You have made the tax cut rich beneficiaries to ride on
the back of Skilled foreign employees who has already done many sacrifices as
for earning their dearly foreign currency, who has no any other benefit for older
age living. Thus 1. Above and 4 are very idiotic actions compounded
the present situation have to be revoked to increase the revenues and reserves.
5.
By
trying to fix the Dollar artificially to low level as explained in 2., allowed
the informal banking short-circuiting Sri Lanka, and further drained of 2.5
billion USD (US Dollars)- formal banking have to be attractive concessionally
for remitters investors for cash and foreign currency to flow for a state.
6.
The
Most drastic and somewhat hilarious is Central Bank increasing the foreign
currency deposit from10% to 25% from Banking sector, after closing all the avenues
for collection and accumulation of foreign currency. Reference 1, 2 and 5 above, though 2 have been
revived now, the damage had been already done via breaking the trust of the
banking sector for foreign remittances. This action also contributed to mistrust,
and when flow had reduced, you are trying to balance it by just increasing
deposit without researching into the reasons for reduced flow.
7.
Appointed
selfish, arrogant, incompetent and corrupt political henchman and stooges to
the highest positions in State Agencies with unwarranted highest renumeration,
only to create pandemonium among the public and helping them to use the crisis as
an opportunity for black marketing essential commodities including Gas and
fuels.
8.
In
order to accommodate 7, and to pay all the excessive political appointees in
almost all the state sectors involved in unqualified printing of money and created
the further depreciation of rupees against the Dollar. Every foreign currency
penny incoming only qualify the money printing as per appreciation of the
currency type.
9.
Sri
Lanka is desperately dependent on hospitality business, and the frequently allowed
scarcity of cooking gas has heavily burdened the industry, especially the
small-scale ventures, and has been further aggravated slowly closing down.
Wildlife Reserves and adjacent surrounding areas are heavily involved in
hospitality ventures have started to use firewood in big way for the frequent
lack of electricity, fuel, and cooking gas, this will disturb the biological
balance of the wildlife and forest reserves as well. Further burden will be
added as urban hospitality industry as well resorting to firewood burning
10. Though you have foreseen the crisis,
instead of trying to avert the looming crisis, through No. 7 above inciting the
public, to be provocative and manufacture and claim a National Security Issue.
The 1000CC motorbike rally organized from Katpitty to Anuradhapura a week ago amidst
the heavy fuel crisis is part of this nostalgic strategy, of provoking the
public, but thankfully police have acted very wisely unlike April 2021 Easter
Sunday calamity.
Quote
“Opposition is trying to topple the government by various means” Prime Minister
unquote,
Presently there is no government to look into
the predicaments and care of the public, the Dollar has already toppled it and
the so-called rulers are viewing the whole episode of predicaments of the
public as revenge for electoral verdict in 2015 (Refer No. 4 of above) and 2019
electoral verdict is not for Good Governance!
Part 2
April 5th 2022
“We
are not responsible” and “It is not our mistake” are the post electoral
political rhetoric we have been hearing so long and still hearing ever since of
forming of new governments even after few years of the electoral verdicts.
Though the people are fed-up of this political rhetoric ever since
independence, yet they will go to the polling booths cast their precious votes
with lots of expectation for anticipated change of government or attitude of
the politicians both which never happened to date. If the politicians wanted to make the people
believe, they are ready to bring even devil and evil to the society, and wear
sarong and perform summersault, as you all are doing now for the grabbing of
public riling power. That is how you all brought up the insurgency of ruling
community itself to the level of manifesting the devilishness twice, brought up
the hated and divided society within the Sri Lanka, brought up the terrorism to
the magnitude they grew, all that devasted the steady economic growth, that was
ignored for so long, (this is discussed further down) and you all will never
learn because you all strongly believe that Sri Lankan public can be fooled every
time
11. As described in 4. Above
unwarranted tax cut amounting to Rs.600 billion annually which is 30% of the
total income, led the International Rating Agencies to downgrade Sri Lanka at
the first hand closing the door for raising money through CBSL Treasury Bonds
selling, which had been the main mode of Foreign Currency compiling until very
recently.
12. As such without addressing the issue of
inability raise funds as explained in 11. continued burrowing for higher rates
to repay the loans and imports while the income reduced rapidly.
13. As this practice adamantly continued
foreign exchange reserves rapidly reduced, you all decided autocratically* to cut the imports drastically
to preserve the Dollars, to
meet our debt repayment obligations which harmed our economy further because
80% of what we import are of service for our export, that as well
reduced further our dollar earnings, precipitating our dependence on the dollar
further.
14. When the covid appeared in 2020, didn’t take enough
measures to safeguard our country from contamination from foreigners such as of
Indians as textile workers, Ukrainians as tourists and Chinese for projects; people
who are infected with covid don’t show any symptoms during the initial 1-2
weeks, as such thousands of Chinese who
returned after celebrating their New Year entered the country unhindered and
spread the virus further, and the Boralasgamuwa Cluster of Covid 19 infection
was not revealed to the country until the Delta variant is detected in many
local populations, all these created situation that warranted closing the
country as lockdown for longer period, as
longer as 7 months which otherwise could have been very shortened and effective
prevention (2 phases of 21days maximum)
15. Through above 14 imposed 24/7 curfew for
7months covering entire country brought the country to a screeching halt which in
turn resulted halting of most productions, constructions, cash flow businesses,
4 million job losses etc. and thereby bringing
our economy to a screeching halt – that completely destroyed our economy.
16. Above 15 resulted in
severe shortfall of cash flow
and resulted in further loss of income in addition to the above stated in 4. and
brought the government to a state of being unable to pay the salaries of
government employees meet other necessary commitments of the government.
17. As such drastic situation was created for
money printing and performed 24 hours
7 days unqualified money printing of sweeping 2 trillion, named
Sri Lankan rupees.
18. Above 17. resulted in devaluation of the currency,
increasing the demand for the Dollar, exponential rise in the price of consumer
goods, inflation and shortages.
19. Instead of finding a solution for the above,
in order to save foreign currency for debt servicing, autocratically*
decided to totally ban the chemical fertilizers and go for improperly managed and
produced carbonic fertilizers.
20. This resulted in a telling 40% reduction
of harvest in all export and consumption crops and created
loss to farmers/plantations losing their income, supply chain and availability of products in
the market, resulting in food shortages, further hike of food prices and the
creation of a rampaging black market.
21. Compounded the escalating prices of the
commodities by letting all the price control mechanisms off the hook and that
resulted in huge increase of the price of all good.
22. Despite all these Economic commotions going
on, tried to get some shortcut income into the government coffers, increased
the taxes of all petroleum products and gas, causing transport cost and all products
and commodities to further escalate the prices to unmanageable level. (Another misfired autocratic action)
All
these are fateful immediate mismanaged contributary factors for today’s state
of affairs: Steady Economic Growth of a country cannot be defined
or framed up into a five- or six-year period, it requires at least 10-year
visualized strategy if not best 25 to 30 years well defined plan and strategy.
Even though the politicians well aware of this indispensable criterion for the Steady
Economic Growth, they masquerade it for power greediness, by five-year
popularism theories and short-sighted inappropriate priorities. As it is
usually from political clowns understandable, but a Responsible Governor of the
Central Bank coming out to frame the total Economic Crisis within a five-year
period, he is just a “political rookadaya,
(Political Puppet) who is totally incapable of enlisting or
researching as it done in this listing, into the actual reasons of the present
collective crisis that has totally crippled down the earnings and day to day
survival of the ordinary people at present.
23. By
appointing above explained incapable person as Central Bank Governor who
is incapable of analytical
enlisting of reasons you
all are again trying to masquerade actual crisis brought about by debt over
debts over the prolonged years, and politicalize it for personal gains, which
is further worsening and deepening the crisis.
24. you all are trying to use
the Central Bank
of Sri Lanka as an electioneering tool, as explained in above 23. by portraying
the actual prolonged crisis as of short term one and trying to market it
to the voters
25.
you all connived against previous Central Bank
Governor a world renowned Economist
Deshamanya Prof. W D Lakshman and forced him to render his resignation
as Governor of Central Bank to implant the “political
rookadaya, (Political Puppet) who is just a company Accountant who doesn’t know
anything about long-term strategies for Steady Economic Growth of a nation, this is worse than
bombarding the Central Bank, because when bombardment take place there will be
only physical damage of life and property, but not the know how soft technology
like in above.
26. 4. 7. 23, 24, and 25 of above listings are well monitored by
international lenders and investors and had collectively damaged the foreign
currency remittances as well as Sri Lanka has been further downgraded the
rating and curtailed foreign currency undertakings, compelling you all for swapping over swap of loans for further
higher interest rate further damaging Sri Lankan Economy.
27.
* Whatever
actions you all took on your own without consulting a
reliable economist as for
mitigation of ensued crisis backfired on you, what is known as autocratic misadventure / mismanagement.
28.
Daily (10 to13) hours of Power-cut due to Dollar and Fuel crisis as well buckling
down the economic revival through limiting the cash flow by various means.
A democratic sovereign nation imperatively requires continuity in
its strategies and plans, for steady economic growth despite the
ruling bunch is changed through elections, that is why government officers and
executives are permanent and pensionable so that to carry out the single policy
of steady
economic growth for long but unfortunately, or rather foolishly
permanent executives have become political
- familial pawns for craving into the
economy of Sri Lanka, along with politicians who made them as just assistants
of the clowns themselves.
Present CBSL governor shall visit his father, if he is alive (or
to his grave) to know about what is an acute disease and what is a chronic
disease and how an acute disease can become an incurable chronic disease. What
politicians shall realize is go-on begging globally in search of loans from
Uganda to Bangladesh only will dress the chronic wound for further begging.
As explained in 25. Above You all can’t claim patriotic
for just eradicating the terrorism alone that you all created by own actions, because
you all failed to take Sri Lanka into steady economic growth pathway, even after
the ending of 3 decades of war, rather involved yourself into portraying you
all as heroes of conquerors of another nation, all by using unabatedly burrowed
Dollars in billions. You all could have created
factories for intensively consumed items such as paper cement etc. as means of increasing
the Sri Lankan coffer and save foreign currency which could have elevated your
all into true heroes and patriotic, not by lavish spending for propaganda of begged
Dollars. If you all are true patriotic – involve in consultation and consensus with
relevant field specialists, consultants and scientists so that steady economic growth
road map can be laid; you all are autocratic- not ready to listen anybody because you all want and use entire
governing period and the government machinery for propaganda to seek another term
– wasting the government resources – coffers – and burrowed currency just for “Showy
Developments” alone while plundering as
you all have been doing in all along, which is also responsible for present
situation. A direct and clear
consequence of failing or rather unable to think due to a disease known
as propaganda-philia to achieve meaningful income
to the government coffers either by direct income or by saving foreign currency
through local enterprising – despite annually ever-increasing budget deficit
between export and import running into many billions.
By the
way you all started/upgrade cattle farming projects in order to achieve
self-sufficiency milk and milk products, good thing to begin with, but as soon
as you all politicalized the activities Sri Lanka Central Bank by creating the
Dollar Crisis – the Dairy Industry you all dreamt of is now buckling down –
rather inhumanely – for lack of quality cattle food – is now worsening – those milked
and milking cows – are being starving to death. There is no need for any other
example for the way you all are carrying on since you all obtained 69 million
gullible votes.
Recommendations for Revival
1.
Postpone all the large-scale showy constructions
and undertakings
2.
Reduce the number of cabinet members and their
expenditure
3.
Lay plans to increase the livelihood of individual
families but do not involve voter attractive grants that will further pressurize
the treasury**, rather than giving cash
relieve to selected families – ensure uninterrupted fuel/gas supply so that nearly
6million self-reliant and self-employed who have been lost their income first
due to 7months lockdown of the country and then by the severe shortage of fuel/Gas.
The plain cash relieve decision is just another propaganda mode than any real
purpose. The 6 million livelihood affected people include fishermen, small
scale animal and crop farming, transport, retail boutiques, food cater- restaurants
etc.
4.
Invest in industries and factories for intensive
consumables that can save foreign exchange initially in small scale, which can
be promoted for large scale after the complete revival
Quote "Inflation
doesn't increase if money is printed; rather it increases only if Inflation is
printed". Unquote - Finance Minister of
Sri Lanka
Inflation is put in print here – down in recommendations 5
and 6.
5.
Do not ** pressurize
the treasury – if you all decide to go on with the outright grant of Rs.
5000.00 to selected families either through burrowed finance or through your
favorite money printing for propaganda both will end up in further crisis to the
treasury as well as to already stuttering Economy. When you do the unqualified bulk
printing to meet the grants – inflation and depreciation of Rupee value sets in
overnight, and by the time your bureaucracy delivers the money to the
beneficiary the value money will be only less than Rs.2500.00 since the depreciation
is more than 50% during this economic commotion and the cash follow is one way
only where as
6.
When you decide to divert this grant
amount to ensure uninterrupted fuel/gas supply all business
listed in 3 of recommendations will thrive back and multiway cashflow is
ensured and hence rupee value would stagnate to certain extend.
7.
Do not ** pressurize
the treasury – further by recruiting or appointing for newer employments in
any government or semi government sectors until revival – that is at least
until you all are able to ensure fuel and coal supply towards uninterrupted
power supply to the public.
8.
Ensuring uninterrupted electrical
power supply to public is an important criterion for early recovery for further
strengthening the Economy.
I pray
the god for the merry-way of life not only for politicians and rulers but for the
ordinary civilians as well.
Part 3 (April 9th 2022)
How to revive from – Economic Crisis that is Created
Reasoning &Recommendations
One of few reasons for the prolonging short supply Petrol and Diesel, LP-gas and in turn continuing long hours of electricity interruption is, closing down of the Sapugaskanda Crude Oil Refinery in which gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, liquefied petroleum gas and petroleum naphtha are produced from each barrel of 159 litter crude oil that expands to 170 liters while on process includes above products listed. Sapugaskanda Crude Oil Refinery has a capacity of 50,000 barrels per steam day amounting to 7900cubic liters(7900x1000liters). The present government for bizarre reason, stopped refining crude oil which fulfilled the 30% to 33% of national daily requirement of the Petrol, Diesel and LP gas. Apart from above it also supplied the residual oil needed by the Sapugaskanda Electricity Power Generation, and it has been brought to a halt as well. But the government foolishly decided to import 100% - the entire total need of the nation amidst the worsening dollar crisis and lost income generated by numerous by products from the bottom residue on completion of refining process of each barrel (please refer information graphic below).
Another higher capacity crude oil refinery project initiated in 2014 by Mahinda Rajapaksha was abandoned by the Ranil Wickremasinghe government in 2015 as soon as they came to power and as a result, the estimated cost of the project has skyrocketed from $ 95 million in 2014to $ 2.5 billion in 2020. Anyhow Ranil Wickremasinghe government in 2019 initiated an Export Processing Zone refinery with a Foreign Direct Investment (FDI) of $ 3.85 billion from Oman and Singapore, with an aim of generating $ 7 billion worth of export revenue per annum when fully operational, but was later abandoned as well due to various controversies. Therefore, the hasty decision closure of Sapugaskanda Crude Oil Refinery is influenced by political rivalry, that fail to consider the public utility value when considering the fact that this refinery consists of 65 tanks for crude oil storage; hence all other reasons set become pretext. Any lay man will understand easily that crude oil importation is much cheaper than, 100% all crude oil breakdown products directly, though 70% of country’s requirement has to be imported as purified products.
The political parties coming to power after a general election has been in vicious habit of discarding the plans and ongoing implemented projects judgmentally, due to the brutal mania of propaganda, just to gain petty political gain, right at the beginning itself without realizing that such negative action will heavily burden our treasury – utter wastage of public tax payers’ money. Ruthless part of this process is going for fresh burrowing for newer plan and implementation – further exerting pressure on the treasury. Since 2005 every aspect of the government undertaking is calculated maniacally for propaganda rather than for real purpose of smooth functioning, still continuing, This maniac habit should be addressed through legally /constitutionally –recent classic example for above is delaying the bailout relieve application to International Monetary Fund – even after the crisis has worsened - another attempt to fool the public, just to portray that they are wiser than opposition, masquerading as wise, acting autocratically – has brought out the public to protest all over the country in frustration, that they couldn’t meet their daily essentials needs.
A thief always think others are also thief, won’t believe what opposition say and CBSL as well critically lacked a visionary adviser as to, when to go for bailout call to IMF, - when these selfish-reliant rulers finally called for IMF relieve all too late – now economic crisis has coupled with political crisis – unless this political crisis – settled ensured to form a steady trustable government, IMF or International donors relieve will be only a distant dream than anything tangible. Another example for burdening the treasury just by change of government – A proposed $480 million Millennium Challenge Corporation compact aid for 5 years was unnecessarily made into a political issue by then opposition party led by Mahinda Rajapaksha (2019), used it as usually with utter lies to portray themselves are only saviors of this nation; it is very appropriate to mention here the entire history of wastage of human resources, time in years and monetarily.
Since 2016 Sri Lankan experts set in motion the proposals for 1. Poverty alleviation through Socio-Economic growth 2. Improving the bus/train transport of workforce with removing the traffic congestions of the Western Province and 3. Pollution Reduction. The Millennium Challenge Corporation found all these proposals very attractive and decided to draft Sri Lanka as well as the 57th country for the MCC aid program in 2017 April 15th, in turn US Congress accepted the proposals on September 2018 for financing and the donor implementer – The Board of Directors of MCC approved the outright grant of 480 million US Dollars on 25th April 2019.
Raja Pakashas & Company formed the government, though had criticized the MCC project for electioneering purposes, the amount offered by the MCC project has been mouthwatering for the Raja company, became indecisive - neither indicated yes nor rejected the acceptance of funds to Millennium Challenge Corporation (MCC), which forms partnerships only with countries, who have capabilities to
1. Lead the process of designing and implementing development projects according local need priorities
2. Satisfactory International ratings of policy performance of beneficiary
3. Cost benefit analysis and rigorous impact evaluation once the project is completed
All three above are very imperative in any planning and implementation of projects, regardless of origin of funding - these criteria that are common to all projects, but Raja Family hilariously found these criteria as national security threat for maniac of propaganda.
MCC also emphasizes on
1.Transparency in aid fund handling through Good Governance,
2.Economic Freedom and
3.Investments within their own citizens,
Again, another three criteria common to any international funding aid agency, and all 6 criteria are equivocally hated by Raja Family because, all these criteria are laid to prevent beneficiaries mishandling the aid funds; that is why these selfish rulers always disregard the International Funding Agencies and fervently prefers the individual countries for loan requirements that allow discrete handling. Though the new rulers awaited the US aid package, of $480 million (Sri Lankan Rs. 89 billion at that time) MCC Board of Directors Cancelled the Sri Lankan engagement on 15th December 2020, – all those strenuous efforts of Sri Lankan experts and US officials became utterly waste of precious time in years and monetary wise, and the Raja Family ran towards Bangladesh for loan begging, not for the same project but for something else! Though Raja Family shouted of security threat against the MCC funded project, the Raja family well and truly hysterically exposed themselves’ attitude towards fund handlings to USA and its Congress. Endless greed Mahinda Rajapaksha did this despite being Prime Minister 3 times and executive president for 15 long years. Now USA has enlisted and published the total wealth of our Diaspora Rulers, worth running into many billion.
Hence, any project involving foreign countries or an international agency once it is set in motion for implementation should not be used for electioneering purpose, it is non-ethical and cruel on human resource internationally, and it should be addressed through election laws; If there is any issue of security threat of international aid projects, any patriotic could file a writ petition against it, instead of using it to deceive gullible mass in large scale for publicity, as did by Raja Family.
These kind of lunatic burrowing without any fiscal management strategies and recommendations should be prevented constitutionally. Burrowing from any individual countries should be considered as a national security threat, burrowing should be preferred from recognized International Funding Agency, such as World Bank, IMF Asian Development Bank etc. Projects and Programs should be planned, to attract the International outright grant aid agencies, rather than projects for burrowing, since our country is just a developing nation only.
Even well-developed countries Japan, France etc. involve in burrowing for check and balance, but they manage the fiscal strategies well and control over the burrowing.
At this moment I welcome the move to call back Retired. Senior Deputy Governor, P Nandalal Weerasinghe as Governor of Central Bank Sri Lanka (CBSL) - I strongly believe his 29 years earlier stint with CBSL would confer him the strength and confidence to overcome the political clowns’ unjustifiable demands – that would harm the integrity and objectives of CBSL. Congratulations Dr. Nandalal Weerasinghe.
All who at the helm, the Parliament and the President through consensus consultation shall revoke the 20th amendment which paved way for autocratic rule and installed insecurity for the permanent pensionable executives of the Government sector, 19th Amendment should be further improvised and reenacted as quickly as possible to ensure good governance. At this time of crisis, no political party shall seek political advantage and demand for a General Election or a Presidential Election which will further strangulate the treasury by monetary demand.
Ruling party parliament members are trying to paint public protests as of politically motivated, which clearly manifests that they have not understood the pathetic day to day struggle of all civilians alike to survive; you all should realize that you cannot resolve the problem of the people facing today by portraying the public outburst as of political and organizing counter protest to support yourself hilariously. One of the government member went on to accuse the government officials and the 1979 constitution for the present crisis, - you all have lived with devil, devilishly plundered the country and enjoyed the privileges provided by the same the constitution for 43 years, despite repeated public outcry to change it for the same long years – when public erupted – accusing the government official for the status qua – you all are irresponsible to allow them to be part of your government – and to the present crisis of the present magnitude.
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