Comments on: FUNDS – Will it land on Economic Bermuda Triangle again?……..Hope not. http://www.lankaweb.com/news/items/2009/07/30/funds-%e2%80%93-will-it-land-on-economic-bermuda-triangle-again%e2%80%a6%e2%80%a6-hope-not/ Lankaweb.com Sat, 20 Mar 2010 01:26:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: nuwans http://www.lankaweb.com/news/items/2009/07/30/funds-%e2%80%93-will-it-land-on-economic-bermuda-triangle-again%e2%80%a6%e2%80%a6-hope-not/comment-page-1/#comment-316 nuwans Fri, 31 Jul 2009 03:10:33 +0000 http://www.lankaweb.com/news/items/?p=2500#comment-316 First of all, getting the biggest loan in the history of Sri Lanka is not something to boast about. This is not a handout or a donation. If we untimately get all these 2.6 billion dollars as agreed, our country will be in debt like never before in the history. Now, If the government does not implement the "conditions"(fact is that IMF would not give money without any conditions) they hide from the people, Sri Lanka may not receive all the installments anyway. Now let me play the devils advocate about using this money wisely. Sri Lanka has recieved many loans during past decades. Only a fraction of it has gone to real development. Most money was used on wasteful projects or ended up in pockets of politicians and other officials who were corrupted. Under this government, that has not changed so far. In fact it has become worse. There are a lot of corruption in every level from the top. There are a lot of misuse of funds. So what happened us to believe that suddently these political swindlers become well behaved honest people. Only thing we achieved was militarily defeating a 25 year old terrorist problem for which our politicians are responsible too. Still, even after that nothing much have seems to change in respect to corruptions and mismanagement. So given the history and the current conditions, it is most likely, this "biggest loan" will be mostly wasted too. That would leave the future generations in deep debt still in a under developed country. By that time, the current political swindlers would be long gone and their families may live in luxery somewhere. It will be the future generations who will have to bear an unimaginable burden. My opinion may sound pessimestic, but given our track record so far, it is the only logical and realistic assessment I could arrive at. I truely hope some miracle would happen so these political swindlers will have a suddent change of heart or they will share the same fate of LTTE. Stealing peoples money is a sort of economic terrorism too. First of all, getting the biggest loan in the history of Sri Lanka is not something to boast about. This is not a handout or a donation. If we untimately get all these 2.6 billion dollars as agreed, our country will be in debt like never before in the history. Now, If the government does not implement the “conditions”(fact is that IMF would not give money without any conditions) they hide from the people, Sri Lanka may not receive all the installments anyway.

Now let me play the devils advocate about using this money wisely. Sri Lanka has recieved many loans during past decades. Only a fraction of it has gone to real development. Most money was used on wasteful projects or ended up in pockets of politicians and other officials who were corrupted. Under this government, that has not changed so far. In fact it has become worse. There are a lot of corruption in every level from the top. There are a lot of misuse of funds. So what happened us to believe that suddently these political swindlers become well behaved honest people. Only thing we achieved was militarily defeating a 25 year old terrorist problem for which our politicians are responsible too. Still, even after that nothing much have seems to change in respect to corruptions and mismanagement.

So given the history and the current conditions, it is most likely, this “biggest loan” will be mostly wasted too. That would leave the future generations in deep debt still in a under developed country. By that time, the current political swindlers would be long gone and their families may live in luxery somewhere. It will be the future generations who will have to bear an unimaginable burden.

My opinion may sound pessimestic, but given our track record so far, it is the only logical and realistic assessment I could arrive at. I truely hope some miracle would happen so these political swindlers will have a suddent change of heart or they will share the same fate of LTTE. Stealing peoples money is a sort of economic terrorism too.

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