SHRI LANKA SHALL STOP BORROWING
Posted on December 1st, 2013

Shripal Nishshanka

The shame and disgrace which our leaders did and do by borrowing shall be stopped with immediate effect. Budget deficit and paralyzing of country could conveniently be ceased had the intelligence of the leaders be utilized.

Consult brainy financial advisors and from this budget onwards the procedures should be implemented to achieve a surplus. Otherwise the leaders better be resigned.

Commendable achievements could be resulted in many and various fields, for the integrity and united country.

The principles of Buddhism which the Shri Lankan constitute legitimizes are the basis of noble development of Shri Lanka whilst every other religion has the equal right.

Bribery, corruption and indiscipline behavior will also be systematically and naturally curbed once this irresponsible and careless begging is annihilated.

Shri Lanka inherits self-sufficient knowhow and resources.

Shri Lanka (then Ceylon) donated ship loads of aids and supplies to Asian countries in late sixties once those countries were hit with natural disasters.

May Triple Gem and All Good Guardian Deities bless Shri Lanka and the universes!

18 Responses to “SHRI LANKA SHALL STOP BORROWING”

  1. callistus Says:

    I disagree with the author. The borrowing when the UNP was in power was 103 percent of GDP, now this government has brought it down to 78%. Triple gem and the good guardians need not worry about it, neither should Harsha de Silva and the like, whose economics knowledge is not up to date. Every indication is that Sri Lanka is following the right way.

  2. Susantha Wijesinghe Says:

    IT APPEARS THE AUTHOR IS TRYING TO USE A PART OF HIS FIRST NAME TO DISTORT THE USE OF THE WORD “”SRI LANKA”” Despicable.

    HE CAN CONTINUE TO USE SHRI AND PAL TO MAKE IT SHRIPAL..

  3. Mr. Bernard Wijeyasingha Says:

    What is it to be Sri Lankan? A quote from Shakespeare “To be or not to be”. In Sri Lankan terms. “To be a Sri Lankan or to be an “Un” Sri Lankan”. That “un” sounds strange to the average Sri Lankan but is often used in America. To be an American or an Un-American is part of the American experience. So let us apply that to Sri Lanka.

    “Geo-cultural” Sri Lanka has a lot that comes from India in the same manner that America, Canada, to Australia share the culture and people from Great Britain. But Sri Lanka is unique too that makes her people Sri Lankan. Her Language, cultural practices, even the Sinhalese form of Buddhism are unique to Sri Lanka. Many Tamils now try to link the Jaffna peninsula as an extension of Tamil Nadu. Nothing can be further from the truth. In Sri Lanka’s documented history that spans 2500 years the Hindu Tamil kingdom of Jaffna started a thousand years ago. Which means Jaffna was NOT Tamil for 1500 years or a full half century more than it ever was Tamil.

    Going back to America, Canada and Australia, even though they share the same language and religion as Great Britain their dialects make them completely different not only from the British but from each other. The American language has words and phrases not seen in Canada or Australia and the accent is completely different. Unlike Canada, America fought a revolution to break from Great Britain and create a nation to herself with articles and documents uniquely American. Canada stayed with the Commonwealth as did Australia. They both recognize the British monarchy.

    In Sri Lanka’s case she not only is unique in her culture but has a sense of nationhood in her chronicles that treat the island nation as a unit different and apart from India. Even the Sri Lankan Tamils have developed a culture different to that of Tamil Nadu. But the most important issue is unlike America Sri Lanka has her own language which is not spoken anywhere else. To be Sri Lankan from the time of Vijaya to the arrival of Mahindra is to follow the teachings of the Buddha. ALL Sri Lankans in some form or the other are dictated by the teachings of the Buddha for many of Sri Lanka’s laws are formulated on the Buddhist principle.

    In order for a Sri Lankan to identify himself or herself as a Sri Lankan there has to be a set of cultural, legal, national, and historical connections that make that person a Sri Lankan and in the same manner it creates the opposite of a set of cultural, legal, national and historical aspects that are NOT SRI LANKAN.

    It is not Sri Lankan to demand the island be vivisected. That is an alien concept and Eelam & “separatism” is un Sri Lankan as much as Communism is Un American. What made America a powerful nation is that identity of being an American and what Americans reject as Un American. That is what creates a national unity a sense of being a nation with values unique to that nation. It is “Un Sri Lankan” to be dictated by foreign powers. throughout Sri Lanka’s history when foreign invasions from India happened they were victoriously driven away. India cannot claim this for invasions into India were seldom driven away. It is to be a Sri Lankan to be Buddhist and tolerate other faiths as long as they know their limits for it has always been that way as chronicled in Sri Lanka’s unique written history. Sri Lanka’s “Constitution” is not just what the government has written but also the words of the Buddha and the role of the Sanga. The three jewels of Buddhism is as much a noble idea as the idea of a nation state. Buddham Saranam Gachami, Dharmam Saranam Gachami, Sangam Saranam Gachami. “We take refuge in the Buddha, we take refuge in the Dharma and we take refuge in the Sanga” That system created one of the world’s most illustrious civilizations and was sufficient for the people to identify Sri Lanka as an island nation.

    Currently the UN, the western nations and above all India ( who has tried so many times in history to destroy the Buddhist order and the island nation) want Sri Lanka and Sri Lankans to adopt unSri Lankan ways to facilitate unSri Lankan ideas such as Eelam or that the Hindu Tamil, the Christians and the Muslims are equal to Buddhism and should not take a position that Buddhism is Sri Lanka and Sri Lanka is Buddhism. As was in the past Sri Lankan kings TOLERATED other faiths BUT DID NOT allow them to dictate national policy. That is UNSRI LANKAN!

  4. Mr. Bernard Wijeyasingha Says:

    Second Comment.

    This has to be emphasized and I apologize for not including it in the first text. The Hindu Caste system is UN SRI LANKAN in every manner. The Buddha stood firmly against its unethical inhumane system and should not be tolerated in Sri Lanka in ANY FORM. Currently the Hindu Tamils in Sri Lanka are given the latitude to practice this barbarous way of life. Neither the Buddha, Emperor Ashoka or King Devanampiyattisa would tolerate such an abomination for it is un Buddhist and unSri Lankan. I leave this issue with an example and that is of Buddhist/Shinto Japan. When it comes to Islam the following is true of Japan. But Sri Lanka can also look at successful nation states who adhere to a strict code of behavior that unites them and not divides them. In the case of Japan this is true.

    Have you ever read in the newspaper that a political leader or a Prime Minister from an Islam Nation has visited Japan?
    Have you ever come across news that the King of Iran or a Saudi Arabia prince has visited Japan?
    ‘Japan, a Country keeping Islam at bay. Japan has put strict restrictions on Islam and all Muslims.
    The reasons are:
    a) ‘Japan is the only Nation that does not give Citizenship to Muslims.
    b) In Japan permanent residency is not given to Muslims.
    c) There is a strong ban on the propagation of Islam in Japan .
    d) In the University of Japan, Arabic or any Islamic language is not taught.
    e) One cannot import the Koran published in Arabic language.
    f) According to data published by Japanese government, it has given temporary residency to only 2 lakhs
    Muslims, who need to follow the Japanese Law of the Land. These Muslims should speak Japanese
    and carry their religious rituals in their homes.
    g) Japan is the only Country in the World that has a negligible number of embassies of Islamic Countries.
    h) Japanese people are not attracted to Islam at all.
    i) Muslims residing in Japan are the employees of foreign companies.
    j) Even today visas are not granted to Muslim doctors, engineers or managers sent by foreign companies.
    k) In the majority of companies, it is stated in their regulations that no Muslims should apply for a job.
    l) The Japanese government is of the opinion that Muslims are fundamentalist and even in the era of globalization, they are not willing to change their Muslim laws.
    m) Muslims cannot even think about getting a rented house in Japan .
    n) If anyone comes to know that his neighbor is a Muslim then the whole neighborhood stays alert.
    o) No one can start an Islamic cell or Arabic Madrasa in Japan
    p) There is no personal (Sharia) law in Japan .
    q) If a Japanese woman marries a Muslim then she is considered an outcast forever.
    r) According to Mr. Komico Yagi (Head of Department, Tokyo University ) There is a mind frame in Japan
    that Islam is a very narrow minded religion and one should stay away from it.
    s) Freelance journalist Mohammed Juber toured many Islamic Countries after 9/11 including Japan . He found
    that the Japanese were confident that extremists could do harm
    And in the case of Russia this is what Vladimir Putin stated about foreigners

    On February 4th, 2013, Vladimir Putin, the Russian president,
    addressed the Duma, (Russian Parliament), and gave a speech about the
    tensions with minorities in Russia: “In Russia live Russians. Any
    minority, from anywhere, if it wants to live in Russia, to work and
    eat in Russia, should speak Russian, and should respect the Russian
    laws. If they prefer Sharia Law, then we advise them to go to those
    places where that’s the state law. Russia does not need minorities.
    Minorities need Russia, and we will not grant them special privileges,
    or try to change our laws to fit their desires, no matter how loud
    they yell ‘discrimination’. We better learn from the suicides of
    America, England, Holland and France, if we are to survive as a
    nation. The Russian customs and traditions are not compatible with the
    lack of culture or the primitive ways of most minorities. When this
    honorable legislative body thinks of creating new laws, it should have
    in mind the national interest first, observing that the minorities are
    not Russians.

  5. Mr. Bernard Wijeyasingha Says:

    Finally what is Sri Lankan and what is UNSRI LANKAN. Never in the history of Sri Lanka’s chronicled history has any minority DICTATED TO ANY SRI LANKAN BUDDHIST SINHALESE KING HOW TO RUN HIS NATION AND THIS MUST BE EMPHASIZED NEVER AND I MEAN NEVER IN SRI LANKAN HISTORY HAS KINGS OF TAMIL NADU DICTATED THE POLICIES TO THE KINGS OF SRI LANKA WITHOUT AN INVASION.

    The present civil war between the Jaffna Tamils supported by Tamil Nadu is yet another attack on the sovereignty of Buddhist Sri Lanka and the DEMAND that Sri Lanka be torn apart to accommodate a MINORITY. Again Jayalalithaa is overstepping her boundaries by trying to dictate the domestic and foreign policies of Sri Lanka Tamil Nadu has never succeeded in that and never will.

  6. Charles Says:

    Strange morality Shripal. Perhaps he is a lucky one who had never burrowed

  7. Charles Says:

    Strange morality of Shripal. Perhaps he is one of those lucky SHRI LANKANS who has never burrowed any thing in his life.

  8. SA Kumar Says:

    STOP BORROWING- too late mate! as we know a person borrowed too much he has to keep on borrow ….
    Any sensible person know Where are heading for ….. ! forward to Nanthikadal !!!!

  9. Christie Says:

    Every one except the people from the Indian subcontinent called the island nation the land of Sinhalese. Indians (people from the Indian subcontinent; there was no India before the British made it, India means the land of Hindians or Hindus; local official name of India is Baratha). Part of Indian hegemony or Indian jadawadaya was to change the name of Ceylon to Sri Lanka. They succeeded in it.

  10. Lorenzo Says:

    Yet another Tamil (mis)adventure.

    “Sri Lanka customs officers at the Katunayake International Airport today arrested an individual attempting smuggle four pieces of gold out of the country by concealing them in his rectal cavity.

    The suspect was arrested at around 4.00am today when he was preparing to board a flight to Chennai.

    The 4 pieces of gold estimated to be worth around Rs 1,935,000 have been confiscated while the arrested suspect has been released on a bail of Rs 250,000.”

    -adaderana

  11. Dilrook Says:

    There is nothing wrong with borrowing for worthy projects. However, there must be a cap on borrowing and no investing in worthless projects. Most Northern investments are worthless as they don’t contribute to state revenue.

    Borrowings at 79% of GDP is the lowest for the past 25 years which is a noteworthy achievement by the government.

    However, state revenue as a percentage of the GDP has steadily fallen from a 19% about 25 years ago to close to 12% today. This is what creates problems and the need to invest only in projects that add substantially to state revenue. It is the state that pays the debt and interest.

    Assuming a 5% interest rate.

    Interest payment % when debt was 103% of the GDP is 5.15% (103%*5%). But by then state revenue was 19% of GDP. Debt servicing as a % of state revenue = 27% (5.15%/19%)

    Interest payment % when debt is 79% of the GDP is 3.9% (79%*5%). But by now state revenue is 12% of GDP. Debt servicing as a % of state revenue = 33% (3.9%/12%)

    This is why one third of state revenue goes to servicing debt today. On top of that the borrowing cost of the debt porfolio has increased than 25 years ago. As a result the national economy is in a worse situation than 25 years ago on account of debt.

    This is why the government must pick and choose projects that contribute to state revenue. Investing 85% of borrowed funds in the north and the east is nothing but waste. The impact will be felt in years to come when loan interest and capital payments are made but no corresponding state revenue to pay them.

  12. Christie Says:

    Worlds biggest borrower is USA. No problema.

  13. Christie Says:

    Worlds biggest borrower is USA. No problema.

  14. Ananda-USA Says:

    Christie,

    Yes … the USA is the worlds biggest borrower …. but there are BIG PROBLEMS!

    We are laying off people even from Local Governments, people are losing their homes, jobs are hard to come by all areas except Information Technology, and the rich are getting richer while the middle class is disappearing, and people are turning on and blaming each other with venom and fury!

    Bill Moyers focused on the massive concentration of income and wealth in the USA in last 15 years, and the transformation of incomes into a distribution peaked at the high end. Over 50% of the income in the US goes to the less than 3% of people in the country.

    At the same time, we are not controlling illegal immigration and are contemplating legalizing over 13 million illegal immigrants! No wonder Local Governments, School Districts and Hospitals are going bankrupt with increasing frequency! To add wood to this fiscal fire, there is no end in sight for our increasing involvement in military and political misadventures overseas.

    Every President, every Minister, every Senator and every Congressman … it seems … wants to go to War to Prove & Polish his credentials embellish the ivory handles of his six gun with a few notches, while the economy gasps its last breath with wars of choice.

    The emergence of BOTH the Occupy movement on the political left, and the Tea Party movement on the political right, are indications of the desperation and helplessness that ORDINARY Americans are feeling about the situation. THe political system only allows demonization of the neighbor as the only outlet for their fury, exacerbating tensions and discord. I FEAR that this simmering discontent would burst forth in a French/Russian-type Revolution by the poor and desperate to destroy the deaf, dumb and blind system that is not responsive to their needs.

    This s in a country that has striven to prevent the growth of a hereditary privileged and moneyed class through severe taxation of inheritances, because they recognized the ills spawned by hereditary European Monarchies and nobilities.

    As Sri Lanka develops and grows richer, I hope that the Sri Lankan Government institutes policies of taxation that will prevent the concentration of incomes and wealth in the hands of a small elite. If it does not do so, the potential for extremely destructive and violent revolutions, that will destroy all that has been gained, is very high in Sri Lanka, as we have already seen in the JVP uprisings of the past.

  15. Ananda-USA Says:

    IMF encouraged by Sri Lanka’s strong growth and low inflation, cautions over vulnerabilities

    ColomboPage News Desk, Sri Lanka.

    Dec 03, Washington, DC: The Directors of International Monetary Fund (IMF) Executive Board said they are encouraged by Sri Lanka’s strong growth and moderating inflation, and by the economy’s resilience despite the recent market turbulence.

    However, the Executive Directors cautioned that vulnerabilities stemming from high debt and declining government revenues relative to GDP remain.

    The IMF Executive Board made these statements after concluding the Ex-Post Evaluation of Exceptional Access under the 2009 Stand-By Arrangement (SBA), and the first Post-Program discussion with Sri Lanka on November 27, 2013.

    According to the Executive Board’s assessment Sri Lanka’s economy continues to move forward, and has navigated recent market turbulence well.

    Although overall GDP growth has been solid, recent indicators underline some areas of concern, the Board’s report said. Among the concerns are the trade activity which has been slow to pick up, relatively low tax revenues and public spending (including capital expenditures), and declining private sector credit growth.

    Under the current conditions, the global lender projects a real GDP growth of 6.5 percent for 2013, somewhat below the authorities’ forecast of 7 to 7.5 percent and year-end inflation at 7 percent.

    However, the fiscal consolidation is facing headwinds, the IMF said, noting that despite some important tax reforms introduced in 2012, and the 2013 extension of the VAT to the retail and wholesale sectors, revenue performance has been weak thus far in 2013.

    While welcoming the ongoing expenditure restraint, the directors cautioned against further cuts in capital expenditure to meet fiscal targets.

    Instead they underlined the importance of putting tax revenues on an upward trajectory. They emphasized, in particular, the need for further improvements in both tax policy and administration, including elimination or rationalization of exemptions and holidays.

    The Executive Directors, welcoming Central Bank’s move to a less active intervention strategy, emphasized the need to allow time for the effects of monetary policy to feed through to private credit and money growth before considering a further easing.

    While noting progress in financial sector development, and efforts to strengthen supervision and regulation, the directors observed the remaining vulnerabilities, including the recent rise in nonperforming loans, and risks from the increase in external borrowing by banks and private entities on commercial terms.

    Given Sri Lanka’s high level of debt and potential vulnerability to external shocks, they emphasized close monitoring.

  16. Ananda-USA Says:

    Bravo ! Sri Lanka Armed forces planning to stay in the North for anoother Hundred Years!

    Too bad … if there is a Hundred Year Limit … that should be Lifted … Permanently.

    What is WRONG with the National Military settling in to PROTECT & DEFEND the country … PERMANENTLY?

    Even if it were civilian land, they are NOT STEALING the land without COMPENSATION; it is being PAID FOR in HARD COIN! This is NOT ETHNIC Cleansing by the Force of Violence and Killing that Velupillai Prabhakaran practiced while the TNA applauded enthusiastically! This is Ethnic Integration to create ONE Indivisible NATION, of ONE Inseparable PEOPLE, sharing ONE National DESTINY to bind together and usher in an ERA of PERMANENT Peace, Security and Prosperity in our Motherland!

    It is WRONG only to those Anti-National people … like Wigneswaran … who have things to HIDE, insurgencies to REVIVE, illegal immigrants to IMPORT, terrorist cemeteries to RECONSTRUCT, weapons to SMUGGLE, banks to ROB, terrorists to TRAIN, registrations to FALSIFY, and separatist causes to SUPPORT!

    Let the Sri Lanka Army lead the way to help settle Sinhala people in the North free from threats and intimidation by the Eelamist Tamils … just as Northern Tamils flooded in and settled the Greater Colombo area during the last 30 years … to escape the tender mercies of their vicious Tamil Savior …. the late unlamented Thalaivar …. Velupillai Prabhakaran!

    ……………………
    Sri Lanka military acquiring civilian lands, Northern Province CM informs UN envoy

    ColomboPage News Desk, Sri Lanka.

    Dec 03, Colombo: Chief Minister of Sri Lanka’s Northern Province C.V. Vigneswaran has informed UN Special Rapporteur for Internally Displaced Persons Dr. Chaloka Beyani that military is acquiring civilian lands in the North.

    Wigneswaran has held a discussion with the UN Rapporteur during his visit to the North.

    The local media reports from the North said the CM informed the UN Rapporteur that more than 6000 acres of land had been appropriated by the military in Valikamam North.

    The Chief Minister has also given details of land and the acreage acquired by the military in the Kilinochchi District as well.

    “On the basis of their present activities, they plan to stay in the North for a further hundred years, which really means that they plan to bring in people from the South and resettle them along with the army families,” Wigneswaran has been quoted as saying.

    The government earlier said it has decided to acquire 6,381 hectares of the land in Jaffna that is now being used as High Security Zones permanently and the owners of the land will be paid compensation.

    The acquisition is to be done under the Land Acquisition Act and the government has allocated Rs. 400 million as compensation for the owners.

    The Chief Minister alleged that the military was trying to colonize the North like the Eastern Province.

    The Army has denied that it plans to acquire civilians’ lands to establish military camps in Jaffna. Army has said that it has already earmarked government lands for that purpose.

    Wigneswaran also told the UN envoy that the livelihood of residents in the North has been seriously affected since the military has taken over all avenues of employment available to the people and the people have to take loans for their day to day living.

  17. SA Kumar Says:

    Yet another Tamil adventure

    Oppotion leader of EPDP NP was arresed for mudder of EPDP member of municipal head !

    well done NP police !!!

    any commonts you sakkiliya modaya ?

  18. jayasiri Says:

    Glad to see many new comments from not so regular contributors. It is a cross section of people concerned about our Country. That is good & heart warming…BUT in the case of Govt., burrowings are mainly for DEVELOPMENT PROJECTS. These will provide jobs to masses. However if we are to DEVELOP our manufacturing sector that is where country’s productivity lies.

    Our govts. local, municipal & Central, all TAP into the same tax payer, except the very rich DO NOT Have to pay taxes according to recent comments by the Govt. Super rich somehow manage to avoid paying their fair share. These THREE levels of govts. eat up most of profits made by the private sector, and produce very liittle as most Govt. depts are SERVICES provided to the people. Nobody expects them to make a profit, BUT Govt: assisted or OWNED Corps like, SL Airlines, Electricity Board & oil refinery to mention a few, SHOULD make a profit to be in BUSINESS.

    No where in the world Govt. subsidizes these corporations with Chairmans & principal officers, earn HEFTY salaries & cannot JUSTIFY why they cannot make a profit. To BORROW for local consumption or LUXURY projects & cars for Ministers to drive in, is not at all the way to develop the country.

    ALL manufactiring industries should be DEMANDED to show a profit, otherwise Govt. should hand these MONEY LOSING COPRs to Private sector who WILL show a profit. They have to, because they do not have the luxury of CONTINUOUS burrowing to prop up money losing ventures.

    With respect to moving Sinhalese to NORTH & EAST, I have mentioned this in all of my comments, BUT Govt is NOT prepared to listen to ONE person, there should be a GROUP very powerful, which can DEMAND the way Muslims & Tamils demand & get concessions from OUR govt.

    If a sufficient number of familes MOVE TO NORTH, NP will be neutralized, THEN NP cannot claim exclusivity in regards to Tamils. East is NOT that bad, but still Sinhalse should be moved their too, to have a Sinhala majority in the Eastern Province.

    Another issue where we can DEMAND is to ask Indian Giovt. to close Jaffna & Hambantota consulates. A small country like ours, with a population & land area smaller than the SMALLEST state in India, should NOT be allowed 3 embassies or consulates to operate. These are managed by INDIA to keep watch & spy on Sri Lanka.

    Next problem we have to tackle is INFERIOR GOODS comng from India & we have become the DUMPING GROUNDS for useless products of poor quality to FLOOD our markets. IF WE NEED TO start a CAMPAIGN to BOYCOTT INDIIAN products, SAY NO to any Indian AID, advice or INTRUSION into our country.

    These have to be DONE NOW, forget about 13 amendment, Constitution etc.. THESE are issues of TODAY, act on these THEN Indian influence in Lankan affairs will STOP.

    There are so many BUT for now if we all put our heads together and see our politicans DO THESE first, then I think Sri Lanka can get back the lost years 30+ due to India sending TERROR GROUPS to Sri Lanka.

    Thank you all…………J

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