5 billion from IMF to pay off Chinese loans
Posted on February 14th, 2015

Courtesy The Daily News

The Sri Lankan government will approach global lenders including the World Bank and the International Monetary Fund (IMF) to borrow from them to the tune of US $ five billion to restructure expensive loans, obtained from China, by the previous regime for infrastructure development projects in the country.

According to Reuters, the Central Bank Governor has said that the country had borrowed more than US $ 6 billion, mainly from China, for a massive infrastructure drive under the Rajapaksa government at the end of a 26-year civil war which ended in May 2009.

The new government, under the leadership of Maithripala Sirisena has already ordered a review on all projects initiated by the previous government.

The new government claims that the Rajapaksa administration had to borrow money, on unfavourable terms and the Rajapaksa government agreed in respect of some public projects without following the proper tender procedures.

“We have to look at what options are available in the agreements and we should try and reduce the high borrowing cost, obviously with longer-term low cost borrowing,” Reuters had reported quoting Deputy Minister for Policy Planning and Economic Affairs Harsha de Silva.

According to Deputy Minister de Silva, in 2008 the country had secured a loan of US $306 million from China’s Ex-Im Bank to develop the first phase of a port in the southern city of Hambantota, since completed, had been signed at a fixed interest rate of 6.3 percent. That was despite an option to go for a floating rate of LIBOR plus 90 basis points.

“If we had a floating rate, we would have been paying 1.3 percent today. But now we are paying 6.3 percent per annum. The fixed rate was due to a request made by the lender. I don’t think we should be paying 6.3 percent on a 15-year loan,” de Silva added. China financed most of the post-war infrastructure projects, ranging from ports to airports and highways, railways and coal-fired power plants. Central Bank Governor Arjuna Mahendran is on a visit to Washington with a delegation for talks with the IMF.

Finance Minister Ravi Karunanayake had told Reuters on Monday that Sri Lanka was looking to tap international capital markets to borrow up to $1.5 billion through a sovereign bond before the end of April, and also plans to seek a new IMF programme.

“We are also asking for development aid from the IMF,” Minister Karunanayake told reporters in Colombo.

“We are asking as a new government that has come in. We want to try and reduce the gap because our debt amortization is roughly about 1.3 trillion Sri Lankan rupees ($9.8 billion) a year.”

A top government official who wanted to remain anonymous had said, that the government was looking to borrow $4 billion from the IMF at very nominal rates for balance of payments support.

He said that he expects Sri Lanka could secure IMF loans at an interest rate of around 0.01 percent to 0.5 percent, as “opposed to Chinese loans at 7-8 percent”.

Foreign Minister Mangala Samaraweera now in Washington urged the US Government to assist Sri Lanka through increasing trade and investment. “Encourage your entrepreneurs to make the best use of the new environment conducive for investment in Sri Lanka,” Minister Samaraweera asked the audience present to hear him speak at the Carnegie Endowment for International Peace, in Washington.

– See more at: http://www.dailynews.lk/?q=local/5-billion-imf-pay-chinese-loans#sthash.3igsKVei.dpuf

Further Reading

The Financial Missiles of the IMF that made sovereign countries indebted..
Posted on August 30th, 2014

By Garvin Karunaratne, Ph.D.(Michigan State University)

 Argentina is in the dog house once again. This time it is hounded by the Vultures”- the Hedge Funds  who have obtained a ruling from the US  Supreme  Court that the debts amounting to $ 1.5 billion on bonds has to be paid at full value immediately.  That decision made the Argentinian Economic Minister Kicillof remark that the Hedge Funds were Vultures as they refused to negotiate terms for payment and instead obtained the Court Order.

Back to 2001,  Argentina  had a massive debt of $ 132 billion and failed to pay up. Then they had to freeze bank accounts, workers were not paid for months all because under the IMF’s neoliberal model- the Structural Adjustment  Programme(SAP) which Argentina had closely followed they did away with exchange controls, freed imports and allowed the people to raise foreign loans and when it came to paying  up the loans in foreign currency the economy crashed. . Then I wrote:

In its 2002 Budget Argentina agreed to implement budget cuts of  $ 8 billion, tighten the stomachs of the people further. This did not satisfy the IMF to release funds. Riots erupted and the Government of  President De La Rua gracefully resigned. Mounted Police charged the unarmed crowds and bullets rained in vain. (The Island: 3/1/2002)

Since then Argentina tried hard and actually paid up all its dues to the IMF , but Two Hedge Funds –The Vultures led by a US billionaire – who snapped up Argentinan bonds at rock bottom prices following Argentina’s  $ 95 billion foreign debt default in 2001 (went to the US Supreme Court.) . The US Court in Washington decided that the debt should be paid in full”(Argentina fears new crisis as Vultures Circle after US Supreme Court ruling” in The Guardian 18/6/2014)

Let us see what this Lesson holds for Third World Countries.

Full Report and Comments

http://www.lankaweb.com/news/items/2014/08/30/the-financial-missiles-of-the-imf-that-made-sovereign-countries-indebted/

IMF-World Bank Structural Adjustment Programs (SAPs) ruined countries – fate of Sri Lanka?
Posted on October 16th, 2014

Shenali D Waduge

Latin American socially oriented governments have rejected IMF’s neo-liberal policies after realizing that neither IMF nor World Bank have any solutions or wish to give any solutions to raise developing nations from their poverty. Have the World Bank or IMF raised a single developing nation to a developed level to date through their policies and formulas? NO, not from Structural Adjustments or new nomenclature of Poverty Reduction Growth Facility (PRGP). All preconditions for loans and debt relief have been to benefit only the rich shareholders that they represent and who elect officials to office. World Bank’s president is always an American, IMF director is always a European. If World Bank and IMF says it can reduce poverty but they have not why have developing nations continue to be slaves to these rich nations destroying their own crops for local consumption to grow items that the West wants to eat and thus contributing inadvertently to poverty of their own people?

IMF – World Bank with their corporate elite backing naturally enjoys using media to their advantage so countries never really are informed by the media the catastrophic results of the decisions that IMF-World Bank officials force countries to take because developing countries cannot survive or run without loans. There is little point blaming the leaders – even if one changes and another is replaced they all find themselves in the same soup unable to get out of the trap until and unless the developing nations unite to create their own terms. The West has mastered the art of keeping the developing nations divided by allowing for the weaknesses in excesses of politicians of the Third World whom the First World sees as the wagons to securing their own benefits. Puppet regimes are created because of the weaknesses of the third world leaders and not because of any ingenuity of the First World. They have only mastered the art of providing the incentives to increase corruption so long as it benefits them.

IMF & World Bank

Created in : 1944 at Bretton Woods Conference, New Hampshire.

Based in: Washington DC

Original intention: Promote international economic cooperation and provide member countries short-term loans so they could trade with each other.

Current role : ‘bailing’ out countries caused by currency speculation in global casino economy and giving loan packages tied to conditions known as structural adjustment programs (SAPs). IMF is like a loan shark because for getting loans countries have to follow IMF policies even for debt relief. IMF will decide how much a debt country can spend on education, health, environmental protection etc.

World Bank/IMF – Objectives of Structural Adjustments

  • ‘Liberalization’ of the economy means cutting welfare to the people and enabling resource extraction/export-oriented open markets
  • Subtle way to reduce the role of the State in governance when globalists end up controlling how a country is run. Bribing politicians delays the realization of the ultimate aim knowing that majority of politicians are motivated by monetary gains for themselves and do not care what may happen to the State or the people. They think the money given to them by the globalists and stored in Swiss bank accounts would enable them to flee or seek refuge elsewhere when the country begins to fall apart.
  • Everything is privatized. Domestic industries are killed off or made impossible to run.
  • Currency is devalued, interest rates are increased, labor market is made ‘flexible’ creating an influx of foreigners into a nation and worsening the unemployment of rate of locals. Elimination of subsidies such as food etc.
  • Regulations, laws, standards are all adjusted to enable foreign investors to take over every area that locals held control of. Locals in top positions fall prey to the buy over bargains little realizing that once handed over these profit running entities become foreign owned and run according to their laws.

Once the above is achieved, it means the following for the people of a nation

  • Poor countries will have to export to raise money to pay off debts. IMF and World Bank are quick to entice countries into the global market place before they are economically and socially stable and ready. These countries are told to concentrate on cash crops. Resources from poorer regions become even cheaper favouring Western consumers.
  • Governments have to increase exports to keep currencies stable and earn foreign exchange to help pay off debts.
  • Governments have to spend less, reduce consumption, decrease financial regulations etc this leads to decrease in value of labor, capital flows volatile, countries are asked to peg their currencies to the dollar to keep exchange rate stable and social unrest results then investors pull out their assets/interests and an economic collapse occurs.
  • IMF donors keep exchange rates in their favour which means that poor nations remain poor or may become poorer.

World Bank/IMF – The path to destroying a country

Step 1: Sell off local banks to foreign banks

Step 2: Open capital markets – create market based pricing ending up with bills that no one can pay.

Step 3: Open up borders to trade – free marketeering. Coercion trade. This is to enable globalists to fully control all industry in a country. China has a 40% tariff on US and US has a 2% on China – globalists control China. Walmart does not sell anything American. Walmart has over 700 plants in China. IMF/World Bank wants to destroy economies so it cannot produce anything and open borders to sell their own goods. The abolition of all protective trade barriers and the orientation of economies to exports thwarts efforts of Third World nations to escape from their

dependence on the industrialized nations and to become economically self-sufficient.

Step 4: Install puppet corporate governments. When IMF or World Bank says they would support a transition government they actually mean they will fund a coup d’etat. Hugo Chavez told the IMF to go packing. Chavez declared he would double the taxes on oil corporations which will give money for Venzuela’s social programs – IMF/World Bank wanted him removed. At the suggestion of the IMF and World Bank, ousted Egyptian President Hosni Mubarak sold public companies to local and foreign investors, while 40 per cent of Egyptians earned US$2 per day.

How many countries fell victim?

Examples of privatization

  • Argentina – IMF and World Bank asked Argentina to sell off their assets and privatizing all public assets. The people are taxed thereafter. Argentina’s water system was sold for a song to Enron. Argentina does not have clean drinking water still! The pipeline running through Argentina and Chile was sold to Enron as well. Enron assets were transferred to a dummy company and Enron was declared bankrupt. The politicians are bribed to privatize anything and everything and to transfer to World Bank or IMF who in turn hand over to their cronies. Citibank grabbed half of Argentina’s banks. Politicians became rich with accounts in Swiss banks.

Examples of creating riots

  • IMF and World Bank also help create riots. When a riot takes place the capital runs away from the country enabling IMF to add more conditions and further strangulate a country

Examples of creating tensions inside countries:

The example of Argentina with high unemployment did not stop IMF from insisting that Argentina cut off unemployment benefits, take away pension funds, cut education budgets. IMF was creating a recession another tactic to demolish a nation.

Examples of disasters created by IMF/World Bank

Somalia suffers from an inflicted civil war enabling humanitarian intervention and the positioning of 4 US oil giants US oil giants Conoco, Amoco, Chevron and Phillips in a country that was self-sufficient in food in the 1970s despite droughts. Drought was used as excuse to give IMF/World Bank food ‘aid’ while destroying the nomadic and commercial livestock but increasing European beef imports to West Africa (low quality beef sold at half price of locally produced meat) and farmers find no one is willing to buy their herds. Droughts occur due to oversupply of grain staples under supervision of World Bank and these are systematically destroying the national food agriculture.

IMF/World Bank – Guilt List

  • Both funded with taxpayer money but operates in secrecy. Members of affected communities are not considered to design loan packages. IMF works with central banks and finance ministers to make policies and both entities refuse to allow public scrutiny and independent evaluation of their policy systems.
  • Both guilty of dominating decision making – voting powers determined by amount of money each country pays to IMF’s quota system (one dollar – one vote = more dollars –more votes!) Disproportionate power given to wealthy countries means they push the interests of their banks, their investors, their corporations and not the needs of the world’s poor.
  • Both guilty of creating inequality and environmental destruction
  • Both demand countries cut spending on education and health, basic food and transportation subsidies, devaluation of national currencies to make exports cheaper, privatization of national assets, freezing of wages to repay debt given
  • Both help create increase in poverty and reduce a country’s ability to build itself and allows multinational corporations to exploit workers and environment (is this the ultimate goal of the IMF and World Bank?) ex: IMF loan package to Argentina was tied to cuts in doctors/teachers salaries and decrease in social security payments (the public knows of these only after the deals are signed)
  • Both help create ‘elites’ in developing nations who are willing and subservient to First World elitesbecause they serve to personally and commercially gain.
  • Both guilty of forcing developing nations to prioritize export production over development of diversified economies. 80% of malnourished children are from countries that were forced to shift from food production for local consumption to production of export crops destined for West.
  • Both guilty of eliminating assistance to domestic industries but providing benefits to MNCs ex: insisting on lowering labor costs advantageous to MNCs. Workers in free trade zones earn pittance, live in deplorable conditions and in perpetual poverty.
  • Both guilty of forcing countries to give tax breaks and subsidies to export industries. Public assets like forestland, utilities such as phone, water, electricity are sold off to foreign investors at rock bottom prices. Ex: IMF forced Haiti to open market to imported, highly subsidized US rice while prohibiting Haiti from subsidizing its own farmers. US corporation Early Rice sells 50% of rice consumed by Haiti.
  • Both guilty of advising countries to attract foreign investors by weakening their labor laws, eliminating collective bargaining laws and suppressing wages. Ex: IMF allows corporations to fire at whim and calls it ‘labor flexibility’. Haiti was told to remove statute that mandated increases in minimum wage. Even the US ordinary citizens are affected by IMF/World beause because they cant compete with cheap exploited foreign labor. IMF has caused 200m ‘newly poor’ from South Korea, Thailand, Indonesia and other countries in the Asian world. IMF response was ‘lay off’.
  • Both guilty of making life harder for women in developing economies as the imposition on public utilities affect them – girls end up leaving school without continuing studies and end up in work environments that they should not belong to.
  • Both are guilty of not considering the impact on environment in making policy proposals. Insistence on cocoa exports by Ivory Coast has resulted in 2/3 of the country’s forests been ruined.
  • Both guilty of favouring the rich – bailing out rich bankers. Pushing countries to deregulate financial systems, removing regulations to draw foreign investors has caused chaos because capital invested as short-term puts countries at the whim of financial speculators.  Mexico peso crisis in 1995 resulted in IMF and US entering to prop up interest and exchange rates, bailing out Wall Street Bankers with tax payers money. During the bailout of Asian countries IMF insisted that governments assume the bad debts of private banks forcing the public to pay the costs thus taking away resources for social programs.

The World Bank & IMF are owned and controlled by N M Rothschild and 30-40 of the wealthiest people in the world.

Global Oligarchy

  • If the world’s central banks are under the control of 4 banks – Bank of America, JP Morgan Chase, Citigroup and Wells Fargo and these in turn own the world’s 4 largest oil companies Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco alongside Deutsch Bank, BNP, Barclays and European elites and these 4 banks are the top 10 stock holders of virtually every Fortune 500 companies what if the stockholders of these banks are the same?
  • What if the 43,060 transnational corporations are controlled by 1318 companies and the same handful of people giving them disproportionate power over the global economy?
  • What if these 1318 companies collectively own through their shares the world’s largest blue chip and manufacturing firms?
  • What if these 1318 companies broken down further led to 147 companies who between them held 40% of the total wealth of the world?

If the World Bank and IMF requires nations to sign secret agreements agreeing to sell off assets like water, electricity, gas etc and those signing on behalf of nations are agreeing to take economic steps that would devastate nations – what would it mean to these nations?

If the World Bank and IMF have an arrangement with politicians of nations and agree to pay billions of dollars to Swiss Bank accounts so that they would agree to transfer a countries fixed assets – what would it mean to these nations?

What would happen if the governments or rather the politicians who do not agree are cut-off from international borrowing as punishment or plan for the overthrow of government?

No government can last when its populations are declining into poverty, it is when that looks to be happening that they reach out for the hand of their saviors who are invariably the very people that caused the fall – Somalia is an example that developing nations should keep in mind. So long as the oil can be tapped even if the people die of starvation the elites and MNCs careless.

Third World politicians need to return to fundamentals and realize that food for local consumption must come first, water is a no- bargain utility, labor is an asset of the country not an asset to be flogged…we hardly see any political parties come out with solid development formulas for the country instead of political slogans that are advantageous to bring them into power only.

People of Sri Lanka and politicians in particular must not fall prey to the carrots of dollars hung before them as loans. If taken they must ensure that despite the conditions they adopt other ways to ensure the self-sufficiency for the people is not compromised at all.

http://www.lankaweb.com/news/items/2014/10/16/imf-world-bank-structural-adjustment-programs-saps-ruined-countries-fate-of-sri-lanka/

19 Responses to “5 billion from IMF to pay off Chinese loans”

  1. Geeth Says:

    Ha haa ho hooo!!! Greek myth+logic begins.

  2. Susantha Wijesinghe Says:

    PLEASE THE WEST, PLEASE THE WEST.

    IMF IS AN OCTOPUS. ONCE YOU GET ENTANGLED IN THE TENTACLES, THATS IT.

    THIS IS THE INVERTIBRATES WAY OF SAYING, “”WE ARE SIDELINING CHINA”” COME ON, WE WILL SLEEP WITH YOU. WE ARE WORRIED ABOUT ‘ticks’ though.

  3. Ananda-USA Says:

    WATCH CAREFULLY … The IMF and the World Bank WILL NEVER GIVE loans that are LESS ONEROUS than the loans from China, but lots of money will change hands for initiating these loans …. OFFICIAL BROKERS FEES … shall we say?

    Furthermore, the IMF and World Bank Loans will come with MASSIVE POLITICAL STRINGS attached … MOORING CABLES shall we say? … and SEVERE ECONOMIC RESTRICTIONS! Wait and see, how the AVERAGE CITIZEN of Sri Lanka PAYS THE PRICE for these “Yahapalanaya” BOONDOGGLES!

  4. NeelaMahaYoda Says:

    See the last year report;
    Statement at the Conclusion of the IMF Staff Mission to Sri Lanka
    Press Release No. 14/270
    May 30, 2014
    An International Monetary Fund(IMF) staff mission led by Mr. Todd Schneider visited Colombo during May 20-30, 2014 to conduct discussions for the 2014 Article IV consultation—the IMF’s regular exchange of economic views with each of its member countries—and the second Post-Program Monitoring discussion with Sri Lanka. The mission met with the government and central bank officials, as well as civil society and private sector representatives. The completion of the Article IV Consultation is subject to the discussion by the IMF Executive Board.
    At the conclusion of the visit, Mr. Schneider issued the following statement:
    “Sri Lanka’s macroeconomic performance in 2013 largely exceeded expectations. Real GDP growth reached 7.3 percent, inflation declined to below 5 percent. The external current account strengthened, supported by a robust recovery in goods exports, as well as solid growth in services and inward remittances. The near-term outlook appears positive, aided by a recovery in advanced economies. The mission projects real growth to continue at around 7 percent and inflation to remain close to current rates in 2014. Strong export growth is likely to continue, and may facilitate a further reduction of the external current account deficit–leaving room for additional accumulation of international reserves by the central bank.
    “Steady progress on fiscal consolidation and reduction of public debt is a linchpin of macroeconomic stability in Sri Lanka, and a critical factor in maintaining policy credibility and confidence. Containing the deficit to 5.9 percent of GDP in 2013 was welcome, as is the commitment to further reduce the deficit to 5.2 percent of GDP in 2014. In addition to continued tight spending control, structural reforms supporting these objectives include putting large state owned energy corporations on a more commercial footing, extension of Value-Added Tax coverage and reducing the threshold, and automation of tax collection and public financial management systems. However, low tax revenue mobilization remains a concern—particularly given a relatively high debt level and the ongoing shift from concessional to more expensive loans on commercial terms. Sufficient fiscal room is also needed to meet long-term social and infrastructure development needs while still reducing the public debt-to-GDP ratio. In this context, staff highlighted the need to put revenues firmly on an upward path, and recommended a focus on broadening the tax base through streamlining exemptions and tax holidays.

    “The current supportive monetary policy stance appears appropriate given low inflation and moderate private sector credit growth. Changes in policy rates have also brought about a welcome reduction of lending rates. However, given strong growth and the long lags involved in the operation of monetary policy, a continued forward looking approach to monetary policy is needed together with close monitoring of possible price pressures.
    “Ongoing financial sector consolidation offers a potential opportunity to increase the resilience of the system and contribute to more effective oversight. The mission highlighted that restructuring of operations would be key to achieving efficiency gains, and that it would be important to ensure that mergers are accompanied by continued progress on corporate governance. Identifying and mitigating risk factors which may limit potential efficiency gains both during and after the implementation process will be key to creating a financial system that is efficient, profitable, and best serves the needs of a growing economy.
    “Sri Lanka has been resilient to tapering pressures and is likely to remain so in 2014. Short-term risks appear moderate, and are most closely linked to the recent drought and the impact of a weak monsoon on growth and the balance of payments. Medium-term risks are linked to slower than expected global recovery, an unexpected potential tightening of external liquidity which could affect rollovers and borrowing costs, and slower-than-projected gains in revenue.”

  5. NeelaMahaYoda Says:

    HA! HA! HA!
    Ranjith Maddumabandara (UNP):[Parliament] 20.06.2014

    . The benefits enjoyed by the public servants and pensioners were slashed following directions from the IMF. The future UNP government would terminate all engagements with the IMF.

    – See more at: http://www.dailynews.lk/?q=political/parliament-20062014#sthash.hTsBlqb9.dpuf

  6. Dilrook Says:

    So predictable. Sri Lanka is now truly on the path to Greece. IMF stranglehold will ruin the nation politically and economically. It is also foolish for the IMF to grant loans to Sri Lanka to retire Chinese loans. Ultimately it is the IMF loans that Sri Lanka will default!

    Mahinda was the labour minister for a long time. He must educate the workers of the dangers they face in future from IMF austerity and get them to the streets to protest this plunder.

  7. NeelaMahaYoda Says:

    Conditionality of loans
    Some of the conditions for structural adjustment can include:

    Cutting public expenditures, also known as austerity.( Free Education and Free Health might go)
    Focusing economic output on direct export and resource extraction,
    Devaluation of currencies,
    Trade liberalisation, or lifting import and export restrictions,
    Increasing the stability of investment (by supplementing foreign direct investment with the opening of domestic stock markets),
    Balancing budgets and not overspending,
    Removing price controls and state subsidies,
    Privatization, or divestiture of all or part of state-owned enterprises,
    Enhancing the rights of foreign investors vis-a-vis national laws,
    Improving governance and fighting corruption.

  8. L Perera Says:

    Sounds like “Sri Lanka illang kaa” again!.

  9. Lorenzo Says:

    Asking for trouble!

    But MR also borrowed from IMF!! Lets not forget that.

  10. Christie Says:

    Namaste: Are these new lenders, world bank, IMF, Asian Development Bank, hedge funds and other banks are going to give us cheap loans. Good luck to us and them. Cheap interests is in every ones interest. What are the borrowing costs, payment terms, currency fluctuations and terms of currency, insurance costs. Is this new guy going to get the money from his childhood friend who was jailed for insider trading. Jai Hind.

  11. Mr. Bernard Wijeyasingha Says:

    Sirisena may find out that paying off China’s expensive loan in order to secure similar deals with India and the US (through the IMF) will result with a greater headache from Beijing on other issues.

    China did not simply enter a commercial deal with Sri Lanka but a strategic alliance. That cannot be easily scuttled without a greater loss which China will exact from Colombo. Lets wait and see.

  12. douglas Says:

    Mr. BW: You said: “China did not simply enter a commercial deal with Sri Lanka but a “Strategic Alliance”. Very good observation and an eye opener to all who get engaged in accepting friendship handouts with “Strings” attached.

  13. SenaD Says:

    NeelaMahaYoda Says:
    February 13th, 2015 at 7:14 pm

    NMY, in addition to the ” Free Education and Free Health might go”, you have mentioned, I think the following will also result.
    1. Selling off natural resources to all-comers, particularly to family and friend..
    2. Imported items becoming very expensive.
    3. Foreign farmers receiving heavy subsidies will be dumping their produce in Sri Lanka and the local farmers going out of business.
    4. Increasing the scope for money laundering, particularly with a man of experience being in charge.
    5. Selling off State corporations to family and friends at rock bottom prices.

    Lorenzo Says:
    February 14th, 2015 at 4:58 am
    “But MR also borrowed from IMF!! Lets not forget that.”

    But MR did not agree to the SAP programme that the IMF prescribes to the recipients of their loans.

    In fact one tranche of the loan from the IMF was rejected by MR because of the attached onerous conditions, just as the offer of the GSP+ by the EU on the condition that the govt agree to change some laws of the land was rejected!

    Christie Says:
    February 14th, 2015 at 6:04 am
    “Is this new guy going to get the money from his childhood friend who was jailed for insider trading. Jai Hind.”

    This man while being indicted for money laundering (the court case was scheduled to be held on 29.01.2015) has asked GR, who has no such case pending, to declare assets.

    Now the man is well placed to carry on his money laundering.

  14. Fran Diaz Says:

    In all this, is it possible to balance a sense of wellbeing/security/development for the People of Lanka, whilst borrowing money with a number of middle men living off the loan to Lanka, raising the foreign debt to very high levels ? Add to this loan conditions from the IMF …. Add to this the illegal new govt playing pandu with the Constitution and the Law of the Land. What fun for RW/CBK/MS/Sampanthan/Wigneswaran/Hakeem !!

  15. Ananda-USA Says:

    Dear Charles, you said

    “Please do not bother with this idiots who do not know what they say and do. They have no idea that supporting this government is selling our country to the west. In thid government there are no patriots. They all have their personal agenda and that is it and what happens to the country and the innocent people ar not their concern.”

    I KNOW you mean well in your concern for me when you say this, but I DON’T AGREE that leaving these ENEMIES of Sri Lanka to comment UNCONTESTED without being held ACCOUNTABLE for all they did in the RECENT past to UNDERMINE & OUST the GOSL that Liberated, Reunified and was Rapidly Developing our Motherland is the RIGHT thing to do.

    They are NOT IDIOTS who know not what they say or do, but DEVIOUS CONNIVING CON-ARTISTES and AVOWED ENEMIES of our Motherland GEARING UP to REPEAT their PREVIOUS PERFORMANCE on the BACKS of the Sinhala MODAYAS!!!

    They INCESSANTLY MOCKED all the Patriots who blogged here, including YOU, in their STRATEGY to turn the VOTERS of Sri Lanka against the UPFA GOSL. After DOING THAT, they came here and CROWED about their SUCCESS in OUSTING that GOSL.

    That RAT “Facebook” Lorenzo who pretended to be a PATRIOT all these years, building up his “PATRIOT” credentials hiding under a TREACHEROUS SHEEPSKIN to strike at the CRITICAL MOMENT to HELP CREATE an EELAM for his TRUE SPONSORS, brought a LARGE TEAM of AGITATORS and AVATARS to LankaWeb to support his CAMPAIGN.

    In the Aftermath of the Election, in a MOMENT OF UNWISE BRAVADO & HUBRIS provoked by my CRITICISMS, “Facebook” Lorenzo disclosed many of his REGIME CHANGE ACTIVITIES …. websites and blogs hosted, Facebook and Twitter accounts maintained, teams of Propagandists fielded, and AVATAR accounts activated …. RIGHT HERE AT LankaWeb. That, you may RECALL, is what finally COMPELLED the LankaWeb Moderator to INTERVENE to RESTRICT his blogging ACTIVITIES. I had been WARNING LankaWeb readers to this danger of Lorenzo’s activities long before the LankaWeb Moderator came down hard on him!

    Nevertheless, he and his TEAM of AVATARS/AGITATORS are STILL COMMENTING at LankaWeb, and have even INVADED LankaWeb’s List of Article Contributors, as LISTED on LankaWeb’s Home page. I know this beyond reasonable doubt, having OBSERVED his antics for MANY YEARS on MANY FORA and through PERSONAL EXPERIENCE of his DISRUPTIVE ACTIVITIES at one of my own blogsites.

    Although his main blog-handle of “Facebook” Lorenzo at LankaWeb is NOW IRRETRIEVABLY EXPOSED & COMPROMISED, some of his AVATARS continue their campaign of creeping back to regain the confidence of the LankaWeb community by making seemingly Patriotic comments here and there, but CONTINUING to sow disaffection and doubt in the minds of unwary voters.

    LankaWeb Editor should know that at least TWO of the Authors on his List of Contributors listed on the LankaWeb Homepage are in fact AVATARS of “Facebook” Lorenzo himself planted at LankaWeb MANY YEARS AGO!

    ………………………..
    Let me now address why we should CONFRONT and OUST this VIRAL INFESTATION from LankaWeb, or at least POST WARNINGS to the UNWARY as I am now doing by CONFRONTING them!

    As you well know, there is a General Election that will be held in Sri Lanka in April, 2015, which the Patriotic Forces of Sri Lanka MUST WIN CONVINCINGLY, to protect our Motherland from the CONSEQUENCES of the Electroral Coup-de-Etat Engineered by the Anti-National Forces with SPONSORHIP of Foreign REGIME CHANGE artistes in the recent Presidential Election.

    Sri Lanka’s ENEMIES are GEARING UP …. even as I write … to REPEAT the PERFORMANCE of January 8, 2015 … by sowing DISAFFECTION, DOUBT, CONFUSION and BUCKETS of MUD at the candidates of the UPFA within the SLFP.

    They fielded an INTERNET enabled CAMPAIGN, of UNPRECEDENTED PROPORTIONS and similar those DEPLOYED to OVERTURN established governments in the Arab Spring fiasco, to achieve their PURPOSE that day. Are we, the Patriotic SONS & DAUGHTERS of Lanka, to turn the other cheek now for them to SLAP in CONTEMPT and DRAG OUR MOTHERLAND into the SAME SLAVERY to Foreigners, Separatists and their Greedy Paid Puppets that we emerged from in 2005?

    We are seeing these ENEMIES of Sri Lanka GEARING UP HERE to AGAIN DO WHAT they did leading up to January 8, 2015, offering honeyed words wailing about wrongdoing by the My3 GOSL to disarm us and let them screw us again. Don’t fall PREY to this SIREN SONG by SERIAL TRAITORS. Should we let them REPEAT THAT PERFORMANCE AGAIN, or are we GOING TO HOLD THEM ACCOUNTABLE. and YELL with all of our strength, HELL NO! WE WON’T LET YOU DO THAT AGAIN!

    There is an old Sinhala saying that warns the STUPIDLY UNWARY “Raa Watunu Waley Dawal Watenna Epa Puthey!”

    HELL YES! Let us not FALL into the SAME PIT in BROAD DAYLIGHT that we STUMBLED into in the PITCH DARKNESS of the NIGHT!

    Let us SLICE these EELAMIST HYPOCRITES off at their KNEES with the CUTTING EDGE of our VERBAL SWORDS. Let us IDENTIFY & EXPOSE them, TAR & FEATHER them, and CHASE them from PILLAR to POST, with the CLEAR MESSAGE that “NEVER AGAIN DARE TO CON US” planted firmly on their SMELLY BEHINDS!

  16. Ananda-USA Says:

    Biwwa Neda Yahapalanaya Sudiya?
    Biwwa Neda Yahapalanaya Sudiya?
    Aney Magey Sirisena Paney,
    Pewwa Neda Borupalanaya Sudiyaaa?

    …………………………
    100 Day Program grinds to a halt

    By The Nation
    www DOT nation DOT lk/edition/latest-top-stories/item/38399-100-day-program-grinds-to-a-halt DOT html
    15 February 2015

    Key policy reform elements of the new government’s 100 Day program remain untouched after the presidential election. These include the Amendment of Standing Orders (Due January 20), introduction of a Code of Conduct for People’s Representatives (Due February 2) and Tabling in Parliament of the National Drugs Policy (Due February 6).

    Most importantly, there is complete silence on the appointment of an All-Party Committee on electoral reform.

    Although President Maithreepala Sirisena’s manifesto clearly stated that the existing proportional representation system will be changed before the next general election, Prime Minister and Leader of the United National Party (UNP) Ranil Wickremesinghe has stated that Parliament will be dissolved on April 23 or sooner with no mention of electoral reform.

    Sections of the Sri Lanka Freedom Party (SLFP) which is led by the President, have opined that reform is imperative even if it took more than 100 days to change the existing election laws. Meanwhile, Elections Commissioner Mahinda Deshapriya insists that there is still time to make all necessary changes before the 100 days expire.

  17. Ananda-USA Says:

    MORE EXCUSES to HIDE FUNDING SHORTFALL for RECENTLY ANNOUNCED GOVERNMENT GIVEAWAYS! Financial REALITIES begin to STRIKE HOME!

    Biwwa Neda Yahapalanaya Sudiya?
    Biwwa Neda Yahapalanaya Sudiya?
    Aney Magey Sirisena Paney,
    Pewwa Neda Borupalanaya Sudiyaaa?

    …………………….
    Sri Lanka’s revenue collection slows down impacting 100- day programme

    www DOT sundaytimes DOT lk/150215/business-times/sri-lankas-revenue-collection-slows-down-impacting-100-day-programme-135955 DOT html

    The Inland Revenue Department (IRD)’s continuing failure to collect taxes due to the lethargic attitude of officials and poor administration at the helm could hinder the 100 day relief programme of the new government and hurt economic growth, Treasury officials warned.

    According to the IRD’s monthly revenue performance report up to February 10, revenue collection was Rs.2, 928 million, falling short of the Rs. 5 billion target by Rs. 2, 803 million.

    The Department should double the revenue collection efforts to meet the target and the present Director General should implement pragmatic programme towards this end, they said.

    But the department officials are fighting for promotions after the change of the government and some of them have staged a protest demonstration recently against the top administration.

    This situation is aggravating day by day and this was brought to the attention of the new Finance Minister Ravi Karunanayake as well, they disclosed.

    The government will have to find an additional sum of Rs. 17 billion to meet the salary hike of public sector employees and pensioners, they said, adding that the reduction of tariffs on essential items would compel the Government to further cut down state expenditure.

    This combination of reduced revenue and increased expenditure will inevitably result in an increase in the budget deficit and additional borrowing, they pointed out.

    A senior Treasury official said the failure to increase tax revenue will cause pressure to cut capital spending “with a possible adverse impact on growth”.

  18. Mr. Bernard Wijeyasingha Says:

    Douglas:

    You misunderstood my comment:
    Sri Lanka made commercial deals with China like so many other nations have, especially in the subcontinent.

    Independent of those commercial deals, Sri Lanka also entered into a “strategic alliance” similar to what India and the US have done. Strategic alliances are different from commercial deals and are extremely important. China does not have that with every nation she does trade.

  19. Geeth Says:

    Dear readers, pardon me for going away from the main theme of the article. Since currently we all are experiencing a political turmoil in Sri Lanka, let me suggest the following proposals that we must bring onto the bargaining table for the winning of ex president Mahinda Rajapaksha back into reigns. Mahinda needs us, we need Mahinda, so we must come to a deal with him. However if he declares that he will abolish 13th and will adhere to national development policy based on the consensus of a national task force for a production oriented economy, then the UNP and the My3 faction will end up in the political wilderness. May the triple Gem bless Mahinda to be enlightened with this simple political wisdom.

    අපි මේ වෙලාවේ 13 අහෝසි කිරීමේ කොන්දේසිය අනුලන්ගනීය කොන්දේසියක් විදියට දේසපාලන සාකච්චා මේසයට ගෙන්න ඕන. මහින්දට එක කරන්නද පුළුවන් බව මට විශ්වාසයි. එතුමාට සිද්ධ වෙච්ච සියලු දේවල් ගැන හිතනකොට එය ඉටු කිරීමට අවශ්‍ය සියලු සාධක ඉටුවෙලා තියෙන්නේ. මෛත්‍රීට එක කරන්න කොන්දක් නැහැ කියන එක අපි දන්නවා. රනිල් කරන්නෙත් නැහැ. සිරිපාල ගොයියා කරන්නෙත් නැහැ. මේක කරයි කියල හිතන්න පුළුවන් එකම කෙනා තමයි මහින්ද. ඒ හින්ද මහින්දව තමයි ඉස්සරහට ගෙන්න ඕන. හැබැයි, 13 ගැන පැහැදිලි ප්‍රකාශයක් ප්‍රතිපත්ති ප්‍රකාශනයට ඇතුල් කිරීමේ කොන්දේසියට යටත්ව.

    මෙවර මහින්ද රාජපක්ෂ මහතා දේශපාලනයට ආයුත්තේ selfless ජන නායකයෙකු මිස තවත් එක කුට දේශපාලකයෙකු ලෙස නොවේ. ඔහු ආයුත්තේ ඉතිහාසය වෙනස් කිරීමේ අභිලාෂයෙනි. එනම් ජනතා ශක්තිය හා ඔවුන්ගෙන් ඔහුට ලැබෙන ආරක්ෂාව පිලිබඳ විශ්වාසයෙනි. ඔහු 13 වෙනස් කරන බවට ප්‍රතිඥා දී, ජාතික ආර්ථික ප්‍රතිපත්තියක් අනුගමනය කරන බවට සහතිකයක් ජනතාවට ලභා දෙන්නේ නම්, ලක්ෂ ගණන් ජනතාව ඔහුගේ නිවස අසල කඳවුරු බැඳගෙන ඔහු ආරක්ෂා කරනු ඇත. එවිට යුධ අපරාධ බිල්ලන්ට ඔහු රැගෙන යාමට සිදුවන්නේ මහා ජන ඝාතනයක් සිදු කිරීමෙන් අනතුරුවය. ඔහු ජන නායකයෙකි. අහක ඉන්න පෙන්දන්ගෙන් ආරක්ෂාව ඉල්ලා බැගපත් වීම ඔහුට තරම් නොවේ. ඔහු සැබෑ ජන නායකයෙකු ලෙස කැප්පෙටිපොළ කෙනෙකු මෙන් මරණය පිළිබඳව තුට්ටුවකට වත් මායිම් කල යුතු නොවේ. හැකිනම් තමාව යුධ අපරාධ වලට අල්ලා දෙනලෙස වත්මන් රජයට අභියෝග කිරීමේ හැකියාවක් ඔහුට තිබිය යුතුය. මංගලලා මෛත්‍රී ලා ඉන්දියාව සහ බටහිර සමග දැන් තමාව කොටු කිරීමේ කුමන්ත්‍රණයක නියලී සිටිනී නම් ඒ බව ජනතාවට ප්‍රසිද්ධියේ කීමට ඔහුට හැකි විය යුතුය.

    ඉන්දියාවත්, බටහිරත් ඔහුට පිටුපසින් පිහියෙන් අනින ලද බව ඔහු දැන් දන්නෙහිය. එය දන්නා නිසා ඔවුන් සතුටු කිරීමේ වගකීමෙන් ඔහු නිදහස්ය. උතුරු නැගෙනහිර ද්‍රවිඩ චන්ද දායකයා ඔහුව කරපොත්තෙකු මෙන් පාගා දමා තිබේ. ඔහු අනවශ්‍ය තරමට ඇත පත ගෑ කොළඹ ආත්මයක් නැති තුප්පහියන් රැල ඔහුට වස දී ඇති බව ඔහු මැනවින් දනී. දැන් ඔහු නිදහස් මිනිසෙකි. මේ පරාජය ජාතියේ අනාගත මාවත වෙනස් කරන ආශිර්වාදයක් වියහැකි සිදුවීමක් බවට පෙරලීමට ඔහුට හැකි විය යුතුය. පරාජය ඔහු අත තිබෙන දෙවියන් විසින් ඔහුවෙත ලභා දෙන ලද වරයක් සේ සලකන්න.

    අපේ මුළු පරපුරම ශ්‍රී ලංකා නිදහස් පක්ෂය නිසා සියලු දේවල් නැති කරගත්ත මිනිස්සු. අපි පක්ෂයෙන් ගත්තු දෙයක් නැහැ. අපි පක්ෂයට දීල තියෙනවා මිසක්.අඩු තරමින් රක්ශාවක්වත් අපි අරන් නැහැ. එනිසා, ඔය දේශපාලකයින්ට වඩා පක්ෂයෙන් යමක් ඉල්ලා හිටින්ඩ අපිට සදාචාරාත්මක අයිතියක් තියෙනවා. මම පෞද්ගලිකව දෙසපාලකයෝ පස්සෙන් යන බූරු පැටියෙක් නෙවෙය්. නමුත් මහින්ද වගේම දෙවෙනි පරම්පරාවේ ශ්‍රී ලංකා පාක්ෂිකයෝ හැටියට අපි ඉල්ලා හිටින්නේ එක දෙයයි. 13 අහෝසි කරන්න, ගංගා නිම්න පදනම් කරගත් කලාප අනුව හෝ දිස්ත්‍රික්ක සභා මත පදනම්ම්ව බලය විමද්‍ය ගත කරන්න, ජාතික ආර්ථික ප්‍රතිපත්තියක් ගෙන්න. මේක මහින්දට පුළුවන්, සිරිපාලට බැරි දෙයක්.

    මේ ඓතිහාසික කර්තව්‍යය ඉටුකරලා, රටට සදාකාලික සාමයක් සෞභාග්‍යයක් ලබාදීල ඉතිහාස ගත වෙන්න මහින්ද ලැහැස්තිද????????

    මා මේ කී දෑ ඔහු සැලකිල්ලට ගන්නේ නම්, ප්‍රථමයෙන්ම ඔහු ඔවුන්ගේ නිවසේ නම වෙනස් කරනු ඇත. කාල්ටන් Carlton වෙනුවට සිංහල නමක් නිවසට යෙදුවොත්, ඔහු selfless ජන නායකයෙකු ලෙස දේශපාලනයට අවතීර්ණ වීමට බලාපොරොත්තු වන බවට අපට දෙන ලද සංඥාවක් සේ එය පිළිගැනීමට අප බලාපොරොත්තු වෙමු.

    The advantage of the declaration of repealing 13 is far reaching. Many UNP supporters and other party supporters will vote for the candidate (hopefully Rajapaksa) who pledges to repeal 13 is a definite result. That will even happen among the JHU supporters. By this way, president Mahinda Rajapaksa can make his defeat a boomerang to the conspirators, especially for India and the west. The entire conspiracy will be backfired. Let us make them eat their entire shit load.

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