Rajapaksas’ USD 18 bn fortune
Posted on May 20th, 2015

By the Economic Observer Courtesy Island

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At the time President Rajapaksa took government at the end of 2005, country’s external debt was US$ 9,568 billion. By the time he handed over the government, in 2015, this amount was US$ 24,051 million. Therefore, during his period of government, net external government debt has increased only by US$ 14,483 million. In this process, government has paid all the debt service commitments for the debt that successive governments had raised in the past. This outstanding amount includes foreign investments of US$ 2,603 million in Treasury Bonds and US$ 5,287 million of Sovereign Bonds raised from foreign investors – largely from established financial centers.

Of the outstanding amount, project and commodity loans amount to US$ 15,764 million. Some of the large investments undertaken on the basis of project loans are as follows.

i. Southern Expressway from Kottawa to Galle funded by ADB and Japan

ii. Southern Expressway from Galle to Matara funded by China

iii. Colombo Katunayaka Expressway funded by China

iv. KKS railway line and Thalaimannar railway line funded by India

v. Outer Circular Expressway Kottawa to Kaduwela and Kaduwela to Kadawatha funded by Japan

vi. Reconstruction of A9 and B32 Highways funded by China

vii. Widening and reconstruction of national highways like Mihiyangana-Kandy, Puttalam– Anuradhapura-Trincomalee, Padeniya–Anuradhapura, Dambulla-Trincomalle, Habarana- Polonnaruwa-Batticaloa, Eastern Province roads and bridges (ADB, Japan, China, Korea, France, Saudi Fund, World bank etc)

viii. Norochcholai coal power plant funded by China

ix. Upper Kotamale hydro power plant funded by Japan

x. Colombo South harbor funded by ADB

xi. Hambantota harbor funded by China

xii. Mattala airport funded by China

xiii. Several water supply projects etc, funded by Japan, Korea, ADB, India

In addition to these projects, at the time President Rajapaksa left office, Sri Lanka had official reserves of US$ 8,208 million. When he took office in 2005 December, the country’s official reserve position was US$ 2,735 million. Therefore, during his term of office, the total external debt in addition to the building of the above infrastructure projects, contributed to build international reserves by U$ 5,743 million.

Therefore the question is when the total external net borrowing during his tenure of office was only US$ 14.5 billion, how can he, his wife, children and brothers have US$ 18 billion in foreign accounts?

The Mangala Samaraweera, Minister of Foreign Affairs, publicly stated that foreign financial experts from 4 different countries have indicated that President Rajapaksa and his family has US$ 18 billion or Rs. 3 trillion outside the country. How can he have this much of money when from 2005 to 2014 the total net foreign borrowing after paying past debts as well as exchange rate depreciation amounted only to Rs. 2.2 trillion? Out of this 2 trillion debt during 2006 to 2014, loans raised from multilateral agencies like World Bank, ADB, amounted to Rs. 428 billion. The total loan raised during this period from Japan was Rs. 138.5 billion. The net loan raised from India is Rs. 110 billion while the loan raised from China during this period was Rs. 84 billion. The amount raised from bond markets was 1.4 trillion. Therefore, even if you take all these together how can he, or even whole country put together have Rs. 3 trillion outside the country when the country has not borrowed that amount of money? More importantly, the Monetary Board of the Central bank has an obligation to clarify to the entire world and Sri Lankan people whether such outflows are possible at all without getting recorded in country’s foreign exchange management system.

Samaraweera must be held responsible for the reputational damaged he has caused to Sri Lanka due to the comments he has made as the country’s Foreign Minister, particularly since Sri Lanka has maintained the highest level of integrity in its international financial transactions. People of this country should also note that the International Monetary Fund annually assess Sri Lanka’s financial position. The European and American based rating companies, namely Fitch Rating, Standard and Poor and Moody’s, have assessed Sri Lanka’s financial condition and given independent assessments to the world financial community. Therefore, these agencies must also be summoned to give professional evidence in this case.

 

14 Responses to “Rajapaksas’ USD 18 bn fortune”

  1. L Perera Says:

    It is time the International community (the western powers particularly) practised what they preach and told the current lot of SL politicians to stop the vendetta and get along with their responsibility of running the country’s economy.

  2. Nimal Says:

    It is wrong to throw mud at people without concrete proof. This article if accurate may dispel the falsehood.

  3. Lorenzo Says:

    Here is a history lesson.

    Young prince Kasiyappa (son) grabbed power from his father king Thasusennan and demanded where he has hidden his stash of wealth. The old man took his son to the KALA WEWA (a river he built for farmers to do their cultivation), took a handful of water and said this is my wealth and this is where I have stashed it. Kasiyappa was angry and killed his father then and there. Kasiyappa survied until his brother Raman killed him and became king of SL.

    MR’s stash of wealth is in,

    i. Southern Expressway from Kottawa to Galle funded by ADB and Japan

    ii. Southern Expressway from Galle to Matara funded by China

    iii. Colombo Katunayaka Expressway funded by China

    iv. KKS railway line and Thalaimannar railway line funded by India

    v. Outer Circular Expressway Kottawa to Kaduwela and Kaduwela to Kadawatha funded by Japan

    vi. Reconstruction of A9 and B32 Highways funded by China

    vii. Widening and reconstruction of national highways like Mihiyangana-Kandy, Puttalam– Anuradhapura-Trincomalee, Padeniya–Anuradhapura, Dambulla-Trincomalle, Habarana- Polonnaruwa-Batticaloa, Eastern Province roads and bridges (ADB, Japan, China, Korea, France, Saudi Fund, World bank etc)

    viii. Norochcholai coal power plant funded by China

    ix. Upper Kotamale hydro power plant funded by Japan

    x. Colombo South harbor funded by ADB

    xi. Hambantota harbor funded by China

    xii. Mattala airport funded by China

    xiii. Several water supply projects etc, funded by Japan, Korea, ADB, India

    Take them if you can Mangala ponnaya and live in your Sigiriya with your kollas and Run-nil.

  4. Christie Says:

    Namaste: Real suckers are Indian colonial parasites. Add up Raj Rajaratnam, Mahendran and Mahendrans and it is more tha 10 billion dollars. add up others Gnams, Hydras, Mohandaas, Arapragaasams, this Lala and that Lala, newly arriving Patels, Pages and Keels, keep adding and will reach a trillion easily. more than two centuries of sucking by Indian Empire and Indian colonial parasites. Jai Hind

  5. asoka2468 Says:

    Well it worked once. 6.2 mil. voters fell for it. So they are trying it again. Fool me once shame on you. Fool me twice shame on me!!!We will be able to see is the average Sri Lankan voter is smart enough to see through these blatant lies….

  6. ranjit Says:

    It is high time people of this country stop these liars,cheaters and thieves before they damage the reputation of our beloved country. After they came to power by force nothing good has been done except pointing the finger at the former President and his family. The great robbers are in this UNP Govt not with the previous. If any new Govt comes to power in the next election they must first investigate Sira and the clique for the coup they orchestrated with the collaboration with Indians and the west to get the power to their hands. Ravi should be investigated thoroughly for his deals amounting to billions.

    I hope people use their head wisely without believing the lies of the UNP and vote to get a new Govt in the next General election. They haven’t done any work except reducing the Gas price. Just go and see the market and tell me what is cheap or price reduced. They cheated the whole country by telling tons of lies thru their media outlets. They put fear in to the people’s minds by intimidation and thuggery. Because of this Govt only Tamils and Muslims gained something but not Sinhalese. We the Sinhalese must bring a Govt who will listen to the Majority not to the Minority. People must realize that this is their only land to call home therefore they must work together to save it from outside and inside conspirators,traitors and liars.

  7. Ancient Sinhalaya Says:

    These traitor scum is hell bent on dividing our country. Avamangalaya, gb ranil, bandit queen cbk old fart
    don’t have to think twice to break up the country to please the west and india. They don’t have a drop of Sinhalese blood in their veins.
    Western countries want diaspora votes so these UnPatriotic Party xxxx have to lick their backs.
    MR had a vision. Align our country with the
    mighty Chinese. Nobody troubles you. They give you money. They give you protecttion. Whatelse you want?
    Maru sira with very limited knowledge of world affairs with reading only the Gnartha Pradeepaya. He doesn’t know these
    things. Grama sevakaya can’t read English, so very limited knowldge of world affairs.

    Some pea-brained Sinhalese xxxx still support this treacherous party.
    They can’t wait to partition the country. You happy now UnPatriotic Party supporting Sinhalese xxxx?

  8. cwije Says:

    MR undertook too many projects. Why?

    JR had a crash Mahaveli project. People suffered.

    These people have had no vision, no love for the country.

  9. Kumari Says:

    MR undertook many projects to run concurrently, because he had the vision (Mahinda Chinthana, Mahinda Chinthana – Idiri Dekma, Mahinda Chinthana – Lowa Dinana Maga).

    That is why he gave us Ports, Airports, High Ways, A 1,000 Mahindodaya Schools (all over the country), expansion of tourism, employment to all University Graduates, exceeding the per capita income to over US $4,000 plus a fast developing economy. This is the vision.

    None of the current lot has any vision of their own except following orders. It is not right to use the word Leaders to the current lot, because they are only followers.

  10. Independent Says:

    Re. Lorenzo’s History Lesson for Sinhala Buddhist Nation

    They were no kings with the Tamil names of “Kasiyappa” , “Thasusennan” and “Raman” in Sinhale.

    Do not deliberately insult the Sinhalese. Pronounce Sinhala names properly or we call it LTTE propaganda to capture the whole of our land in a future day. It is not going to succeed.

  11. Lorenzo Says:

    Dham, Nanda, Independent,

    Don’t drag Singhala-Tamil nonsense into this. TAKE the substance of my example. Look what your beloved YAPALANAYA crooks are doing to SL. In comparison MR is a BODHISATHVA.

    FYI those are NOT Tamil names (except the last who was born from a Tamil queen). Spelling is not a big issue.

    e.g. I spell your name as Nantha. You are what you are. Spelling cannot change your ethnicity.

  12. Hiranthe Says:

    Ava-mangala is funded by RAW.. So he has to do whatever they say…

    These guys, Mangala, Ravi, Chandrika, Ranil etc have a very thick skin so they don’t feel the smooth breeze of Mother Lanka. They do not get healed by the wind blowing from far away paddy fields, wet forests etc..

    My3 joined the team as a fresh man and now people say he is getting stronger and stronger.. No it is not the case. If he has become stronger he should stop the pesticide container, he should stop Sampur Navy camp demobilisation, he should have stopped dead Tiger celebration in the North… What really happens is, HE IS GETTING A THICK SKIN too.

  13. Independent Says:

    Lorenzo,
    If you are a champion of Sinhala Buddhist as you claim, why are you consistently using Tamil names instead of proper Sinhala names ?
    Is it wrong to say that you are a champion of “certification of Sri Lanka as a Tamil origin country” and that is why you do it ?
    I am not allowing you to run away from the issue. I will be consistently asking you to spell properly every time you do it purposely and purposefully.

  14. Independent Says:

    Let me explain.

    The best example of Sinhala name abuse is you spell “DUTUGEMUNU ” or ( දුටු ගැමුණු in Sinhala) as “Thutugemnui” which totally foreign and unacceptable.
    Why are you doing it with so much effort when everybody else in the world write it as “Dutugemunu”.

    Why “Kasiyappa” – or Kasi-Appa instead of well known Ka-sh-yapa why there is a double PP to make it Tamil ?
    Why did you completely rejected the name Moggallana (which the name of one of the chief disciples of Buddha ) and introduced a ” Raman” ?

    Sinhala has letters for “T” = ට , “D” = ඩ​ and in addition “ත ” and ” ද​ ” . Why there should be a “ui” ?

    You said you studied Sinhala until O/L or something in Sri Lanka.

    Please answer these questions rather than shooting which is the LTTE method.

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