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May 26th, 2016 at 5:20 pm
As usual, this is a very good speech by Mr. Weerawansa.
Please watch and listen to this from beginning to the end.
A real eye opener!
May 26th, 2016 at 5:41 pm
MORE Foreign BORROWING (3.5 Billion USD) to FIX the Balance of Payments!
We are well and truly FIXED indeed! Do we TRUST these Financial BUNGLERS who allowed Mahendran to LOOT the TREASURY??
What is they IMPORT MORE Cars for Politicos, allow their pals to REMIT MORE assets to foreign SAFE HAVENS, and BRIBE the government servants with ANOTHER Rs 10,000/mth to win the next Local Govt Elections?
DEBTS will Balloon on INCREASED CONSUMPTION without building any INFRASTRUCTURAL CAPITAL ASSETS, The rupee will INFLATE through the celing (10.5% inflation in the last 12 mths from Rs 133/USD to Rs 147/USD now) allowing Foreign Bankers and Western Powers to DICTATE NATIONAL POLICY of the Beggared Sri Lankan State!
New Capital Gains taxes will be added to supplement the increased VAT and the NBT to pay the interest on the foreign debt.
Do you hear that WOOSHING sound growing into a CRESENDO??
That, my friends, is the SOUND of money flying out of ordinary people’s pockets to maintain the LUXURIOUS life style of the Yamapalanaya politicians!
………………………………..
Sri Lanka seeking to borrow $3.5 bln through foreign debt
Wed, May 25, 2016, 08:38 pm SL Time, ColomboPage News Desk, Sri Lanka.
May 25 (Reuters) Sri Lanka is in the process of borrowing up to $3.5 billion from foreign sources via syndicated loans, sovereign bonds, and sukuk, the country’s finance minister said on Wednesday.
The borrowing plan comes as the South Asian nation seeks to fix its precarious balance of payments position after a sharp depletion of its foreign exchange reserves – a legacy of massive debt piled up under the previous government.
“A $500 million syndicated loan is almost done with Credit Suisse. Once that is done, we will be going for another $500 million syndicated loan,” Ravi Karunanayake told a Foreign Correspondents Association forum.
“Then we will go for the sovereign bond within two to three weeks. We will also go for a sukuk.”
Karunanayake also said the government has appointed eight banks and four non-banking institutions as the lead managers for the upcoming sovereign bond but did not name the institutions. He added the government may look to sell bonds to Chinese and Japanese investors.
Sri Lanka is heavily indebted, partly due to borrowing by the previous government during its nine-year tenure that ended in January 2015. It faces a balance of payments crisis with around $2 billion in foreign outflows leaving the government securities market since October 2014.
The finance minister said the refinancing debt will be used to ease the pressure on the repayment of expensive loans in the past.
The $82.2 billion economy delayed its 2016 borrowing plan until it reached an agreement with the International Monetary Fund (IMF) for a $1.5 billion bailout to help the island nation avert a balance of payments crisis.
The island nation has been taking steps to ease the pressure on foreign debt repayment including requesting China swap some of the $8 billion Sri Lanka owes Beijing for equity in infrastructure projects and offering to sell stakes in its companies to Chinese ones.
It has also planned reforms in loss-making state-owned enterprises while raising taxes to increase government revenue, after repeated requests from the IMF.
Read More:: Reuters (Source)
May 26th, 2016 at 7:46 pm
Another excellent speech by Wimal. He should be the JO leader and the person in charge of JO’s policy, not Mahinda or Dinesh. He is very clear on his stand on very important matters. This is what voters want.
May 26th, 2016 at 9:27 pm
I think Wimal must STOP attacking BBS, JHU and even JVP if possible and try and get their support. No one is perfect but MUST Unite for national interests.
May 27th, 2016 at 11:13 pm
I am waiting to see what the Commander in Chief will do the Eastern CM and what the speaker to the parliament secy. Let’s see how “Neethiye Adhipathya” work.