SRILANKA, GOVERNANCE- ACCOUNTABILITY & PERFORMANCE SINCE 2015,
Posted on June 10th, 2018
Kanthar Balanathan DipEE(UK), GradCertRelEng(Monash), DipBus&Adm(Finance-Massey), CEng.MIEE
SriLankan government since snatching power in 2015, have been in corrupt practice which has led the country to tiptoe towards bankruptcy. The term accountability” does not mean anything today, to the people of SriLanka or the members of parliament anyway. Parliamentarians think that they are the god which has freed them from conviction and that they can do anything they wish.
It is beyond the scope of this document to discuss government accountability”. However, it is good to discuss a few of those in government accountability”. The framework that forms government accountability mechanism: (i) Political accountability mechanisms, (ii) Legal accountability mechanisms, (iii) Administrative accountability mechanisms
The question is: does the GOSL has a framework for government accountability, and if so, do they practice?
Of course, we know that the current GOSL has no political accountability mechanisms”, which we have seen from their actions in political blunders and slip-ups in the past and in continuation. With the power GOSL has embraced, they seem to shovel through the docks with no hesitation.
The question of Administrative accountability mechanisms” and Legal accountability mechanisms”, can also be questioned.
Why do we need a parliament? Quote: we need a parliament to ensure that you have freedom of speech, movements, and association, and to ensure that there is no misuse of authority by elected leaders as constitution describe their powers and limitations to select the national government to control guide and inform the government for making laws
Why do we need MPs: Quote: MPs have three major responsibilities: legislating in Parliament, representing their riding and political party, and serving their constituents’ needs. MPs are elected to represent the interests of the people in their constituencies where they maintain an office.
Of course, SriLankan Parliament is like a DOSA KADE”, cos, how many of them have the educational background and/or knowledge. Do they have 1.25 to 1.5 kg of the brain with perception/intelligence? How many of them want to be a role model for people (young ones) to follow them? Could CB be considered a Kasappu Kade?
My previous article Ref: http://nrnmind.blogspot.com/2018/06/srilankademocracy-barter-system.html explains how MP candidates are selected.
Each MP receive a sum to develop his/her electorate. Where is the money channeled to? Do they invest in any small-scale development?
Treasury Bills, Treasury Bonds, & Development Bonds:
Th public Debt Department accepted Rs 10,000 million treasury bills in an auction where bids received was Rs 55,688 million to be settled by the 8th June 2018. (Ref: https://www.cbsl.gov.lk/) This may be good planning of the value accepted according to the muscle of SriLankan debt trap crisis.
However, we must note one action: GOSL owns the land and the infrastructure. Well, in other words, the people, citizens of SriLanka own the assets and they have elected some people to manage and govern the assets.
It looks like GOSL to manage their immediate debt crisis, raise Treasury bills, Treasury Bonds and collect their funds, and do not invest to collect the funds for repayment. For example, how many of these people will be in parliament for the next 10-20 years. Even if they are they manage to go scot-free without any imprisonment for any crimes committed. A reference article on US debt crisis; The US economy is caught in a debt trap. Avoiding a major economic downturn requires alleviating the burden of servicing public and private debt. The key is restructuring federal debt, which will diminish the country’s net interest burden. Ref: Escaping the US debt trap Now is the time to strike deal with creditors Ref: by Joergen Oerstroem Moeller in Singapore, Fri 11 May 2018
Q1.
Does the Governor of the CB advise GOSL on the risk of issuing large bonds for a longer period? Does he advise on the necessity and the risk of Treasury Bills sale? Does CB do an analysis before deciding on a sale of Bond?
It looks GOSL Treasury has more activity in the sale of Bills and Bonds rather the governance carries out any development other than foreign countries involved in a couple or two.
Q2.
Why would GOSL sell valuable lands to foreign companies? Have the lands been sold to settle the bond repayment? It is a must that land sales shall be approved by the people, citizens of the country. Maybe the representative for the electorate or by other approved means.
Q3.
Why cannot GOSL sell lands in the Northern sector? Ie. Jaffna, Vavuniya, Kilinochchi etc.
Q4.
What is the reason for handover of the Port and the Airport in the South to foreigners?
Finally, Sri Lankans would be left with no lands and assets, except their toilets.
The main reason for selling assets to overseas companies is to receive kickbacks in foreign currency to an overseas bank.
Sri Lanka Development Bonds Outstanding, as at 30 January 2018, is US$ 4,239.45 Billion. Can GOSL show proof whether they have completed any development to the value of such amount. Or do the Opposition Leader R. Sambanthar has the guts to ask questions on this development bonds. (Ref: CB)
Financial System Financial System Stability Review 2015, the report was prepared and signed by Arjuna Mahendran in 2015. How often is this report prepared and released?
It is recommended that readers view the page as given here.
As of 2nd May 2017, the Treasury Bond for Foreign Investors amounts to Rs.4,089,965,085,500.00. This is over four Trillion Rs. Of which Rs 504,250,120,000.00 is supposed to have been settled between 15th May 2017 and 1st June 2018.
Q5.
Was the land sale a collateral for this amount to the parties?
Hope the LOP has the guts to raise this in parliament rather talking about missing persons & self-determination”. How many of Sri Lankans assets are planned to be sold?
If the current GOSL cannot manage then they should leave office and hand over to credible people to run. Maybe Mr. Gotabaya Rajapaksa? The only choice in SL with the blessings of Mahinda Rajapaksa.
It is recommended that citizens and professionals become quite acquainted with the CB operations. It’s their right and duty.