REAL ISSUE OF ECONOMIC STAGNATION BETWEEN 2015-19-PLUS 2 YEARS OF COVID DISRUPTION, TAKING RESPONSIBILITY IS ALSO IN ORDER
Posted on March 21st, 2022

Economic News

ASK YOURSELVES HOW DID WE GET THERE?

*Forwarded as received*……….

Coomaraswamy is highly qualified & educated gentlemen but what happened to our economy during his time as The Governor of the Central Bank of Sri Lanka and with his IMF  compatriots.

Very interesting to check the numbers i have quoted below better you can verify that with your own independent sources before you believe my write up.

Here we go!

2015 January total forex reserve 8.3 billion USD

2019 November forex reserve’s drop to 7.1 billion  USD. This too was all made up by borrowing from capital markets not national savings. They cooked the books to give us false hope. Our reserves vanished when the whole world was doing so well & on top of it country borrowed over 5 trillion LKR worth of foreign debt’s.

Just imaging what could have happened to our country if there was a pandemic & a global commodity crisis and  global travel restrictions plus an economic war during this period.

In 2015-2019 world oil prices came down so much,  government was laughing as its spending on fuel imports would naturally comes down.

2015/16 global oil prices were below 40$bbl.

2017/18 it was below 60$bbl.

But we still lost over 5 billion  USD. ++++ reserves. Now that’s mind blowing. Please find out what happened.

Stock market collapsed from 7500+  in 2015 January & it hit 5000+  2019 by  November. Bravo well managed liberals  with IMF help.

During this same period of 2019 to 2015 guess what our GDP? It  just collapsed for reasons known to the IMF and the same gang.  They piled on more debt and pushed the burden of taxes onto all of us. Remember the debt tax and double digit VAT and lower payee thresholds and higher WHT on corporate debt etc etc

Funny enough Coomaraswamy  went out and borrowed USD 12.5 billion during his governments tenure.  Thanks to the same people like WA Wijewardena (who still praise the IMF and wants the rupee to free float again, isn’t this odd) foreign financed Advocata guiding them. The entire economy collapsed with them running it to the ground with bogus theories and even justifying free float floating the rupee. While  debt stock increased by LKR 1000 billion only in 2018. Oh, they also gave 100 Yr  lease  of the southern port or yes, the swimming pool, it was called debt swap, at its book Value of USD 1 billion. Now that’s should be seen as a  *joke* to all you financial experts. 

Oh yes,  this was the *debt trap* theory they flouted around among the ignorant liberals and got the country into more debt than 2014.

Coomaraswamy then had an epiphany and his liberal gang set in motion to free floated the rupee at the request of IMF only to turn around and intervene the free float using USD 5 billion of borrowed reserves. Then they bring more austerity by pushing interest rates beyond chocking point. Remember how those who now complained about low taxes, cried to simplify and cut taxes. *Now they want more taxes* what  a  joke.

Further more they  cooked the government books to show a *primary surplus* this is called financial shenanigans and IMF ignored it, as they kept 275 billion of expenses unpaid and got one off transfer from all state accounts. While dancing around about Prinary Surplus to the country oblivion to the truth. Don’t believe me, check the chamber of commerce or ministry of finance.

We had the so called country’s best brains and the even brilliant brains of IMF to manage the economy. But The CSE during the period  2015 to 2019 collapsed.  *Now tell me we had a global crisis*. But all the foreign Investors lost the Faith, Trust & Confidence with the CSE operations, and sold out while IMF was holding your hands, ask the question, why ?

God bless our country.

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