{"id":133941,"date":"2023-04-25T15:22:50","date_gmt":"2023-04-25T22:22:50","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=133941"},"modified":"2023-04-25T15:22:50","modified_gmt":"2023-04-25T22:22:50","slug":"imf-media-caught-lying-about-china-sri-lankas-debt","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/04\/25\/imf-media-caught-lying-about-china-sri-lankas-debt\/","title":{"rendered":"IMF, Media Caught Lying about China & Sri Lanka\u2019s\u00a0Debt"},"content":{"rendered":"

e-Con e-News<\/a><\/em><\/span><\/h2>\n\n\n

\u2018The\u00a0irrationalities & inhumanity of the world order<\/strong> are essentially a problem of\u00a0vested interests<\/strong> both on\u00a0a national & international scale<\/strong>, not to be resolved as a\u00a0problem in logic by argumentation<\/strong> or as a problem in ethics by appeals to righteousness<\/strong>.\u2019\u2013 see\u00a0ee Focus<\/em>,\u00a0<\/strong>SBD de Silva,\u00a0Political Economy of Underdevelopment<\/em><\/p>\n\n\n\n

For every $1 the IMF encourages a set of poor countries to spend on public goods,<\/em> it has told them to cut 4 times more through austerity measures.<\/em>\u2013 see\u00a0ee Economists<\/em><\/strong>, The IMF\u2019s \u2018Austerity Drive\u2019<\/p>\n\n\n\n

It\u2019s as if the IMF is really operating out of a small basement in the Pentagon in Washington.<\/em>\u2013\u00a0ee Economists<\/em><\/strong>, Michael Hudson<\/p>\n\n\n\n

\u2018Perhaps, the controversy surrounding the \u2018Central Bank of Sri Lanka\u2019 Bill should be examined taking into consideration how the Yahapalana government abolished time-tested exchange control laws in 2017<\/strong> and how it contributed to the current crisis.<\/p>\n\n\n\n

Then what about\u00a0private foreign exchange dealers<\/strong> who continue to enable the\u00a0international drug mafia<\/strong> to freely convert their\u00a0ill-gotten lucrative drug proceeds<\/strong> from\u00a0rupees to hard currencies<\/strong>\u00a0without any questions being asked?\u2019\u2013 Shamindra Ferdinando, \u2018Is Speaker\u2019s Announcement on CBSL,Consistent with Supreme Court Determination?\u2019 (ee Focus<\/em><\/strong>)<\/p>\n\n\n\n

\u2018In my humble view the country\u00a0becomes bankrupt<\/strong> when our\u00a0credit rating was downgraded<\/strong> & when\u00a0people started suffering<\/strong>. Many international credit agencies have mentioned we are almost bankrupt. We had only few days for a bond payment due. It could have been a hard default otherwise.\u2019\u2013 Dhananath Fernando, US Advocata COO, 9 April 2023 (twitter.com\/BasnayakeM\/status\/1645046950893596675)<\/p>\n\n\n\n

Dhananath (lord of the wealthy) v Wanshanath (lord of the people)<\/strong> \u2013 US Advocata\u2019s Fernando was reacting to MP Wimal Weerawansa\u2019s revelation that \u2018Sri Lanka could have prevented bankruptcy if the authorities had handed over the nation\u2019s debt to China, which is an existing debt restructuring model\u2019<\/strong>. (see ee Economy<\/em><\/strong>, SL should have handed over all debt to China)<\/p>\n\n\n\n

     One Suvin Wettimuny (\u2018former pilot\u2019, \u2018avid investor\u2019) tweeted: Weerawansa is \u2018talking garbage as usual<\/strong>. He mentions El Salvador took such an option. But it is denied by the Chinese foreign minister in the [Bloomberg<\/em>] article.\u2019<\/p>\n\n\n\n

     In fact the Chinese FM did no such thing. And the Bloomberg <\/em>story is clearly dissembling. In fact, the entire corporate media is lying, as numerous economic analysts show (see ee Economists<\/em><\/strong>).<\/p>\n\n\n\n

     The truth is more \u2013 as this week\u2019s ee Focus<\/em><\/strong> reveals \u2013 the USA and their sharking twins (WB\/IMF) have been covering up the move to make Sri Lanka totally dependent on Wall Street borrowing, lying to the media about China\u2019s anti-colonial debt position. The capitalist media (NYTimes<\/em>, Thomson Reuters<\/em>, Bloomberg)<\/em> marches in goosestep, as obsequious stenographers. Recall: Bloomberg News<\/em> owner Michael Bloomberg was made chair of a key Pentagon advisory panel, the Defense Innovation Board<\/strong>, previously led by Google cofounder Eric Schmidt (ee<\/em><\/strong> 12 Feb 2022).<\/p>\n\n\n\n

     Worse. The Speaker of Sri Lanka\u2019s Parliament<\/strong> has been caught lying about the Supreme Court\u2019s decision, claiming Parliament has approved the new Central Bank Act. In fact, it hasn\u2019t (ee Focus<\/em><\/strong>).<\/p>\n\n\n\n

For Full Report<\/p>\n\n\n\n

\n
IMF, Media Caught Lying about China & Sri Lanka\u2019s Debt<\/a><\/blockquote>