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<\/p>\nRemoving Rajapakse corruption & restoring democracy was the campaign slogan that brought Yahapalana to power in January 2015. There is little to debate that what the voters got was nowhere near good governance and the plethora of piling corruptions against yahapalana keeps getting worse. In 4 years the damage done has been far worse than Sri Lanka suffering 30 years of terrorism. Economy is in a state of ruin, natural & national assets are being siphoned to foreign hands never likely to return, national security threats & risks abound, illegals & aliens are entering Sri Lanka as guests \u2013 everything is being put to experiments by foreign advisors who are being handsomely paid by the tax payer & not many seem to still understand the larger picture even after members of the TNA clearly spell what the intention behind the new constitution is. Time Sri Lankan citizens seriously kick out allegiance to political parties and realize that their ignorance & don\u2019t care attitude is giving oxygen to politicians to do as they like & ruin our beautiful island nation.<\/p>\n
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Questionable Bills\/Amendments<\/span><\/strong><\/p>\n Removing Rajapakse corruption & restoring democracy was the campaign slogan that brought Yahapalana to power in January 2015. There is little to debate that what the voters got was nowhere near good governance and the plethora of piling corruptions against yahapalana keeps getting worse. In 4 years the damage done has been far worse than […]<\/p>\n","protected":false},"author":1498,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":["post-84682","post","type-post","status-publish","format-standard","hentry","category-shenali-waduge"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/84682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=84682"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/84682\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=84682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=84682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=84682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
<\/div>\nAnti-democracy<\/span><\/strong><\/div>\n\n
<\/div>\nEconomy<\/span><\/strong><\/div>\n\n
<\/div>\n<\/div>\nComparing Rajapakse & Yahapalana economy:<\/span><\/strong><\/div>\n2009-2011 \u2013 8% growth<\/div>\n2015 3rd quarter \u2013 4.8% growth<\/div>\nSri Lanka Rupee depreciated from Rs.132 in 2005 to Rs.153 in March 2017 by end 2018 it was Rs.180<\/div>\n<\/div>\n<\/div>\n<\/div>\nForeign reserves:<\/span><\/strong><\/div>\n$324.3m withdrawn in 2016<\/div>\n$309m withdrawn in Jan-Feb 2017<\/div>\nofficial reserves down to $5.5b (Jan2017) compared to $6b end of 2016<\/div>\n<\/div>\n<\/div>\n<\/div>\nForeign Direct Investment:<\/span><\/strong><\/div>\nDropped from $658m in 2015 to $300m in 2016<\/div>\nBloomberg rated Sri Lanka as high risk for investments.<\/div>\nMoody, Fitch, Standard & Poor rating agencies gave Sri Lanka a negative rating for 2017.<\/div>\n<\/div>\n<\/div>\n<\/div>\nYahapalana loans<\/span><\/strong><\/div>\nAuditor General says loans taken by yahapalana in 2015 was double borrowing limit mandated by Parliament<\/div>\nFrom Jan2015 to Sept2016 yahapalana had borrowed $2.3b from India, $3.65b through sovereign bonds, $3.1b through SL development bonds & $1.5b from IMF (Total $10.5b in 18 months)<\/div>\nIn 2016 yahapalana also arranged with 5 banks (including HSBC, Credit Suisse, Citibank) for a syndicate loan of $3.5b (includes clause that govt can be asked to pay back entire amount)<\/div>\nYahapalana borrowed Rs.23b from NSB & People\u2019s Bank in Feb2017 to fund Central Expressway Project.<\/div>\n$1.5b from IMF in June 2016.<\/div>\nIMF approved 3year Extended Fund Facility of SDR $1.5b (so far 2 tranches given to value of Rs.239m ($325m)<\/div>\nChinese govt offered $1000m at 2% so govt would not need to take IMF loan of $15,000m at 6%. IMF loans are subject to conditions that hit the middle class & poor \u2013 higher taxes, reducing govt welfare subsidies, sale of state-owned enterprises to foreign buyers, state land given to foreign investors, increasing taxes, liberalizing trade, killing agriculture self-sustenance. Yahapalan govt as per IMF demands has reformed taxes, land ownership & labor laws.<\/div>\n\u00b7 In Jan2017 Cabinet approved a further USD1500 million bond issue<\/div>\n\u00b7 Sri Lanka printed currency worth Rs.217 billion from January to March 2017.<\/span>This was needed to pay public sector salaries50 public institutions had been lined up for privatization in 2017.<\/div>\n\u00b7 Ranil & Co came to power to ease the domestic burden of the consumer \u2013 today prices of food have sky rocketed<\/div>\n\u00b7 Suspending re-exporting karunka (dried arecanut) which earned Rs.9.1billion in 2015 becoming highest foreign exchange earner. 4 local companies were engaged in this trade. Former Finance Ministery RaviK issued permits to other companies & now the income has dropped from Rs.9.1b in 2015 to Rs.4.9b in 2016.<\/div>\n<\/div>\n<\/div>\n\u00b7 Release of state lands for foreign ownership \u2013 2017 budget announced removal of restrictions limiting land ownership rights of listed companies with foreign owners \/ yahapalana also removed restrictions on foreigners purchasing condominiums below 4th floor.<\/div>\n\u00b7 PM\u2019s advisor presented in 2015 a proposal by Trimble Navigation Ltd (US company) for Title\/Tenure Regularization & Cadastral Registry Modernization\u2019 in Sri Lanka the proposal which had been rejected in 2010. Trimble asked $170m which was reduced to $154m without TENDER to be taken as a loan at 4% interest to be paid in 15 years. Finance Ministry\u2019s External Resource Dept was to negotiate with Trimble \u2013 database of 3.6m parcels of state owned land. Trimble given management of SL Survey Dept, controlling SL\u2019s electronic land register & details of land will mean a threat to Sri Lanka\u2019s national security<\/div>\n\u00b7 In 2018 the National Gem and Jewellery Authority (NGJA) imposed a levy of Rs. 25,000 per 100 carat on gem export sales or contracts and increased the license fee to half a million rupees from only Rs. 35,000. Sri Lanka Gem and Jewellery Association complained that NGJA is stifling the industry by levying such charge on the value of exports resulting in a huge drop in gem and jewellery revenue in exports<\/div>\n\u00b7 In 2018 Yahapalana placed a 15% tax on gold imports in 2018.<\/div>\n\u00b7 Protests managed to stop import of eggs which would have destroyed the local poultry industry<\/div>\n\u00b7 Opening Sri Lanka to foreign retail industry in March 2018 \u2013 (shoes, grocery, floor tiles etc) all threatening local businesses. Minimum requirement for foreign investors or JV set by Govt is $5m \u2013 foreigners end up paying same tax and duty as Sri Lankans but earn bigger profits as they repatriate their profits and this affects foreign exchange reserves too. Foreigners in retail market are selling foreign goods.<\/div>\n\u00b7 Hallmarks of every new investment has been the lack of exit clauses, rule, regulations & monitoring mechanisms, cancellations for violations, checks & balances etc (Sri Lankans cannot set up retail outlets in foreign countries as these countries protect their local industries)<\/div>\n\u00b7 Local metal industry \u2013 scrap metal that can be refined locally is being sent abroad illegally avoiding duty, manipulating HS codes. Law allows only export of locally unrefinable scrap<\/div>\n<\/div>\n<\/div>\n<\/div>\nGSP+:<\/span><\/strong><\/div>\nGSP+ is not an incentive to garment producers but a concession given to importers at European end so importer will not have to pay duty when importing garments from Sri Lanka.<\/div>\nSri Lanka garment industry did not fall even when GSP+ concessions was removed in 2010 & was doing well from 2005 to 2010.<\/div>\nGSP concessions are conditional & conditions have nothing to do with trade & cover human rights, environment, labor laws & even UN compliance.<\/div>\nJob losses as a result of FTA<\/span><\/div>\nGiving resident status, foreign labor permission to foreign investors mean that not only there is likely demographic issues in the future but massive job losses & issues related to food, energy and residential problems too likely to emerge.<\/div>\n<\/div>\n<\/div>\n<\/div>\nBurdening the Tax Payer & Small\/Medium Businesses<\/span><\/strong><\/div>\n\u00b7 Proposal to tax EPF 28% (14% on income & 14% on withholding tax)<\/span> <\/strong>impacting private sector employees who depend on EPF to live after retirement.<\/div>\n\u00b7 VAT has increased from 11% to 15%<\/span> <\/strong>burdening the consumer & impacting small & medium businesses<\/div>\n\u00b7 Using social concern \u2013 wayside stalls etc are being targeted (micro enterprises account for 91.8% of total business in Sri Lanka \u2013 employing 44.6% labor)<\/div>\n\u00b7 Rs.1m imposed on import of vehicles in 2017 \u2013 mini-trucks jumped from Rs.1m to 1.8m \u2013 these were used by small businesses<\/div>\n\u00b7 A water tariff carrying a sharp increase was imposed, outside the 2017 budget on Schools, religious place and even hospitals<\/div>\n\u00b7 tax exemption for deposits of senior citizens has been removed and their withholding tax has been increased<\/div>\n\u00b7 Yahapalana increased import levies on confectionary fats from 60% to 160% in 2016 budget affecting even local consumers resulting in cheap inferior import flooding the market (Lanka Confectionary Manufacturers Association press release)<\/div>\n\u00b7 Removing taxes on lease of land to foreigners<\/strong> & removed restrictions on ownership of investments enabling foreign companies to set up shop & reside in Sri Lanka which will impact small & medium local industries. Offering 5 year multiple visas to foreign investors & their labor confounds matters further. Tax concessions & visa extensions were given to those who invested over $1.5m<\/div>\n\u00b7 Special Deposit Account Act in 2017<\/span> <\/strong>that allows foreigners with a deposit of $500,000 to obtain resident visa to a period of 10 years. Spouse & minors also eligible to stay. These foreigners can also invest in Sri Lanka. No State monitoring authority is mentioned in act.<\/div>\n\u00b7 Census Department reported that inflation has increased to 7.9% in August 2017 from 6.3% in July 2017.<\/div>\n\u00b7 6000 small & medium scale rice mills closed & 100,000 lost jobs in 2017<\/span><\/strong>. Wheat imports from increased from 800,000 tonnes to 1,700,000.<\/div>\n\u00b7 Tea Industry accuses Ministry of Finance of appropriating Rs.7b from the cess fund of Sri Lanka Tea Board<\/span> used for global tea promotion. Despite protests tea cess was transferred to Treasury (2016) The 2019 budget plans to take the Tourism cess fund under Treasury too.<\/div>\n\u00b7 In 2018 Ranil Govt permitted entry of new type of prawn \u2013 Pacific White Legged Shrimp imported by a private company. The Economic Research Council headed by former PM Ranil instructed the National Aquaculture Development Authority (NAQDA) to permit import. Experts say this shrimp carries infectious disease & import has not followed proper legal procedure<\/div>\n\u00b7 Yahapalana proposes to abolish para tariffs<\/span> (extra tax imposed on goods in addition to usual duties) in 1200 imports<\/span>. Para tariffs on 253 products removed in 2017.<\/div>\n\u00b7 Yahapalana killing SL footwear industry: <\/span>Indian non-leather footwear manufacturer (Veekesy Slippers) allowed to enter market without restrictions using Section 16 of BOI minimum investment $250,000 investment (100% foreign or JV with local) & gives unlimited access to local market sales. Investment promised to purchase raw material from SL, provide 250 direct & 250 indirect employment to locals (when 150 small & medium SL local footwear manufacturers are employing 350,000 workers). BOI then Chairman Upul Jayasuriya had given approval for 10% local manufacturing & 90% exports.<\/div>\n<\/div>\n<\/div>\n<\/div>\nInternational record sheet speaks for itself<\/span><\/strong><\/div>\n\u00b7 Economic Freedom Report, places Sri Lanka 112 out of 180 countries, down from 2016<\/span>. Sri Lanka ranks lower than Uganda, Swaziland, Mali, Nicaragua, Benin, Honduras (Heritage Foundation & Wall Street Journal)<\/div>\n\u00b7 Global Competitiveness Report 2017\/18 (World Economic Forum) Sri Lanka is 85. In 2016\/17 Sri Lanka was ranked 71<\/div>\n\u00b7 Ease of Doing Business Index\u201d 2017 (World Bank) Sri Lanka is 110.<\/div>\n\u00b7 Corruption Perception Index\u201d (2017) Transparency International, places Sri Lanka 95 out of 176 countries.<\/div>\n<\/div>\n<\/div>\n<\/div>\nHow independent are these \u2018independent commissions\u2019<\/span><\/strong><\/div>\nProf. S.Ratnajeevan H. Hoole, a member of the Election commission filed a Fundamental Rights petition seeking an Interim Order restraining the Elections Commission from proceeding to take any steps to conduct the Parliamentary election \u2013 he has not even resigned before or after showing his bias and has the audacity to write about what he did.<\/div>\n<\/div>\n<\/div>\n<\/div>\nAnti-Buddhist agenda<\/span><\/strong><\/div>\n\u00b7 Ven. Devalagama Dhammaratana, sangha nayake of Hambantota said Hambantota lands were to be taken over, they had already measured them. About 100 temples and their lands were included in this takeover.<\/div>\n\u00b7 In May 2018 university students and sangha demonstrated in Colombo over the removal of \u2018Buddhist Philosophy\u2019 as a subject from the University.<\/div>\n\u00b7 August 2018, Office of National Unity & Reconciliation (ONUR) launched several radio dramas all of which attempted to ridicule Buddhism & insult Buddhists & lack of respect for Buddhist cultural sensitivities.<\/div>\n\u00b7 government taxed Rs 3.2 million on Buddha statues brought by a Chinese delegation on a request by Mihintale Raja Maha Vihara to be distributed among poor temples in the remote areas.<\/div>\n\u00b7 planned movement to mislead Buddhists by distorting Buddhism & certain Buddhist monks and laymen were distorting Buddha\u2019s teachings when preaching<\/div>\n\u00b7 Taxing temple tills<\/div>\n\u00b7 There are over 40 Buddhist monks in prison \u2013 no charges no bail for trivial reasons.<\/div>\nThis is an incomplete list of yahaplana blunders, in competencies & selling the countries assets & resources into foreign hands with no reduction in national debt situation or relief to the masses. In privatizing & siphoning off national assets yahapalana has only reduced Sri Lanka\u2019s bargaining power & sovereignty as well. When people eventually realize the damage that has been done in the past 4 years it would be too late and sadly the nation & the future generations will suffer the perpetrators & traitors would absolve itself of all responsibility.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nShenali D Waduge<\/span><\/strong><\/div>\n","protected":false},"excerpt":{"rendered":"