I am no economist. But I knew our problem was never the rupee debt but the foreign currency debt. You have explained this very well. I also cannot understand why we are reluctant to hold on to our immovable assets. Nobody can take these away from us however much they try. So let us invite those who are interested in investing and developing these provided such projects will not harm the environment we live in. That is the quickest way to liberation.
Hope more Sri Lankans will read this and have a purposeful conversation to understand our predicament and solutions.
Thank you and regards
Thank you for your for the very educative rendition. Nonetheless, I wish to Introspectively observe the lack in the equation, of the importance of “brakes on rampant corruption”, establishment of “rule of law” and “national unity”.
Thank you Fazal, that is a fair point. My focus is on things I know something about. Corruption in Sri Lanka is not one of those things, and I have no direct view of that as I do not live in SL, although we do a small amount of business in SL and I have not witnessed any corruption in those minor engagements. I hope that explains.
I just watched this speech by PM Ranil Wickremesinghe and I am blown away. It is the first time an SL politician has shown that they finally understand what the problem is and what the way forward is.
It is also hugely important to explain to the people that we will have to make hard decisions and we have to pay our way in the world. Nobody will help us until we help ourselves.
Understanding the problem we have is the first step to fixing it. We have finally taken that first step on the 3rd June 2022. Good luck RW – you have got the analysis right. Do not allow yourself to be blown of course by lobbying and politics.
The UN is there to protect humanity, how true is this…!? Rajapaksa or his family is responsible for Sri Lanka’s disaster, agreed but, the larger population..? Are they also the beneficiaries of Rajapaksa..? Everyone knows what factor is responsible for Sri Lanka’s plight. The IMF is an economic institution that assists in global crises. When Sri Lanka needed a loan during the crisis, neither the IMF nor the United Nations came forward. World humanity has no value for these organizations.
Japan, China, Singapore, Korea are notable among the rich countries in Asia. (Maybe) our time has come to think seriously, can’t a lending agency like the IMF be created with “self-financing” in Asia in an emergency like Sri Lanka..!?
It is interesting that you ask about alternative lending agencies. As you may know China has already done that. Its called the AIIB. See: AIIB. There is also a discussion about the BRICS countries creating a new lending capability.
But what my paper says here is that we do not need other institutions – we in Sri Lanka can solve this problem by ourselves if only we mobilise our assets properly. Unfortunately, it seems nobody is listening to that message…
It is interesting the way you have analyzed the problem. I wish to cite some of your points in my presentations to students, mentioning you. I think rigorous reforms in the overall economy should be carried out simultaneously with debt management.
I am no economist. But I knew our problem was never the rupee debt but the foreign currency debt. You have explained this very well. I also cannot understand why we are reluctant to hold on to our immovable assets. Nobody can take these away from us however much they try. So let us invite those who are interested in investing and developing these provided such projects will not harm the environment we live in. That is the quickest way to liberation.
Hope more Sri Lankans will read this and have a purposeful conversation to understand our predicament and solutions.
Thank you and regards
Thank you. I agree.
Well explained paper …This should reach Mof and Treasury officials.
Thank you.
Thank you for your for the very educative rendition. Nonetheless, I wish to Introspectively observe the lack in the equation, of the importance of “brakes on rampant corruption”, establishment of “rule of law” and “national unity”.
Thank you Fazal, that is a fair point. My focus is on things I know something about. Corruption in Sri Lanka is not one of those things, and I have no direct view of that as I do not live in SL, although we do a small amount of business in SL and I have not witnessed any corruption in those minor engagements. I hope that explains.
So true. worth to read.
Hello everyone,
https://www.youtube.com/watch?v=0ESCr14YdRQ
I just watched this speech by PM Ranil Wickremesinghe and I am blown away. It is the first time an SL politician has shown that they finally understand what the problem is and what the way forward is.
It is also hugely important to explain to the people that we will have to make hard decisions and we have to pay our way in the world. Nobody will help us until we help ourselves.
Understanding the problem we have is the first step to fixing it. We have finally taken that first step on the 3rd June 2022. Good luck RW – you have got the analysis right. Do not allow yourself to be blown of course by lobbying and politics.
The UN is there to protect humanity, how true is this…!? Rajapaksa or his family is responsible for Sri Lanka’s disaster, agreed but, the larger population..? Are they also the beneficiaries of Rajapaksa..? Everyone knows what factor is responsible for Sri Lanka’s plight. The IMF is an economic institution that assists in global crises. When Sri Lanka needed a loan during the crisis, neither the IMF nor the United Nations came forward. World humanity has no value for these organizations.
Japan, China, Singapore, Korea are notable among the rich countries in Asia. (Maybe) our time has come to think seriously, can’t a lending agency like the IMF be created with “self-financing” in Asia in an emergency like Sri Lanka..!?
It is interesting that you ask about alternative lending agencies. As you may know China has already done that. Its called the AIIB. See: AIIB. There is also a discussion about the BRICS countries creating a new lending capability.
But what my paper says here is that we do not need other institutions – we in Sri Lanka can solve this problem by ourselves if only we mobilise our assets properly. Unfortunately, it seems nobody is listening to that message…
Well done Aravinda. Super article. learnt a lot. Its a eye opener for me. Circulate the article as much as possible.
Thanks. 🙂
It is interesting the way you have analyzed the problem. I wish to cite some of your points in my presentations to students, mentioning you. I think rigorous reforms in the overall economy should be carried out simultaneously with debt management.
Sure of course. Please feel free. Thanks.