X … [who, alas, has to protect himself from potential ‘hits’ from American and Aussie agencies] …. NB: the highlighting emphasis is my imposition
The Western template for stories on so-called predatory practices by China was crafted some years ago by former US Secretary of State Mike Pompeo and US, UK and Australian think tanks. Sarvanandan is simply rehashing the same thing.
His claim to be offering a “factual cum reality check” is another misleading fact-reality check.
Muttukrishna Sarvanandan,** whose preferred title reads thus: “Chinese Lending to Sri Lanka: A Factual cum “Reality” Check. A Rejoinder to Umesh Moramudali and Thilina Panduwawala”
Abstract: This is a response to the Briefing Paper entitled Evolution of Chinese Lending to Sri Lanka since the mid-2000s – Separating Myth from Reality, written by Umesh Moramudali and Thilina Panduwawala published by the China-Africa Research Initiative of the School of Advanced International Studies (SAIS) at the John Hopkins University, USA. This response identifies a few factual errors (both quantitative and qualitative) and provides alternative data, and contests the interpretations of the data and conclusion drawn therefrom by Moramudali and Panduwawala by providing concrete examples to the contrary. We characterise Chinese lending to Sri Lanka between 2007 and 2022 as quasi-predatory lending, having defined the characteristics of predatory lending………….Keywords – China, Hambantota Port, Predatory Lending, Sovereign Default, Sri Lanka
Introduction: This is a response to a Briefing Paper (No.8 dated November 2022) written by Umesh Moramudali and Thilina Panduwawala entitled Evolution of Chinese Lending to Sri Lanka since the mid-2000s – Separating Myth from Reality published by the China-Africa Research Initiative (CARI) of the School of Advanced International Studies (SAIS) at the John Hopkins University (JHU) in the United States of America (USA).
The economic proxy war between the rising and fading Superpowers is escalating and expanding in the “Asian 21st Century.’ This was apparent in an (un)diplomatic exchange between Chinese and United States officials over the International Monetary Fund’s (IMF) debt restructuring delays in Sri Lanka which was the venue of the recent CARAT/MAREX war games. These happened in the run up to the country’s February 4 commemoration of 75 years of ‘Lost Independence, Democracy and economic sovereignty’ as a commentator put it.
Capt. Elmo Jayawardena, in The Island, early February 2023, where the title runs thus: “75 Years – What have they done? It is a paradise misplaced”
Our island was called Lanka in pre-King Vijaya times. Valmiki’s immortal Ramayanaya had King Ravana ruling the land from the city of Lankapura. That was almost four thousand years ago. The Arab traders termed it Jaziratul-Yaqut, island of rubies. Some called it Serendib, some Ceilan, from which the Portuguese picked Ceilao and the European mapmakers coined Ceylon. Many were the names from the many that came. Bar none, everyone agreed and noted in their chronicles that this Island was indeed the complete Paradise.
DBS Jeyaraj, in Daily Mirror, 24 December 2022, where the title runs thus: “President Ranil’s initiative to resolve Tamil national question” …. & a kind-of sub-heading read “The All Party conference was a success of sorts with all participants agreeing on the need for a power-sharing solution”
The Tamil Progressive Alliance (TPA) leader and Colombo District MP, Mano Ganesan received a telephone call from Ranil Wickremesinghe on 19 July 2022
It was a day before the Presidential election where the MPs were scheduled to vote and elect a new executive President to fill the vacancy created by President Gotabaya Rajapaksa’s resignation. Ranil Wickremesinghe, who was the then Prime Minister and acting as the interim President, was a candidate for the Presidential election.
Umesh Moramudali and Thilina Panduwawala, in The Diplomat, 20 December 2022, where the title reads: “Demystifying China’s Role in Sri Lanka’s Debt Restructuring”
China’s President Xi Jinping, left, waves as he walks with then Sri Lankan President Mahinda Rajapaksa upon arrival at the airport in Colombo, Sri Lanka, Sept. 16, 2014 …..Credit: AP Photo/Eranga Jayawardena
Currently, Sri Lanka is in the process of restructuring its foreign debt after announcing the country’s first sovereign default on April 12. As the largest bilateral creditor, China is playing a key role in Sri Lanka’s debt restructuring process.
Argentina has constantly been trapped over two centuries in unpayable external debt owed to foreign imperial powers. This affects the everyday life of everyone: inflation, salaries, employment, public services, elections. Here is a brief history of the deuda.
THAT Item drew the following two comments in Facebook which I then circulated to Natasha and a select few others by EMAIL.
Comment in FACEBOOK by Arun Devan, October 2022: “If you don’t like USA, then don’t go with the begging bowl to US and West. Sri Lanka can choose to stave or be slave. Little choices – thanks to the brutal war and useless spending on military now.”
Comment in FACEBOOK by Richard Simon, October 2022:“Why does the US want to intervene in Sri Lanka? Serious question.”
Darini Rajasingham-Senanayake, in Colombo Telegraph,3 October 2022, where the title reads: “The Paris Club, Dollar Debt Colonialism & Asia’s New “Donors”: Reforming The International Aid Architecture?”
As the visiting International Monetary Fund (IMF), team boarded a return flight to Washington DC after a week in Colombo, the Paris Club, stepped in though a revolving door at the strategic Indian Ocean island’s Bandaranaike International Airport in the first week of September.
The signing of a ‘Staff Level Agreement’ with the deeply unpopular ‘Ranil Rajapaksa’ regime accused of Economic Crimes was announced before the IMF team’s departure. However, the contents of the agreement like the IMF’s Debt Sustainability Analysis Report on Sri Lanka remain shrouded in mystery except for news of a $2.9 billion loan to be disbursed over 4 years!
