Category Archives: export issues

GLOBAL TIMES Features Sri Lanka’s Perilous Situation

Fair Dinkum’s Prefatory Comment, 14 April 2022

A reminder of the geopolitics that is infecting Sri Lanka to the detriment of its national interests. It is disappointing that the US and India are seizing on the crisis in Sri Lanka to blame China for Sri Lanka’s economic problems when everyone knows that is not the reason. There is no such thing as a China debt trap. China accounts for 10% of Sri Lanka’s debt. The remaining 90% is owed to Japan, India, the US and other Western entities, but no one talks about the debt owed to Japan, India or the US as a debt trap.

SEE ………GT Voice: Sri Lanka crisis shows risk of US sanctions to developing nations – Global Times……………..

https://www.globaltimes.cn/page/202204/1259247.shtml

People purchase essential food items as the government imposed travel restrictions and two-week lockdown to curb the spread of Covid-19 coronavirus in Colombo on May 25, 2021. (Photo by ISHARA S. KODIKARA / AFP)

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Sri Lanka’s Financial Crisis

Truthseeker

Sri Lanka’s Exposure to ISBs to 2030 (International Sovereign Bonds)

This table of International Sovereign Bonds (ISBs) taken shows facts and figures to put some perspective and truth into the economic crisis situation in Sri Lanka.

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USA’s Dollar Weaponry did not Deter Russia from Attacking Ukraine

This article in the ATLANTIC COUNCIL web site on 31 January 2022 pinpointed one relam of power wielded by USA and indicated that it would induce Putin and Russia NOT to attack Ukraine. The fallacy of this prediction does not alter the significance of the Argument about US America’s monetary clout within this our world –– Editor,Thuppahi

George Pearkes

The invasion of Ukraine by Russian forces appears increasingly likely. Over one hundred thousand Russian troops are massed at the border of neighboring Ukraine, there are allegations of cyber attacks and false flag operations, and reports Russia is withdrawing diplomatic staff. America has responded by threatening Russia with an unconventional weapon: the dollar. However, deploying the dollar may actually undermine its power, and hasten its departure from the US arsenal.

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John Landers’ Concerns re Australia’s Policy towards China

“Citizens Insight” hosts Interview with John Lander conducted by Robert Borwick ……………………….. https://www.youtube.com/watch?v=m4JWcv2FQAg

AUSTRALIAN CITIZENS’ PARTY  =  Veteran Australian diplomat speaks out against war danger Interview with John Lander, Former Deputy Ambassador to China (1974-76), Former Ambassador to Iran (1985–87) Hosted by Robert Barwick, Research Director of the Australian Citizens Party Contact the Australian Citizens Party campaigns: PHONE: 1800 636 432 EMAIL: info@citizensparty.org.au WEB: http://www.citizensparty.org.au Contact John Lander: voicealive@aol.com.

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China Rejects Sri Lanka’s Appeal

NDTV   …  ……….. 22 March 2022

China refused to assist Sri Lanka which appealed to reschedule its huge Chinese debt burden in the face of the COVID-19 outbreak that has adversely affected the tourism sector, said a media report. Colombo appealed if a restructuring of the debt could be arranged to mitigate the economic crisis that had arisen in the face of the COVID-19 outbreak. President of Sri Lanka Gotabaya Rajapaksa in a meeting with Foreign Minister of China Wang Yi sought the assistance of Beijing in the face of the deepening foreign exchange crisis of Sri Lanka and spiralling external debt.

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IMF Review of Sri Lanka’s Economic Situation NOW

IMF Executive Board Concludes 2021 Article IV Consultation with Sri Lanka, 2 March 2022  …………….. https://www.imf.org/en/News/Articles/2022/03/02/pr2254-sri-lanka-imf-executive-board-concludes-2021-article-iv-consultation-with-sri-lanka

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Sri Lanka on February 25, 2022.

Sri Lanka has been hit hard by COVID-19. On the eve of the pandemic, the country was highly vulnerable to external shocks owing to inadequate external buffers and high risks to public debt sustainability, exacerbated by the Easter Sunday terrorist attacks in 2019 and major policy changes including large tax cuts at late 2019. Real GDP contracted by 3.6 percent in 2020, due to a loss of tourism receipts and necessary lockdown measures. Sri Lanka lost access to international sovereign bond market at the onset of the pandemic.

WASHINGTON, DC – APRIL 22: In this handout provided by the IMF, IMFC members pose for a photograph April 22, 2017 at the IMF Headquarters in Washington, DC. The IMF/World Bank Spring Meetings are being held in Washington this week. (Photo by Stephen Jaffe/IMF via Getty Images)

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Aiyyo! Aiyyo! Lanka in Dire Economic Straits

Harsha De Silva …. an UNP MP**

The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including medicine, food is to be rationed next. Collapse is imminent if we continue to go this way, it is almost similar to a broken car rumbling before it completely comes to a halt.

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Hambantota Port in Expansive Paths

News Item in The Island, 11 February 2022, with this title “Hambantota International Port broke new ground in 2021”

2021 was a watershed year for HIP with the port’s activities spreading in several new directions, which has created a unique ecosystem for economic prosperity for Sri Lanka.  The port worked to provide opportunities for maritime trade and investment on the East-West routes of the Indian ocean. HIP which is slated to become a topnotch multipurpose port is uniquely positioned to be a catalyst for the industrial development of the south of Sri Lanka through its industrial park situated within the port and adjacent development activities earmarked by the government of Sri Lanka.

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Hambantota Port and Its Prospects

Facemask ..in The Island, 11 January 2022 ….https://island.lk/55469-2/

The Hambantota International Port (HIP), which continues to come under attack by the Opposition, has said it expects an impressive growth in time to come.

The HIP has in a media statement said it has received FSS certification (Fitness for Service) for their tank farm facility. “The certification was issued by Lloyd’s Register (LR), the World’s leading provider of classification, compliance and consultancy services to marine and offshore industries.  This is a landmark achievement that will further strengthen the HIP brand in the maritime world.”

 

 

 

 

Site inspection (L-R): Liu Shengshan- Construction Manager, Sinopec Construction LLC; Wang Chuanzheng- Deputy project Manager, Sinopec Construction LLC; Sarathchandra Kumara – Senior Specialist-Energy Services; Ambrish Bansal Vice President – Business Advisory & Consulting Lloyd’s Register; SL. Kulkarni- Senior Inspector Oil & Gas – Lloyd’s Register. Continue reading

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A Critical Assessment of the Sri Lankan Government’s Budget

   Chandrasena Maliyadde, in DailyFT, 21 December 2021 …. where the title is ” The Budget: As I See it” &&&

The Budget is a mirror effect of the inconsiste  …ncy, incoherence and confusion prevailing at different levels of the Government The second Budget of President Gotabaya Rajapaksa’s Government was presented on 12 November by his younger brother Basil Rajapaksa. Cheerleaders and image builders claim the Budget is extraordinarily beneficial and presented by a Minister exceptionally clever. Hence, one has to think twice before commenting on it. 

 

 

 

 

 

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