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‘All the indicators are in the right place’, Sri Lanka’s foreign minister says of economy
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- เผยแพร่เมื่อ 6 ก.ค. 2024
- Sri Lanka’s economy, which is emerging from one of its worst crises in decades, is doing “remarkably well”, its Foreign Minister Ali Sabry said on Monday (Jul 8). Speaking on CNA’s Asia First programme at the studio in Singapore, he noted that tourists are coming to the country and that its currency has strengthened.
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Sri Lanka has done enough infrastructure development. Sri Lankan monetary policies should focus on creating jobs, boosting business opportunities and increasing investments in tourism sector.
Sri Lanka’s president thanks China for assistance:
on March 7, Sri Lankan President Ranil Wickremesinghe said that China has support to restructure Sri Lanka's debt, which means that the Sri Lankan government will soon receive assistance from the International Monetary Fund (IMF).
Sri Lanka's gov official debt report:
47% - Market borrowings (bonds) - most of which is held by BlackRock (U$A shadow government company)
13% - Asian Development Bank (Japan, but a western own and run bank)
10% - China
10% - Japan
9% - World bank
2% - India
9% - Others
Sri-Lanka has asked the IMF for bailout 16 times in the last 52 years.
Sri-Lanka has failed to complete IMF programs nine times!
The last IMF program was terminated by Gotabaya Rajapaksa in early 2020, because he did not like the conditions imposed by the IMF!
After bankrupting the country, the regime went to the IMF again two years ago!
Successive Sri-Lankan regimes have printed money and mismanaged the economy.
In 1950, one US dollar bought Rs 5.
When Gotabaya was elected in November 2019, one US dollar bought Rs 180.
Now, one US dollar can buy Rs 300.
There will be many more IMF bailouts in the next few decades to come!
Critics argue that China’s loans have led to a form of "debt trap diplomacy," where Sri Lanka's inability to repay loans results in increased Chinese control over strategic assets. This situation has strained Sri Lanka's financial stability and limited its economic sovereignty. And China's BRI terms prevent countries from refinancing with countries such as the US even if it would help a country like Sri Lanka.
Sri-Lanka has been on a downward spiral since 1948, because of divisive politics, corruption, incompetence, majoritarianism and nepotism.
Sri-Lanka has a huge public sector and a large military.
More than 1.5 million people work in the public sector.
According to the International Institute for Strategic Studies (IISS), active troops per 1,000 people:
Sri-Lanka - 11
Pakistan - 3
India - 2
Malaysia - 4
UK - 3
It also has around 500 state-owned companies (compared to about 600 state-owned companies in India).
Sri-Lanka’s exports are worth just US $15bn a year.
Taiwan with the same size population exports more US $430 bn a year!
Sri-Lanka has too many political and structural issues, and therefore trying to build an export-driven economy is just a pipe dream!
From the looks of things people are going to vote for a NEW PRESIDENT who is going to go on a spending spree giving free govt jobs and price protectionism. A new president might even pull out from the IMF program. 😮
Good afternoon ❤️🇱🇰🦾😇👋
Ali Sabry is a another crook from the ruling party ,
(Long) *Facts* about Chinese 🇨🇳 debt-trap loans to Sri Lanka that also apply to most BRI projects:
- China was never transparent about its BRI loans.
- third highest, at 10%, among Sri Lanka's $51 billion foreign debts.
- Chinese annual interest is at 3.3%, *5 times* higher than Japanese loans.
- Among all loans, Chinese loans must be *paid first.*
- Chinese loans are not money. They are *construction debt.*
- The loans must have *collateral, such as mines, seaports, etc.
- Most BRI projects China developed are useless but may be useful for *the Chinese military.*
- Chinese workers, mostly *men unable to marry* in China, are transported to Sri Lanka for BRI projects.
- China took the Hambantota seaport for *99 years* as Sri Lanka's unable to pay.
- unable to pay, Sri Lanka asked lenders for renegotiation. All responded, *except China.*
- When Sri Lanka tried to import necessities, China *blocked* it because of unpaid debts.
This is same with other powers of the world.. don't act like its just China..
China 1000 folds better than hypocrite India
@@user-ib2dq7ev5n Then why doesn't Sri Lanka become a financially-independent country?
He is thieve
Bullshit
බැල්ලිගෙ පුතා 😂
Thanks for letting us all know of your name change.
You must be one of those bayyas who voted for his former boss Gota😂
People who destruct Lanka’s growth
Whatever he is saying completely incorrect. made up stories. Still ruin the country by Sri Lankan politician including this person.
Is that what your villagers call you?
Mot horek