Sri Lanka and the woes of independence

[andrewmillman]

Sri Lanka cancels school exams over paper shortage

Sri Lanka cancels exams for millions of school students as the country runs out of printing paper, with Colombo short on dollars to finance imports.

www.abc.net.au

How does it come to this? What is the solution? Should they be on the phone to the Brits? So many questions

Lovely place to visit, great people with stoic optimism, hope they can get moving again.

 

[Rob R]

Sri Lanka cancels school exams over paper shortage

Sri Lanka cancels exams for millions of school students as the country runs out of printing paper, with Colombo short on dollars to finance imports.

www.abc.net.au

How does it come to this? What is the solution? Should they be on the phone to the Brits? So many questions

Lovely place to visit, great people with stoic optimism, hope they can get moving again.

Corrupt governments, lengthy civil war, impact on tourism due to COVID and corrupt pollies agreeing to dodgy CCP debt trap loans the country could never afford. A true shame as the Sri Lankans are generally very good people.

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[kranky al]

Some of us dont realise that they are soooo funking lucky in this country

 

[Kwality]

Corrupt governments, lengthy civil war, impact on tourism due to COVID and corrupt pollies agreeing to dodgy CCP debt trap loans the country could never afford. A true shame as the Sri Lankans are generally very good people.

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& caused me to look. See below.

'China's One Belt One Road (OBOR), now known as the Belt and Road Initiative (BRI), was announced in 2013 and it seems it has one purpose only -- subjugation of the economically fragile nations on the way to becoming a great power by the time the Chinese Communist Party (CCP) celebrates 100 years.'

'There are numerous examples of countries, developed and developing, which are economically fragile that have become even more fragile courtesy the OBOR. The recent situation in Pakistan and Sri Lanka is case in point. The Centre for Global Development in a 2018 study of countries hosting OBOR projects found 23 of them in a state of debt distress.'

China's Belt and Road Initiative trapped Sri Lanka in debt, chaos - Sentinelassam

'Sri Lanka has taken loans from China, at lending rates in the range of 3-6 per cent against the 1-3 per cent offered by the World Bank and International Monetary Fund (IMF).
As a result, Sri Lanka has had to request China for a debt-to-equity swap, selling their own equity to Chinese companies as they have not been able to pay back their loans. China's investment of an estimated $1.4 billion in Sri Lanka's Colombo Port City project is the largest single foreign investment in the island nation's history. Dubbed as a Public-Private Partnership (PPP) between the government of Sri Lanka and the CHEC Port City Colombo (CPCC) Pvt Ltd, the project has been much publicized for the employment opportunities and huge revenues which it would generate for the Sri Lankans.'

'What is seldom spoken about is the fact that of the 269 hectares of reclaimed land, 43 per cent will be controlled by the CPCC through a 99-year lease agreement. This is reminiscent of the not too long-ago takeover of the Hambantota Port on a 99-year lease by China Merchant Port Holdings (CMPH). The port is now operated 'jointly' by the Sri Lanka Ports Authority and CMPH, with the latter holding 80 percent stake in the port and exercising near total control over its operations. Sri Lanka is just one example of how China uses its economic power to ensnare unsuspecting, and sometimes complicit governments in an intricate web of debt and dependencies.'

Note: Colombo is the biggest port in the Indian Ocean as India is well aware:

What Chinese port city in Colombo means for India’s security | India News - Times of India

India News: Control of Colombo Port City is seen as a security concern for India

timesofindia.indiatimes.com

 

[Saint]

Sri Lankan politics is rife with corruption, which they're willing to part-take in to sustain decades-long divides which run much deeper.

There was quite a large protest about this at Fed Square a weekend or two ago. It was a couple of hours after a Pro-Imran-Khan Pakistani protest held at the same location. I was there with the kids to watch an outdoor comedy show. The protests were more entertaining, even if it was mostly anger in a foreign language.

 

[fishardansin]

Sri Lanka cancels school exams over paper shortage

Sri Lanka cancels exams for millions of school students as the country runs out of printing paper, with Colombo short on dollars to finance imports.

www.abc.net.au

How does it come to this? What is the solution? Should they be on the phone to the Brits? So many questions

Lovely place to visit, great people with stoic optimism, hope they can get moving again.

Why on earth would the call in the nation with the most blood on their hands?

 

[Kwality]

Sri Lanka defaults on $US78 million of payments to international creditors​

https://www.theaustralian.com.au/world/the-times/sri-lanka-defaults-on-us78-million-of-payments-to-international-creditors/news-story/b1ef7da23123b357376f4c961e697f51

Sri Lanka has defaulted on its debt for the first time in its history, as petrol stations run dry and protesters riot in the streets in its worst economic crisis since independence in 1948.

P Nandalal Weerasinghe, the country’s central bank governor, announced that Sri Lanka was in a “pre-emptive default” after the expiry of a 30-day grace period for missed interest payments on two of its sovereign bonds.
Mr Weerasinghe claimed that plans for a debt restructuring had almost been finalised and he would submit a proposal to the cabinet soon.

He said adequate dollars had been released to pay for fuel and gas shipments, helped by $US130 million from the World Bank and remittances sent by Sri Lankans overseas.

The crisis has been caused in part by the pandemic, which led to a collapse in tourism and a crash in foreign currency income. As a result, foreign currency reserves have collapsed from £5.8 billion ($10.3 billion) in 2019 to £40.5 million today.


The crisis has led to a shortage of medicine and other essentials, while lack of fuel has led to daily power outages. Almost all of the petrol stations are believed to have run dry. The prime minister, Ranil Wickremesinghe, said on Tuesday that the country only had one day of fuel left.

 

[Johnny Bananas]

This is what happens when you repeatedly vote in corrupt, incompetent bastards because they use the rhetoric of ethnic and religious chauvinism. There's a lesson here for all countries if they care to observe it.

 

[Rob R]

This is what happens when you repeatedly vote in corrupt, incompetent bastards because they use the rhetoric of ethnic and religious chauvinism. There's a lesson here for all countries if they care to observe it.

Corrupt government that accepted bribes to take on insane debt trap loans from an unfriendly government that wanted control of key Sri Lankan infrastructure. Terrible tragedy for a nation full of wonderful people.

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[Johnny Bananas]

Terrible tragedy for a nation full of wonderful people.

Debatable.

 

[Kwality]

This is what happens when you repeatedly vote in corrupt, incompetent bastards because they use the rhetoric of ethnic and religious chauvinism. There's a lesson here for all countries if they care to observe it.

There are plenty of lessons to learn:
'Spending borrowed money on unproductive projects is a curse'

Lessons to Learn from Lanka - Open The Magazine

“Neither a borrower nor a lender be; for loan oft loses both itself and friend,” warned Shakespeare many years ago, but nations make it a habit of borrowing and often living beyond their means. Sri Lanka, a fairly prosperous and successful nation, developed the art of borrowing from Peter to pay...

openthemagazine.com

'Neither a borrower nor a lender be; for loan oft loses both itself and friend,” warned Shakespeare many years ago, but nations make it a habit of borrowing and often living beyond their means'.

Locally the Aussies inheriting our debt will have much to question as our interest payments escalate in line with international inflation.

 

[CD Xbow]

This article from the BBC paints a truly terrible picture of conditions in Sri Lanka Sri Lanka crisis: Daily heartbreak of life in a country gone bankrupt

 

[Fyfe! The Musical]

What likelihood famine?

Their decision to switch to organic farming last year might end being a colossal mistake as the Great Leap Forward.

 

[Pessimistic]

So China is the new IMF?

 

[Rob R]

So China is the new IMF?

Don't think the IMFs mission was to bribe officials into accepting loans far more expensive than available elsewhere so key infrastructure can be seized as payment. The CCP is more like the loan shark hanging around a pokies venue encouraging people to keep trying.

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[Pessimistic]

Don't think the IMFs mission was to bribe officials into accepting loans far more expensive than available elsewhere so key infrastructure can be seized as payment. The CCP is more like the loan shark hanging around a pokies venue encouraging people to keep trying.

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No they seem to be about the super rich getting even richer, can’t have those pesky Chinese getting in on the action?

 

[Rob R]

No they seem to be about the super rich getting even richer, can’t have those pesky Chinese getting in on the action?

Chinese government not Chinese, the poor Chinese people have no choice in the murderous mob running the place. It isn't about money, it is about power at any cost.


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[Pessimistic]

The whole title is Anglo centric. Isn’t the problem they have developed ‘dependence’ on the Chinese

Chinese government not Chinese, the poor Chinese people have no choice in the murderous mob running the place. It isn't about money, it is about power at any cost.


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yawn

 

[Johnny Bananas]

The whole title is Anglo centric. Isn’t the problem they have developed ‘dependence’ on the Chinese

The problem is terrible leadership. And given they are a functioning democracy where the major party can and has been voted out before, this is on the people themselves, they chose their leaders.

 

[rank and file]

Sri Lanka is collapsing.
Surprised the Australian cricketers haven't bailed
yet.

 

[rdhopkins2]

Very dangerous situation in Sri Lanka right now. I hope the PM ‘s and other politicians security are on the ball.

Shocked that the cricket hasn’t been called off due to security concerns.

 

[Johnny Bananas]

Sri Lanka: President Rajapaksa to resign after palace stormed

Thousands of protesters have been demanding the PM and president quit over the country's economic crisis.

www.bbc.co.uk

 

[Pessimistic]

Very dangerous situation in Sri Lanka right now. I hope the PM ‘s and other politicians security are on the ball.

Shocked that the cricket hasn’t been called off due to security concerns.

Private pools are in danger all around the country

 

[Pessimistic]

Sri Lanka: President Rajapaksa to resign after palace stormed

Thousands of protesters have been demanding the PM and president quit over the country's economic crisis.

www.bbc.co.uk

Did the simpsons predict this?

 

[spinynorman]

Sri Lanka: President Rajapaksa to resign after palace stormed

Thousands of protesters have been demanding the PM and president quit over the country's economic crisis.

www.bbc.co.uk

Pretty sweet backflip at the six second mark.

The January 6 losers must be looking at this with envy. Also clear proof the US Capitol should install a pool.