What's new

Deviation from Chinese-led development drive costs Sri Lanka

samv

SENIOR MEMBER
Joined
Sep 18, 2009
Messages
3,059
Reaction score
-24
Deviation from Chinese-led development drive costs Sri Lanka - Joint Opposition

By Shamindra Ferdinando


Having realised that Sri Lanka couldn’t rely on Western funding for development projects, the Sirisena-Wickremesinghe government was now seeking Chinese support, the Joint Opposition said yesterday.

It alleged that the government had shunned the Chinese, having condemned all Chinese-funded projects, including the USD 1.4 bn Colombo port city development launched during the previous administration.


Colombo District MP Dinesh Gunawardena, Matara District MP Mahinda Yapa Abeywardena, former External Affairs Minister Prof G.L. Peiris and former Galle District MP Baddegama Samitha thera yesterday discussed several contentious issues at a media briefing at N.M. Perera Centre, Borella,

Leader of the Joint Opposition MP Gunawardena alleged that the country had to pay a very heavy price for suspending the port city project. Gunawardena pointed out that the Sirisena-Wickremesinghe administration hadn’t succeeded in securing Western financial assistance and that was why it had decided to mend fences with Beijing.

Sri Lanka’s recent participation in the opening of the Asian Investment Infrastructure Bank in Beijing by President Xi Jinping had highlighted the new government’s turnaround, the Joint Opposition said. In fact, the World Bank had been opposed to the move, the MP said, adding that the Colombo port city project was yet to resume.

China set up the banking project to rival the World Bank, IMF and the ADB.


Sri Lanka’s foreign reserves had been under tremendous pressure over the past year due to deteriorating international markets in addition to sharp decrease in crude market, Gunawardena pointed out.

MP Gunawardena recalled the circumstances under which the government had scaled down economic ties with China in the immediate aftermath of the January 2015 presidential poll.

The Joint Opposition challenged the government to brief Parliament on the current status of the economy.

Alleging that Sri Lanka’s participation in the World Economic Forum hadn’t brought any tangible benefits to the country, the MP challenged the government to reveal the names of those who accompanied Prime Minister Ranil Wickremesinghe to the recently concluded event. Gunawardena alleged that the Colombo Economic Forum, too, hadn’t brought any benefits, though the government portrayed the event as a major success.

Gunawardena, who is also the leader of the Mahajana Eksath Peramuna, alleged that the government couldn’t comprehend that West and even the Arab world lacked the wherewithal to make investment due to financial turmoil.

Former Agriculture Minister Abeywardena alleged that the government was planning to agree to a series of constricting IMF conditions. He claimed that if the government gave in to IMF conditions, VAT could be drastically increased. The MP speculated on the possibility of the government having to present a mid-year budget in such an eventuality.

Both Gunawardena and Abeywardena warned of dire consequences in the even of the beleaguered government going ahead with the agreement which they called disastrous. Such an agreement would cause further hardships to those who had been struggling to make ends meet, they said, claiming that Sri Lanka was on the brink of a crisis like the one Greece was faced with.

Gunawardena stressed that Western powers wouldn’t help Sri Lanka.


Abeywardena pointed out that the new government’s harebrained position on China had boomeranged and today the country was facing an uncertain future due to short-sighted polices of the UNP.

MP Gunawardena castigated the government for accepting USD 1 bn from an unidentified investor to overcome the financial crisis. He said the unprecedented transaction exposed the precarious financial situation in the country and the failure on the part of the government to take remedial measures.


Gunawardena pointed out that the Reuters had reported Finance Minister Ravi Karunanayake having refused to divulge the identity of the investor though he was identified as a Belgian.

The investor has promised to transfer the money in two equal tranches from banks in Brussels and Luxembourg; the news agency quoted the minister as having said.

Responding to a query by The Island whether the Joint Opposition believed that Sri Lanka should adopt austerity measures as well as IMF conditions meant to overcome the crisis, both Prof. Peiris and Gunawardena said it did not. They explained that the previous government had adopted a strategy to develop the country without being dictated to by international lending agencies and Western powers.


Gunawardena, however, said that even oil rich Norway had been compelled to release sovereign bonds due to the present crisis.

http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=139401



@Shotgunner51 @Chinese-Dragon @Beast
 
Sri Lanka’s recent participation in the opening of the Asian Investment Infrastructure Bank


Thanks for tagging.

Welcome SL to join AIIB! 2016 is going to be a rough year, wish SL and China joint hands and weather through the tough times.
 
Thanks for tagging.

Welcome SL to join AIIB! 2016 is going to be a rough year, wish SL and China joint hands and weather through the tough times.
No brother. Those who betray China must paid the price. If an example is not set. China foreign investment will change or cancel according to which government in power. That will be negative for Chinese overseas investment.

The stupid financial minister of SL must go before ties can be mended.
 
No brother. Those who betray China must paid the price. If an example is not set. China foreign investment will change or cancel according to which government in power. That will be negative for Chinese overseas investment.

The stupid financial minister of SL must go before ties can be mended.

China should help Mahinda. It's a pity to see that China ignored the geo-political importance of pressure politics.
 
Thanks for tagging.

Welcome SL to join AIIB! 2016 is going to be a rough year, wish SL and China joint hands and weather through the tough times.
No brother. Those who betray China must paid the price. If an example is not set. China foreign investment will change or cancel according to which government in power. That will be negative for Chinese overseas investment.

The stupid financial minister of SL must go before ties can be mended.

Buddy...I was on forced vacation from the forum for a week so couldn't ask this before. But how's that 'Chinese system most logical and best system' going? I hear your guys have mismanaged the response to economic slowdown and messed things up. How how I wonder. I thought in your best system these things don't happen? :lol:
 
Welcome to democracy where policy swings like PMS.
 
No brother. Those who betray China must paid the price. If an example is not set. China foreign investment will change or cancel according to which government in power. That will be negative for Chinese overseas investment.

The stupid financial minister of SL must go before ties can be mended.


Unfortunately he is not the only anti-Chinese racist in a position of power. The current Sri Lankan prime minister Ranil Wickremesinghe led a campaign against Chinese projects in the country and vilified and berated China in public to please his masters in the West (and India). He has cancelled or put on hold many projects and put spanners in the work of ongoing projects like the Lotus Tower.

Now he is starting to realize that his friends in the West aren't going to flood Sri Lanka with investments and money and is trying to "mend fences." It is an absolute farce. Disgusting behaviour by an immature western puppet.

China along with Pakistan were the two countries that stood steadfast by Sri Lanka during the war and provided unstinting economic, military and political support. And after the war it was China that stepped up to give a helping hand to Sri Lanka... and this is how these United National Party wretches treat China.

China should help Mahinda. It's a pity to see that China ignored the geo-political importance of pressure politics.


China is not like Britain or USA or India. They don't behave like snakes in the grass and interfere politically. They spread their influence economically
 
Buddy...I was on forced vacation from the forum for a week so couldn't ask this before. But how's that 'Chinese system most logical and best system' going? I hear your guys have mismanaged the response to economic slowdown and messed things up. How how I wonder. I thought in your best system these things don't happen? :lol:
We still has USD3.7 trillion foreign reserve. India has how much to invest in SL? 1 to 2 Billion is peanuts and not enough to satisfy SL. Our system ensure we got enough foreign reserve and can spend whatever we like in next decade. While its is something India cannot afford.
 
We still has USD3.7 trillion foreign reserve. India has how much to invest in SL? 1 to 2 Billion is peanuts and not enough to satisfy SL. Our system ensure we got enough foreign reserve and can spend whatever we like in next decade. While its is something India cannot afford.

yeah when your currency devalues that 3.7 trillion will look a lot less than 3.7 trillion man. You may find it surprising but that's how math works....:D . Also, If you read Alan Greenspan's 'Age of turbulence' you'll realize that so called balance of trade problems do not worry him at all. You been flogging an extremely dead horse my friend :lol:

No brother. Those who betray China must paid the price. If an example is not set. China foreign investment will change or cancel according to which government in power. That will be negative for Chinese overseas investment.

The stupid financial minister of SL must go before ties can be mended.

I'm PRETTY sure nothing of the sort will happen :enjoy:
 
yeah when your currency devalues that 3.7 trillion will look a lot less than 3.7 trillion man. You may find it surprising but that's how math works....:D . Also, If you read Alan Greenspan's 'Age of turbulence' you'll realize that so called balance of trade problems do not worry him at all. You been flogging an extremely dead horse my friend :lol:

do this guy even know what foreign reserve is? :hitwall::hitwall::hitwall:
 
do this guy even know what foreign reserve is? :hitwall::hitwall::hitwall:

Didn't you say you're using Yen as 'world currency' now? Whichever way your assets will lose value. When the yen devalues you'll dip into your foreign resevres and pay in those currencies for your imports.
 
Last edited:
China should help Mahinda. It's a pity to see that China ignored the geo-political importance of pressure politics.
LOL The blind cultist is just being dumb. Mahinda is dead and he cannot ever return to politics. You should go to jail with Yoshitha.
Shamelessly using patriotism as a political tool for your madman and now talking nonsense about pressure politics. You just don't care about the country only about your Dear king and everyone against him are labelled unpatriotic and Western slaves

Keep on living in your dream land. Mahinda is useless for China or the country. He is a failure and has fallen to new lows.
I expected him to do a good job in the opposition but the only thing he does he arouse nationalism and shouting in temples.Such a person doesn't deserve to be in Policy making
After becoming the most powerful head of state in history and bringing his entire bloodline and getting 2 terms and also trying for a 3rd term as executive president you want him steal power again through China? Disgusting
 
Last edited:
Look at this loser.... bending over backwards to please his western masters, but nothing to show for it. Now desperately begging for foreign investment and trying to get China to invest.


20axfh1.png
 

Pakistan Defence Latest Posts

Back
Top Bottom