World Bank Hijacks Ministry of Finance

Before you study the economics, study the economists!

e-Con e-News 14-20 August 2022

The ruling class is disproportionately Muslim, Tamil & Christian –

as well as descendants of Parsee, Sindhi, Chettiar & Gujarati immigrants.

The 50-odd Parsees are the richest single community in the country,

owning Abans, and much of Keells, CIC, Cargills, etc.

Most of our soldiers are impoverished, Sinhala & Buddhist,

Most of those in the top echelons are not.

When national security is compromised,

the lads & lasses who go out there

and get the country back on track

come predominantly from the

so-called ‘ata pass’ class backgrounds…

(see ee Random Notes, Ata-Pass)

‘There are many questions about the Stock Exchange.

That a few people control it, and a few people rig it.

Now, can I put any state enterprise shares onto that to help a few people?’

– President Ranil Wickremasinghe

President Ranil Wickremasinghe’s comments aroused much fake outrage: ‘Industry officials are quite upset…’ But the media calling the stock market an ‘industry’, is an old joke. This further proves: our English media don’t know English. They simply know not what industry really means. Or don’t care.

     What the President says about the Colombo Stock Exchange could easily be said of the ruling colonial import-export plantation oligarchy, as a whole. It is rigged ragged! The ‘private sector’ monopolizes the resources of the country, they rig it, and by their rigging, they place the entire country’s head on the slave block. They rather blame politicians alone.

     And Sri Lanka’s story of independence is a sorry tale of the import mafia preventing modern industrialization.

     Many of the so-called merchant minorities who make up the import mafia are extended regional family networks. They were reinforced in the colonial era to provide a buffer between the masses and the colonial machinery of exploitation.

     This is why ee finds the howling about ‘family rule’, etc, rather diversionary. Family, kith, kin and clan, are still dominant in old societies, and even evident in the rulers of so-called modern states (Bushes, Clintons, etc.). No matter. The white ruling classes in Europe and their settler states reproduce themselves. Their education systems also reproduce the class system, except they pay lots of money for rewording with fancy jargon their methods of streaming students into the working class.

     This ‘family rule’ name-calling against our countries is a subplot of an old colonial canard, Asian Despotism.

This ee examines the role of the US-controlled World Bank, IMF, and other such International Financial Institutions (IFIs), in compromising the independence of the most important institutions in the country – in particular, the Ministry of Finance’s External Resources Department (ERD). The ERD is heavily implicated in the ongoing ‘debt’ fiasco. The ERD is supposed to ‘conduct loan negotiations with development partners & lending agencies’ and also ‘manage government external debt’.

     This ee also identifies the US University of William and Mary in good old slave Virginia, USA, as the source for the media’s relentless anti-China ‘debt trap’ narrative. The ERD channels this selective US data for many anti-China ‘disclosures’, even as it is the ERD that is responsible for providing the data on the entry & exit of foreign funds. Those economists and media who faithfully reproduce these canards, hope they will obtain due reward (see ee Economists, US Aid Datasets)

• History recalls that the USA was upset with the 1952 Dudley Senanayake government for agreeing to Sri Lanka’s most enduring trade treaty, the China Rubber-Rice Pact. The US then got the Finance Minister JR Jayawardene to increase the price of rice, as recommended by the World Bank. This triggered the 1953 hartal (whose 69th anniversary was on August 12). The hartal resulted in the replacement of Senanayake by a relative, John Kotelawala. Kotelawala’s abject anglomania in turn paved the way for the landslide victory of the Mahajana Eksath Peramuna (MEP), which was caricatured as a revival of the country’s Sinhala-Buddhist ethos. The whites will therefore work overtime to prevent such déjà vu-doo!

• Last ee noted the IMF strategy in Greece was to impose a massive electricity fee increase, in lieu of the Greek parliament not implementing their bitter medicines. So what’s new?

     The RMV (Registrar of Motor Vehicles) this week suddenly agreed to register electric trishaws. India’s Bajaj was blocking such registration. After all, along with India’s Tata, Bajaj chokes our roads, and guzzles the Russian fuel India is selling us at inflated prices. The RMV’s sudden change of heart has to do with USAID partnering with David Pieris to ‘boost electric mobility’.

     The rather hilarious announcement arrives on the heels of a massive increase in electricity prices, pushed by the USA’s IMF. The Richard Pieris Co was set up to front for the so-called ‘Ceylonization’ of the US’s Ford Motor Co, post-1948, which has been getting our rubber inexpensively (see ee Industry).

Pakistan has assured the International Monetary Fund (IMF) they will remove all subsidies on petrol and electricity, and tactically increase prices. They will implement the 27-point action plan: with the value of the dollar, ‘market-based’. The government will also review the ban on imported goods in January 2023 (ee Economists, Pakistan Assures).

• ‘Outrageous overtime payment to petroleum refinery workers’, cries a pseudonymous letter to the editor in the Island. Such sentiments are nothing new in the capitalist media. This is their job. Open any English newspaper in Sri Lanka, and know that any white envoy reading the rags, will smile (if not laugh) for the bang they get for an overvalued buck! The English media is the toilet-paper of choice for white envoys, and when they fold it, barely read tho bought and paid for, it feels gooooo-od!

Don’t get ee wrong, it’s not that our media workers are not skilled.

• The Ceylon Electricity Board Engineers’ Union (CEBEU) this week ‘rejected the dictates’ of the IMF and said will only follow policies of the Central Bank of Sri Lanka and Finance Ministry.

     The CEB once ‘asked for a 229% tariff increase at the public hearing, and CEB GM lobbied the IMF to force the Public Utilities Commission of SL to do so… A 229% tariff increase would have wrecked the economy, driven the SMEs to the ground, and created mass poverty (real & energy poverty). –ee Workers, CEBEU rejects.

• The Wijeya Group’s Sunday Times has begun to list a daily police log which details in shorthand the ‘crimes’ the police record. It makes for gloomy reading, but these are mainly what is known as ‘retail’ crime. A few grams here, a car accident there, a killing & a robbery… daily. Every now and again, the media posts the photographs of customs officers and police officers who have captured a larger haul than a few grams. Yet that is their job, and it suggests greater crimes go unphotographed. Wholesale crime, like wholesale murder, largely takes place off-screen.

     If the US-controlled IMF/World Bank can have an office in the Central Bank, why doesn’t the media have one there too and record the real wholesale robbery?

     Meanwhile, banks are all reporting ‘challenges’ and downplaying their profiteering (ee Finance) The creative ways in which these banks display different methods of reporting on their balance sheets suggests, that like their boards of directors – displaying all manner of diversity, inclusivity & equity – it is all hype.

     See how faithfully, the media reproduce the press releases of the US envoy, English Hi-Commissioner, IMF, World Bank, UN, Rating agencies, etc. Examine ee’s news compendium. Note where there are various news links to the same story. If the news is not of a sensationalist temper, it usually indicates how heavy media ‘patronage’ works. Therein lies the major criminality, and it is all business as usual.

ee remains sceptical of all this blabber & blather about geopolitics & big-power rivalry in the Indian Ocean, etc, and about the decline of the white man. The white powers remain in charge of the seas and skies.

Spectacular US Nuke Test – The US launched a Minuteman III intercontinental ballistic missile test from Vandenberg Space Force Base in California on Tuesday morning, August 16. The missile carried a dummy warhead more than 4,000 miles to the Marshall Islands in the South Pacific. Missile tests are meant to show the ‘readiness of US nuclear forces’. What the people of the Pacific feel about it, we’re not told.

     Unlike the widespread media caterwauling when free Korea, China or Russia tests its defences, there was little media coverage outside the US military media: One called it, ‘a spectacular sight’. Hallelujah!

• Despite the much-publicized request by ‘eminent economists’, for the US to return Afghanistan’s stolen reserves, the US has rejected unfreezing Afghanistan’s Central Bank assets of $7billion taken hostage and kept ‘on US soil’. The Wall Street Journal claims, ‘Biden’s decision not to return the funds came after he ordered the assassination of al-Qaeda’s leader in Kabul’ on August 1 (see, ee Sovereignty, White House rejects).

     Yet, neither Russia or China have confirmed the assassination (indianpunchline.com/us-commits-a-perfect-murder-in-kabul), and like the so-called killing of Osama Bin Laden, it glows in the realm of ‘satanic’ fictions.

Why Such Generosity Down-Under? – On Friday, Australia promised a ‘further $25million to fast-track food and health supplies to those in most need in the former English colony’: ‘The beefed-up support package comes a fortnight after an unprecedented move when Australian Border Force used its own patrol vessel to return 46 men to Colombo that it had intercepted at sea, rather than taking them back by air.’

     The Australian Border Force claims ‘a renewal of attempted boat arrivals in Australia from Sri Lanka, intercepting 5 vessels with 137 people on board, and 15 more, carrying 701 passengers, ‘being stopped in Sri Lankan waters’. ‘Australia committed $50million in June in urgent humanitarian backing’. Australia also announced it was providing fuel to SL’s navy and airforce through India. However, there is yet no investigation into how Australia’s last government arranged for an ‘illegal’ Sri Lankan boat to arrive and be announced exactly when the former PM was casting a ballot, an exercise meant to pull out the white-settler vote (Random Notes).

• Sri Lanka’s English media gave little coverage to the 10th Moscow Conference for International Security, where Russia’s President Vladimir Putin noted: ‘the world is changing dynamically and the outlines of a multipolar world order are taking shape. An increasing number of countries and peoples are choosing a path of free and sovereign development based on their own distinct identity, traditions and values. These objective processes are being opposed by the Western globalist elites, who provoke chaos, fanning longstanding & new conflicts and pursuing the so-called containment policy, which in fact amounts to the subversion of any alternative, sovereign development options.’

• Contradictory and confusing media coverage continues. While last ee recorded news promising we’d get fuel from Russia, a CPC official now says ‘direct fuel imports from Russia may trigger US secondary sanctions’, and therefore must be obtained through a 3rd party in Dubai – see, ee Sovereignty, Direct.

• Despite the much-publicized request by ‘eminent economists’, for the US to return Afghanistan’s stolen reserves, the US has rejected unfreezing Afghanistan’s Central Bank assets of $7billion taken hostage and kept ‘on US soil’. The Wall Street Journal claims, ‘Biden’s decision not to return the funds came after he ordered the assassination of al-Qaeda’s leader in Kabul’ on August 1 (see, ee Sovereignty, White House rejects).

Direct fuel imports

     Meanwhile, underdevelopment is not just the realm of the ‘3rd world’ or of impoverished nations. Some suggest that deindustrialization in the imperialist countries also amounts to underdevelopment. And then there are the ‘wealthy’ petrodollar kingdoms, where this week it was noted:

     ‘Despite years of efforts by Crown Prince Mohammed bin Salman to diversify the economy, and some success in increasing non-oil revenue, Saudi Arabia continues to rely heavily on crude exports that pay for public sector salaries, generous benefits to citizens and defense spending.’

     So is it US Dollars we need? Or is it something else?

     ee shall leave discussion of this with an important observation by SBD de Silva: The whites prefer to hand over power to the Black-whites, rather than whites themselves. Cos Kalu-suddhas, for all their English-this and English-that, have no idea about the basis of the modern nation: machine-making industrialization.

Contents:

A1. Reader Comments

ee‘s weekly volume • India’s Naval Angst • Verite’s Central Bank • Rushdie’s Sinhala fanbase • Communist Taboos • Indian Ocean is White • Third Party Undiplomacy • Ranil’s Mouthings • Superpower Sunsets

A2. Quotes of the Week

• Indians Can Now Use Pentagon Front Door • Quad’s Ventriloquy • Warship Hypocrisy • India’s demands on Gota • Indian Ocean English Lake • Yahapalanomics Once More • East Asia Dumped IMF • No Transparency for ISBs • JR’s Cunning Welfare Cuts • Egg Import Mafia • Multinationals Hide Profits • English Maps Fail

A3. Random Notes

• NGO for Life • Separatism & Colonial Losses • Australia’s Vote Scares • Baptists, Swimming Club, & Arson • Shadow Remittsnce • Male Education Reform • Covid Dollars • Borrow more, import more • Good Governance & Gas Guzzlers

B. ee Focus       

B1. Need for Best Relations with China – Ananda Meegama

B2. Economists & Incest

B3. The Tails: Source of the ‘China Debt Trap’ Tales

B4. The World Bank & IMF’s Hijacking of the Ministry of Finance

C. News Index

________________

A1. Reader Comments

ee thanks Readers who send articles of interest. Please excerpt or summarize what is important about any news sent, or your comments, and place any e-link at the end. Email: econenews@gmail.com

• ‘Takes more than a week to read selected bits! How ee manages to compile all this every week and still manage to add all the compilers’ inputs beats me.’

• ‘So much angst in India over this Chinese ship’s visit. Oddly this ship has made it here before. So this is really about not getting Indian approval for giving permission to dock.’

• ‘Verite Research, a US-funded “think tank” hosted an online discussion in October 2021 on “steering out on the debt crisis: recipe for budget 2022”. One panelist was the present Governor of the CBSL. Is the Governor now adopting Verite strategic analysis as envisaged by that seminar?’

• ‘Sri Lankan Salman Rushdie fans are silent about the terror attack. How and why? There was an English professor who wrote a book and a magistrate who wrote in Sinhala eulogising Rushdie. Are they hiding in their cocoons?’

• ‘Re: ‘the political elite, it is the business class & salaried professional class’ should ‘engage in a terrible amount of soul searching’? They just won’t. This is why communist parties don’t allow capitalists to become members.’

• ‘Why is India pretending they are the dominant power in the Indian Ocean, when it’s all whites that rule the waves! And why hype China’s ship visit when a while ago it was the US doing exercises to blockade Sri Lanka? What a pathetically colonised country India still is. You should see the way their ex-diplomats and analysts scream on twitter!

• ‘The Chinese vessel will dock. A ship coming from Nation B to Nation A has nothing to do with Nation C. It doesn’t matter who A, B, or C are. Ceylon has never been part of India, is not part of India and thank goodness will never be part of India. Who we are friends with, who invests here, who we engage with is not the business of a 3rd party. Furthermore, the entire Indian Ocean is not “India’s Ocean” (& our sovereign waters are not India’s waters). Any nation that wishes to engage with us can do so based on merit, competitive tenders and mutual respect.

     The Indian media were practically weeing themselves with glee that this nation would follow the diktats of New Delhi in a matter totally outside of their jurisdiction and openly show the world it has no self respect whilst spitting in the face of a major global economy and longstanding ally through thick and thin. It must be the biggest slap in the face to their arrogance that this nation finally stood up for itself after years of appeasement.

     Perhaps the biggest irony: When all sanity seemed lost and it looked like SL’s administration would actually do the unthinkable and engage in absurd appeasement of its neighbor, an Indian foreign spokesman – in response to China stating India should stop interfering in SL’s affairs and stop putting pressure on Colombo – stated, “Sri Lanka is a sovereign country and makes its own independent decisions.” Shortly afterward, it must have come as a shock that Sri Lanka correctly decided a 3rd party (in this case India) has no right to interfere by not denying entry to a visiting ship (Game, Set &Match). So one would hope the statement about “Sri Lanka is a sovereign country” has been made abundantly clear to all and sundry. After all, sovereignty is not selective and the right to make independent decisions is not dependent upon the decision made!’

• ‘The monies that are invested there are not all from multibillionaires. A lot of the money is from pension funds, other earnings, and banks. ‘A haircut means those pensioners have to take a loss,’ says the President. Why is this guy speaking up for Western pension funds more than the Lankan people? He said SL cannot go on as an import-dependent economy with the balance of trade not in the country’s favor. I remember he said SL must stay import dependent, last year when Gota banned imports!’ – see ee Economists, IMF Agreement will give

• ‘The West, aka imperialism is on the way out. One need not so much worry oneself with the past, is the future that matters. Albeit, the ugly reality is the fact that the beast kicks most when it gives out its last ghost. What is happening right now in our world is just a big global political pantomime – a theatrical political show of a dwindling milito-economic force. There’s no reversing of new international relations trends. Yes, socioeconomic-political pain is to be expected. However, the resulting sovereign gains – economic & political – shall indeed be the benevolence benefits, the end that justified the means. Struggle is lifetime, aluta continua. Cheers.’

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A2. Quotes of the Week_

• ‘As of today, the Indian (defense) attaché team now has unescorted access in the Pentagon, commencing with our close relationship with India’s status as a major defense partner… And if you don’t think unescorted access to the Pentagon is a big deal, I can’t get into the Pentagon without an escort.’ – US Air Force Secretary Frank Kendall, ee Security

• ‘It is the voice of the QUAD that one has heard through the critics of the YW-5 voyage. There is reason to believe they are promoting a US-led drive to isolate China internationally… Colombo has acted tactfully by reportedly asking India and the US to specify the reasons for their misgivings about the Chinese vessel’s port call. However, it defies comprehension why Colombo requested Beijing to defer the arrival of YW-5 at Hambantota for replenishment, after granting permission.’ – ee Sovereignty, Deferred

• ‘2 Indian navy vessels visited the Hambantota port for replenishment, in March this year. Naval vessels from Japan, Indonesia, Russia and the US have called at the port of Hambantota. But, the recent Chinese ship visit has caused such an uproar by the unfair intervention of India, egged on by the US to block it, that the public may tend to think that navies of other countries are not allowed to visit Hambantota.’ – ee Sovereignty, Deferred

• ‘Former President Gotabhaya Rajapaksa once alleged , Indian National Security Advisor Ajit Doval asked him to cancel the US$1.4bn Chinese flagship project, the Colombo Port City. Declaring that demand shouldn’t have been made, GR also quoted Doval as having called for the taking over of the highly successful Colombo International Container Terminals Limited (CICT), a joint venture between China Merchants Port Holdings Co Ltd and the Sri Lanka Ports Authority (SLPA). CMPH holds 85% of the partnership whilst the balance 15% is held by SLPA. Rajapaksa further quoted Doval as having told him, India wanted all Chinese-funded infrastructure projects stopped and for SL to have full control of the Hambantota port. Rajapaksa quoted Doval as saying: Sri Lanka is a small country; you don’t need such development projects.’ – ee Sovereignty, Deferred

• ‘Origins of the Indian foreign policy perspectives on the Indian Ocean can be traced to English colonial times when it was an English lake whose waters swept the shorelines of its colonies in East Africa, Middle East & South Asia right down to the Pacific. India had no such territorial sweep but its geopolitical strategists such as Pannikar had visions of Indian dominance from Djibouti to the straits of Malacca. Even Jawaharlal Nehru had held the view that the defence of independent India was inconceivable without including Sri Lanka and Burma.’ – ee Sovereignty, Lanka’s foreign policy

• ‘The SJB’s Dr Harsha de Silva disclosed that he not merely supports President Wickremesinghe’s economic policy doctrine as recently enunciated in the Address to the Nation, but that it was the self-same doctrine that was worked out between 2014-17 by a team which they were all on.’ – ee Economists, Harsha’s harsh

• ‘Thailand, South Korea, Malaysia, Indonesia and the Philippines were the 5 most-affected East Asian countries from the 1997-8 Asian Financial Crisis. None of the above countries have sought the IMF since 1998, after the regional catastrophe. In contrast, Sri Lanka has been a repetitive client of the IMF and by now has sought the assistance of the agency a total of 16 times.’ – ee Economists, Structural Adjustment

• ‘Ironically, while the IMF claims to promote transparency the ISB holders whose interests it represents in so-called debt restructuring are not properly identified, the interest rate and fees are unknown, and as opaque as their deals and trades in secondary markets.’ – ee Sovereignty, Ripples in the Indian Ocean

• ‘It was the cunning slight of the JR regime with its open economy policies in the late 1970s that led to the dismantling of the universal food subsidy; it was first made into a cash transfer, then targeted to a smaller constituencies and then inflated away to an assistance of little support. The Samurdhi program that is the legacy of the food-subsidy system is now limited to a meagre sum.’ – ee Economists, Universal Social Welfare

• ‘It is regrettable that the Minister of Trade proposes to import eggs to meet the scarcity and high price of eggs. Importing is a convenient solution to resolve scarcities. That has been the bane of this country. Why cannot the Minister, along with his colleagues in charge of Animal Husbandry, resort to the harder but better solution of launching a scheme for small-scale production of eggs under deep-litter and free-range systems. This is what the Animal Husbandry Division under Phillip Gunawardhana did, in 1960. He had the courage to ban overnight the import of eggs. But launched a concerted program for small-scale production of eggs which included making available day-old chicks, ensuring veterinary services, and very importantly arranging a loan scheme with the Peoples’ Bank. There were no large-scale battery-type production units at that time. Proposal to import eggs will result in the drain of foreign exchange and the creation of another import trade mafia. Encouraging small-scale poultry will not only save foreign exchange but create productive employment. Deep-litter poultry will also be a good source of fertilizer to support grow more food.’ – Sugath Kulatunga

• ‘A 2015 report by the UN Conference on Trade & Development estimated that profit-shifting by multinational companies costs developing countries US$100bn a year in lost corporate income tax. Another report, by IMF researchers, estimated developing countries may be losing as much as $213bn a year to tax avoidance. In addition, Oxfam estimated developing countries lose between 100-160bn annually to corporate tax dodging.’ – ee Economists, How multinationals avoid taxes

• ‘Roy Sawh, the eloquent Hyde Park orator, spoke to the issue of mis-cartography decades ago: ‘Hong Kong, so close to China and so far away from England is an English colony; Northern Ireland, so close to Southern Ireland is part of England; the Falkland Islands, so close to Argentina and so far away from England, is part of England; England, so close to Europe and so far away from the US is another state of the United States.’ – ee Sovereignty, Political geographies;

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A3. Random Notes (‘Seeing Number in Chaos’) _

• NGO for Lifers:

 – AT Ariyaratne, head of Sarvodaya, since 1958 – 64 years in office

 – Albert Malcolm Ranjith, Catholic Archbishop of Colombo, since 2009 – 13 years in office

 – Jehan Perera, Executive Director, National Peace Council since 1995 – 27 years in office

 – Pakiasothy Saravanamutthu, ED, Centre for Policy Alternatives since 1996 – 26 years in office

 – Several English media editors – over 25 years

 – The Oligarchy – since 1818, at least! (ee Workers, No term-limit to NGO & Media heads?)

Ata Pass – ‘As for the cry for a separate state, it is linked to the loss of colonial privilege. The ‘mainstream’ Tamil politicians also belonged to an English-educated, privileged elite. Through their connections in the civil service (60% Northern Tamil) they had a connection to the Planter Raj. The estate Tamils were as much the ‘other’ to them as the Sinhala peasantry. In 1956, communal feelings against the Tamils were not raised. The issue at the time was that of Sinhala (& Tamil) vs English. The Tamil communal parties advocated English only, not parity for Tamil…’ (see ee 27 July 2019)

Australia as much as the rest of Europe’s settler states are illegal on historical and moral grounds at least. The Australian media is acting all shocked about the former PM arranging for a boat of ‘illegals’ to arrive just in time for Australia’s May election.

     They do not investigate how Australia’s Morrison government arranged for their ‘Border Force’ (ABF) to promote an election-day boat arrival. Just before midday on election day, their home affairs minister Karen Andrews’ office had asked the commander of the Operation Sovereign Borders taskforce to issue a statement. The department gave a draft release to the minister’s office, prompting revisions from Andrews’ office to add, the vessel had arrived likely ‘illegally’ from Sri Lanka.

     The minister’s office requested the statement be emailed to a list of journalists identified by them. The department loaded the statement on the ABF website at 1pm before Morrison began a press conference at Lilli Pilli public school at 1.03 on 21 May. According to the e-day boat-scare chronology, Morrison was asked and answered the question about the boat BEFORE it went live online.

     A later ‘report found uniformed border force and defence force members, and public servants, acted with integrity and at the highest standards at all times.’ Amen!

Swimming to the Aragalaya – Like the earlier arrest of England-based doctor Pathum Kerner, dispatched to Colombo to capture an unelected leadership position during the ‘Aragalaya’, and then seen ‘attempting to attack Parliament’, the media circus publicized the CID summons this week of Julian Bolling & Johnny Martenstyn.

     There is a media PR-machinery attempt to turn Bolling & Martenstyn into ‘national heroes of our times’. Martenstyn’s father was killed in the war and Bolling won some swimming-pool splashings-about, decades ago. ‘They are even called ‘heroes’ – all because they have stayed on in Sri Lanka like the rest of us, except that theirs has been a remnant life of colonial privilege’.

     They are also supposed pastors of the Kirillapone Calvary Baptist church, a proselytising born-again outfit that preys upon the weak.

     Bolling, Martenstyn, Kishan Karunaratne, Yasas Hewage and other members of the church surrounded then-PM (now President) Ranil Wickremesinghe’s private residence, just down from Bolling’s own USAID rental. Bolling et al, ‘having seen the destruction caused on May 9, wanted it replicated in Colombo’. Their viciousness and malice is said to have been demonstrated by Karunaratne’s tweets where he mocked RW’s appearance and called him a fake PM. Karunaratne then informed people they would be surrounding his house. Karunaratne was said to be speaking up for terrorist-linked Kandy Trinity College-educated Batticaloa MP Shanakiyan Rasamanickam, grandson of former MP SM Rasamanickam and supporter of paramilitary leader Pillayan. Rasamanickam is currently a member of the separatist ITAK, constituent of the Tamil National Alliance (TNA).

     Bolling et al apparently ‘chose to surround the President’s house knowing full well that the PM’s wife is a cancer patient who has been undergoing treatment. They carried placards written with raw filth and shouted obscene slogans. They continued focusing on the PM s private house, each time directing people’s attention to where he lived.’

     ‘Roar’s editor in chief Roel Raymond twittering after their torching of Ranil’s private residence was gruesome: ‘(T)he price being paid for one man’s desire to gain and cling to power’.’

     On July 5, an article, ‘Colombo Swimming Club at War’, by a ‘longstanding member’ divulged ‘staggering events surrounding the club.’ He was responding to queries as to why the Swimming Club is ‘involved in sabotaging the attempts to stabilise the economy carrying on a hate campaign against the PM including surrounding his private residence when the IMF Delegation was here as well as funding the protestors outside Temple Trees’.

     Swimming Club President Kishan Karunaratne, ‘economist by profession’, stands accused of ‘engaging in all these acts; and the youth in the protests opposite Temple Trees are under the impression that our Club is backing them to the extent of discussing whether they could request using our toilet facilities. He has been providing them with meals while coming out of our premises and checking on them.’

     It was Karunaratne who first posted a message calling for people to surround the PM’s private residence, calling on fellow pastors of his born-again church. Karunaratne’s ‘social media pages are filled with attacks on the PM in the most degrading manner calling him names’.

     The ‘longstanding’ member worries ‘that governments have nationalised clubs’. And adds: ‘At a time when gangs are indulging in looting and arson we could easily be attacked by those opposed to Kishan’s actions.’ (lankanewsweb.net/archives/15267/colombo-swimming-club-at-war)

     Kishan was Chief of Staff to Colombo Mayor Rosy Senanayake. His mother Ilika Karunaratne proudly recalls, she was ‘in the last lot of debutantes from Sri Lanka presented to the Queen. (life.lk/article/entertainment/Growing-up-in-Ceylon/33/19434).

     Ilika has been described as part of a group of ‘defeated ex-MPs, non-representative has-beens’ who surrounded Ranil Wickremasinghe’s home (lankaweb.com/news/items/2012/01/08/ranil-won-but-where-is-the-leader). So was there a failing out: Ilika was married to UNP MP Chandra Karunaratne. Son Kishan is married to Janaki Balasunderam.

     Rajiva Wijesinha recalls how Ilika, ‘another fanatical Wickremesinghe supporter’, and ‘former acolyte of Lalith Athulathmudali’, had introduced him to Alistair Smith. She was ‘trying to get her son admitted to Aberdeen University where Alistair taught. I don’t think Ilika understood Alistair had a sexual dimension to his interest in SL and Sri Lankans. She had been scathing about homosexuals in politics, as a fervent adherent of Athulathmudali and sharing his views then about Ranil’s inclinations. But it is possible she had no illusions about Alistair but was determined to ensure her son, who was never I believe the subject of Alistair’s attentions except with regard to his education, got into Aberdeen.’ (rajivawijesinha.wordpress.com/2021/08/22).

     Illika Karunaratne is the Patron of the Charles Henry de Soysa Commemoration Committee (CHDSCC). Her son Kishan is its convenor, as Secretary OBA, Prince of Wales College. ‘CHDSCC consists of the largest collective of de Soysa family elders who had been involved in family matters for well over 5 decades together with prominent members of the younger generations and wide representation from the 2 colleges & associations.’ They’re also linked to the abundantly corporate-endowed Lanka Alzheimer’s Foundation, which operates as a front for their political networking activities.

     Ilika Karunaratne is described by a wife of deceased Sunday Leader editor Lasantha Wickrematunga as ‘a true and sincere friend to both Lasantha and me’. (chitrangi.wordpress.com/2009/04/04/tears-to-shed-for-those-who-suffer-by-sonali-samarasinghe-wickrematunge)

• The Shadow Banking System – Workers send money to Sri Lanka through various means, mainly unofficial. But there are huge MNCs like Western Union etc who do it ‘officially’? How much of a hand do these banks have in the illegal transfers? They therefore have the power to choke off such money to the state. The issue is how they do this, and was the accusation blaming workers for using illegal means, a diversion from big MNC exporters hoarding dollars outside, and their transfer pricing and misinvoicing, let alone all the inflated charges for IPR etc? They also use other methods to coordinate the sequencing of choking funds, fuel, needed import inputs etc. Anyway, there is no pressure on MNCs, so they will not invest that money here in advanced production and related skills.

• No lessons appear to have been learned. Merchants and officials salivate at the ongoing and further privatization of functions that serve to provide Sri Lankans with some sort of a safety net. The anticipated IMF reforms are supposed to signal a firesale of such resources.

• A seminar on education reforms, this week, showed how Sri Lankan officials excel in hijacking an interesting topic and killing interest. One speaker described our education as ‘feminine-oriented’, without such ‘masculine’ subjects as ‘production’ and ‘manufacturing’. What type of reforms would consider manufacturing, ‘masculine’? The speaker also demanded that private tuition should be included in the education system! He said we don’t have a balanced economy with value-added exports such as mobile phones because of the education system, and called for ‘branded’ specialized schools – fancy tuition mudalalis.

Impact of Covid on the Dollar crisis – ‘Diehard critics of the government ignore the impact of Covid-19 on SL foreign-exchange earnings. In 2020 worker remittances were $7.1billion, Tourism earnings in 2018 $4.4bn. If we had this revenue even without an increase, we’d have $11bn. Even with a trade deficit of $7bn we would have a surplus of $4bn, the outstanding debt this year. If not for Covid, we’d have got increased export value and higher tourist income as well. The current trade statistics show that imports could have been reduced by at least by $3bn which would have given the country a surplus of $7bn ( not taking into account the increase in oil prices). Only fools will deny the impact of Covid-19 on the present crisis.

• ‘Borrow more to import more’ – ‘If we had limited our imports to match with export revenue, the country would not be facing the present Dollar crisis. But our imports during 2017 was $20.9bn, in 2018 it was $22.2bn and 2019, $19.9bn. At the same time our borrowings on ISBs were $84bn at high rates of interest.

     The value of imports rose mainly due to the import of motor vehicles, to recover high customs duties to earn revenue to balance the budget and to pay for the increase of unproductive employment in the public sector and to reward MPs. This was the work of the financial wizards of the Ministry of Finance and the CBSL.’

• Up to 1977 Sri Lanka had maintained a reasonable balance in international trade performance. With the open-market policies implemented by the government in1977 there was a steep deterioration of the Balance of Trade. A deficit of only $41mn in 1977 increased to $180mn in 1978. The deficit increased and continued thereafter. In the past, governments found it easier to take loans from international agencies and countries. The Regaining Sri Lanka of Ranil Wickremasinghe did not deal with the problem. The deficit understandably continued unabated during the war. But after the war the comprehensive Mahinda Chintanaya too had no focus on this perennial problem.

     During Yahapalanaya, imports went beyond $22bn, propelled by dubious import of high-powered motor vehicles. You know who was capable of such imprudent decisions. – Sugath Kulatunga

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B. Special Focus_

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B1. Need for Best Relations with China – Ananda Meegama

‘I once met Pieter Keuneman, after he had lost Colombo Central at the general election of 1977. We met at the SSC swimming pool, where he had retreated since his favourite haunt at the Otters was under repair. Without the cares of ministerial office and constituency worries he was in a jovial mood, and in the course of a chat in reference to a derogatory remark by one of our leaders about the PM of a neighbouring country, he said, ‘You know, Ananda, we can talk loosely about people in our country, but in international relations care is needed in commenting on other leaders’.

     Pieter, the scion of an illustrious Dutch Burgher family, son of Supreme Court judge AE Keuneman, after winning several prizes at Royal College, went to Cambridge in 1935. There he became a part of the Communist circle, which included the famous spies Anthony Blunt, later keeper of the Queen’s paintings, Kim Philby, and Guy Burgess. Eric Hobsbawm, renowned historian commenting on this circle, wrote of the very handsome Keuneman from Ceylon who was greatly envied since he won the affections of the prettiest girl in the university, Austrian Hedi Stadlen, whom he later married. Representing the Communist Party in parliament 1947-77, soft-spoken in the manner of an English academic, Pieter belonged to a galaxy of leaders, whose likes we sorely need now.

     I was thinking of Pieter’s comments considering the current imbroglio that we have created with China. Our relations with China in the modern era began in 1953, when in the world recession we were unable to sell rubber, and short of foreign exchange to purchase rice for the nation. The Dudley Senanayake government turned to China, with which we had no diplomatic ties. He sent RG Senanayake, the trade minister, to Peking, where he signed the Rice for Rubber Pact, much to the chagrin of the USA, which withdrew economic aid from Ceylon for trading with a Communist nation at the height of the Cold War.

     Diplomatic relations with China were established in 1956 by SWRD Bandaranaike, and relations have prospered under different Sri Lankan leaders and governments, without a hint of discord. In fact, in addition to the vast amount of aid given, China has been a source of strength to Sri Lanka during many crises. In 1974, when the rice ration was on the verge of breaking due to lack of supplies, it was China to which we turned, and who assisted us when they themselves were short of stocks. In the battle against the LTTE, when armaments from other countries dried up, it was China who supported us with arms, armored vehicles, trucks, ships, aircraft.

     It was China and Pakistan that stood by our armed services in this dire crisis. More recently, amidst the furore, created by Western nations about human rights violations, China was at the forefront of nations that defended us. A few weeks ago, it was reported England was ready with documents to present to the UN Security Council to press for war-crimes trials against the Sri Lankan military, but the presence of China and Russia with veto powers prevented it from going ahead with its plan.

     It is in this context that we have to view the present troubles that have engulfed us. President Ranil Wickremesinghe, in the short period he has been in office, has won the sympathy of people by the speed with which he has brought some degree of normalcy, to what was a fast-disintegrating political environment. On the economic front, his quiet negotiations and decisions are arousing hopes.

     A shadow has been cast over these achievements by the refusal to let in the Chinese ship to Hambantota, a decision made on the spur of the moment after first agreeing to allow entry. The manner in which it was done is a humiliation for China, administered by a friend. We must remember that these things matter greatly in Asia.

     These are matters that can be rectified among friends, if action is taken immediately, recognizing that a mistake has been made. The President should send a high-level representative to assure the Chinese leadership that these are aberrations that a small country suffers due to the threats of big powers, to smoothen ruffled feelings, and normalize relations between 2 old friends. The US-Indian effort to disrupt a 70-year-old friendship, will only lead to its further strengthening in the immediate future.’ [source?]

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B2. Economists & Incest

Economists in Sri Lanka are an incestuous species, and easily operate as an echo chamber for imperialist messaging. Take Amal Sanderatne, ‘Founder & CEO’ of Frontier Research. Frontier Research keeps their ‘clients updated on key economic developments and alert[s] them to critical turning points in the Sri Lankan economy.’

     Amal is the son of Sunday Times (ST) economics columnist Nimal Sanderatne, director at media monopoly Wijeya Group, ST‘s owner. Wijeya Group is owned by the Wickremasinghe-linked Wijewardena family, a family that international media never mention as among the ruling Anglomaniacal oligarchy, because they remain favored servants of the North Atlantic hegemon.

     Amal Sanderatne was head of research at Jardine Fleming HNB SL. Jardine Fleming is deeply linked to the English opium trade, like banks HSBC, Standard Chartered, etc. The name Jardine derives from the infamous opium smuggler who the English installed as the first landlord of Hong Kong, after their opium wars, with Jardine Matheson remaining the biggest landlord and employer in HK. Fleming is of course linked to the James Bond creator, Ian Fleming. After Jardine Fleming was taken over by JP Morgan Chase, Sanderatne led JP Morgan’s Asia Pacific ADR research in Singapore and also the research of HK-based Access Products Group.

     Frontier’s head of Economic Research is Thilina Panduwawala, who worked at the ADB as a consultant to its SL Resident Mission. Panduwawala ‘led work in embedding politics into Frontier’s economic analysis’, and currently functions as the alternate member to Frontier’s CEO on the Ceylon Chamber of Commerce Steering Committee on Economic Policy.

     Such confusing articles (see below, quoting ERD on China & SL’s foreign debt, by Panduwawala & Umesh Moramudali) echo and propagate the US government’s narrative. Their work is picked up by UN and WB agencies and then disseminated globally almost instantly. Their Daily Mirror article (printed twice) credits their information to the External Resources Department (ERD).

      The ERD is entirely captured by WB and IMF to the extent that they are known as the ‘brown agents’ of the two IFIs. Academics desperately seeking to do PhDs in the US have to abandon any previous sympathies they may have exhibited toward China. About 2 years ago, one writer was known as ‘pro-China’ at Colombo University (a stretch, but Colombo U is full of anti-China academics). Since then he has done a 180-turn, and aligned with Frontier Research headed by Nimal Sanderathne’s son (Marga Institute). He is now doing all the time things that will guarantee him a PhD position in a top US institution.

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B3. The Tails: Source of the ‘China Debt Trap’ Tales

Those wishing to divine the source of the anti-China debt-trap propaganda flooding the media, the world over, can sniff it all up with both nostrils at a USAID-funded AidData program, linked to US Government’s Millennium Challenge Corporation (MCC) at Virginia’s College of William & Mary.

W&M is a ‘public research university’ in Williamsburg, ‘founded in 1693 by letters patent issued by England’s King William III & Queen Mary II’. It claims to be ‘the 2nd-oldest institution of higher education in the US, and the 9th-oldest in the English-speaking world.’ Its current chancellor is Robert Gates, the 22nd US Secretary of War, 2006-11.

      AidData’s Global Chinese Development Finance Dataset, Version 2.0, offers ‘a trove of new findings about China’s secretive overseas development finance program’. Yet what can be so ‘secretive’ about China’s widely lauded BRI infrastructure projects supporting so many once-colonized underdeveloped countries across the South?

      This ‘uniquely granular dataset captures 13,427 development projects worth $843billion financed by more than 300 Chinese government institutions and state-owned entities across 165 countries in every major region of the world from 2000-17’.

      ‘China will soon face higher levels of competition in the global infrastructure finance market due to the Build Back Better World Initiative and the EU’s recently announced Global Gateway Initiative. As we enter this new era of strategic rivalry, it will be more important than ever that G7, Chinese and host-country policymakers rely on hard evidence rather than opinions or conjecture,’ says MCC-linked Brad Parks, AidData’s executive director. Ammar A Malik, AidData senior research scientist, is co-author of the report.

AidData is an international development research lab based at William&Mary’s Global Research Institute. AidData’s Global Chinese Development Finance Dataset was set up by USAID’s Global Development Lab and AidData at W&M, under the Higher Education Solutions Network Program, with money from Hewlett Foundation, Ford Foundation, Smith Richardson Foundation, MacArthur Foundation, Humanity United, UN University-WIDER, Academic Research Fund of Singapore Education Ministry, German Research Foundation.

      Bradley Parks, Executive Director of AidData at the College of William&Mary, leads 35 program evaluators, policy analysts, and media and communication operators to target, monitor and evaluate overseas investments, with 130 research assistants at W&M. Prior to AidData, Parks helped set up the US Government’s Millennium Challenge Corporation, in the MCC’s annual country selection process, and Threshold Programs, implementing a $35mn anti-corruption & judicial reform project in Indonesia and $21mn million customs & tax reform project in the Philippines. Parks is linked to the Center for Global Development work on China’s Belt & Road Initiative (BRI), and was a Principal Investigator on over 30 policy research projects funded by USAID, the World Bank, Gates Foundation, Ford, Hewlett & Smith Richardson foundations.

      Ammar A Malik leads AidData’s Chinese Development Finance Program, tracking ‘financial flows from non-traditional donors to developing countries’. A former corporate banker at Standard Chartered, Malik was Director of Research at Evidence for Policy Design, at Harvard Kennedy School. He has been funded by the World Bank, Hewlett Foundation, Canada’s IDRC, England’s DFID, US Department of State, USAID, Germany’s GIZ, International Growth Centre. He has advised Pakistan’s National Disaster Management Authority, International Food Policy Research Institute, England’s Foreign & Commonwealth Office, USAID, UNESCO and the World Bank, and has links to Boston University’s Frederick S Pardee School of Global Studies, Center for Economic Research in Pakistan, and Consortium for Development Policy Research.

     Aid Data depends on US agents in Sri Lanka to disseminate and maintain their ‘narratives’. (see above, economic research company, Frontier Research).

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B4. The World Bank & IMF’s Hijacking of the Ministry of Finance

The Ministry of Finance’s External Resources Department

reports relevant debt data to the World Bank on a quarterly & annual basis.

The Ministry of Finance’s External Resources Department (ERD) has been hijacked by the US’s World Bank, IMF, etc.

      The ERD is the lead agency in the ongoing IMF ‘discussions’, along with the Ministry of Finance (MoF)’s Fiscal Policy Department. The ERD ‘coordinates’ development partners, and is therefore eminently susceptible to the seductive wiles of ‘development agencies’.

      There’s a lot of revolving doors between the ERD and such ‘international financial institutions (IFIs)’ as the IMF and WB. Most of the ERD officers have gone to Washington DC to either work or study. This is a form of bribery that these IFIs excel in. MoF officers also expect the IMF will provide them ‘degrees’ for their upward mobility – a means of promotions in the MoF or CBSL, by pandering to the whites to get into US PhD programs.

      The ERD also negotiates credit lines to enable the Sri Lanka Government to buy essentials, such as fuel, food, medicines. Critics blame the ERD for not just the failure to direct investment into the modern production of such fuel, food & medicines, to enable their local substitution, but also for damaging trade relations with China, Russia and Iran – links that could have prevented the US choking of such crucial supply lines.

• The ERD’s official website describes their ‘Mission’: ‘To source global knowledge, experience, expertise, and foreign resources as required for the socioeconomic development in Sri Lanka at appropriate terms, and also arrange domestic currency financing for working capital and the development requirements of the country.’

      Yet the ERD’s ‘Functions’ undermine its mandate ‘to source global knowledge’ by having to ‘report ‘relevant debt data to World Bank on quarterly basis and annual basis.

• The ‘Gotabaya Govt got early warnings about economic crisis’, headlined Sunday Times, July 17. The leaked May 2020 ‘Cabinet memorandum’ was based on a report ‘prepared by the Finance Ministry’s External Resources Department (according to authoritative sources)’, says the Times, as if they have to be coy about the source.

      So who is this External Resources Department, and why does the ERD feel it necessary to join in the ‘It wasn’t me’, and ‘I told you so’ finger-wagging? – sundaytimes.lk/220717/news/gotabaya-govt-got-early-warnings-about-economic-crisis-489111.html

• Certain ‘ruling’ government officials linked to financial policy are being hauled before the Supreme Court, with even their passports taken away (a courtesy unafforded to bondscam CB governor Arjuna Mahendran, now hiding in ‘rule of law’ Singapore).

      The plaintiffs pushing the SC have deep links to US and English NGO funding and media networks. This week the media highlighted that one of the plaintiffs, Julian Bolling was himself hauled before the CID, for involvement in the burning of the present President’s home.

      After the CID summons, Bolling even arranged for English cricketer Roshan Mahanama to take a photo-op with him. Mahanama may have forgotten how his own grandfather, member of the Sinhala-Buddhist nationalist MEP, was driven into penury for his political views, and could not find work, except in an abattoir!

      So the pot is bolling. And certain ERD officials may wish to remain chefs rather than drown in the soup. For unlike the government officials, Bolling et al have been hailed on ‘media networks’ as heroes & patriots.

      But is all this solely due to a ‘Gotabaya Govt’? And what is the crisis?

      Like all such reports, the story hems and haws, noting: ‘that, unlike in 2014, when only around $5billion or 25% of the debt was at commercial terms, at the end of 2019 commercial borrowings increased by nearly 3fold to $16bn or almost 47% of foreign currency debt.’ So their period includes the US-funded Yahapalana regime, from 2015-19. And note this: ‘commercial borrowings’.

      Yet the ERD disclosure maintains and echoes the ‘imperialist narrative’ that it was all the fault of a leader and a dynasty’s misplaced investment priorities. Beneath the ERD report, lurking like a Nilwala crocodile, is the spectre of the orientalized dragon and its debt trap.

      The ERD has been behind the selective release of data that blames China for the current economic turbulence. Their selectivity in purveying data also reflect the strategies of the main purveyors of such ‘China Debt Trap’ disinformation, churned out from a factory based in the USA (see ee Focus).

      Also lurking, hidden in plain sight but written in convoluted CB-ese, is the imperial demand for greater private ‘commercial’ profiteering in national projects, and the further privatisation of national resources. The ERD plays along:

• 11 Jan 2022 , FT headlined ADB keen to support restructuring of SOEs of SL, reporting, External Resources Department Director General Ajith Abeysekera and CEO DS Jayaweera were present at this meeting with Asian Development Bank Senior Advisor Aiming Zhou, Country Director of SL Resident Mission Chen Chen, Secretary General Muhammad Ehsan Khan, Deputy Country Director Utsav Kumar, Secretary to the President PB Jayasundera, Finance Secretary SR Attygalle, Deputy Secretary to the Treasury RMP Rathnayake. (ft.lk/business/ADB-keen-to-support-restructuring-of-State-Owned-Enterprises-of-Sri-Lanka/34-729010)

• Jan 23, an Island column by ‘ Eng. D Godage’, cited ‘details from the External Resources Department’ in ‘a Sunday English newspaper’ of March 9, 2014 and May 1, 2016, where of ’28 projects funded predominantly by China Exim Bank loans… interest rates are not indicated but is supposed to be over 6%. All these projects are said to have been initiated through unsolicited tenders… during the past 2 decades, when China Exim Bank loans were signed to the tune of billions of dollars mostly for white elephant projects, The massive dollar debt seems the root cause of most problems faced today. – island.lk/dollar-crisis-what-aggravated-it/

      Island editorial the same day, Down the pallang, cites the Eng Godage article above, and the 2016 ERD report, and concludes: ‘China will be gifting us with a million tons of rice in March to commemorate the 70th anniversary of the Rubber-Rice Pact, the newspapers blared last week. ‘There is no such thing as a free lunch,’ is a threadbare, albeit proven, cliché. Or is there a free lunch somewhere out there?’

Free Lunch? The International Finance Corporation (IFC) is the investment arm of the World Bank. In March 2022 WB’s IFC Regional Vice-President for Asia and the Pacific Alfonso Garcia Mora came bearing lunches… or gifts – well, promises of gifts, because we have never heard of them since:

‘IFC intends to invest a further $150million during the current fiscal year ending in June 2022.

Over the next 5 years IFC is looking at an investment pipeline of more than $800mn,

specifically in supporting growth-enabling sustainable infrastructure.’

• Of the ERD’s main ‘Functions’, listed first on its website: ‘Conduct consultations with development partners and funding agencies to identify development assistance strategies and priorities.’ What has the ERD and the WB’s IFC identified as priorities?

      Director General/External Resources Department Ajith Abeysekera attended the Mora meetings with President Rajapaksa, Finance Minister Basil Rajapaksa, Secretary to President Gamini Senarath, Principal Advisor to President Lalith Weeratunga, Secretary/Ministry of Finance SR Attygalle (including Central Bank Governor Ajith Nivard Cabraal, private sector representatives JKH Chairman Krishan Balendra, etc), ‘entrepreneurs, and development partners’, FT reported.

      FT headlined the meet: IFC reaffirms commitment to SL amid plans to increase investments.

      Mora was accompanied by IFC’s VP for Risk Mohamed Gouled, Regional Director for South Asia Hector Gomez Ang, and the new Country Manager for SL & Maldives Lisa Kaestner, as well as the World Bank Country Director for SL, Maldives & Nepal Faris Hadad-Zervos.

      ‘The top’ IFC official’s ‘focus’ is ‘on supporting private sector job creation, paving the way for robust investments to help spur the country’s recovery and future growth’. And again: ‘the need to have a sound macro fiscal stability to attract foreign capital and provide medium&long-term certainty… to maximise the potential of the country’s private sector to help address SL’s challenges and achieve the inclusive growth the country needs.’

      ‘We are committed to Sri Lanka,’ Garcia Mora said. ‘This is demonstrated by our investment commitments in the past 6 months which have targeted export-oriented industries. Since the onset of the pandemic, IFC has also played a strong countercyclical role in its financing and will continue to build on that program going forward.’

      During his meetings, Garcia Mora highlighted IFC’s investment of $450mn during the first 18 months of the pandemic in Sri Lanka as a sign of IFC’s steadfast commitment to the country: $175mn in JKH to boost retail and tourism – IFC’s largest investment in SLa over its 50-year operations. As part of overall pandemic response, IFC injected $50mn in Commercial Bank of Ceylon and $25mn in Nations Trust Bank to help small businesses stay afloat.

      ‘We are working with the private sector in the country to create a robust investment pipeline and this can be accelerated with additional reforms in the infrastructure sector, allowing the private sector to play a bigger role,’ Garcia Mora said. – ft.lk/business/IFC-reaffirms-commitment-to-Sri-Lanka-amid-plans-to-increase-investments/34-731585

• 12 June 2022, tSunday Times reported, Sri Lanka’s Ambassador in China, Palitha Kohona had stated: ‘China could consider supplying diesel and fertiliser if a formal request was made through the External Resources Department of SL’. This was however the last line of a story headlined ‘China turns down request for US$1.5bn swap deal’. This was due, the ambassador had been told, to ‘Chinese Financial Institutions’ being ‘concerned about the likely violation of the terms and conditions’. –sundaytimes.lk/220612/news/china-turns-down-request-for-us-1-5bn-swap-deal-485818.html

• 17 June, the ERD was cited as the source for a Daily Mirror essay, ‘From project financing to debt restructuring: China’s role in Sri Lanka’s debt situation. The same story (by Umesh Moramudali & Thilina Panduwawala) was repeated again on June 29 (– dailymirror.lk/features/From-project-)financing-to-debt-restructuring-Chinas-role-in-Sri-Lankas-debt-situation/185-240008)

      The story, citing data based on ‘estimates’, ‘approximations’ & ‘bases’, says, ‘out of the approximately $26.4bn in outstanding external foreign currency debt of the public sector by the end of 2021, for which repayments were suspended on April 12, 2022 (author approximation based on data from the Central Bank of SL & External Resources Department of the Finance Ministry), about $7.1bn was debt from China (based on data obtained via Right to Information requests from the ERD of the Finance Ministry, SL).’

• 24 June, the External Resources Department was again cited as the basis for The Morning headline, Hambantota Port Chinese loan not included in SL’s external debt. Auditor General WPC Wickramaratne confirmed at the meeting of Committee on Public Enterprises (COPE) and the Sri Lanka Port Authority (SLPA), ‘the loan has not been included in the external debt of Sri Lanka, and that its repayment is being made by the Treasury under the category of normal expenses and not as debt servicing through a separate schedule in the ERD‘ …COPE Chairman Prof Charitha Herath also revealed that based on the documents presented by the ERD, the total amount payable at the end of 31 December 2021 was Rs165.48bn. COPE informed the Auditor General to prepare a factsheet on who had actually signed the loan agreements obtained for the construction of the Hambantota Port, as evidence was not provided to reveal who had done this – whether it was the SLPA, ERD, or Government of SL. – themorning.lk/hambantota-port-chinese-loan-not-included-in-sls-external-debt/

• June 26, the ERD was again praised by the Sunday Times as being a repository of ‘committed senior public servants’, along with the CB’s Public Debt Office, who can quickly introduce ‘Debt for Nature Swap’ (DFNS) ‘into the overall restructuring framework.’ These officials were being recommended by a charitable ‘group of Sri Lankan experts in international finance and environmental conservation who are willing to volunteer their services to guide the country in this direction.’ – sundaytimes.lk/220626/business-times/debt-for-nature-swap-to-counter-debt-crisis-487003.html

• August 7, ERD informed ST about the Road Development Authority (RDA) complaining about ‘China’s state-owned Exim Bank’ putting ‘on hold a $51mn loan required for the construction of the first phase of the Central Expressway.’ Unnamed ‘Treasury sources’ are quoted, saying China’s hold up is due to ‘the SLGovernment’s decision to suspend repayment of foreign loans’. – sundaytimes.lk/220807/news/chinas-exim-bank-suspends-loan-central-expressway-hits-road-block-491071.html

• August 18, US-funded EconomyNext headlined an ERD ‘statement’: Japan grants medical equipment worth 500-mn yen to Sri Lanka govt hospital, listing in detail the instruments and machinery, ‘granted’ to the Sri Jayawardenepura hospital ‘under Japan’s Non-Project Grant Aid Program’. It added, ‘On Thursday at the policy rate announcement media briefing by the Central Bank of SL, Governor Nandalal Weerasinghe said, with the strict measures taken in the recent past, Sri Lanka is currently managing the limited forex income coming into the country to purchase essential goods such as fuel and medicine.’ – economynext.com/japan-grants-medical-equipment-worth-500-mn-yen-to-sri-lanka-govt-hospital-98775/

      The ERD website’s ‘History of the External Resources Department‘ narrates a seamless continuity from English invasion to the present, untrammelled by the need to explain any such matter as ‘independence’:

      ‘The Treasury was established in 1806 AD as a sub-institution under the Controller of Revenue. It was upgraded to a major institution in 1834. The Treasury was brought under the Ministry of Finance in 1948.

      During this era, the functions of the Treasury were carried out by several divisions… The External Resources Division was responsible for organization & channeling of external resources.

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C. News Index______________________________________________

ee News Index provides headlines & links to make sense of the weekly focus of published English ‘business news’ to expose the backwardness of multinational, corporate controlled ‘local media’:

C1. Sovereignty

(ee is pro-politics, pro-politician, pro-nation-state, anti-corporatist, anti-expert, anti-NGO)

ee Sovereignty news emphasizes sovereignty as economic sovereignty – a strong nation is built on modern (machine-making) industrialization fueled by a producer culture.

• Scramble for Sri Lanka – to take control of National Resources – People vs Corporates: Waduge

– lankaweb.com/news/items/2022/08/17/scramble-for-sri-lanka-to-take-control-of-sri-lankas-national-resources-people-vs-corporates/

• Mirihana Outrage: Harbinger of Present and Some Future Events? – Thoradeniya

– lankaweb.com/news/items/2022/08/17/mirihana-outrage-harbinger-of-present-and-some-future-events/

• US Footprints at the Galle Face Protest Site – Thoradeniya

– lankaweb.com/news/items/2022/08/20/us-footprints-at-the-galle-face-protest-site/

• Govt. throws out Gnanasara Thera’s ‘One Law’ Report

– themorning.lk/govt-throws-out-gnanasara-theras-one-law-report/

• The Invisible White Empire – Samarajiva

‘“The central power has ultimate sovereignty, and exercises some direct control, especially over military force and money-raising powers, in all parts of its domain.”

– indi.ca

– youtube.com/watch?v=j8TUcsD6cY0

• Chasing Gotabhaya and embracing Prabhakaran – Nalin de Silva

‘The Sinhala drive out Gotabhaya and embrace Prabhakaran. They are opening the country to the so-called diaspora. Fake nationalists should be held accountable.’

– kalaya.org/

• In whose hands is the government of Sri Lanka now? – Nalin de Silva

– kalaya.org/2022/08/blog-post_13.html

• The Paragalaya, Tamil Racism and Ranil – Nalin de Silva

– kalaya.org/2022/08/blog-post_18.html

• No questions – Nalin de Silva

‘Why is the Criminal Investigation Department not questioning Nimalan Viswanathan who said that he provided money to the Tigers and Paragala?’

– kalaya.org/2022/08/blog-post_21.html

• Who’s against Gotabhaya? – Nalin de Silva

‘Who’s against Gotabaya coming to Sri Lanka? England? The so-called diaspora? Ranil? Are the Parangi Paragala representatives in this country? Is that all?’

– kalaya.org/2022/08/blog-post_84.html

• Do we need so-called diaspora dollars? – Nalin de Silva

– kalaya.org/2022/08/blog-post_22.html

• Political geographies; imagined and real – Seneviratne

‘In these nations reside nationalists who, strangely, have more things common with nationalists resident in other nations geographically far removed.’

– dailymirror.lk/opinion/Political-geographies-imagined-and-real/172-243263

• Canadian MP Demands the Arrest of Gotabaya Rajapakse in Singapore

– lankaweb.com/news/items/2022/08/17/your-demand-for-the-arrest-of-mr-gothabaya-rajapakse-in-singapore/

• Ten US Congress members urge additional support for Sri Lanka

– adaderana.lk/news/84429/ten-us-congress-members-urge-additional-support-for-sri-lanka

• Ranil, Tamil organizations and England

‘England will only be happy if they receive aid from organizations they approve of’

– kalaya.org/2022/08/blog-post_15.html

• Government’s volte-face on the proscription of the pro-Eelam groups

‘Tamil expatriate groups that have been delisted will now be able to visit this country. But war-time Defence Secretary Gotabaya, who became the President, has fled the country and is in self-exile.’

– island.lk/heroes-and-villains/

• Tamils will only invest in SL if Govt. provides political solution: Mavai

– ft.lk/news/Tamils-will-only-invest-in-SL-if-Govt-provides-political-solution-Mavai/56-738818

• India, U.S. have shared responsibility to maintain global order, says TamilNadu Governor

‘Referring to a rising country (an indirect reference to China) that intends to disturb the established world order’

– thehindu.com/news/cities/chennai/india-us-have-shared-responsibility-to-maintain-global-order-says-tn-governor/article65783222.ece

• GTF welcomes delisting of diaspora entities and calls for fresh UNHRC resolution on Sri Lanka

– timesonline.lk/news-online/GTF-welcomes-delisting-of-diaspora-entities-and-calls-for-fresh-UNHRC-resolution-on-Sri-Lanka/2-1138462

• Believers in Western rhetoric on human rights and democracy make up much of our foreign policy establishment

– island.lk/a-brave-new-world/

• Sri Lanka’s external relations amidst power rivalries

– island.lk/sri-lankas-external-relations-amidst-power-rivalries/

• SC grants leave to FR petition filed by USAID’s CPA against Emergency regulations

– island.lk/sc-grants-leave-to-proceed-with-fr-petition-filed-by-cpa-against-emergency-regulations

• Top UN officials asks Sri Lanka president to not to sign detention orders on IUSF convenor

– economynext.com/top-un-officials-asks-sri-lanka-president-to-not-to-sign-detention-orders-on-iusf-convenor-98844/

• India banned LTTE only after they assassinated former Prime Minister Rajiv Gandhi

– island.lk/about-our-debts-to-india/

• Tamil parties seek arrest of Gotabaya and others for alleged war crimes

– sundaytimes.lk/220814/columns/friday-holiday-contrary-poems-on-how-the-garden-grows-491728.html

• Arms, drug seizure from Lankan boat: Accused raised funds to revive LTTE, says NIA

– island.lk/arms-drug-seizure-from-lankan-boat-accused-raised-funds-to-revive-ltte-says-nia/

• Delisting of Tamil Diaspora groups irks some; explanation sought

– island.lk/delisting-of-tamil-diaspora-groups-irks-some-explanation-sought/

– island.lk/govt-delists-some-tamil-groups/

• TN BJP will continue to press for retrieval of Katchatheevu: Annamalai

– island.lk/tn-bjp-will-continue-to-press-for-retrieval-of-katchatheevu-annamalai/

• Indian court directs to issue passport to woman born to SL parents in TN

– island.lk/indian-court-directs-to-issue-passport-to-woman-born-to-sl-parents-in-tn/

• President in a hurry to rope in Jaffna MPs to showcase to Geneva: Wigneswaran

– dailymirror.lk/breaking_news/President-in-a-hurry-to-rope-in-Jaffna-MPs-to-showcase-to-Geneva-Wigneswaran/108-243047

– island.lk/govt-trying-to-impress-unhrc-vigneswaran/

• Tamil politicians welcome delisting of diaspora organisations

– ft.lk/news/Tamil-politicians-welcome-delisting-of-diaspora-organisations/56-738738

• Have an objective policy on Tamil diaspora

– dailymirror.lk/opinion/Have-an-objective-policy-on-Tamil-diaspora/172-243124

• National Freedom Front (NFF) wants Ministry of Defence to explain ban lift on proscribed organisations

– ft.lk/news/NFF-wants-MOD-to-explain-ban-lift-on-proscribed-organisations/56-738687

• Direct fuel imports from Russia may trigger US secondary sanctions: CPC Official

– sundaytimes.lk/220814/business-times/sri-lanka-shelves-plan-to-procure-fuel-direct-from-russia-491410.html

• Sri Lanka shelves plan to procure fuel direct from Russia

– sundaytimes.lk/220814/business-times/sri-lanka-shelves-plan-to-procure-fuel-direct-from-russia-491410.html

• European Union envoys warn President Wickremesinghe of disturbing trend

‘Three key areas — the future prospects of GSP plus (tariff preferences for local exports), the ongoing dialogue with the International Monetary Fund (IMF) and the impending sessions next month of the UN Human Rights Council in Geneva… a UNHRC fact-finding mission is due in Colombo on Thursday for a week.’

– sundaytimes.lk/220814/columns/491777-491777.html

• England assures continuous co-operation, includes SL in England’s new GSP

– themorning.lk/uk-assures-continuous-co-operation-includes-sl-in-uks-new-gsp/

• France relaxes travel advisory against Sri Lanka

– dailymirror.lk/business-news/France-relaxes-travel-advisory-against-Sri-Lanka/273-243256

• Foreign Minister Sabry met Deputy Regional Director for Asia and the Pacific of UNDP

‘to support social protection measures for the vulnerable communities and ensure sustainable recovery from the current challenges’

– economynext.com/sri-lanka-and-undp-in-talks-to-help-those-made-vulnerable-by-soft-peg-98543/

• UN Development Coordination Office (UNDCO) Regional Director for Asia-Pacific on tour…

‘He will also travel to Jaffna …how the UN can support all Sri Lankans to recover from the Economic Crisis through a joint programme of work over the next 5 years….’

– adaderana.lk/news/84343/undco-regional-director-for-asia-pacific-arrives-in-sri-lanka

– timesonline.lk/news-online/UN-Officer-arrives-in-Sri-Lanka/2-1138402

– timesonline.lk/news-online/Regional-Director-for-Asia-Pacific-UNDCO-arrives-in-Sri-Lanka/2-1138399

• UNDCO delegates on visit to northern areas

– adaderana.lk/news/84438/undco-delegates-on-visit-to-northern-areas

• Foreign Minister briefs Diplomatic Corps on current developments ahead UNHRC sessions

– timesonline.lk/news-online/Foreign-Minister-briefs-Diplomatic-Corps-on-current-developments-ahead-UNHRC-sessions/2-1138406

– ft.lk/news/Sabry-briefs-Diplomatic-Corps-on-current-developments-ahead-of-UNHRC-Geneva-session/56-738783

• Sri Lanka’s FM briefs Diplomatic Corps on PTA, etc.

– newsfirst.lk/2022/08/16/sri-lanka-s-fm-briefs-diplomatic-corps-on-pta-etc/

• UN Representatives meets President

– ft.lk/ft_tv/UN-Representatives-meets-President/10520-738856

• SL’s economic crisis impacts on rights: US Human Rights Watch

– timesonline.lk/news-online/HRW-SLs-economic-crisis-impacts-on-rights/2-1138412

– ft.lk/front-page/Economic-crisis-puts-rights-in-peril-in-Sri-Lanka/44-738816

– newsfirst.lk/2022/08/18/srilanka-economic-crisis-puts-rights-in-peril/

• US envoy is confident about Lanka’s recovery but warns that the road to it is hard

– lankaweb.com/news/items/2022/08/20/us-envoy-is-confident-about-lankas-recovery-but-warns-that-the-road-to-it-is-hard/

• UN, Sri Lanka sign Sustainable Development Cooperation Framework

– adaderana.lk/news/84361/un-sri-lanka-sign-sustainable-development-cooperation-framework

– timesonline.lk/news-online/UN-Sri-Lanka-and-Government-sign-Sustainable-Development-Cooperation-Framework-for-Sri-Lanka/2-1138413

– dailymirror.lk/business-news/UN-and-govt-ink-Sustainable-Development-Cooperation-Framework-for-2023-2027/273-243254

– ft.lk/front-page/UN-Sri-Lanka-Govt-sign-Sustainable-Development-Cooperation-Framework/44-738811

– economynext.com/sri-lanka-to-get-uns-support-to-achieve-2030-agenda-for-sustainable-development-98802/

• PNS ‘Taimur’ departs island after successful Passage Exercise with SL Navy

– lankaweb.com/news/items/2022/08/15/pns-taimur-departs-island-after-successful-passage-exercise-with-sl-navy/

• Need for best relations with China – Meegama

– island.lk/need-for-best-relations-with-china/

• If Sri Lanka allows warships from USA, etc., to dock, why not a Chinese ship? – CP

– sundaytimes.lk/220814/editorial/provincial-elections-for-whom-491761.html

• The Yuan Wang 5 affair turns out to be a storm in a teacup (A12) – Balachandran

– lankaweb.com/news/items/2022/08/13/the-yuan-wang-5-affair-turns-out-to-be-a-storm-in-a-teacup/

• Sri Lanka Grants Permission for Chinese Tracking Ship to Dock– The Wire

– lankaweb.com/news/items/2022/08/12/sri-lanka-grants-permission-for-chinese-tracking-ship-to-dock/

• SL grants permission for entry of Chinese tracking vessel (A13)

– dailymirror.lk/top_story/SL-grants-permission-for-entry-of-Chinese-tracking-vessel/155-242982

• Sri Lanka permits entry to controversial Chinese tracking vessel Yuang Wang 5

– economynext.com/sri-lanka-permits-entry-to-controversial-chinese-tracking-vessel-yuang-wang-5-98481/

• US & India Object to Chinese Ship

– sundaytimes.lk/220814/columns/491777-491777.html

• Chinese ship docks on Tuesday; India gives surveillance plane

– sundaytimes.lk/220814/news/chinese-ship-docks-on-tuesday-india-gives-surveillance-plane-491818.html

– sundaytimes.lk/220814/news/indias-dornier-gift-enhances-slafs-maritime-patrol-strength-491707.html

• Chinese research vessel arrives at Hambantota Port

– adaderana.lk/news/84329/chinese-research-vessel-arrives-at-hambantota-port

• Chinese tracking vessel Yuan Wang 5 docks at Sri Lanka’s Hambantota Port (A16)

– economynext.com/chinese-tracking-vessel-yuan-wang-5-docks-at-sri-lankas-hambantota-port-98661/

• China: Vessel’s stopover at Sri Lanka follows international practice

– news.cgtn.com/news/2022-08-16/China-Vessel-s-stopover-at-Sri-Lanka-follows-international-practice-1cy7x0eiyCQ/index.html

• ‘Yuan Wang 5’ arrives at Hambantota port five days later than scheduled

– timesonline.lk/news-online/Yuan-Wang-5-arrives-at-Hambantota-port-five-days-later-than-scheduled/2-1138389

• “Indian concerns” delayed Chinese Ship, reveals Sri Lankan Minister.

– newsfirst.lk/2022/08/16/indian-concerns-delayed-chinese-ship-reveals-sri-lankan-minister/

• Captain of Chinese ‘spy’ ship snubs Sri Lankan politician who lobbied for them to dock vessel

– newindianexpress.com/world/2022/aug/16/captain-of-chinese-spy-ship-snubs-sri-lankan-politician-who-lobbied-for-them-to-dock-vessel-2488129.html

• China’s ‘Yuan Wang 5’ docks at Hambantota Port (A17)

– dailymirror.lk/business-news/Chinas-Yuan-Wang-5-docks-at-Hambantota-Port/273-243199

• China not allowed to use Hambantota Port for military purposes: Prez

– themorning.lk/china-not-allowed-to-use-hambantota-port-for-military-purposes-prez/

• Research vessel docking at Hambantota Port doesn’t affect any country – China: PTI

– adaderana.lk/news/84357/research-vessel-docking-at-hambantota-port-doesnt-affect-any-country-china

• Deferred China ship visit takes place amidst diplomatic row

‘As for New Delhi she must remind herself that going by history China never had any evil intentions against her unlike the West that plundered and enslaved much of the world, including India.’

– island.lk/deferred-china-ship-visit-takes-place-amidst-diplomatic-row

• Yuan Wang 5: Sri Lanka gave in to intense pressure from China, says India

– newsfirst.lk/2022/08/17/yuan-wang-5-sri-lanka-gave-in-to-intense-pressure-from-china-says-india/

• China’s ties with Sri Lanka raise concerns about control of global trade – US NPR

– npr.org/2022/08/18/1118094323/chinas-ties-with-sri-lanka-raise-concerns-about-control-of-global-trade

• India only neighbor to help Sri Lanka – Jaishankar

– newsfirst.lk/2022/08/17/india-only-neighbor-to-help-sri-lanka-jaishankar/

• “Relationship Not Normal, Can’t Be…”: S Jaishankar On India-China Ties

– newsfirst.lk/2022/08/13/relationship-not-normal-can-t-be-s-jaishankar-on-india-china-ties/

• India has helped Sri Lanka to best of its ability, will assist with IMF: Jaishankar

– economynext.com/india-has-helped-sri-lanka-to-best-of-its-ability-will-assist-with-imf-jaishankar-98784/

• India-China ties will only improve with mutual trust, starting with border talks – Menon

– scmp.com/week-asia/opinion/article/3189194/india-china-ties-will-only-improve-mutual-trust-starting-border

• Don’t just ‘keep a watch’ on China’s spy ship at Sri Lankan port. Emulate the enemy

‘India will have to impress upon the Quad members to work as a group to forge a strong anti-access strategy in the Indian Ocean and the larger Indo-Pacific region. Meanwhile, New Delhi can ‘emulate the enemy’ and strengthen indigenous defence production, invest more in building naval capabilities, increase economic engagements with immediate and extended neighbourhoods, and conduct assertive if not aggressive diplomacy in the region while tackling the Yuan Wang 5 ship issue.

– theprint.in/opinion/keep-watch-on-china-spy-ship-sri-lanka-hambantota-port-emulate-enemy/1089186/

• Sri Lanka Seeks to Strengthen Relationship With US Pacific Air Forces (PACAF) and Quad

‘Inquiries to the PACAF Sri Lanka desk officer were referred to U.S. Indo-Pacific Command, which did not respond to requests for comment by Air Force Magazine.’

– newsfirst.lk/2022/08/17/sri-lanka-seeks-to-strengthen-relationship-with-pacaf-and-quad/

• Chinese Research Ship on ‘Mission of Peace and Friendship’ to Sri Lanka; to Boost Bilateral Space, S&T Exchanges: Captain (A17)

– lankaweb.com/news/items/2022/08/17/chinese-research-ship-on-mission-of-peace-and-friendship-to-sri-lanka-to-boost-bilateral-space-st-exchanges-captain/

• India monitoring Chinese vessel docked in Sri Lanka; Chinese envoy to Colombo says ‘This is life’ – India Today

– lankaweb.com/news/items/2022/08/17/india-monitoring-chinese-vessel-docked-in-sri-lanka-chinese-envoy-to-colombo-says-this-is-life/

• Weerasekera alone refuses to abandon China ship

– lankaweb.com/news/items/2022/08/17/weerasekera-alone-refuses-to-abandon-china-ship/

• Chinese spy ship at Hambantota: Why is there a strong pro-China, anti-India lobby in SL

– firstpost.com/opinion/chinese-spy-ship-at-hambantota-why-is-there-a-strong-pro-china-anti-india-lobby-in-sri-lanka-11066041.html

• A Chinese Ship at Hambantota: A reality check for India-Sri Lanka relations (A18)

– pehalnews.in/a-chinese-ship-at-hambantota-a-reality-check-for-india-sri-lanka-relations/2330739/

• Australia kicks in extra $25mn emergency aid to Sri Lanka (A18)

– dailymirror.lk/latest_news/Australia-kicks-in-extra-25mn-emergency-aid-to-Sri-Lanka/342-243312

– adaderana.lk/news/84390/australia-kicks-in-extra-25-million-emergency-aid-to-sri-lanka

• Ripples in the Indian Ocean: Yuan Wang–5 and Easter Sunday 2019 – Rajasingham

‘Colonialism and Cold War are back, big time in the mythical ‘Free and Open Indo-Pacific’

– lankaweb.com/news/items/2022/08/14/ripples-in-the-indian-ocean-yuan-wang-5-and-easter-sunday-2019/

• Voice of the QUAD heard through the critics of the YW-5 voyage

– island.lk/to-dock-or-not-to-dock/

• Sri Lanka MPs’ participation at Chinese “spy ship” docking ceremony questioned: US EconomyNext

– economynext.com/sri-lanka-mps-participation-at-chinese-spy-ship-docking-ceremony-questioned-98687/

• Lanka’s foreign policy and security threats to India

‘Geopolitical strategists such as Pannikar had visions of Indian dominance from Djibouti to the straits of Malacca. Even Jawaharlal Nehru had held the view that the defence of independent India was inconceivable without including Sri Lanka and Burma.’

– sundaytimes.lk/220814/sunday-times-2/lankas-foreign-policy-and-security-threats-to-india-491610.html

• On China connection, Lanka minister says India understands its situation

– lankaweb.com/news/items/2022/08/20/on-china-connection-lanka-minister-says-india-understands-its-situation/

• We are closely linked to India racially: Aryan and Dravidian descent – Pethiyagoda

– island.lk/the-chinese-ship-enough-is-enough-of-protest-marches/

• India’s Dilemma on Sri Lanka Is Playing Out Again – Narayan Swamy

– thewire.in/south-asia/indias-dilemma-on-sri-lanka-is-playing-out-again

• Japan PM congratulates Sri Lanka president, hopeful of improved relations

– economynext.com/japan-pm-congratulates-sri-lanka-president-hopeful-of-improved-relations-98698/

• Sri Lanka relaxed visas to remove a barrier to Korean investment

“Korean investors could benefit from the Indo-Sri Lanka Free Trade Agreement giving access to huge Indian markets”

– economynext.com/sri-lanka-relaxed-visas-to-remove-a-barrier-to-korean-investment-98697/

– dailymirror.lk/business-news/New-visa-regulations-will-attract-more-Korean-investments-to-Sri-Lanka-Korean-envoy/273-243255

• England’s State Minister for South Asia assures continuous cooperation to SL

– dailymirror.lk/latest_news/British-State-Minister-for-South-Asia-assures-UKs-continuous-cooperation-to-SL/342-243174

• Sri Lanka has never had an opportunity of forging and shaping a foreign policy of its own

– island.lk/a-brave-new-world/

• US Fingerprints Found Behind Sri Lanka Unrest and the Aragalaya’s Work

– lankaweb.com/news/items/2022/08/14/us-fingerprints-found-behind-sri-lanka-unrest-and-the-aragalayas-work/

• Ambassador Chung discusses reviving Lanka’s tourism sector with Harin

– island.lk/ambassador-chung-discusses-reviving-lankas-tourism-sector-with-harin/

• Multiple bomb, arson attacks rock Thailand’s south

– dailymirror.lk/breaking_news/Multiple-bomb-arson-attacks-rock-Thailands-south/108-243234

– economynext.com/multiple-bomb-arson-attacks-rock-thailands-south-reuters-98701/

• More US Lawmakers Visiting Taiwan 12 Days After Pelosi Trip

– voanews.com/a/6700915.html

• China can use Pelosi’s trip to get US concessions on tariffs — expert

– tass.com/world/1488517/amp

• What’s behind the ‘guardrail’ proposed by the U.S.?

‘allows US to conduct close-up reconnaissance along China’s coast, to seek navigation hegemony under the pretense of navigation freedom, to have the right to challenge China yet disallow China to fight back’

– news.cgtn.com/news/2022-08-16/What-s-behind-the-guardrail-proposed-by-the-U-S–1cxkkyxgbqU/index.html

• Don’t Rule Out Intervention in the Solomon Islands

‘the Solomon Islands, along with Vanuatu, Kiribati, Fiji, and Tonga, form a geopolitically strategic Melanesian barrier between Australia and Polynesia to the north’

– nationalinterest.org/feature/don%E2%80%99t-rule-out-intervention-solomon-islands-204188

• US kept England in dark over deal that led Taliban back to power

– thetimes.co.uk/article/7e24fbaa-1b20-11ed-98b9-ae8775f5f43c

• Talks with Afghan commerce minister to be held in Moscow on August 15, says source

– tass.com/world/1493375

• US Spy Services in Afghanistan Continuing Destructive Actions

– farsnews.ir/en/news/14010524000279/US-Spy-Services-in-Afghanisan-Cnining-Desrcive-Acins

• White House rejects unfreezing Afghanistan’s Central Bank assets

– radiohc.cu/en/noticias/internacionales/296786-white-house-rejects-unfreezing-afghanistans-central-bank-assets

• Chief Negotiator of Iran Ali Bagheri’s report to the Supreme National Security Council of Iran

– nournews.ir/En/News/102601/Ali-Bagheri’s-report-in-the-meeting-of-the-Supreme-National-Security-Council-of-Iran

• Iran at the crossroads of history – Bhadrakumar

– indianpunchline.com/iran-at-the-crossroads-of-history/

• Russia buys 1,000 drones from Iran and expands the level of strategic cooperation

– ejmagnier.com/2022/08/13/russia-buys-1000-drones-from-iran-and-expands-the-level-of-strategic-cooperation/

• Iran Confirms Drone Sale To Russia – But What Will It Buy In Exchange?

– moonofalabama.org/2022/08/iran-confirms-drone-sale-to-russia-but-what-will-it-buy-in-exchange

• US-Iran deal dangling in the air

‘If anything, after the knife attack on Salman Rushdie and the purported plot to kill former White House national security adviser John Bolton, the optics are probably not congenial for the Biden team to have a photo-op with Iranian officials.’

– indianpunchline.com/us-iran-deal-dangling-in-the-air/

• What we know of Rushdie’s attacker Hadi Matar so far: Lebanese-descent resident of New Jersey, sympathetic to Iran – India

– indianexpress.com/article/explained/explained-global/salman-rushdie-attacker-hadi-matar-iran-khomeini-explained-8088044/

• Work in Vienna format on Iran nuke deal is at finish line, Russian senior diplomat says

– tass.com/politics/1494777

• Principles abandoned; Israel plays with fire – Daily Mirror Editorial

‘Is the EU in fact asking Palestinians to allow Israel to carry on bombing people in the Gaza Strip?’

– dailymirror.lk/opinion/Principles-abandoned-Israel-plays-with-fire-EDITORIAL/231-243008

• Putin predicts end to ‘unipolar’ world

– ft.lk/front-page/Putin-predicts-end-to-unipolar-world/44-738917

• SMO, the battle for the ‘end of history’! – Alexander Dugin

– geopolitika.ru/en/article/smo-battle-end-history

• US taunts Russia to escalate in Ukraine

– indianpunchline.com/us-taunts-russia-to-escalate-in-ukraine/

• Ex-president suspected of high treason leaves Ukraine for Poland

‘The footage shows Poroshenko walking along the terminal with a bottle of champagne in his hand.’

– tass.com/world/1493221

• Looming nuclear catastrophe in Ukraine

– sundaytimes.lk/220814/sunday-times-2/looming-nuclear-catastrophe-in-ukraine-491613.html

• Iran calls on Argentina to release crew of plane held at Ezeiza

– radiohc.cu/en/noticias/internacionales/296762-iran-calls-on-argentina-to-release-crew-of-plane-held-at-ezeiza

• Modern US Warmongering is Scaring Immortal Hague Fugitive Henry Kissinger

– caitlinjohnstone.substack.com/p/modern-us-warmongering-is-scaring

• Henry Kissinger warns U.S. against changing its one-China policy

– news.cgtn.com/news/2022-08-16/Henry-Kissinger-warns-U-S-against-changing-its-one-China-policy-1cxAUywZCaA/index.html

• ‘West Wants to Change Regimes for Itself’: Africans Strategize In Washington Against Western-Backed Leaders

– blackagendareport.com/west-wants-change-regimes-itself-africans-strategize-washington-against-western-backed-leaders

• Sudanese Communist Party Forms a New Alliance Committed to Ending Military Rule

– blackagendareport.com/sudanese-communist-party-forms-new-alliance-committed-ending-military-rule

• UN reform to make it more future-oriented

– lankaweb.com/news/items/2022/08/15/report-on-un-new-foresight-elements-in-our-common-agenda-proposed-by-the-un-secretary-general-antonio-guterres-assessed-by-the-millennium-project-released-august-15-2022/

________________________________________________________________

C2. Security (the state beyond ‘a pair of handcuffs’, monopolies of legitimate violence)

ee Security section focuses on the state (a pair of handcuffs, which sposedly has the monopoly of legitimate violence), and how the ‘national security’ doctrine is undermined by private interests, with no interest in divulging or fighting the real enemy, whose chief aim is to prevent an industrial renaissance as the basis of a truly independent nation.

• Spy ships in our waters – Admiral Ravindra C. Wijegunaratne

– factum.lk/regional-geopolitics/factum-special-perspective-spy-ships-in-our-waters/

• India’s Dilemma on Sri Lanka Is Playing Out Again

‘All the way from Chillaw [!] on the west coast to Arugam Bay in the east coast, more than two thirds of the entire Sri Lankan coastline is largely populated by Tamil villagers. Most are fishermen. India must rationally structure and implement programmes to help this community, which already battles predatory tactics by their counterparts in India.’

– thewire.in/south-asia/indias-dilemma-on-sri-lanka-is-playing-out-again

• Indian defence attaché now has unescorted access to Pentagon, says US Air Force Secretary

– indianexpress.com/article/world/indian-defence-attache-now-has-unescorted-access-to-pentagon-says-us-air-force-secretary-us-india-relationship-8092391/lite/

• Indian Army gets indigenously-developed equipment and systems

– financialexpress.com/defence/indian-army-gets-indigenously-developed-equipment-and-systems/2632234/

• SL receives a Dornier 228 Aircraft from India

– dailymirror.lk/breaking_news/SL-receives-Dornier-228-Aircraft-donated-by-India/108-243079

• Gazette issued to maintain Public Security Ordinance

– dailymirror.lk/breaking_news/Gazette-issued-to-maintain-Public-Security-Ordinance/108-243422

• Nine Senior Brigadiers promoted as Major Generals

– dailymirror.lk/breaking_news/Nine-Senior-Brigadiers-promoted-as-Major-Generals/108-243436

• China To Participate In Russia Military Drills, Says India Will Join Too

– newsfirst.lk/2022/08/18/china-to-participate-in-russia-military-drills-says-india-will-join-too/

• Address to the 10th Moscow Conference on International Security – President of Russia Putin

– en.kremlin.ru/events/president/news/69166

• 10th Moscow Conference for International Security

– moonofalabama.org/2022/08/a-multipolar-expo-shows-unipolar-wreckage.html#more

• A US Marine’s Assessment of Russia’s Military ‘Operation’ in Ukraine

– southfront.org/us-marine-corps-officer-expresses-admiration/

• National Defence College Research Symposium on August 17

– timesonline.lk/news-online/National-Defence-Resarch-symposium-on-August-17/2-1138400

• Is there no term-limit for NGO & Media heads?

– lankaweb.com/news/items/2022/08/15/is-there-no-term-limit-to-ngo-media-heads/

• CID summons Swimmer Julian Bolling over torching President Wickremesinghe’s house on July 9

– newsfirst.lk/2022/08/16/cid-summons-swimming-champ-julian-bolling/

– ft.lk/news/Julian-Bolling-summoned-to-CID-today/56-738780

– dailymirror.lk/breaking_news/Julian-Bolling-summoned-to-CID/108-243222

• Mahanama decries CID questioning of Julian Bolling

– ft.lk/front-page/Mahanama-decries-CID-questioning-of-Julian-Bolling/44-738817

• Student union leader arrested in Colombo protest

– timesonline.lk/news-online/Student-union-leader-arrested-in-Colombo-protest/2-1138451

• Police cleared IUSF protest with new tactics

– timesonline.lk/news-online/Police-cleared-IUSF-protest-with-new-tactics/2-1138450

• Govt. repeals draconian clauses under Emergency Regulations

– dailymirror.lk/news-features/Govt-repeals-draconian-clauses-under-Emergency-Regulations/131-242977

• President says state of emergency will not be extended

– adaderana.lk/news/84344/president-says-state-of-emergency-will-not-be-extended

• Easter Sunday carnage: Cardinal urges President to act on PSC findings

– island.lk/easter-sunday-carnage-cardinal-urges-president-to-act-on-psc-findings/

• Don’t try to interfere with judiciary, top Govt. officials told

– sundaytimes.lk/220814/news/dont-try-to-interfere-with-judiciary-top-govt-officials-told-491810.html

• Navy team back after RIMPAC war games

– sundaytimes.lk/220814/news/navy-team-back-after-rimpac-war-games-491830.html

• Morrison government pressured border force to promote election day boat arrival

– theguardian.com/australia-news/2022/jul/22/disgraceful-report-reveals-morrison-government-pressured-border-force-to-promote-election-day-boat-arrival

– sundaytimes.lk/220814/plus/letters-to-the-editor-3-491324.html

• Peaceful and Unlawful Assembly

‘Who else except Ambassador Chung and the media remembers all these protesters being ‘peaceful’?… Pray for SL less the politicians, media, BASL and western imperialists who think they are the reincarnation of Gods.’

– lankaweb.com/news/items/2022/08/14/peaceful-and-unlawful-assembly/

• Police Log: August 14, 15, 17, 18, 2022

– timesonline.lk/news-online/POLICE-LOG-August-14-2022/2-1138376

– timesonline.lk/news-online/POLICE-LOG-August-15-2022/2-1138382

– timesonline.lk/news-online/POLICE-LOG-August-17-2022/2-1138414

– timesonline.lk/news-online/POLICE-LOG-August-18-2022/2-1138438

• By the end of 2019, Sri Lanka had approx. 800,000 unresolved court cases

– sundaytimes.lk/220814/plus/letters-to-the-editor-3-491324.html

• Robbers play ‘cops’, while motorbike gunmen strike, again

– sundaytimes.lk/220814/news/robbers-play-cops-while-motorbike-gunmen-strike-again-491709.html

• Treasure hunters raided in Rakwana

– sundaytimes.lk/220814/news/treasure-hunters-raided-in-rakwana-491705.html

• Sri Lanka Customs seizes gold biscuits, drugs worth over 450 mn rupees

– economynext.com/sri-lanka-customs-seizes-gold-biscuits-drugs-worth-over-450-mn-rupees-98707/

– ft.lk/news/Custom-nabs-two-suspects-with-9-5-kg-Gold-worth-over-Rs-200-m-at-BIA/56-738821

• Three Indians nabbed with gold jewellery worth Rs.18mn

– dailymirror.lk/latest_news/Three-Indians-nabbed-with-gold-jewellery-worth-Rs-18mn/342-243423

– island.lk/customs-nabs-2-with-9-5-kilos-gold-at-bia/

– economynext.com/sri-lanka-customs-arrest-three-indians-suspected-of-smuggling-in-jewellery-98811/

• Seven remanded over racket to steal petrol from bowser

– timesonline.lk/news-online/Seven-remanded-over-racket-to-steal-petrol-from-bowser/2-1138408

• Reflections on Sri Lanka’s Legal System & the Judiciary

– island.lk/reflections-on-sri-lankas-legal-system-and-the-judiciary/

• Glaring inequity in the application of the same body of law

– island.lk/crime-and-punishment-in-sri-lanka-where-is-the-equity/

• Blood is thicker than justice, diplomacy

– sundaytimes.lk/220814/news/blood-is-thicker-than-justice-diplomacy-491723.html

• Udayanga Weeratunga arrives at CID over MIG deal

– dailymirror.lk/breaking_news/Udayanga-Weeratunga-arrives-at-CID-over-MIG-deal/108-243226

• Mervyn Silva released without bail

– dailymirror.lk/latest_news/Mervyn-Silva-released-without-bail/342-243306

• ‘GotaGoHome’ France activist arrested over May 9 violence when visiting Sri Lanka

– dailymirror.lk/breaking_news/GotaGoHome-France-activist-arrested-over-May-9-violence-when-visiting-Sri-Lanka/108-243431

• CID record statements from Dulanjalee Premadasa and Hirunika

– dailymirror.lk/breaking_news/CID-record-statements-from-Dulanjalee-Premadasa-and-Hirunika/108-243428

• Sri Lanka immigration on the hunt for Scotswoman who documented protests

– economynext.com/sri-lanka-immigration-on-the-hunt-for-scotswoman-who-documented-protests-98745/

• IGP orders top cops to adhere to procedures during arrests

– ft.lk/front-page/IGP-orders-top-cops-to-adhere-to-procedures-during-arrests/44-738876

• CID to take over interrogation of Wasantha Mudalige

– adaderana.lk/news/84439/cid-to-take-over-interrogation-of-wasantha-mudalige

• Police initiate probes in search of Jehan Appuhami

– lankaweb.com/news/items/2022/08/19/police-initiate-probes-in-search-of-jehan-appuhami/

• The demand was bring stolen money($$$$) who thought it was the LTTE bringing it, for Ranil?

– lankaweb.com/news/items/2022/08/18/the-demand-was-to-bring-stolen-money-who-thought-it-was-the-ltte-that-was-bringing-it-for-runil/

• Edward Gunawardena: ‘The IGP the country never had’

‘Director of Intelligence, Director of Presidential Security, DIG Metropolitan and Senior DIG Administration; and then, Special Advisor to the Chancellor at the University Grants Commission, Chairman of the National Lotteries Board and Director at the Lake House Newspapers Corporation.’

– island.lk/edward-gunawardena-the-igp-the-country-never-had/

• Perversions of the Justice System: Comparative Remarks on Sri Lanka and the USA – David

– island.lk/perversions-of-the-justice-system/

• Polish with Rs. 245 m worth cocaine arrested at BIA

– ft.lk/front-page/Polish-with-Rs-245-m-worth-cocaine-arrested-at-BIA/44-738814

• Actor Jacqueline Fernandez is now an accused in INR 200-Crore extortion case

– dailymirror.lk/breaking_news/Actor-Jacqueline-Fernandez-is-now-an-accused-in-INR-200-Crore-extortion-case/108-243228

• Mystery as Tamil Tiger found dead at a Torquay hotel

– lankaweb.com/news/items/2022/08/20/mystery-as-tamil-tiger-found-dead-at-a-torquay-hotel/

• Sri Lanka police on lookout for suspects who damaged president’s office

– economynext.com/sri-lanka-police-on-lookout-for-suspects-who-damaged-presidents-office-98818/

• Sri Lanka’s protestors must bear costs of damages to Galle Face Green: minister

– economynext.com/sri-lankas-protestors-must-bear-costs-of-damages-to-galle-face-green-minister-98787/

• A safe haven for ousted political leaders escaping executions and hangings

– sundaytimes.lk/220814/sunday-times-2/a-safe-haven-for-ousted-political-leaders-escaping-executions-and-hangings-491618.html

• US launches Intercontinental Ballistic Missile test from California

– news.cgtn.com/news/2022-08-16/U-S-conducts-Minuteman-III-intercontinental-ballistic-missile-test-1cy0gt4Gie4/index.html

• US Pharmacy Chains Ordered to Pay Over $650 Million in Opioid Case

– newsclick.in/US-Pharmacy-Chains-Ordered-Pay-Over-%24650-Million-Opioid-Case

• New Research Finds CIA Used Black Americans as Drugs Experiment Guinea Pigs

– blackagendareport.com/new-research-finds-cia-used-black-americans-drugs-experiment-guinea-pigs

• Massacre at Attica, The Black Panther Intercommunal News Service, 1971

– blackagendareport.com/essay-and-petition-massacre-attica-black-panther-intercommunal-news-service-1971

_____________________________________________________________

C3. Economists (Study the Economists before you study the Economics)

ee Economists shows how paid capitalist/academic ‘professionals’ confuse (misdefinitions, etc) and divert (with false indices, etc) from the steps needed to achieve a modern industrial country.

• IMF team to visit Sri Lanka by month-end for staff-level agreement

– timesonline.lk/news-online/IMF-team-to-visit-here-by-end-August/2-1138443

– adaderana.lk/news/84374/imf-team-to-visit-sri-lanka-by-month-end-for-staff-level-agreement

– lankaweb.com/news/items/2022/08/18/imf-team-to-visit-sri-lanka-by-month-end-for-staff-level-agreement/

• IMF eyes creditor assurances as it prepares Sri Lanka visit

– dailymirror.lk/breaking_news/IMF-eyes-creditor-assurances-as-it-prepares-Sri-Lanka-visit/108-243421

– bizenglish.adaderana.lk/imf-eyes-creditor-assurances-as-it-prepares-sri-lanka-visit/

• IMF Staff Statement on Sri Lanka

– lankaweb.com/news/items/2022/08/19/imf-staff-statement-on-sri-lanka/

• Sri Lanka to ask Japan to open talks on debt restructuring with key lenders

– adaderana.lk/news/84386/sri-lanka-to-ask-japan-to-open-talks-on-debt-restructuring-with-key-lenders

• IMF Agreement will give Sri Lanka confidence – President

– newsfirst.lk/2022/08/16/imf-agreement-will-give-sri-lanka-confidence-president/

• IMF team in Sri Lanka policy talks on program from August 24

– economynext.com/imf-team-in-sri-lanka-policy-talks-on-program-from-august-24-98798/

• From 3-Wheeler to the Paddy Field – Nalin de Silva

‘Macaulay’s best students are found among the Sinhala’

– kalaya.org/2022/08/blog-post_28.html

• Cannot support Sri Lanka’s IMF-bound “caretaker” president: MP Vasudeva N

– economynext.com/cannot-support-sri-lankas-imf-bound-caretaker-president-mp-vasudeva-n-98602/

• Sri Lanka Collapsed First, but It Won’t Be the Last – Indrajit Samarajiva

‘Sri Lanka — like so many other countries struggling for solvency — remains a colony with administration outsourced to the International Monetary Fund.’

– lankaweb.com/news/items/2022/08/15/sri-lanka-collapsed-first-but-it-wont-be-the-last/

• A national economy – Nalin de Silva

‘Let’s stop following the debt and get rid of the subsistence economy and turn to a national production economy’

– kalaya.org/2022/08/blog-post_16.html

• The Ministry of Planning and Economic Affairs

– island.lk/the-ministry-of-planning-and-economic-affairs/

• UN Women sign Memorandum of Understanding with BlackRock

‘Private creditors such as Blackrock and Ashmore hold 47% of Sri Lanka’s debt via bonds’

– lankaweb.com/news/items/2022/08/13/un-womens-mou-with-blackrock/

• Privatizing Sri Lanka ex-ante? IMF Bailing out BlackRock amid Adani Greenwash in Mannar and Pooneryn? – Rajasingham

– lankaweb.com/news/items/2022/08/20/privatizing-sri-lanka-ex-ante-imf-bailing-out-blackrock-amid-adani-greenwash-in-mannar-and-pooneryn/

• Import Substitution is the only way ahead today – Karunaratne

– lankaweb.com/news/items/2022/08/13/import-substitution-is-the-only-way-ahead-today/

• A change of economic policies for Sri Lanka – Priyantha Hettige

‘The rupee in 1948 was equal to the English pound, now it is around 450 rupees to the Pound. That gives a good description of Sri Lankan past governance.’

– island.lk/76373-2/

• Universal Social Welfare vs. Targeted Social Protection – Kadirgamar

– dailymirror.lk/opinion/Universal-Social-Welfare-vs-Targeted-Social-Protection/231-243007

• ‘The Canary in the Coal Mine’: Sri Lanka’s Crisis is a Chronicle Foretold – Toussaint and Skanthakumar

– socialistproject.ca/2022/08/canary-in-the-coal-mine-sri-lanka/

• IMF cannot lend to a member whose debt, either foreign or domestic, is not sustainable.

‘The government is now compelled to present a debt sustainability analysis (DSA), to the IMF and the country’s foreign creditors’

– sundaytimes.lk/220814/business-times/domestic-debt-restructuring-raises-fiscal-sustainability-issues-491386.html

• Central Bank announces establishment of Stakeholder Engagement Committee (SEC)

‘The SEC replaces the Monetary Policy Consultative Committee (MPCC) and Financial System Stability Consultative Committee (FSSCC). Chaired by Prof. Sirimal Abeyratne, Department of Economics, University of Colombo. The SEC represents private sector and academia: Ashique M. Ali, Sri Lanka Association for Software Services Companies; Kapila P Ariyaratne, Sri Lanka Banks’ Association; Sanjaya Bandara, Institute of Chartered Accountants; Dhamitha Cooke, Stassen; Priyanga Dunusinghe, Department of Economics, University of Colombo; Priantha Fernando, Sri Lanka Tourism Development Authority; Murtaza Jafferjee, Chairman, Advocata Institute; Christopher Joshua, Access Engineering; Rohan Masakorala, Shippers’ Academy Colombo; Reyaz Mihular, Bairaha Farms; Ashroff Omar, Brandix; Lakshman Silva, DFCC Bank; Rohan Tennakoon, Finance Houses Association; Rajendra Theagarajah, Ceylon Chamber of Commerce; Lakshman R. Watawala, Institute of Certified Management Accountants; Ganeshan Wignaraja, Senior Research Associate and Anushka Wijesinha, Economist, Centre for a Smart Future

– dailymirror.lk/business-news/CB-announces-establishment-of-Stakeholder-Engagement-Committee/273-243028

– island.lk/cbsl-establishes-stakeholder-engagement-committee/

– ft.lk/front-page/CBSL-revamps-external-experts-consultation-process/44-738690

• Opposition nominates Eran, Kabir as COPE, COPA heads

– dailymirror.lk/breaking_news/Opposition-nominates-Eran-Kabir-as-COPE-COPA-heads/108-243078

– island.lk/opposition-to-head-parliamentary-watchdog-committees/

• Can we achieve a political consensus on economic policies? – Sanderatne

‘An often repeated solution to the crisis is that production should be increased and that imports should be banned. The banning of imports to solve the foreign exchange crisis is an impractical policy.’

– sundaytimes.lk/220814/columns/can-we-achieve-a-political-consensus-on-economic-policies-491647.html

• GDP growth primarily through expansion of “non-tradable” sector – Abeyratne

– sundaytimes.lk/220814/business-times/crisis-and-the-end-of-cheap-politics-491389.html

• Cutting losses means laying off workers – Kussi Amma Feizal

– sundaytimes.lk/220814/business-times/soes-bleeding-money-491394.html

• 10-point common minimum programme for Sri Lanka’s economic recovery: Harsha

“Blueprint: Out of the debt trap & towards sustainable inclusive development”

– island.lk/current-administration-panders-to-whims-and-fancies-of-rajapaksa-clan-harsha/

• Harsha’s harsh blueprint and AKD as alternative – Jayatilleka

– ft.lk/columns/Harsha-s-harsh-blueprint-and-AKD-as-alternative/4-738822

• Harsha’s haircuts and economic revival strategies

– ft.lk/columns/Haircuts-and-economic-revival-strategies/4-738906

• Purchasing Power Parity – David

‘the PPP exchange rate is Rs 120 to one US dollar, not Rs 370 to a dollar’

– island.lk/purchasing-power-parity/

• Military spending compromised investment in health, education & innovation – Anushka Wijesinha

– island.lk/navigating-sri-lankas-rocky-road-to-recovery/

• JR and expert advice: Failing to implement Goh Keng Swee Report of 1980 – Wijewardena

‘Goh had advised JR to cut expenditure logically without reducing growth and employment and not to use bank money to finance the deficits.’

– ft.lk/columns/JR-and-expert-advice-Failing-to-implement-Goh-Keng-Swee-Report-of-1980/4-738656

• Structural change, modernisation and IMF bailout

‘If the government does not make necessary arrangements to tackle such a situation, it could lead to an uprising much worse than what we saw earlier this year.’

– dailymirror.lk/opinion/Structural-change-modernisation-and-IMF-bailout/172-243262

• Parties opposed to Sri Lanka seeking IMF help must offer alternatives: Bandula

– economynext.com/parties-opposed-to-sri-lanka-seeking-imf-help-must-offer-alternatives-minister-98679/

– ft.lk/top-story/Govt-open-to-proposals-from-parties-opposing-IMF-bailout/26-738763

• Structural Adjustment and Stability after IMF – Is it Adequate?

‘in an economy where anti-tradable bias has underpinned vulnerability to the crisis by building up a massive debt overhang, it is (critically) necessary to combine ‘expenditure-reducing’ policies with policies aimed at ‘expenditure switching’ from non-tradable production in the economy.’

– dailymirror.lk/insight/Structural-Adjustment-and-Stability-after-IMF-Is-it-Adequate/374-243185

• Sri Lanka’s Debt Crisis Tests China’s Role as Financier to Poor Countries (July 13)

– wsj.com/articles/sri-lankas-debt-crisis-tests-chinas-role-as-financier-to-poor-countries-imf-bailout-11657735179

• The Mystery Behind Swindled US$30 Billion from Sri Lanka

– lankaweb.com/news/items/2022/08/17/the-mystery-behind-swindled-us-30-billion-from-sri-lanka/

• CFA Society Sri Lanka webinar on Issues in Sovereign Domestic Debt Restructuring

‘Murtaza Jafferjee CFA, CEO, JB Securities, Chairman, Advocata Institute, and Past President, CFA Society, and Christopher Paul Dielmann, CFA, Senior Economist, World Bank, formerly Lead Analyst, Debt Policy Division in the Strategy, Policy, and Review Department of the International Monetary Fund, and Anshari Perera, CFA, Head of Sector Research & Lead Macro Economic Analyst, Frontier Research. The discussion will be moderated by Ravi Abeysuriya, CFA, Director, Advocacy Chair / Past President of CFA Society Sri Lanka, and CEO / Director of Senfin Securities, Sri Lanka.’

– bizenglish.adaderana.lk/cfa-society-sri-lanka-webinar-on-issues-in-sovereign-domestic-debt-restructuring/

• SLID Webinar – Sri Lanka’s Economy: The Next 6 Months

‘Anshari Perera – Head of Sector Research & Lead Macro Economic Analyst and Chayu Damsinghe – Product Head Macroeconomic & Thematic Research of Frontier Research were resource persons’

– bizenglish.adaderana.lk/slid-webinar-sri-lankas-economy-the-next-6-months/

• No longer intend to criticize govt.: SJB

– lankaweb.com/news/items/2022/08/17/no-longer-intend-to-criticize-govt-sjb/

• What alternative to reforms? Show any other plan: SJB

‘“The SJB is not a party that blindly follows Western liberal policies. We also don’t follow archaic leftist policies. We stand for a socialist free market economy that are relevant for the times’

– ft.lk/top-story/What-alternative-to-reforms-Show-any-other-plan-SJB/26-738808

• SJB will support Govt to restructure the loss-making State institutions – Eran

– island.lk/sjb-will-support-govt-to-restructure-the-loss-making-state-institutions-eran/

• Blue Print: Out of the debt trap and onto sustainable development – Harsha

– island.lk/blue-print-out-of-the-debt-trap-and-onto-sustainable-development/

• Sri Lanka going the Turkey way?

– ft.lk/columns/Sri-Lanka-going-the-Turkey-way/4-738867

• How Humans Are In A Threesome With Capital

– Indi.ca

• How India came out of the 1991 economic crisis

‘Liberalization greatly helped, but consistency is required for full benefits’

– dailymirror.lk/opinion/How-India-came-out-of-the-1991-economic-crisis-Liberalization-greatly-helped-but-consistency-is-required-for-full-benefits/172-243126

• Pakistan assures IMF to remove all subsidies on petrol, electricity

– dunyanews.tv/en/Business/663884-Pakistan-assures-IMF-to-remove-all-subsidies-on-petrol,-electricity

• IMF and WB’s assessment of ‘No crisis situation and major food shortage in Bangladesh

– lankaweb.com/news/items/2022/08/20/imf-and-wbs-assessment-of-no-crisis-situation-and-major-food-shortage-in-bangladesh/

• Privatization of Viet state-owned enterprises in the period 2016-2020:

– tapchicongsan.org.vn/web/english/economy/detail/-/asset_publisher/mqd1ARxqSObP/content/privatization-of-state-owned-enterprises-in-the-period-2016-2020-current-situation-and-some-recommendations

• China cuts tariffs, cosies up to 16 of world’s poorest nations with US, Australia trade ties strained

– scmp.com/economy/global-economy/article/3188149/china-cuts-tariffs-cosies-16-worlds-poorest-nations-us

• China’s holdings of US debt at 12-year low

– chinadaily.com.cn/a/202208/17/WS62fbb838a310fd2b29e728c2.html

• US AidData’s new dataset of Chinese development projects

– aiddata.org/china-development-finance

– wm.edu/news/stories/2021/aiddatas-new-dataset-of-chinese-development-projects-worth-843b-reveals-major-increase-in-hidden-debt.php

• Ukraine investors ask credit committee if debt freeze is a restructuring event

– reuters.com/markets/europe/ukraine-investors-ask-credit-committee-if-debt-freeze-is-credit-event-2022-08-15/

• Corporate profit shifting & the role of tax havens: Evidence from German country-by-country reporting data

‘the OECD’s Base Erosion and Profit-Shifting (BEPS) program requires all MNEs with a consolidated group revenue above 750 million EUR to report tax payments, pretax profits, and indicators of economic activity aggregated for each tax jurisdiction in which they operate.’

– taxobservatory.eu/repository/corporate-profit-shifting-and-the-role-of-tax-havens/

• How multinationals avoid taxes in Africa and what should change

– theconversation.com/how-multinationals-avoid-taxes-in-africa-and-what-should-change-179797

• Lack of transparency with data will drag IMF deal – Former Ghana Finance Minister

– ghanaweb.com/GhanaHomePage/business/Lack-of-transparency-with-data-will-drag-IMF-deal-Terkper-1603694

• We see positive sentiments fuelled by upcoming IMF programme – Zambia Bankers

‘The agriculture sector holds the most potential after the mining sector and we are already seeing dormant investments like the recently opened Nickel mines…’

– diggers.news/business/2022/08/16/we-see-positive-sentiments-fuelled-by-upcoming-imf-programme-baz/

• The IMF weighs in on LMAO’s nickel debacle

‘LME’s decision to cancel several billion dollars worth of trades was the result of pressure from members, their banks and perhaps the LME’s parent, Hong Kong Exchanges and Clearing (HKEX).’

– ft.com/content/c9d9c57b-46da-486a-8d89-f74b040b2e56

• Network backed by IMF, World Bank and OECD issues new tax transparency standards for all governments

– internationalinvestment.net/news/4054829/network-backed-imf-world-bank-oecd-issues-tax-transparency-standards-governments

• Russia under Putin – Roberts

‘Western capital is planning to take over and control Ukraine’s resources and exploit its labour force to the maximum…to boost the profitability of both Ukraine’s domestic capitalists (oligarchs) and foreign multinationals. However, there’s a problem for Western capital and Ukraine’s oligarchs: it’s Russia.’

– thenextrecession.wordpress.com/2022/08/15/russia-under-putin/

• Will global inflation subside? – Roberts

– thenextrecession.wordpress.com/2022/08/21/will-global-inflation-subside/

• First Regional Meeting of Heads of Government of CARICOM underway in Bahamas

– radiohc.cu/en/noticias/internacionales/296730-first-regional-meeting-of-heads-of-government-of-caricom-underway-in-bahamas

• From Great Moderation to Great Stagflation – Nouriel Roubini

‘During the Great Stagflation, both components of any traditional asset portfolio – long-term bonds and US and global equities – will suffer, potentially incurring massive losses.’

– themorning.lk/from-great-moderation-to-great-stagflation/

• The Plundering Nations Last Stand

– vk.com/@580896205-the-plundering-nations-last-stand

____________________________________________

C4. Economy (Usually reported in monetary terms)

ee Economy section shows how media usually measures economy by false indices like GDP, etc., in monetary terms, confusing money and capital, constantly calling for privatization, deregulation, moaning about debt & balance of payments, without stating the need for modern industrial production.

• Prez comments on listing SOEs unwelcome by industry

‘Now can I put any state enterprise shares onto that to help a few people?’

– sundaytimes.lk/220814/business-times/prez-comments-on-listing-soes-unwelcome-by-industry-491398.html

• CBSL relaxes mandatory conversion requirement on service export proceeds

– adaderana.lk/news/84338/cbsl-relaxes-mandatory-conversion-requirement-on-service-export-proceeds

– dailymirror.lk/business/Central-Bank-lifts-forced-dollar-conversion-rule-on-services-export-receipts/215-243200

• Will SL interest rates rise or fall on Thursday (A18)?

– timesonline.lk/news-online/Will-SL-interest-rates-rise-or-fall-on-Thursday/2-1138384

• Central Bank leaves policy rates unchanged

– timesonline.lk/news-online/Central-Bank-leaves-policy-rates-unchanged/2-1138432

• Sri Lanka economy to shrink over 8-pct in 2022, inflation may peak below 70-pct: CB chief

– economynext.com/sri-lanka-economy-to-shrink-over-8-pct-in-2022-inflation-may-peak-below-70-pct-cb-chief-98764/

– dailymirror.lk/business-news/Economy-projected-to-shrink-over-8/273-243321

– ft.lk/front-page/CB-projects-economy-to-contract-by-over-8-in-2022/44-738879

– lankaweb.com/news/items/2022/08/18/sri-lanka-warns-of-8pc-economic-contraction/

• Significant deceleration in money printing expected: Central Bank

– dailymirror.lk/business-news/Significant-deceleration-in-money-printing-expected-Central-Bank/273-243316

• Pressure on exchange rate easing, kerb premiums falling says Governor

– island.lk/pressure-on-exchange-rate-easing-kerb-premiums-falling-says-governor/

• Finance Ministry updates creditors on measures taken so far to ensure debt sustainability

– ft.lk/front-page/Finance-Ministry-updates-creditors-on-measures-taken-so-far-to-ensure-debt-sustainability/44-738809

• CBSL denies Open Account activities help ease commodity prices

– ft.lk/front-page/CBSL-denies-Open-Account-activities-help-ease-commodity-prices/44-738916

• CB Governor: Lanka now in a position to pay for essentials

– lankaweb.com/news/items/2022/08/19/cb-governor-lanka-now-in-a-position-to-pay-for-essentials/

– lankaweb.com/news/items/2022/08/18/sri-lankas-forex-situation-has-improved-says-central-bank-governor-nandalal-weerasinghe/

– economynext.com/pressure-on-sri-lankas-exchange-rate-is-easing-central-bank-chief-98781/

• Restructuring rupee-denominated domestic debt under fire

‘rupee debtholders have already lost value by about 45% compared to dollar bondholders…. biggest losers will be EPF, insurance companies, National Savings Bank, and ETF as they have subscribed to these bonds.’

– sundaytimes.lk/220814/business-times/restructuring-rupee-denominated-domestic-debt-under-fire-491404.html

• Domestic debt restructuring raises fiscal sustainability issues

– sundaytimes.lk/220814/business-times/domestic-debt-restructuring-raises-fiscal-sustainability-issues-491386.html

• Central Bank sees no reasons for domestic debt restructuring

– timesonline.lk/news-online/Central-Bank-sees-no-reasons-for-domestic-debt-restructuring/2-1138444

– economynext.com/sri-lanka-debt-can-be-made-sustainable-without-re-structuring-domestic-borrowings-cb-governor-98754/

• Central Bank instructs further restriction of importing non-essential goods

– island.lk/central-bank-instructs-further-restriction-of-importing-non-essential-goods/

• Amnesty extended for mandatory provisions on foreign exchange

– timesonline.lk/news-online/Amnesty-extended-for-mandatory-provisions-on-foreign-exchange/2-1138434

– adaderana.lk/news/84385/cbsl-announces-amnesty-period-to-deposit-or-sell-foreign-currency-in-the-hands-of-public

– dailymirror.lk/business-news/Amnesty-period-to-depositsell-foreign-currency-held-by-public-extended-by-one-month/273-243317

– island.lk/one-month-amnesty-to-deposit-foreign-currency-in-hands-of-public/

• S&P pushes Sri Lankan bonds deeper into junk territory with ’default’ rating

– dailymirror.lk/breaking_news/S-P-pushes-Sri-Lankan-bonds-deeper-into-junk-territory-with-default-rating/108-243090

– dailymirror.lk/business-news/S-P-pushes-Lankan-bonds-deeper-into-junk-territory-with-default-rating/273-243142

– ft.lk/front-page/S-P-downgrades-SL-Bonds-to-D-after-missed-payments-Sovereign-ratings-affirmed/44-738730

– economynext.com/sri-lanka-sovereign-rating-at-sd-but-isbs-downgraded-to-d-by-sp-98660/

• Govt. to introduce relief package under interim Budget

– ft.lk/front-page/Govt-to-introduce-relief-package-under-interim-Budget/44-738764

• Board of Investment realises 58% of investment target set for 2022

– dailymirror.lk/business-news/Board-of-Investment-realises-58-of-investment-target-set-for-2022/273-243196

• Top posts in Corps’ & SoEs by Committee

‘A rush to secure positions as Chairpersons and Directors to Corporations, Statutory Organisations and State-owned companies has promoted the President to appoint a Committee to make the appointments’

– timesonline.lk/news-online/Top-posts-in-Corps-SOEs-by-Committee/2-1138385

• Committee on High Posts approves five new Ministry Secretaries, one Ambassador

‘K.M.M. Siriwardana as the Secretary to the Ministry of Finance, Economic Stabilisation and National Policies…S.J.S. Chandraguptha as the Secretary to the Ministry of Health and R.P.A. Wimalaweera as the Secretary to the Ministry of Labour and Foreign Employment.’

– ft.lk/news/Committee-on-High-Posts-approves-five-new-Ministry-Secretaries-one-Ambassador/56-738736

• Govt. issues tough guidelines to curtail public-sector expenditure

– sundaytimes.lk/220814/news/govt-issues-tough-guidelines-to-curtail-public-sector-expenditure-491822.html

• Welfare boost by cutting ministry allocations

– sundaytimes.lk/220814/business-times/welfare-boost-by-cutting-ministry-allocations-491407.html

• Techno Ministry flouts regulations in purchasing office space at One Galle Face

– dailymirror.lk/breaking_news/Techno-Ministry-flouts-regulations-in-purchasing-office-space-at-One-Galle-Face/108-243043

• Moves to pay millions to officials victimised by Yahapalana Govt.

– sundaytimes.lk/220814/news/moves-to-pay-millions-to-officials-victimised-by-yahapalana-govt-491824.html

• President appoints committee to oversee new senior appointments

– island.lk/president-appoints-committee-to-oversee-new-senior-appointments/

• Process of securing X-Press Pearl fire damage expedited

– island.lk/process-of-securing-x-press-pearl-fire-damage-expedited/

• UN says humanitarian agencies face ‘biggest funding gap ever’

– island.lk/un-says-humanitarian-agencies-face-biggest-funding-gap-ever/

• US to Hire 85,000 Tax Inspectors to go after Gig Economy

– nytimes.com/2021/04/27/business/economy/biden-american-families-plan.html

_________________________________________________________________________

C5. Workers (Inadequate Stats, Wasteful Transport, Unmodern Plantations, Services)

ee Workers attempts to correct the massive gaps and disinformation about workers, urban and rural and their representatives (trade unions, etc), and to highlight the need for organized worker power

11

• Heated situation at Imaduwa PC

– newsfirst.lk/2022/08/16/heated-situation-at-imaduwa-pc/

• CPC trade unions to engage in protests on Monday

– dailymirror.lk/breaking_news/CPC-trade-unions-to-engage-in-protests-tomorrow/108-243434

– economynext.com/sri-lankas-petroleum-sector-trade-unions-to-launch-protest-on-aug-22-against-new-reforms-98833/

• Sri Lanka’s ayurvedic hospital staff protest medicine shortages, corruption

– economynext.com/sri-lankas-ayurvedic-hospital-staff-protest-medicine-shortages-corruption-98795/

• Recent 75% electricity tariff is a farce: CEB Trade Union Alliance

– dailymirror.lk/breaking_news/Recent-75-electricity-tariff-is-a-farce-CEB-Trade-Union-Alliance/108-243033

• 1-2-3 method needs to be implemented to ensure CEB engineers work effectively: CEBEU

– themorning.lk/1-2-3-method-needs-to-be-implemented-to-ensure-ceb-engineers-work-effectively-cebeu/

• CEBEU rejects long standing IMF proposed reforms, but willing to go along with CB policies

‘CEB asked for a 229% tariff increase at the public hearing, and CEB GM lobbied the IMF to force PUCSL to do so.’

– island.lk/cebeu-rejects-long-standing-imf-proposed-reforms-but-willing-to-go-along-with-central-bank-policies/

• “Govt workers, too, were involved in fuel hoarding”

‘before the QR system, one tanker load was only enough for a few hours. But now gas stations pump fuel for days with one shipment,” he said.’

– island.lk/govt-workers-too-were-involved-in-fuel-hoarding/

• CPC Union alleges ‘Rajapaksa link’ to fuel imports, NR denies

– themorning.lk/cpc-union-alleges-rajapaksa-link-to-fuel-imports-nr-denies/

• Appeal Court dismisses RPCs’ objection case to minimum Rs. 1,000 daily wage

– ft.lk/front-page/Appeal-Court-dismisses-RPCs-objection-case-to-minimum-Rs-1-000-daily-wage/44-738728

• Wheels within wheels in three-wheeler operations

‘There are more than 1.1 million three-wheelers operating in the country’

– sundaytimes.lk/220814/news/wheels-within-wheels-in-three-wheeler-operations-491676.html

• Outrageous overtime payment to petroleum refinery workers – Island

– island.lk/sapugaskanda-a-huge-challenge-for-rw/

• SL workers’ remittances sinks by 50% in Jan-July 2022 compared to same 2021 period

– timesonline.lk/news-online/SL-workers-remittances-sinks-by-50-in-Jan-July-2022-compared-to-same-2021-period/2-1138371

• CB says banks had bloated worker remittance figures for years

– dailymirror.lk/business-news/CB-says-banks-had-bloated-worker-remittance-figures-for-years/273-243318

• Collective effort to bust human smuggling rackets using visit visas: Manusha

– dailymirror.lk/breaking_news/Collective-effort-to-bust-human-smuggling-rackets-using-visit-visas-Manusha/108-243232

• Man with forged Italian visa stickers nabbed

– timesonline.lk/news-online/Man-with-forged-Italian-visa-stickers-nabbed/2-1138381

• Sri Lankans flee crisis in mass brain drain

– thedailystar.net/business/global-economy/news/sri-lankans-flee-crisis-mass-brain-drain-3099461

• Manusha warns of strict action against Lankans going disguised as tourists for employment abroad

– ft.lk/front-page/Manusha-warns-of-strict-action-against-Lankans-going-disguised-as-tourists-for-employment-abroad/44-738920

• President proposes to lower the retirement age to 60

– timesonline.lk/news-online/President-proposes-to-amend-the-retirement-age/2-1138425

• Govt. seeks multi-party consensus to set up private universities

– dailymirror.lk/business/Govt-seeks-multi-party-consensus-to-set-up-private-universities/215-243197

• Majority of unemployed graduates don’t conform to the diligence expected by the private sector

– island.lk/the-wickremesinghe-presidency-response-to-dr-mahim-mendis/

• Government has virtually failed to “create” productive jobs for the youth,

– sundaytimes.lk/220814/business-times/crisis-and-the-end-of-cheap-politics-491389.html

• Civil Service abolished in 1962 and replaced by Ceylon Administrative Service.

– island.lk/ministry-of-lands-irrigation-and-power/

• Ken Vijayakumar elected CIPM Sri Lanka President

‘experience at Lankem, Watawala Plantations, MAS Holdings, Keells Plantations, Lanka Equities, Brandix, WNS/AVIA, Delmege Forsyth, Waters Edge, and Good Hope Asia (Holdings)’

– dailymirror.lk/business-news/Ken-Vijayakumar-elected-CIPM-Sri-Lanka-President/273-243139

• IT firms catering exclusively to domestic market struggling to recruit and retain talent

– dailymirror.lk/business-news/IT-firms-catering-exclusively-to-domestic-market-struggling-to-recruit-and-retain-talent/273-243322

• Changing lives of Palankudi community: Capturing their own stories

‘project carried out by the Social Cohesion and Reconciliation thematic of the Centre for Poverty Analysis (CEPA)’

– sundaytimes.lk/220814/plus/changing-lives-of-palankudi-community-capturing-their-own-stories-491330.html

• Sri Lanka College of Psychiatrists brainstorm on mental health issues in troubled times

‘BASL President Saliya Peiris said that Sri Lanka’s mental health regime is governed by the Mental Diseases Ordinance No. 1 of 1873, which was last amended more than half a century ago in 1956.’

– sundaytimes.lk/220814/news/importance-of-being-mindful-in-troubled-times-491659.html

• US$2.1Mn to improve lives of marginalized from World University Service of Canada (WUSC)

– newsfirst.lk/2022/08/16/usd-2-1-mn-to-improve-lives-of-the-marginalized-from-wusc/

• Reminiscences of my short stint in teaching

– island.lk/reminiscences-of-my-short-stint-in-teaching/

• Mason gets bail for stealing Minister’s daughter’s diamond ring worth Rs. 2.2Mn

– dailymirror.lk/breaking_news/Man-gets-bail-for-stealing-Ministers-daughters-diamond-ring-worth-Rs-2-2Mn/108-243166

• The Existence Of Family And The Non-Existence Of Self

– indi.ca

• 10 Years Since South Africa’s Marikana Miners’ Massacre

– newsclick.in/10-years-south-africa-marikana-massacre

• Enough is Enough is a campaign to fight the cost of living crisis in England

– socialistproject.ca/leftstreamed-video/launch-enough-is-enough-campaign-w-mick-lynch/

• Over 2,000 mental health workers begin strike at Kaiser Permanente clinics in California

– radiohc.cu/en/noticias/internacionales/296784-over-2000-mental-health-workers-begin-strike-at-kaiser-permanente-clinics-in-california

• Starbucks accuses U.S. labor officials of helping workers unionize

– radiohc.cu/en/noticias/internacionales/296764-starbucks-accuses-us-labor-officials-of-helping-workers-unionize

_________________________________________________________________________

C6. Agriculture (Robbery of rural home market; Machines, if used, mainly imported)

ee Agriculture emphasizes the failure to industrialize an agriculture that keeps the cultivator impoverished under moneylender and merchant, and the need to develop the rural home market, monetization and commercialization, to produce, rather than import, agricultural machinery.

• Mayor of Colombo says the Capital City Only Has Enough Food to Last Until September

– wilsoncenter.org/blog-post/mayor-colombo-sri-lanka-says-capital-city-only-has-enough-food-last-until-september

• Prices of Yala paddy to be purchased by Paddy Marketing Board

– adaderana.lk/news/84335/prices-of-paddy-to-be-purchased-by-pmb

– newsfirst.lk/2022/08/16/pmb-to-start-purchasing-paddy-from-tomorrow-17/

– island.lk/pmb-begins-purchasing-of-yala-harvest/

• Sri Lanka coconut auction prices continue to climb

‘Buyers offered 1,019,395 nuts at the auction and sold 576,906.’

– economynext.com/sri-lanka-coconut-auction-prices-continue-to-climb-98494/

– economynext.com/sri-lanka-coconut-prices-continue-to-increase-98801/

• Fishing vessel operators bemoan unbearable costs

Fish accounts for 70% of the animal protein intake of Sri Lankans and the fisheries sector plays a key role in easing hunger and malnutrition,’

– sundaytimes.lk/220814/news/fishing-vessel-operators-bemoan-unbearable-costs-491719.html

• Katchatheevu issue comes up as bottom trawling continues to keep fishing in troubled waters

– sundaytimes.lk/220814/columns/friday-holiday-contrary-poems-on-how-the-garden-grows-491728.html

• Fishermen protest against shortages

– island.lk/fishermen-protest-against-shortages/

• Sri Lanka chicken, egg prices soar due to demand spike, animal feed shortage

– economynext.com/sri-lanka-chicken-egg-prices-soar-due-to-demand-spike-animal-feed-shortage-98486/

• Chicken and egg: A question of survival for poultry farmers

‘The small and medium-scale poultry industry supports some 100,000 families. In addition, around 15,000 families cultivate maize for the industry.’

– sundaytimes.lk/220814/news/chicken-and-egg-a-question-of-survival-for-poultry-farmers-491587.html

• Eggs, chicken sales drop drastically: Animal Farmers’ Union

– dailymirror.lk/breaking_news/Eggs-chicken-sales-drop-drastically-Animal-Farmers-Union/108-243229

• Sri Lanka’s bakers want price controls on poultry farmers in shortage solution

– economynext.com/sri-lankas-bakers-want-price-controls-on-poultry-farmers-in-shortage-solution-98548/

• Sri Lanka should focus on locally sourcing animal products: poultry association

‘40 million US dollars a month to import animal products’

– economynext.com/sri-lanka-should-focus-on-locally-sourcing-animal-products-poultry-association-98549/

• Poultry farmers to ignore price control on eggs

– dailymirror.lk/breaking_news/Poultry-farmers-to-ignore-price-control-on-eggs/108-243435

• Sri Lanka’s new price controls on eggs could lead to shortages: poultry association

– economynext.com/sri-lankas-new-price-controls-on-eggs-could-lead-to-shortages-poultry-association-98817/

• The lasting curse of Janasathu

– island.lk/the-lasting-curse-of-janasathu/

• Sri Lanka tea sold at historic high prices in July 2022

– economynext.com/sri-lanka-tea-sold-at-historic-high-prices-in-july-2022-98554/

• Offerings at Colombo Tea Auction see marginal dips this week

– dailymirror.lk/business-news/Offerings-at-Colombo-Tea-Auction-see-marginal-dips-this-week/273-243413

• Tea export volumes down 7.8 MnKgs in July

– dailymirror.lk/breaking_news/Tea-export-volumes-down-7-8-MnKgs-in-July/108-243412

– economynext.com/sri-lanka-tea-exports-down-10-pct-in-july-dollar-and-rupee-earnings-up-98828/

• Snares in plantations, land seizures put leopards in peril

– sundaytimes.lk/220814/news/snares-in-plantations-land-seizures-put-leopards-in-peril-491681.html

• Human-elephant conflict: Increase in death toll expected

– island.lk/human-elephant-conflict-increase-in-death-toll-expected/

• Humanitarian needs: UN raises US$ 10.7mn for Sri Lanka

– sundaytimes.lk/220814/news/humanitarian-needs-un-raises-us-10-7mn-for-sri-lanka-491816.html

• International Youth Day 2022: 2 UNDP programs for young innovators on climate change

‘Anuradha Withanachchi, Climate and Environment, UNDP; Christophe Bahuet, Deputy Regional Director for Asia and the Pacific and Director, UNDP Bangkok Regional Hub; Amal Harsha de Silva, Secretary, Ministry of Sports and Youth Affairs; Emma Brigham, Deputy Representative of UNICEF; Isuru Ranaweera, Lassana Kolonnawa Wetland Conservation Youth Network (LKWCYN); Fadhil Bakeer Markar, UNDP; Lakshani Sandeepani, LKWCYN; Hasanka Paddukka, Thuru and Zero Trash; Tharindu Abeyratna, Ecohub.lk; Hasini Isurika, LKWCYN; Pasan Wijemanne, ‘LKWCYN’

– island.lk/celebrating-international-youth-day-2022/

• India names new copepod species from Andaman-Nicobar archipelago in the Bay of Bengal

– island.lk/new-species-of-copepod-discovered-in-indian-ocean/

• China launches first national soil survey in 40 years

– chinadialogue.net/en/pollution/china-launches-first-national-soil-survey-in-40-years/

• U.S. states hit by extreme drought face more water cuts

– radiohc.cu/en/noticias/internacionales/296787-us-states-hit-by-extreme-drought-face-more-water-cuts

_____________________________________________________________________

C7. Industry (False definitions, anti-industrial sermons, rentier/entrepreneur, etc)

ee Industry notes the ignorance about industrialization (versus handicraft and manufacture), the dependence on importing foreign machinery, the need to make machines that make machines, build a producer culture. False definitions of industry, entrepreneur, etc, abound, and the need for a holistic political, economic and military strategy to overcome domination by merchants and moneylenders.

• Industrial production down 3.4% in 2Q

– ft.lk/front-page/Industrial-production-down-3-4-in-2Q/44-738926

• Russia urgently needs to replace industrial inputs previously imported from the West

– sundaytimes.lk/220814/sunday-times-2/what-does-india-want-from-russia-491616.html

• Indian Oil Corporation (LIOC) responds to EOI to contract out Sri Lanka CPC filling stations

– economynext.com/lioc-responds-to-eoi-to-contract-out-sri-lanka-cpc-filling-stations-98358/

• CPC to begin refinery operations this week to operate without any interruptions

– adaderana.lk/news/84364/cpc-to-begin-refinery-operations-this-week-to-operate-without-any-interruptions

• Customs Intelligence thwarts attempt to smuggle copper, aluminum to India

– dailymirror.lk/breaking_news/Customs-Intelligence-thwarts-attempt-to-smuggle-copper-aluminum-to-India/108-243242

• US partners with David Pieris Motor Company to boost electric mobility in Sri Lanka

– bizenglish.adaderana.lk/u-s-partners-with-david-pieris-motor-company-to-boost-electric-mobility-in-sri-lanka/

– timesonline.lk/news-online/US-partners-with-David-Pieris-Motor-Company-to-boost-electric-mobility-in-Sri-Lanka/2-1138397

– dailymirror.lk/business-news/U-S-partners-with-David-Pieris-Motor-Company-to-boost-electric-mobility-in-Sri-Lanka/273-243198

• Sri Lanka partners with USAID to convert petrol-run tuktuks to electricity

– economynext.com/sri-lanka-partners-with-usaid-to-convert-petrol-run-tuktuks-to-electricity-98704/

• Three-Wheeler drivers welcome electric tuks

– themorning.lk/three-wheeler-drivers-welcome-electric-tuks/

• Abans Auto to assemble and manufacture Hyundai automobiles in Sri Lanka

– dailymirror.lk/business-news/Abans-Auto-to-assemble-and-manufacture-Hyundai-automobiles-in-Sri-Lanka/273-243320

– dailymirror.lk/latest_news/Abans-Auto-to-assemble-and-manufacture-Hyundai-automobiles-in-Sri-Lanka/342-243320

• Laugfs 3,120 MT gas shipment arrives in Sri Lanka

– adaderana.lk/news/84337/3120-mt-gas-shipment-arrives-in-sri-lanka

• Thanks to QR code expenditure on fuel drops from USD 500 million to 230 million a month

– island.lk/thanks-to-qr-code-expenditure-on-fuel-drops-from-usd-500-million-to-usd-230-million-a-month/

• 24 years on, another effort to restructure debt-ridden CEB

– sundaytimes.lk/220814/business-times/24-years-on-another-effort-to-restructure-debt-ridden-ceb-491401.html

• JAAF requests PUCSL to re-assess off-peak tariff rates

– bizenglish.adaderana.lk/jaaf-requests-pucsl-to-re-assess-off-peak-tariff-rates/

– dailymirror.lk/business-news/JAAF-requests-PUCSL-to-reassess-approved-off-peak-electricity-tariff-rates/273-243252

– ft.lk/front-page/JAAF-requests-PUCSL-to-reassess-off-peak-tariff-rates/44-738810

• Sri Lanka coal power plant breakdown won’t affect Aug 15 power cut

– economynext.com/sri-lanka-coal-power-plant-breakdown-wont-affect-aug-15-power-cut-98611/

• CEB again faces crunch situation with another unit at Norochcholai breaking down

– island.lk/ceb-again-faces-crunch-situation-with-another-unit-at-norochcholai-breaking-down/

• Sri Lanka on track to receiving enough coal till April 2023: regulator

– economynext.com/sri-lanka-on-track-to-receiving-enough-coal-till-april-2023-regulator-98674/

• No fuel price revision in Sri Lanka for August: energy ministry

– economynext.com/no-fuel-price-revision-in-sri-lanka-for-august-energy-ministry-98680/

• Power consumption reduced by more than 20% during past two months: PUCSL

– dailymirror.lk/latest_news/Power-consumption-reduced-by-more-than-20-during-past-two-months-PUCSL/342-243304

• Over thousand litres of petrol inside freezer truck

– timesonline.lk/news-online/Over-thousand-litres-of-petrol-inside-freezer-truck/2-1138447

• Navy seizes petrol stock worth over Rs. 900,000 in Kalpitiya

– adaderana.lk/news/84437/navy-seizes-petrol-stock-worth-over-rs-900000-in-kalpitiya

• Are we to burn borrowed dollars just to cook a meal?

‘The CBSL data below shows the immense amount of dollars drained out of the country in the past years, purely due to the high powered promotions to coerce and trap the consumers to this non sustainable consumption.’

– island.lk/are-we-to-burn-borrowed-dollars-just-to-cook-a-meal/

• Sri Lanka’s Laugfs Gas makes a loss of 94-pct in June 2022 quarter

– economynext.com/sri-lankas-laugfs-gas-makes-a-loss-of-94-pct-in-june-2022-quarter-98657/

• Sri Lanka hikes kerosene price 290% in steep correction

– economynext.com/sri-lanka-hikes-kerosene-price-290-pct-in-steep-correction-98845/

– themorning.lk/kerosene-price-up-by-rs-253-per-litre/

• Power & Energy Ministry agreement with development partners of National Fuel Pass QR system

‘The fuel QR system was developed for the Power and Energy Ministry by ICTA, Dialog and Millenium IT ESP, for free.’

– dailymirror.lk/business-news/The-Power-and-Energy-Ministry-yesterday-inked-an-official-agreement-with-the-development-partners-of-the-National-Fuel-Pass-QR-system/273-243416

• Sapugaskanda Refinery resumes operations

– adaderana.lk/news/84427/sapugaskanda-refinery-resumes-operations

• Adani Green Energy issued provisional approvals for two wind projects

– dailymirror.lk/breaking_news/Adani-Green-Energy-issued-provisional-approvals-for-two-wind-projects/108-243181

• SL seen as losing billions of dollars as a result of not making use of her locational advantage

‘‘Sri Lanka is located at the heart of a vital global shipping line and more than 45000 ships and an equal number of aircraft navigate this route via Sri Lanka’s Dondra head annually. However, not a single ship nor aircraft is enabled to make a stop-over at Dondra for bunkering, re-fueling and other operational services’

– island.lk/sl-seen-as-losing-billions-of-dollars-as-a-result-of-not-making-use-of-her-locational-advantage/

• Typical in India for government officials to drive Indian-made vehicles

– ft.lk/columns/Transportation-dilemma-in-Sri-Lanka/4-738702

• 20 Train Engines Out Of Service

– newsfirst.lk/2022/08/17/20-train-engines-out-of-service/

• Colombo port tugboat fleet to be enhanced

– island.lk/colombo-port-tugboat-fleet-to-be-enhanced/

• 204 Lankan flights stopped for refuelling at Thiruvananthapuram airport

– dailymirror.lk/top_story/204-Lankan-flights-stopped-for-refuelling-at-Thiruvananthapuram-airport/155-243429

• INSEE begins construction of US$ 3mn warehouse at Hambantota port

– dailymirror.lk/business-news/INSEE-begins-construction-of-US-3mn-warehouse-at-Hambantota-port/273-243319

• Delaying the privatisation of SriLankan Airlines will not help – Thilan Wijesinghe

‘Wijesinghe, one-time chairman of the BOI, co-founded Asia Capital, which became Sri Lanka’s largest investment bank and stockbroker… He was also a founder director of PSIDC , a government owned company funded by the World Bank and ADB that was set up to provide long term loans for PPP infrastructure projects.’

– island.lk/national-carrier-matters-but-profitability-matters-more/

• Japanese engineering group Taisei seeks halt to BIA expansion contract

– ft.lk/front-page/Taisei-seeks-halt-to-BIA-expansion-contract/44-738689

• Terminal project to restart post debt restructuring

– themorning.lk/terminal-project-to-restart-post-debt-restructuring/

• Emirates invests over US$ 2 Bn

– island.lk/emirates-invests-over-us-2-bn-to-take-its-on-board-customer-experience-to-new-heights/

• Use SLT to soften the tariff hike

– sundaytimes.lk/220814/plus/letters-to-the-editor-3-491324.html

• Use SLT to soften the tariff hike challenging period in April-June 2022 for SLT, country’s largest telecom operator

– sundaytimes.lk/220814/business-times/challenging-period-in-april-june-2022-for-slt-491367.html

• SLASSCOM welcomes exemption of IT-BPM sector from mandatory conversion of export earnings

– dailymirror.lk/business-news/SLASSCOM-welcomes-exemption-of-IT-BPM-sector-from-mandatory-conversion-of-export-earnings/273-243146

• Sri Lanka to sign MoU with Nepal on cooperation in sci tech development

– economynext.com/sri-lanka-to-sign-mou-with-nepal-on-cooperation-in-sci-tech-development-98683/

• State Printing Corporation embraces biggest technological shift in school book printing arena

– island.lk/spc-embraces-biggest-technological-shift-in-school-book-printing-arena/

• Malicious propaganda to destroy confectionery industry: Association

– dailymirror.lk/breaking_news/Certain-elements-spreading-malicious-propaganda-to-destroy-confectionery-industry-Association/108-243128

• Excise Dept. allows Arjun Aloysius’s Perpetual Group’s Mendis & Co. to issue liquor to market

– timesonline.lk/news-online/Excise-Dept-allows-Mendis-and-Co-to-issue-liquor-to-market/2-1138448

• Singer advances local manufacturing to provide furniture and water pumps to local market

– bizenglish.adaderana.lk/singer-sri-lanka-advances-in-local-manufacturing-to-provide-high-quality-furniture-and-water-pumps-to-the-local-market/

• SL’s positioning remains unmatched in high-end apparel manufacture

‘to manufacture an item like a bra, producers may need up to 20 components. Such components – including fabric, lace, bra wire etc. – must be available at the right time and must also conform to the correct specifications/standards.’

– sundaytimes.lk/220814/business-times/sls-positioning-remains-unmatched-in-high-end-apparel-manufacture-491380.html

• Ethical Trading Initiative and American Apparel & Footwear Association Support SL Apparel

– dailymirror.lk/business-news/ETI-and-AAFA-extend-collective-support-to-Sri-Lankan-apparel-sector/273-243023

• Japan grants medical equipment worth 500-mn yen to Sri Lanka govt hospital

– economynext.com/japan-grants-medical-equipment-worth-500-mn-yen-to-sri-lanka-govt-hospital-98775/

• Austria donates 27 essential medicines to crisis hit Sri Lanka

– economynext.com/austria-donates-27-essential-medicines-to-crisis-hit-sri-lanka-98831/

• Xi Jinping urges industrial restructuring in NE China for continuous revitalization

– news.cgtn.com/news/2022-08-17/Xi-Jinping-inspects-NE-Chinese-city-of-Jinzhou-1cz578MfnIQ/index.html

• China’s CATL to build €7.34bn battery plant in Hungary

‘Two of the three largest South Korean EV makers are already present and are expanding production to meet soaring demand. Hungary’s proximity to European markets…. Hungary has the third-biggest electric battery production capacity in the world, after China and the US….Chinese automotive industry company NIO, plans to build a HUF5.5bn (€13.4mn) battery swap station plant, and South Korea’s W-Scope, which will build a €720mn battery separator film plant in eastern Hungary’

– intellinews.com/china-s-catl-to-build-7-34bn-battery-plant-in-hungary-253452/

• China says stealing Syrian oil by U.S. occupation forces a disgrace to USA

– radiohc.cu/en/noticias/internacionales/296623-china-says-stealing-syrian-oil-by-us-occupation-forces-a-disgrace-to-america

• Your price at the pump went up. So did Saudi Aramco’s profits — to a new record

‘Saudi Arabia’s vast oil reserves are among the cheapest to produce in the world…Saudi Arabia continues to rely heavily on crude exports that pay for public sector salaries, generous benefits to citizens and defense spending…Saudi Arabia is currently producing around 10.5 million barrels per day, with much of that exported to Asia and its largest customer, China.’

– npr.org/2022/08/14/1117418823/high-gas-prices-mean-saudi-aramco-earns-record-88b-profit

– newsfirst.lk/2022/08/16/saudi-aramco-posts-biggest-quarterly-profit/

• IMF sees Saudi growth soaring 7.6% this year on high oil prices

– dailymirror.lk/business-news/IMF-sees-Saudi-growth-soaring-7-6-this-year-on-high-oil-prices/273-243253

• Will ‘green metals’ become Africa’s new oil?

‘The Democratic Republic of the Congo, for example, accounts for about 70% of global cobalt output and half of reserves. Other standouts include Australia, for its lithium, cobalt, and nickel; Chile, for copper and lithium; along with Peru, Russia, Indonesia and South Africa’

– theafricareport.com/147931/will-green-metals-become-africas-new-oil/

• Oil demand forecasts aren’t as bullish as they seem

– island.lk/oil-demand-forecasts-arent-as-bullish-as-they-seem/

• German protesters block train tracks demanding halt to construction of LNG terminals

– radiohc.cu/en/noticias/internacionales/296778-german-protesters-block-train-tracks-demanding-halt-to-construction-of-lng-terminals

______________________________________________________________________

C8. Finance (Making money from money, banks, lack of investment in modernity)

ee Finance tracks the effects of financialization, the curious role of ratings agencies, false indices, etc., and the rule of moneylenders, preventing investment in modern production.

• A few people control thr CSE, and a few people rig it: President

“Many of you say, send it (SOEs) to the Stock Exchange. I have my questions about it.”

– sundaytimes.lk/220814/business-times/prez-comments-on-listing-soes-unwelcome-by-industry-491398.html

• Commercial Bank’s 2Q performance neutralised by massive loan loss provisions

– dailymirror.lk/business-news/ComBanks-2Q-performance-neutralised-by-massive-loan-loss-provisions/273-243141

– island.lk/high-impairment-provisions-neutralise-solid-6-month-operational-growth-of-combank-group/

– ft.lk/front-page/High-impairment-provisions-neutralise-solid-6-month-operational-growth-of-ComBank-Group/44-738732

• Hatton National Bank’s second quarter profits decline as impairments surge

‘LOLC-controlled Browns Investments held 9.99% stake in HNB , while the Employees’ Provident Fund held 9.75% stake. While Harry Jayawardena-controlled Stassen and Distilleries held a17.8% stake…their voting rights have been capped at 10%.’

– dailymirror.lk/business-news/Hatton-National-Banks-second-quarter-profits-decline-as-impairments-surge/273-243025

• Sampath Bank records marginal growth in earnings for 2Q amid heavy provisions

‘Dhammika Perera-controlled Vallibel One PLC owns 14.95% stake, while Prabhash Subasinghe-controlled Ayenka Holdings has 9.97%, Employees’ Provident Fund (EPF) also has 9.97% stake’

– dailymirror.lk/business-news/Sampath-Bank-records-marginal-growth-in-earnings-for-2Q-amid-heavy-provisions/273-243024

– sundaytimes.lk/220814/business-times/sampath-bank-pre-tax-profit-marginally-down-in-1h2022-491373.html

• Vallibel Finance posts solid performance (pre-tax profit Rs. 4.7 billion) in 1Q amidst challenges

– ft.lk/financial-services/Vallibel-Finance-posts-solid-performance-in-1Q-amidst-challenges/42-738662

• Nations Trust Bank records steady Rs. 4.6 b profits 1H amidst challenges

– ft.lk/financial-services/NTB-records-steady-performance-in-1H-amidst-challenges/42-738664

• National Development Bank (NDB) pre-tax profit of Rs. 2.7 billion for H1 2022

– ft.lk/front-page/NDB-posts-moderate-yet-resilient-performance-in-H1/44-738731

• At least Rs. 1.5 billion H1 2022 Profits after taxes at impairment-hit Seylan Bank

– island.lk/rs-1-5-billion-first-half-pat-at-impairment-hit-seylan-bank/

• Janashakthi Group’s Orient Finance delivers over Rs. 800 mn turnover

– themorning.lk/orient-finance-delivers-over-rs-800-mn-turnover/

• Sri Lanka’s bond yields steady; rupee guidance peg appreciates by 7 cents (A15)

– economynext.com/sri-lankas-bond-yields-steady-rupee-guidance-peg-appreciates-by-7-cents-98606/

• Rupee guidance peg, yields in T-bonds little changed ahead of CB policy rates announcement (A17)

– economynext.com/sri-lanka-rupee-guidance-peg-yields-in-t-bonds-little-changed-ahead-of-cb-policy-rates-announcement-98711/

• Sri Lanka guidance peg edges T-bond yield edge down (A19)

– economynext.com/sri-lanka-guidance-peg-edges-t-bond-yield-edge-down-98792/

• Sri Lanka rupee, yields in govt securities slightly changed (A18)

– economynext.com/sri-lanka-rupee-yields-in-govt-securities-slightly-changed-98777/

• Sri Lanka sell Rs60bn mostly in 3-month bills, yield up

– economynext.com/sri-lanka-sell-rs60bn-mostly-in-3-month-bills-yield-up-98712/

• Sri Lanka rupee guidance peg edges up; market sees dull trade in govt securities (A15)

– economynext.com/sri-lanka-rupee-guidance-peg-edges-up-market-sees-dull-trade-in-govt-securities-98659/

• Sri Lanka stocks rally continues for 12th straight session on political stability hopes (A15)

– economynext.com/sri-lanka-stocks-rally-continues-for-12th-straight-session-on-political-stability-hopes-98658/

• Sri Lanka shares gain over 1-pct in mid-day trade (A15)

– economynext.com/sri-lanka-shares-gain-over-1-pct-in-mid-day-trade-98610/

• CSE shows outstanding growth for twelfth consecutive day (A16)

– island.lk/cse-shows-outstanding-growth-for-twelfth-consecutive-day/

• ASPI falls after 12 sessions (A17)

– dailymirror.lk/business-news/ASPI-falls-after-12-sessions/273-243194

• Profit taking ends CSE’s 12-day winning streak; foreigners turn net buyers

– ft.lk/financial-services/Profit-taking-ends-CSE-s-12-day-winning-streak-foreigners-turn-net-buyers/42-738785

• Stocks end steady after CB held policy rates steady; turnover slumps to over 2-wk low

– economynext.com/sri-lanka-stocks-end-steady-after-cb-held-policy-rates-steady-turnover-slumps-to-over-2-wk-low-98778/

• Sri Lanka stocks down for second session on profit taking (A17)

– economynext.com/sri-lanka-stocks-down-for-second-session-on-profit-taking-98710/

• Sri Lanka stocks gain as market consolidates after profit taking (A19)

– economynext.com/sri-lanka-stocks-gain-as-market-consolidates-after-profit-taking-98790/

• CSE ends multiple weeks of gains as investors take profit (A20)

– ft.lk/front-page/CSE-ends-multiple-weeks-of-gains-as-investors-take-profit/44-738924

• Capital market reaches third phase of digitalisation

http://www.dailymirror.lk

• China Moves to Delist Five State-Owned Companies from the New York Stock Exchange

– wallstreetonparade.com/2022/08/china-moves-to-delist-five-state-owned-companies-from-the-new-york-stock-exchange/

• Wall Street Revives Russian Bond Trading After US Go-Ahead

‘Some $40 billion of Russian sovereign bonds were outstanding in Feb, roughly half held by foreign funds. US banks could now facilitate, clear and settle transactions of Russian securities. Who’s buying the bonds remains unknown…’

– voanews.com/a/reuters-exclusive—wall-street-revives-russian-bond-trading-after-us-go-ahead-/6701716.html

• Justice Department Has Looked the Other Way at Crimes by the Powerful

– wallstreetonparade.com/2022/08/during-both-obama-and-trump-administrations-the-justice-department-has-looked-the-other-way-at-crimes-by-the-powerful/

___________________________________________________________________________________

C9. Business (Rentierism: money via imports, real-estate, tourism, insurance, fear, privatization)

ee Business focuses on the rentier diversions of the oligarchy, the domination by a merchant mafia, making money from unproductive land sales, tourism, insurance, advertising, etc. – the charade of corporate press releases disguised as ‘news’

• Sri Lanka Institute of Directors (SLID)

‘Ms. Aroshi Nanayakkara and Dinesh Weerakkody were elected as Senior Vice Chairperson and Vice Chairman respectively. Prakash Schaffter, Dilshan Rodrigo, Aruni Rajakarier, Ravi Abeysuriya, Manohari Abeyesekera, Charaka Perera and Rolf Blaser were elected to the Council with Immediate Past Chairman A. R. Rasiah continuing in his ex-officio capacity’

– sundaytimes.lk/220814/business-times/faizal-salieh-re-elected-chairman-slid-491376.html

• Lanka Singapore Business Council celebrates 25 years of service

‘Prajeeth Balasubramaniam, Managing Partner, BOVCapital Ltd was re- elected as the President of the Council for the year 2022-2023. Janaka Gunasekara – Deputy Managing Director, Agri Inputs, A Baur & Co., Shiluka Gunawardena, Partner, KPMG and Jerome Brohier – Vice President, Aitken Spence Cargo elected Vice Presidents…; Air Global, Ceylon Grain Elevators, Hemas Hospitals, Kalhari Enterprises, Overseas Realty, Spear International, Star Promotions elected to Executive Committee’

– island.lk/lanka-singapore-business-council-celebrates-25-years-of-service/

• England’s Developing Countries Trading Scheme (DCTS) replaces Generalized Scheme of Preferences (GSP)

– dailymirror.lk/breaking_news/SL-to-get-access-to-UK-market-for-over-80-products-under-new-Trading-Scheme/108-243175

– adaderana.lk/news/84340/britain-launches-trade-system-for-developing-countries-including-sri-lanka

– newsfirst.lk/2022/08/16/dcts-to-replace-uk-s-gsp/

– ft.lk/front-page/UK-announces-Developing-Countries-Trading-Scheme-in-place-of-GSP/44-738769

– ft.lk/front-page/British-envoy-says-DCTS-will-benefit-Sri-Lanka/44-738770

– island.lk/lanka-to-benefit-from-access-to-uks-new-trading-scheme-hc-hulton/

• Ceylon Tobacco Co. (CTC) 2Q topline up, profit (Rs. 6.4 billion) down

– ft.lk/front-page/Ceylon-Tobacco-2Q-topline-up-profit-down/44-738688

– dailymirror.lk/business-news/CTC-posts-higher-revenue-for-2Q-amid-slight-recovery/273-243195

• Abans gets distribution rights for Russell Hobbs, English manufacturer of household appliances

– dailymirror.lk/business-news/Abans-granted-exclusive-distribution-rights-for-Russell-Hobbs-in-Sri-Lanka/273-243137

• Sunshine Healthcare appoints Sayandhan as Lina Manufacturing CEO

– dailymirror.lk/business-news/Sunshine-Healthcare-appoints-Sayandhan-as-Lina-Manufacturing-CEO/273-243138

• Aitken Spence records highest-ever 1Q Profits of at least Rs.7.2 bn

– dailymirror.lk/business-news/Aitken-Spence-records-highest-ever-1Q-PBT-of-Rs-7-2-bn/273-243029

• Hayleys 400% profits (1Q23) of Rs.20 billion

– ft.lk/front-page/Hayleys-achieves-record-breaking-Rs-20-b-profit-before-tax-in-1Q/44-738734

– dailymirror.lk/business-news/Exchange-gains-export-business-boost-Hayleys-1Q/273-243145

• House & Apartment Prices Increase by a Record High with Escalating Construction Costs

– bizenglish.adaderana.lk/house-apartment-prices-increase-by-a-record-high-with-the-escalating-construction-costs-in-sri-lanka/

– dailymirror.lk/business-news/House-and-apartment-prices-skyrocket-with-escalating-construction-costs/273-243251

• Selling price in Sri Lanka’s apartments increase by over 47 pct: property tracker

– economynext.com/selling-price-in-sri-lankas-apartments-increase-by-over-47-pct-property-tracker-98765/

– island.lk/apartment-selling-prices-rise-45-alongside-construction-costs/

• Land Value Indicator of Colombo district expands by 17% in 1H22

 – dailymirror.lk/breaking_news/Land-Value-Indicator-of-Colombo-district-expands-by-17-in-1H22/108-243417

– island.lk/colombo-land-prices-on-an-upward-trajectory/

• London Stock Exchange Group to set up business services centre in Bucharest

‘BSL’s existing operations in Colombo, Sri Lanka employ 480 people.’

– intellinews.com/london-stock-exchange-group-to-set-up-business-services-centre-in-bucharest-140952/?source=romania

• Softlogic Life is now SL’s 2nd largest life insurer

– dailymirror.lk/business-news/From-5th-to-2nd-position-in-5-years-Softlogic-Life-is-now-SLs-2nd-largest-life-insurer/273-243019

• Low penetration enables great leap forward for insurance industry: Ronald Perera

– island.lk/low-penetration-enables-great-leap-forward-for-insurance-industryronald-perera/

• JAT Holdings Posts at least LKR 525.6 million profit in Q1 FY 2022/23

– island.lk/jat-holdings-posts-highest-ever-revenue-in-q1-2023/

• Big leap in tourist arrivals and earnings in first seven months of this year

– island.lk/big-leap-in-tourist-arrivals-and-earnings-in-first-seven-months-of-this-year/

• Indian media and travel influencers take lead in supporting Sri Lankan tourism

– island.lk/indian-media-and-travel-influencers-take-lead-in-supporting-sri-lankan-tourism/

• India’s ‘Warren Buffett,’ Rakesh Jhunjhunwala, dies at 62

– dailymirror.lk/business-news/Indias-Warren-Buffett-Rakesh-Jhunjhunwala-dies-at-62/273-243027

______________________________________________________

C10. Politics (Anti-parliament discourse, unelected constitution)

ee Politics points to the constant diversions and spectacles and the mercantile and financial forces funding the political actors, of policy hijacked by private interests minus public oversight.

• Pohottu As USA Proxy Part 8Lc

– lankaweb.com/news/items/2022/08/20/pohottu-as-usa-s-proxy-part-8lc/

• A Sinhala Meal for Ranil – Nalin de Silva

– kalaya.org/2022/08/blog-post_33.html

• Ministers who surrendered to Ranil and the so-called Diaspora – Nalin de Silva

– kalaya.org/2022/08/blog-post_20.html

• Wimal blames Gota’s naivety, Basil’s arrogance for current situation

– island.lk/wimal-blames-gotas-naivety-basils-arrogance-for-current-situation/

• New political alliance led by Wimal to be launched in Sep.

– lankaweb.com/news/items/2022/08/17/new-political-alliance-led-by-wimal-to-be-launched-in-sep/

• Jugglery alleged in Constitution-making process: SJB, Gevindu make strong case against jumbo Cabinet

‘instead of the union of party with the highest number of seats and the second highest being the national government, the gazette referred to the party with the highest number of seats and other parties in Parliament as the national government.’

– island.lk/jugglery-alleged-in-constitution-making-process-sjb-gevindu-make-strong-case-against-jumbo-cabinet/

• President a prisoner of the SLPP: Jayasekara

– dailymirror.lk/breaking_news/President-a-prisoner-of-the-SLPP-Jayasekara/108-243035

• Gotagogama infiltrated during last few weeks by hardcore radical elements

– sundaytimes.lk/220814/columns/the-day-the-music-died-for-vigil-rhapsody-on-the-green-491578.html

– sundaytimes.lk/220814/news/the-final-struggle-491826.html

– sundaytimes.lk/220814/columns/dismantling-the-aragalaya-tents-but-not-the-aragalaya-ideal-491644.html

• Aragalaya far from dead, warns SF

– island.lk/aragalaya-far-from-dead-warns-sf/

• JVP leader AKD ‘hears devil chanting pirith’ in Parliament’

– island.lk/jvp-leader-akd-hears-devil-chanting-pirith-in-parliament/

• Aragalaya became victim of elitist conspiracy supported by the new rich – Dilan

“Conspirators behind Ranil Wickremesinghe and Basil Rajapaksa hatched a plot to ruin Aragalaya,”

– island.lk/aragalaya-became-victim-of-elitist-conspiracy-dilan/

• The Democratic Paradox of Sri Lanka

– island.lk/the-democratic-paradox-of-sri-lanka/

• 32nd anniversary of US Jesuit Eugene Herbert’s ‘disappearance’ in Batticaloa

– island.lk/rev-fr-eugene-herberts-loss-should-result-in-breaking-down-societal-imbalances/

• Aragalaya protesters were not peaceful – Island

– island.lk/unarmed-but-not-peaceful/

• Prez has not learned anything from the past: Ven. Sobitha Thera

– dailymirror.lk/breaking_news/Prez-has-not-learned-anything-from-the-past-Ven-Sobitha-Thera/108-243103

• 2,500 academics & professionals identified to advise govt.: National Movement for Social Justice (NMSJ)

– dailymirror.lk/breaking_news/2500-academics-and-professionals-identified-to-advise-govt-NMSJ/108-243123

• SLPP violations exacerbated crisis: Kiriella

‘Developed countries like England and Japan are ruled by governments, but working committees are often headed by Opposition members, as they are committed to point out mistakes of Government’

– ft.lk/news/SLPP-violations-exacerbated-crisis-Kiriella/56-738737

• Tear off the current constitution and prepare a new constitution

– ft.lk/columns/Clamour-of-systems-change-by-the-Aragalaya-on-public-discontent/4-738705

• Harsha supports genuine all-party effort, presents reform proposals

– ft.lk/front-page/Harsha-supports-genuine-all-party-effort-presents-reform-proposals/44-738637

• Sri Lanka looking to provide relief to bona fide protestors: justice minister

– economynext.com/sri-lanka-looking-to-provide-relief-to-bona-fide-protestors-justice-minister-98485/

• JVP Support Surges with the Collapse of the Economy and the Gotabaya Presidency

– dailymirror.lk/opinion/JVP-Support-Surges-with-the-Collapse-of-the-Economy-and-the-Gotabaya-Presidency/172-243127

• Now Prasanna alleges Diaspora link in SJB, JVP, and FSP

– island.lk/now-prasanna-alleges-diaspora-link-in-sjb-jvp-and-fsp/

• SJB blames capricious act of Speaker and previous Leader of House for present crisis

‘conspired to deprive the Opposition of the chairmanship of the Finance Committee in Parliament’

– island.lk/sjb-blames-capricious-act-of-speaker-and-previous-leader-of-house-for-present-crisis/

• Prioritising Protection of Government over the people – USAID NPC Perera

– island.lk/prioritising-protection-of-government-over-the-people/

• Education has been crucial to the struggle to depose the dictatorial Rajapaksa regime – Kuppi

‘hierarchy and Sinhala Buddhist hegemony are sustained in different forms’

– island.lk/suppressing-the-struggle-education-and-the-discourse-of-class/

• We’re History

– indi.ca

• Hope that the Executive and the ruling party will not be at loggerheads again.

– island.lk/trickery-and-duplicity/

• SJB alleges Prez under SLPP pressure to give up power to dissolve Parliament

– island.lk/sjb-alleges-prez-under-slpp-pressure-to-give-up-power-to-dissolve-parliament/

• Proposed 22 A could be abused and exploited to appoint a jumbo Cabinet

– island.lk/22-a-karu-j-too-makes-some-suggestions/

• President advises rising politicians of Sri Lanka to get to know their Indian colleagues.

– island.lk/indias-role-on-world-stage-a-tribute-to-nehru-president/

• The 2,000-day struggle by Tamil mothers of the “disappeared” – Jeyaraj

– ft.lk/columns/The-2-000-day-struggle-by-Tamil-mothers-of-the-disappeared/4-738791

• Ministers wield far too much executive control over their respective ministries

– ft.lk/columns/Resetting-Sri-Lanka-and-the-inadequacy-of-22A/4-738790

• We aren’t supporting all-party govt to receive privileges – Sajith

– adaderana.lk/news/84355/we-arent-supporting-all-party-govt-to-receive-privileges-sajith

• Ranjith Madduma denies reports of crossing over to Govt.

– dailymirror.lk/latest_news/Ranjith-Madduma-denies-reports-of-crossing-over-to-Govt/342-243311

• IUSF protest against ‘Ranil-Rajapaksa Junta’ today

– ft.lk/news/IUSF-protest-against-Ranil-Rajapaksa-Junta-today/56-738819

• SLFP opposes awarding millions in damages for ‘political revenge victims’

– ft.lk/news/SLFP-opposes-awarding-millions-in-damages-for-political-revenge-victims/56-738820

• 12 arrested during protest by university students in Colombo

– adaderana.lk/news/84387/12-arrested-during-protest-by-university-students-in-colombo

• IUSF convenor among five arrested during protest in Colombo

– adaderana.lk/news/84383/iusf-convenor-among-five-arrested-during-protest-in-colombo

• IUSF protest march tear-gassed

– dailymirror.lk/latest_news/IUSF-protest-march-tear-gassed/342-243302

• We’re History

– indi.ca

• Gotabaya Rajapaksa Applies For Green Card To Settle In US: Press Trust of India

‘(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)’

– ndtv.com/india-news/gotabaya-rajapaksa-applies-for-green-card-to-settle-in-us-report-3266609

• Pohottuwa wants Gotabaya back in Sri Lanka with security, and facilities

– newsfirst.lk/2022/08/18/pohottuwa-wants-gotabaya-back-in-sri-lanka-with-security-and-facilities/

• A tale of two exes: Gota returning en route to US, Trump under siege in the US – Philips

– island.lk/a-tale-of-two-exes-gota-returning-en-route-to-us-trump-under-siege-in-the-us/

• Dullas accuses Govt. of political revenge against MPs who supported him

– ft.lk/news/Dullas-accuses-Govt-of-political-revenge-against-MPs-who-supported-him/56-738915

• JVP to launch wave of protests to drive out Pro-Rajapaksa Govt.

– ft.lk/front-page/JVP-to-launch-wave-of-protests-to-drive-out-Pro-Rajapaksa-Govt/44-738919

• Indian democracy is now the rule of a few, for fewer, by the fewest

‘During six decades of Congress rule, over 100 state governments were dismissed’

– newindianexpress.com/prabhu-chawla/column/2022/aug/14/indian-democracy-is-now-the-rule-of-a-few-for-fewer-by-the-fewest-2487356.html

• Monopolistic nationalisms

yasha.substack.com/p/was-andy-warhol-ruthenian-rusyn-ukrainian?

• Many in U.S., Western Europe Say Their Political System Needs Major Reform

– lankaweb.com/news/items/2022/08/14/many-in-u-s-western-europe-say-their-political-system-needs-major-reform/

• Sunak seeks Tamil Conservative support in English PM race

– island.lk/sunak-seeks-tamil-conservative-support-in-british-pm-race/

• Trump Derangement Syndrome Returns

‘Worse than the silly Trump inspired derangement is the way that those who call themselves left or progressive have chosen to defend federal law enforcement and bad legislation like the Espionage Act.’

– blackagendareport.com/trump-derangement-syndrome-returns

• Liberal To Republican Primary Voters: “Your Votes Don’t Count!”

‘This comes a week after FBI agents from the same division that had investigated the fake ‘Russiagate’ raided Trump’s home in Florida.’

– moonofalabama.org/2022/08/in-the-republican-primaries-in-wyoming-anti-trump-member-of-the-house-liz-cheney-lost-by-a-large-margin-to-pro-trump-candidat.html

__________________________________________________________

C11. Media (Mis/Coverage of economics, technology, science and art)

ee Media shows how corporate media monopoly determines what is news, art, culture, etc. The media is part of the public relations (corporate propaganda) industry. The failure to highlight our priorities, the need to read between the lines. To set new perspectives and priorities.

• Shirts, shoes, sandals, pants have become Sinhala today – Nalin de Silva

– kalaya.org/2022/08/blog-post_96.html

• Posts falsely claim ‘Malaysia has the second largest debt in Asia after Sri Lanka’

‘factors that could cause a credit rating downgrade include: public debt percentage of GDP; the amount of external debt compared to domestic debt, as those in foreign currencies could leave an economy vulnerable if there is a turn in foreign investor sentiment; and the ratio of foreign reserves to imports.’

– news.yahoo.com/posts-falsely-claim-malaysia-second-034622661.html

• Moragoda proposes research paper competition to mark 80 years of Indo-Lanka relations

– island.lk/high-commissioner-moragoda-proposes-research-paper-competition-to-mark-80-years-of-indo-lanka-relations/

• Kandy Esala Perahera ends

– sundaytimes.lk/220814/news/kandy-esala-perahera-ends-491690.html

• Sri Lanka protestor who stormed state-run TV station out on bail

– economynext.com/sri-lanka-protestor-who-stormed-state-run-tv-station-out-on-bail-98654/

• Sri Lanka to set up chartered institute of professional journalists

– economynext.com/sri-lanka-to-set-up-chartered-institute-of-professional-journalists-98685/

• RASSL lecture on ‘D.B. Jayatilaka’s Contribution to Sinhala Studies’

– sundaytimes.lk/220814/plus/rassl-lecture-on-sinhala-scholar-491354.html

• Road to Nandikadal: Twists of Kamal and Ranil actions

– island.lk/road-to-nandikadal-twists-of-kamal-and-ranil-actions/

• An incisive exploration of Sri Lanka’s religiosity

– island.lk/book-review-an-incisive-exploration-of-sri-lankas-religiosity/

• Official recognition of Buddhism in non-Buddhist countries

– lankaweb.com/news/items/2022/08/20/official-recognition-of-buddhism-in-non-buddhist-countries-2/

• Out of 26 Christian nations in Europe, 24 do not even recognise Hinduism.”

– lankaweb.com/news/items/2022/08/20/out-of-26-christian-nations-in-europe-24-do-not-even-recognise-hinduism/

• Widespread local fad of verbally maligning USA

– island.lk/widespread-local-fad-of-verbally-maligning-america/

• Is ‘Knowing’ everything?

– island.lk/is-knowing-everything/

• Appreciation on Ronald Lewcock (1928-2022): He had knowledge of architecture and buildings

– dailymirror.lk/news-features/Appreciation-on-Ronald-Lewcock-1928-2022-He-had-a-great-knowledge-of-architecture-and-buildings/131-243328

• Mountains Hidden by Clouds: A Conversation with Anuradha Roy

‘In 2022, there is something very forlorn about the seventy-fifth anniversary of India’s independence.’

– theparisreview.org/blog/2022/08/16/mountains-hidden-by-clouds-a-conversation-with-anuradha-roy/

• Concerning Problems in Literature and Art (1981) – Deng Xiaoping

‘Self-criticism is one of the three major features of our Party’s style of work — one of the chief characteristics distinguishing our Party from other political parties.’

– redsails.org/deng-on-literature-and-art/

• Manufacturing Consent: How the United States Has Penetrated South African Media

– blackagendareport.com/manufacturing-consent-how-united-states-has-penetrated-south-african-media

• Report says Facebook misses election disinformation ads in Brazil

– radiohc.cu/en/noticias/internacionales/296629-report-says-facebook-misses-election-disinformation-ads-in-brazil

• Henry Kissinger’s Latest Book is Worried About ‘Disequilibrium’

‘We are at the edge of war with Russia & China on issues which we partly created, without any concept of how this is going to end or what it’s supposed to lead to’

– wsj.com/articles/henry-kissinger-is-worried-about-disequilibrium-11660325251

• Some Parables and Metaphors –Frome & Day …

– redsails.org/some-parables-and-metaphors/

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email: econenews@gmail.com

blog: eesrilanka.wordpress.com

_________________________________________________

Published by ee ink.

This site is inspired by the dedicated scholarship and work of S.B.D. de Silva, author of "The Political Economy of Underdevelopment"

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