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Ranil’s henchmen now have audacity to speak about debt sustainability – Deputy Minister of Industries
… after their administration bankrupted country through costly borrowings
It was absurd to hear Opposition MPs, who were part of the Ranil Wickremesinghe administration from 2016 to 2019, speak about debt sustainability, Deputy Minister of Industries and Entrepreneurship Development, Chathuranga Abeysinghe, told Parliament on Thursday (05).
He pointed out that the Wickremesinghe administration had issued International Sovereign Bonds (ISBs) at an exorbitant seven per-cent interest rate, and argued that the over-reliance on ISBs was one of the factors that had led to the country’s current economic crisis.
“It is laughable to hear members of the Wickremesinghe administration talk about debt sustainability,” Abeysinghe said. “They talk about debt sustainability analyses, but I wonder if they conducted any when they overexposed the country to ISBs. Did it not occur to them that issuing such high-interest ISBs was reckless? It was evident that the country would struggle to repay these debts given the rate of economic growth at the time.”
Abeysinghe emphasised the need for Sri Lanka to look towards comparable nations, such as Vietnam, which had achieved rapid development in recent decades. He noted that Sri Lanka must significantly increase its foreign reserves to prepare for loan repayments starting in 2028.
“All countries that developed rapidly had industrial policies. We lack one. A review of history shows that no country has developed solely through private sector initiatives. Development occurred when the state intervened to assist the private sector in accessing international markets. Furthermore, economic democracy cannot be achieved without a significant reduction in corruption,” he said.
The Deputy Minister also rejected claims that the National People’s Power (NPP) government is following the policies of former President Ranil Wickremesinghe. He criticised previous administrations for establishing industrial zones in an arbitrary manner, driven by the whims of influential politicians.
“We do not have a national industrial policy. We could learn much from South Korea’s development model, particularly how the state acts as a facilitator for private entities. The South Korean government reviewed productivity every six months and ensured state involvement in key areas, such as energy, banking, transport, and communication to reduce input costs. Rapidly developing countries also implement tax policies that support industries, unlike ours, which seem designed to cripple them,” he said.
Abeysinghe also highlighted the role of development banks in fostering growth in countries like Brazil and India. “Ranil and his administration destroyed our development banks. We stand with the industrial sector and represent a clear departure from everything Ranil, who dismantled local industries, stood for,” he said.
Latest News
Sun directly overhead Kalpitiya, Talawa, Sinharagama, Galkadawala, Nachchaduwa, Padikaramaduwa, Gomarankalla and Verugal about 12.10 noon today (01)
The sun is going to be directly over the latitudes of Sri Lanka from 28th of August to 07th of September due to its apparent southward relative motion.
The nearest places of Sri Lanka over which the sun is overhead today (01) are Kalpitiya, Talawa, Sinharagama, Galkadawala,
Nachchaduwa, Padikaramaduwa, Gomarankalla and Verugal about 12.10 noon.
… stresses need for action if claims were proved false
Samagi Jana Balawegaya (SJB) MP Dayasiri Jayasekera has sought a clarification from Speaker Dr. Jagath Wickremaratne regarding several allegations against Chief Justice Preethi Padman Surasena, in Parliament, recently.
In a letter dated 31 August, Jayasekera has asked the Speaker whether he received any documentary evidence from MPs in support of the allegations at issue. The SJB MP has also inquired about the steps taken by the Speaker regarding the allegations and whether the issue had been taken up with the relevant agencies authorised to probe the assets of the CJ and members of his family.
MP Jayasekera confirmed that he had raised the issue with the Speaker, following the accusations relating to the high profile X-Press Pearl case, which received significant public attention in the recent past.
The Kurunegala District MP has also asked the Speaker whether the latter contemplated taking action in case the allegations were proved false to ensure that the dignity of the Chief Justice and the judiciary was safeguarded.
Among the issues raised by MP Jayasekera are the acquisition of valuable property in Colombo by the CJ’s son, the circumstances in which he was able to procure the property, as well as accusations regarding the CJ’s birth certificate, marriage certificate and birth certificates of his children.
Navy Chief Vice Admiral Damian Fernando held a series of strategic-level discussions with senior Indian defence and military officials during a three-day official visit to New Delhi. He returned on Sunday (30).
Navy Headquarters said that the two sides discussed ways to further strengthen maritime security cooperation between the two Navies in support of security in the Indian Ocean region. They also exchanged views on expanding training opportunities and capacity-building programmes, as well as other areas of bilateral importance.
During his visit to New Delhi, Vice Admiral Fernando also held official discussions with India’s Chief of Defence Staff, General N.S. Raja Subramani, Defence Secretary Rajesh Kumar Singh and Vice Chief of the Air Staff, Air Marshal Ashutosh Dixit and defence industry representatives. Discussions at these meetings focused on bilateral defence cooperation, joint training programmes, and opportunities to enhance air and maritime cooperation in the Indian Ocean Region.
As part of efforts to further expand cooperation in naval training and professional development, Vice Admiral Fernando also met Vice Admiral Sameer Saxena, Flag Officer Commanding-in-Chief of India’s Southern Naval Command, at its headquarters in Kochi, Kerala. The two sides discussed existing naval training exchange programmes and opportunities for introducing and expanding further training initiatives. The meeting followed the Commander of the Sri Lanka Navy’s visit to INS Dronacharya, the Indian Navy’s training establishment where he previously completed the Long Gunnery and Missile Course.
Nahida, Marufa help Bangladesh brush aside Indonesia
Showers will occur in the Western, Sabaragamuwa, Southern and Uva provinces and in Kandy and Nuwara-Eliya districts
Sun directly overhead Kalpitiya, Talawa, Sinharagama, Galkadawala, Nachchaduwa, Padikaramaduwa, Gomarankalla and Verugal about 12.10 noon today (01)
SJB asks what Speaker intended to do about allegations against CJ
Navy Chief attends strategic-level discussions in Delhi
ICRS: Sustained and collective efforts critical to address issue of missing persons
‘Dates have the highest sugar content to fight Coronavirus’
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