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MR blames economic crisis on Yahapalana leaders
SLPP leader Mahinda Rajapaksa yesterday (28) hit back at critics, claiming that a robust economy had been built under his presidency. He said the UNP-SLFP government which ruled the country during the 2015-2019 period should be held responsible for the current economic crisis.
The following is the text of a statement, titled ‘the origins of Sri Lanka’s economic crisis’ issued by former President Rajapaksa: “A heated discussion is now taking place about those responsible for the present economic crisis. The Central Bank reports will show that during my nine years as President, economic growth averaged 6% a year during the four war years, from 2006 to 2009, and it increased to 6.8% in the five post-war years, from 2010 to 2014. Hence Sri Lanka’s per capita GDP increased threefold from USD 1,242, at the end of 2005, to USD 3,819 by the end of 2014. The contribution that my government made to Sri Lanka’s per capita GDP was well over twice that of all other post-independence governments, from 1948 to 2005, put together. Though the per capita GDP came down to USD 3,474 in 2022 as the pandemic caused the economy to contract, that statement remains valid to this day.
The debt to GDP ratio was a very healthy 69% at the end of 2014 having being brought down from 90% at the end of 2005. The All Share Price Index rose from 1,922, at the end of 2005, to 7,299 by the end of 2014. This economic boom was achieved despite the war, the global food crisis of 2007, the global financial crisis of 2008-2009 and the highest crude oil prices in world history. Crude oil cost an average of USD 74 per barrel throughout the entire period from 2006 to 2009 and an average of USD 103 from 2010 to 2014. The IMF Country Report No. 14/285 of September 2014 stated firstly that Sri Lanka’s “Macroeconomic performance has generally exceeded expectations”. Secondly that “Sri Lanka has made notable advances in recent years, and appears to be on its way to joining the ranks of upper middle income countries”. Thirdly that “Sri Lanka’s economic growth has been among the fastest in Asia’s frontier and developing economies in recent years”.
Hence the fact that I left behind a very robust economy in January 2015 is well documented. After I was voted out, the economic growth rate dropped to 4.2% in 2015 and ended up in the negative range at 0.2% below zero by 2019. Sri Lanka’s total outstanding external debt had increased by nearly 28% from USD 42,914 million at the end of 2014, to USD 54,811 million by the end of 2019. The debt to GDP ratio which had been brought down to 69% by the end of 2014, had increased to nearly 82% by the end of 2019. The All Share Price Index declined from 7,299 at the end of 2014 to 5,990 by the end of October 2019. Yet during the entire five-year period from 2015 to 2019 the average price of crude oil was USD 60 per barrel – the lowest in recent history.
There were no external reasons for Sri Lanka’s economic decline between 2015 and 2019. India and Bangladesh experienced average growth rates in excess of 7% and the Maldives over 6% during this period. Even developed countries like the USA and Germany experienced robust economic performance during those years. However, Sri Lanka’s average growth rate between 2015 and 2019 was just 3.5%, equal to the growth rate recorded in 2021 at the height of the pandemic. The accumulation of foreign commercial debt between 2015 and 2019 particularly in the form of International Sovereign Bonds (ISBs) was by far the worst disaster to befall us during that period.
When I was defeated in January 2015, outstanding ISBs amounted to USD 5,000 million and it was amply covered by our foreign reserves of USD 8,208 million. However, between 2015 and 2019 outstanding ISBs increased threefold to USD 15,050 with borrowings of USD 2,150 million in 2015, USD 1,500 million in 2016, USD 1,500 million in 2017, 2,500 million USD in 2018 and USD 4,400 million in 2019. Of this, USD 2,000 million was used to rollover ISB’s taken during my tenure, thus the total amount in new ISB’s issued between 2015 and 2019 is USD 10,050 million. Despite the build-up of the stock of outstanding ISBs to USD 15,050, Sri Lanka’s total foreign reserves was just USD 7,642 million at the end of 2019.
Thus, when I became Prime Minister again in November 2019, our government inherited an economy that was already on its last legs. It was in this weak and vulnerable situation that the Covid-19 pandemic hit Sri Lanka in early 2020 – the consequences of which needs further discussion. In any discussion of the economy, it is vital to note that the per capita GDP is the most fundamental economic indicator used to judge the economic situation of a country and the contribution of my 2006-2014 government to increasing Sri Lanka’s per capita GDP is more than double that of all other post- independence governments put together. The people of this country should base their decisions on proper data and facts and not on noise, lies and propaganda. Sri Lanka cannot afford another political mistake like that of January 2015. “
News
Discussion on Anuradhapura Sacred City Development Plan
A discussion on the Anuradhapura Sacred City Development Plan was held on Wednesday (30) afternoon at the Presidential Secretariat, under the leadership of Chief of Presidential Staff Prabath Chandrakeerthi and Acting Deputy High Commissioner/First Secretary of the High Commission of India Roshini Thomson.
During Indian Prime Minister Narendra Modi’s official visit to Sri Lanka, he had expressed his agreement to provide assistance for a Sacred City development project when he visited the Jaya Sri Maha Bodhi in Anuradhapura.
Accordingly, the Urban Development Authority and the Department of National Physical Planning have proposed jointly implementing development activities in the Anuradhapura Sacred City.
The draft proposal prepared jointly by the Urban Development Authority and the Department of National Physical Planning has already been submitted to the High Commission of India, and the discussion focused on the proposal.
President Anura Kumara Dissanayake also recently held discussions with the Maha Sangha and all relevant stakeholders regarding the Anuradhapura Sacred City Development Plan, and instructed officials to expedite the project.
The initial cost of implementing the Anuradhapura Sacred City Development Plan is currently estimated at Rs. 7.7 billion. The Government of India is expected to provide the financial contribution required for the project, which is expected to commence before the end of this year.
Under the project, a range of development programmes are to be launched while preserving the antiquity and religious character of the Anuradhapura Sacred City. These will include renovating access roads, ensuring the proper disposal of waste, improving sanitation facilities and restoring all dilapidated sites.
Second Secretary (DC) at the High Commission of India Ramya C. S., Director General of the Department of National Physical Planning W.T.H. Ruchira Withana, Director General of the Urban Development Authority D.M.D.S. Dissanayake and Director of the Department of External Resources Chandrika Senanayake, along with senior officials of the High Commission of India and officials from relevant institutions, were among those present at the occasion.
[President’s Media Division (PMD)]
News
India enter Asian Games final after Kishan and Bumrah ride roughshod over Sri Lanka
Defending champions India registered their biggest T20I win against Sri Lanka to make the final of the 2026 Asian Games men’s competition in Nisshin on Thursday.
A day after the ODI side chased down 406 against West Indies like it was child’s play on a flat Guwahati pitch, the T20I side scraped their way to 169, well above-par on a treacherous track filled with cracks. Sri Lanka were no match after that.
The result sets up the first India vs Pakistan final of 2026, and there will be a gold medal at stake.
Sri Lanka were a touch unlucky as Ishan Kishan miscued many aerial shots but they all fell in no-man’s land. But Nuwanidu Fernando did drop Kishan on 56, and that didn’t help as he went on to make 80* in just 46 balls. There were a couple of balls that misbehaved wildly, and it was a sign of things to come.
The chase felt like an act of cruelty against batters. Jasprit Bumrah bowled Test lengths and added new degrees of unplayability to the existing ones. Axar Patel bowled 14 dots and got a two-for and India finished the game with a team hat-trick. On top of all that, Sri Lanka suffered three run outs, two of which were of top-four batters.
In the end, they were rolled over for 45, the second lowest total in men’s games at the Asian Games and the joint-lowest total for a Full-Member team in men’s T20Is, alongside West Indies’ 45 against England in 2019.
India picked four spinners in their XI and Sri Lanka three in what was their first bit of action at the competition after their quarter-final fixtures were rained out. It proved to be the right strategy as spinners bowled 83% of all the balls bowled (149 out 179) across the 29.5 overs of play. They took 12 wickets, bowled 73 dots and went at an economy of 6.56. The quick bowlers conceded 44 runs in 30 balls. Bumrah’s share in that: 2 for 7 in two overs.
The bowlers’ domination started early in the game as the weather held for the second game running on the day.
Both Abhishek Sharma and Sanju Samson fell to fingerspin while trying to open up the off side. Samson made room and looked to go inside out over cover and was beaten by extravagant spin, but went for it again and Tharindu Ratnayake fired the ball in to smash his stumps. Sahan Arachchige, who had Abhishek lob one to short third, then checked every form of deviation to knock over Shreyas Iyer – the ball angled in, dipped, drew the batter forward and turned away to hit the stumps.
In the chase, Sineth Jayawardena looked to take Bumrah on early and looked hapless as the ball seamed in to beat the across-the-line swing and hit him on the back leg in front of all three. Sohan de Livera fell victim to Bumrah’s exaggerated angle from over the wicket and nicked to the keeper. For the first time in a men’s T20I, India has taken two wickets before conceding a run.
The fifth ball of Bumrah’s second over trampolined off a length, seemed to pick up pace off the pitch, and needed Samson to leap right up to catch it. Nuwanidu, the batter, was lucky that the line of the ball was not straighter.
Despite the Bumrah threat, India did not turn to pace for the remainder of the innings. That was likely because Lasith Croospulle was run out by sharp work from Ravi Bishnoi at short third in the over before, and Arachchige and Ashen Bandara committing the cardinal sin of sweeping Axar and giving away their wickets.
Washington Sundar’s introduction with Sri Lanka on 18 for 5 did not faze Nuwanidu. The first ball spun big but went down leg. Next three balls had two sixes, the second an effortless twirl of the bat to send the ball over long-on. Then Nuwanidu went for a non-existent single to short third and Sri Lanka ran their way out to a point of no return.
In conditions where batting was far from easy, Kishan and Vaibhav Sooryavanshi found ways to maximise the strengths of their respective games.
Sooryavanshi opened up the off side repeatedly by either making room or standing still and slapping balls, even when they were angling in. He brought up India’s 50 with 4, 6, 4 off Tharindu Ratnayake but fell to Arachchige, in similar fashion to Abhishek, soon after. He made 38 off 21. Only behind Kishan’s 80 not out. The next highest individual score was Nuwanidu’s 15.
Kishan then walked out and hit two sixes in his first 12 balls. He waited for the bad ball and wasn’t going to miss out if he got one… or two. However, he had to take chances as Shreyas Iyer fell and Axar – promoted above Tilak Varma – got stuck. Kishan’s reverse sweep off Arachchige from a leg-stump line during this slowdown showed he could pull off risks on demand.
Both Axar and Tilak fell cheaply but took India past 100 with handy stands with Kishan, who forced errors out of bowlers and brought up a 33-ball fifty in the 17th. He could have been out twice in the next two balls but survived a ball that turned in a right angle and Nuwanidu’s drop at mid-off.
India hit four sixes and four fours in the last eight overs. Kishan hit all of them bar the last six, hit by Washington. That took them to 169 for 7, a par score in general, maybe twice the par on the day.
Scores:
India 169 for 7 in 20 overs (Vaibhav Sooryavanshi 38, Shreyas Iyer 13, Ishan Kishan 80*; Tharindu Ratnayake 2-32, Sahan Arachchige 2-28, Wanuja Sahan 1-17, Lasith Croospullle 1-25, Nuwanidu Fernando 1-20) beat Sri Lanka 45 in 905 overs (Nuwanidu Fernando 15; Jasprit Bumrah 2-07, Axar Patel 2-08, Washington Sundar 1-18, Abhishek Sharma 2-2, ) by 124 runs
[Cricinfo]
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I extend my heartfelt wishes to all the sons and daughters of our country for a Happy World Children’s Day – President
Children’s Day Message from President Anura Kumara Dissanayake:
“Children are the most valuable asset of a nation. Ensuring their physical and mental well-being and creating an environment conducive to their proper development is a primary responsibility of any government. Children’s imagination, aspirations and creativity will determine the shape and colour of the country tomorrow. The country we build for children must not merely be a country prepared to be handed over to them in the future; it must be a country that gives space to their dreams today, listens to their voices and provides opportunities for them to realise their potential.
For the best interests of children, we are taking the necessary steps to ensure equal access to education, guidance, social protection, opportunities for sport, leisure and recreation, proper nutrition and access to healthcare, while protecting children from all forms of violence and discrimination and safeguarding their rights.
Race, religion, economic status, geographical background or any other circumstance should not be a barrier to any child’s education or proper development. Every child should have equal and fair opportunities to realise their potential, pursue their dreams and create the future they wish for themselves. To this end, we have already begun the process of reforming the education system in Sri Lanka, transforming it towards a skills-based system suited to the new world, one that does not place a burden on parents or cause distress to children.
Our aim is to ensure that no child is left behind in the new Sri Lanka we are building, and to provide every child with opportunities for development in a safe environment. It should be emphasised that the fundamental objective of all the programmes being implemented, from expanding educational scholarships to securing the future of children growing up in child development centres and those in need of care, is to create a dignified and secure tomorrow for every child in the country.
It is the aspiration of every parent to give their children a better life than the one they themselves experienced. We are currently steering the country’s economy towards a correct and stable direction in order to provide children with a safe and happy childhood, free from the shadows of an unstable economy. At the same time, we have launched the national operation “A Nation United” (Ratama Ekata), bringing everyone together to free the younger generation from the menace of illicit drugs.
At a time when we are working towards the goal of building a safe and better country for children, I greatly appreciate the initiative of the Ministry of Women and Child Affairs in organising this year’s World Children’s Day celebrations under the theme “Strong Minds – Enriched Children”, declaring a National Children’s Day Week and conducting a range of meaningful programmes aimed at strengthening children’s rights, well-being, protection, education and freedom.
I extend my heartfelt wishes to all the sons and daughters of our country for a Happy World Children’s Day”.
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