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Raise rupees not dollars to rebuild economy

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by JUSTIN KEPPETIYAGAMA

jdkgama02@gmail.com

Speaking at a series of election rallies in Trincomalee and Kinniya, on July 19, former Prime Minister Ranil Wickremesinghe has said he has an economic plan to rebuild the economy by raising $6,000 million from the International Monetary Fund and friendly countries.

If the Sri Lanka Podujana Peramuna comes into power at the August 5 election the incumbent Prime Minister Mahinda Rajapaksa would not be able to raise $6,000 million from the International Monetary Fund and friendly countries, because he has proved he was not so close to international communities as the former Prime Minister.

So in case the Podujana Peramuna comes into power at the upcoming general election, an alternative arrangement has to be found to drive the economic development of Sri Lanka and bring prosperity to the nation. Otherwise, the President and the new government would have to face a vicious challenge of recovering the country against a crippled economy. Whether we receive or not receive IMF funding or friendly country loans, the national economy has to be strengthened.

 Not only ours, but the entire world economy is in a perilous state due to the COVID–19 pandemic. The current global scenario is an unprecedented one. Conventional methods cannot be used to revive the economy. We will have to think out of the box to break free from this situation. Today, the world community cannot help Sri Lanka, because they themselves are faced with similar economic issues. Hence, the reconstruction of the economy should be done with resources mobilized from within the economy.

To jump start the economy without IMF funding and loans from foreign friends, the government should try to raise not dollars but required rupees from our own people to rebuild our own economy.

According to the 2019 Presidential election results, Sri Lanka had 15,992,096 registered voters. This is the number of the adult population in the country. To this number expatriates who returned after Covid-19 also have to be added. If the government can raise Rs, 1000 from each of these Sri Lankans, then it can easily raise Rs.15, 992, 096,000 to be used to rebuild the economy. If the government can add an equal amount to this collection, the total funds available to rebuild the economy would be around Rs, 31, 985, 392,000. For the purpose of this government investment, the government can use the Euro 22 million grants decided by the European Union to Sri Lanka to combat the COVID -19 pandemic and mitigate its after effects.

I propose the following mechanism to raise this fund from our own people to rebuild our own crippled economy.

1. Promote one Multi-Purpose Peoples’ Company per Grama Niladari Area of the country to provide all the economic needs of the people living within the particular Grama Niladari area. There are 14,022 Grama Niladari divisions in the country. Accordingly 14,022 multi-purpose companies have to be promoted to cover the entire country. The above mentioned 15,992,096 Sri Lankans and their families, plus the expatriate Sri Lankans returned to the country due to the loss of their foreign employments because of the COVID 19 pandemic, also live in these 14,022 Grama Niladari areas. They should be requested to be the share holders of the company promoted for their particular Grama Niladari area by buying only shares valuing Rs.1,000. All of them should be equal shareholders of the Multi- Purpose Company promoted for the particular grama niladari area. To supplement this equity capital raised from villagers and to keep these companies within the government policy framework, the government also should invest in the share capital of these companies. The government investment should be an equal amount to the total investment made by other village shareholders.

This company should be an umbrella organization of social and economic character, and a forum for the development of rural economic activities promoted by the villagers for the benefit of villagers. It should be the village level agent for all state owned enterprises such as Paddy Marketing Board, Milk Board, Fisheries Cooperation and Sathosa etc. It should be a Rural Bank to accept deposits from and provide loans to its shareholders. It should purchase, store and distribute agro-products. These companies should pay attention to develop indigenous industries and other production sectors at the respective village level, encouraging shareholders of these companies to cultivate uncultivated lands.

These isolated individual companies at Grama Niladari levels will be able to handle only small scale village level economic activities. When it comes to divisional level, district level and national level, economic activities that have to be handled, it would be of a large scale. Hence macro level-structures would be required to handle at these levels. To meet this requirement the following proposals are made.

1. All Grama Niladari Level Multi-Purpose companies in a divisional secretaries area should get together to promote one Multi-Purpose Company for the division. Sri Lanka has 320 divisional secretaries. Hence the total number of divisional multipurpose companies will be 320. The promoter shareholders of these companies will be Grama Niladari level Multi- Purpose Companies. These Grama Niladari level companies should use 50 % of their share capitals to buy shares of the divisional level companies. These 320 divisional level companies should provide all economic needs of the 14,022 Grama Niladari level companies.

2. Our next hire level is district level . We have 25 districts. Divisional level companies under each district should form one district level company using 50 % of its share capital; these companies should provide all economic needs of divisional companies.

3. Next level is the national level. 25 district level companies should form one national level company to provide all economic needs of 25 district level companies.

The capital base of these divisional, district, and national level companies can be strengthened by offering their shares to State Owned Enterprises also.

 



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Features

The challenge of keeping value-based politics alive

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Anti-migrant protests in Durban, South Africa. BBC

The current outbreak of anti-immigrant protests in Durban, South Africa is bound to have taken many a subscriber to value-based politics or political idealism quite by surprise. After all, this is evidence that despite the historic accomplishments of nation-builders of the stature of the late President Nelson Mandela it cannot be taken for granted that identity politics, including racism in its worst forms, is no more in South Africa.

At the time of this writing details are scarce on the substantive root causes of the protests but it could very well be that economic grievances, particularly on the part of the majority community in South Africa, are contributing considerably to the disaffection. Shrinking employment and material prospects are likely to figure majorly among the factors igniting the unrest.

Fortunately, the local authorities in Durban are losing no time in calling for peaceful co-existence among the relevant communities and are pointing to the vital importance of stepping-up national integration processes. Apparently, immigrants in sizable numbers from neighbouring countries are present in Durban. However, international TV footage of the protests quoted some local authorities as saying that the majority of the immigrants in some centres that housed them were not illegal migrants and had the documents that entitle them to be in Durban.

In the Durban protests the world has fresh proof of the socially divisive consequences of the gathering globe-wide economic disaffection, touched off particularly by the continuing crisis in West Asia. Going ahead, the world would need to brace for increasing identity-based unrest of the kind it is just witnessing in South Africa.

Considering that the material lot of ordinary people everywhere could only aggravate progressively, with the US and Iran showing no signs of negotiating an end to their confrontation any time soon, it will be left to the more democratic and progressive sections of the world community to initiate positive measures collectively to bring a measure of relief to the discontented.

The swiftness with which such relief will be provided would depend crucially on the importance those sections taking up these undertakings attach to value-based politics as opposed to Realpolitik of power politics.

Going by these yardsticks, Italy could be considered to be moving in the right direction. Recently Italy came to the fore in initiating the collective named, ‘Rome Coalition for Food Security and Access to Fertilizer’, which has as one of its aims the swift provision of fertilizer to economically weak African countries.

In a recent statement Italian Minister of Foreign Affairs and International Cooperation, Antonio Tajani, said that a principal aim of the project was to ensure that the farmers of Africa gained easy access to fertilizer, considering that food security is a growing concern among some of Africa’s economically vulnerable countries.

The statement went on to mention that some 30 countries hailing from the Mediterranean region, the Middle East, the Balkans as well as the FAO had been invited to join the coalition. The venture is far-seeing in that food security is main among the reasons for social discontent which in turn could degenerate into endemic political turmoil and bloodshed. Separatist violence and geographical fragmentation of countries wouldn’t be too far behind these developments, as Africa itself has often proved.

It is hoped that more G7 countries would take the cue from Italy and do what they could to ease the hardships of economically distressed countries, particularly of the global South. In these efforts they would need to break rank with the US, which is today brutally indifferent to the consequences of its policy of making ‘America First’, come what may.

Going by current developments, the Trump administration seems to be blithely oblivious to the wider, deleterious effects of its policy course in West Asia. Besides rendering Iran militarily and otherwise impotent nothing else seems to matter to Washington, as regards West Asia. This is policy short-sightedness of an extreme kind. After all, right now West Asia could be said to be sitting on the proverbial powder keg.

On the other hand, Iran is not giving the world the impression that it is doing anything constructive to get out of the policy straitjacket that it wove for itself decades ago. Rather than enter into a policy of ‘live and let live’ in relation to Israel in particular and initiate a process of reconciliation with the latter, it has chosen to operate within policy parameters that continue to damn Israel. This has put Israel always on the ‘defensive’ so to speak and prevented the opening up of space for meaningful dialogue.

That said, Israel is obliged to explore the possibilities of entering into a negotiatory process with the Arab-Islamic world that could lead to a de-escalation of tensions and bloodshed. It cannot continue to look at its neighbours through lenses that distort them as archetypal enemies who should be ‘wiped off completely from the face of the earth.’

In other words, the need is urgent for Realpolitik to give way to value-based politicks. Italy is beginning to prove that the latter approach could be pursued with some success. May be the EU and the UK could throw their weight behind these initiatives as well and establish that international politics could be refashioned on the basis of humane, civilized norms. The UN would need to be fully supportive of these moves and prove an organizational nucleus of the operations that follow.

In fact the time is ripe for people of conscience to collectively stand up on the side of peace and say ‘No’ to war and violence. Organizations such as the ICRC, the WHO and Medicines Sans Frontiers have already taken up this call. Referring to the widespread destruction of health facilities and their dehumanizing results these organizations have said, among other things, that ‘This is not a failure of the law. It is a failure of political will.’

True, ‘failure of political will’ among those powers that matter accounts for the runaway, uncontrollable nature of war and destruction in contemporary times, but more fundamentally it is a failure of the human conscience. It could very well be that the phenomenal levels to which violence and war have been unleashed today have had the effect of deadening consciences. This is a matter for urgent study and wide discussion.

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Features

Vesak celebrations … with Cuteefly

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Perfect for celebrations, gifts, and meaningful occasions // Gift pack

I would describe Indunil Kaushalya Dissanayaka as innovative and creative, and she operates under the name of Cuteefly.

Indunil always comes up with something novel to celebrate special occasions, and she does it with candles … and that’s her profession.

She was in the spotlight when she created a happening scene, with candles, for Christmas, Sinhala and Tamil New Year, and Valentine’s Day.

As lanterns light up Sri Lanka for Vesak, the Colombo-based candle maker is quietly turning wax and wick into little pieces of the festival.

Candles reflecting Vesak themes

Her candles reflect Vesak themes – light, peace, remembrance, giving, etc., to enable you to fill your Vesak celebration with devotion and beauty.

Among her Vesak creations is a lotus-shaped soy candle, scented with sandalwood, lavender, etc., meant to burn during this Vesak Poya Day.

Indunil Kaushalya Dissanayaka: Customers
praise her for her creativity

These handcrafted Vesak candles are perfect for offering at the temple, she says.

What makes her creations so novel is that they come in different shapes, scents, themes, and all are handmade.

What’s more, her customers have heaped praise on her for her creativity.

According to Indunil, her creations are perfect as a thoughtful gift … to bring beauty, unity, and light into every moment.

Says Indunil: “Our beautifully handcrafted Unity candles are designed with premium detail and love, making them perfect for celebrations, gifts, and meaningful occasions.”

Cuteefly, says Indunil, is available online.

Readers could contact Indunil on 0778506066 for more details.

He Facebook Page is: Cuteefly.

Handmade with love

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Features

Dark Spots …

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Yes, dark spots do crop up on the skin, especially with sun exposure and, of course, as the skin ages.

However, these tips should be of immense benefit to those who are faced with dark spots.

Lemon and Honey Glow Mask:

You will need 01 teaspoon lemon juice and 01 teaspoon honey.

Mix the lemon juice and honey well and then apply this mixture, only on the dark spots.

Leave for 10–15 minutes and then rinse with cool water.

Benefits:

Lemon helps brighten pigmentation.

Honey moisturises and heals skin.

Gives a natural glow.

* Aloe Vera Gel Treatment:

All you need is fresh aloe vera gel.

Apply the gel apply on dark spots, before going to bed.

Leave overnight and wash in the morning.

Benefits:

Reduces acne marks and pigmentation.

Soothes irritated skin.

Helps skin repair naturally.

Turmeric and Yoghurt Paste:

You will need 01 teaspoon yoghurt and a pinch of turmeric

Mix the yoghurt and turmeric into a smooth paste and apply on affected areas.

Leave for 15 minutes and then wash gently with lukewarm water.

Benefits:

Turmeric brightens skin naturally.

Yoghurt removes dead skin cells.

Helps fade dark spots gradually.

Use these packs 02-03 times a week as results are generally seen over time.

You can also try this out: Mix a ripe papaya into a smooth paste and apply to the face, or directly on to the dark spots. Leave for 15-20 minutes and then wash with lukewarm water.

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