News
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 Mannar, Periyamadu, Puliyankulam, Welioya and Pulmoddai about 12.11 noon today (30)
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 (30) are Mannar, Periyamadu, Puliyankulam, Welioya and
Pulmoddai about 12.11 noon.
(AFP) Sri Lanka’s maritime authorities were monitoring a fleet of 11 US-sanctioned Iranian oil tankers just off the island’s southern coast, the foreign minister said Wednesday.
The tankers were spotted close to the Galle harbour where an Iranian frigate, IRIS Dena, was sunk by a US submarine in March, killing 104 sailors. Sri Lanka’s navy rescued 32 Iranian sailors from that frigate.
Iranian vessels have been in limbo, unable to return to their home port because of a US blockade.
Sri Lanka’s Foreign minister Vijitha Herath said the tankers were in international waters where they had freedom of navigation.
“These ships are away from our territorial waters… we have no hold on them, nor have we facilitated them,” Herath told AFP.
The military deployed reconnaissance aircraft and patrol boats to monitor the vessels outside Sri Lanka’s 12-nautical-mile territorial waters, a military official told AFP on condition of anonymity.
“There is no indication of any ship-to-ship transfer of oil or illegal discharge of pollutants, so there is no basis for Sri Lankan authorities to take action against them,” the official said.
Many Iranian merchant vessels moved east towards the Strait of Malacca and Singapore due to US sanctions, while several remained near Sri Lankan waters, authorities said.
Sri Lankan officials said Washington had not formally notified Colombo about sanctioned Iranian-flagged vessels
Parliament is to debate next Wednesday the Government’s proposal to abolish the post of Chief of Defence Staff (CDS), with the Second Reading of the Chief of Defence Staff (Repeal) Bill scheduled for September 9.
The Bill seeks to repeal the Chief of Defence Staff Act No. 35 of 2009, which was introduced shortly after the end of the armed conflict.
According to Secretary General of Parliament Kushani Rohanadeera, Parliament will meet from September 8 to 11, with the business for the week approved by the Committee on Parliamentary Business chaired by Speaker Dr. Jagath Wickramaratne.
The debate on the Chief of Defence Staff (Repeal) Bill is scheduled to take place from 11.30 a.m. to 5 p.m. on Wednesday, following questions to the Prime Minister and other parliamentary business.
The CDS post was established under the 2009 Act as part of the country’s higher defence command structure.
On Tuesday, September 8, the House will consider two Orders published in Extraordinary Gazettes under the Motor Traffic Act from 11.30 a.m. to 5 p.m., followed by an Opposition motion at the adjournment.
On Thursday, September 10, Parliament will debate a Resolution under the Women’s Empowerment Act.
The final sitting day of the week, Friday, September 11, has been allocated from 11.30 a.m. to 5.30 p.m. for several Private Members’ Motions.
The motions will cover issues including regulation of the petroleum, fuel and water industries, measures to increase the birth rate, protection of the Diyagama Forest, pension deductions affecting Pirivena teachers, food-crop cultivation in mountainous areas, development of the Kithul industry and the establishment of a Faculty of Medicine at South Eastern University.
Questions at the adjournment will be taken up at the end of each sitting day.
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Showers in the Sabaragamuwa, Western and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts
Sun directly overhead Mannar, Periyamadu, Puliyankulam, Welioya and Pulmoddai about 12.11 noon today (30)
Lanka tracks 11 US-sanctioned Iranian tankers off coast
House to debate abolition of Chief of Defence Staff post
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