Features
Sri Lanka: Debt crisis, neocolonialism and geopolitical rivalry
By Dr. Asoka Bandarage
Sri Lanka is in the throes of an unprecedented economic crisis. Faced with a shortage of foreign exchange and defaulting on its foreign debt repayment, the country is unable to pay for its food, fuel, medicine, and other basic necessities. Notwithstanding the austerities that would be entailed, a bailout by the International Monetary Fund (IMF) has been accepted as the only way out of the dire economic situation.Opposition political parties, and citizens across the country, blame the Rajapaksa government’s widespread corruption and mismanagement for the crisis, and demand that the President and the Parliament resign. The Prime Minister Mahinda Rajapaksa did so on 09 May 2022. However, the protesters at Galle Face Green, and elsewhere, have not been able to put forward an alternative leadership or a viable road map for the future. The country remains mired in confusion, chaos and a highly volatile political impasse.
To understand the complexity of the current crisis, and to prevent us falling back into the same paralysing debt-cycle, it is necessary to move beyond domestic politics and the relentless news cycles of corporate media and explore some of the commonly overlooked yet basic global economic and geopolitical dimensions.
Debt Crises and Global Inequality
The transfer of financial and resource wealth from poor countries in the global South to the rich countries in the North is not a new phenomenon. It has been an enduring feature throughout centuries of both classical and neo-colonialism. At the start of 1989, developing nations owed foreign creditors $1.3 trillion US dollars. That is, “just over half their combined gross national products and two-thirds more than their export earnings.”
Recently, the effects of the war in the Ukraine and the Covid-19 crisis have worsened the high debt burdens of developing countries. These countries were already struggling to pay accumulated debts stemming from the expansion of capital flows from the high-income countries to lower income countries after the 2008 global financial crisis. Financial liberalization was fostered by powerful global interests, including the IMF, when interest rates dropped in the richer countries. This facilitated borrowing by developing countries from private international capital markets through International Sovergein Bonds (ISBs), which come with high interest rates and short maturation periods.Financial liberalisation facilitated by the IMF and the developed countries working with the domestic elites of poor countries has created a “hierarchical and asymmetrical international financial architecture.” As a December 2021 Report published by the Bretton Woods Project points out, this unequal framework creates “macroeconomic imbalances, financial fragilities, and exchange rate instability that can trigger debt and/or currency crises and curb the economic policy autonomy of affected countries to pursue domestic goals.”
The international NGO Debt Jubilee Campaign (soon to be called Debt Justice) has pointed out that 54 countries are now experiencing a debt crisis. According to the World Bank, Sri Lanka owes $15 billion in bonds, mostly dollar-denominated, out of a total of $45 to 50 billion in long-term debt. The country needs $7 to 8.6 billion to service its debt load in 2022, whereas it had just $1.6 billion in reserves at the end of March 2022. The downgrading of Sri Lanka by rating agencies such as Moody’s added to the difficulty of further borrowing to pay off the debt. The devaluation of the Sri Lankan rupee by 32% since the beginning of the year has made it the ‘world’s worst performing currency,’ exacerbating the plight of the Sri Lankan people.The multilateral Asian Development Bank and the World Bank owns 13% and 9% of Sri Lanka’s foreign debt, respectively. Currently, China is Sri Lanka’s largest bilateral lender, owning about 10% of its total foreign debt, followed by Japan which also owns 10%.
Approximately half of Sri Lanka’s total foreign debt (55% according to some estimates) is market borrowings through US- and EU-based ISBs. Asset managers BlackRock, Inc. and Ashmore Group Plc., along with Fidelity, T Rowe Price and TIAA are among Sri Lanka’s main ISB creditors. However, the information on the ownership of ISBs – including one worth $1 billion that is maturing on July 25, 2022 – is not publicly revealed.Sri Lanka is in negotiations with the IMF to restructure and repay its massive debt. IMF structural adjustment will include the familiar privatization, cutbacks of social safety nets and alignment of local economic policy with U.S. and western interests, to the further detriment of local working people’s standard of living and inevitably leading to more wealth disparity and repeat debt crises.
Debt Crisis and Geopolitical Rivalry
Economic crises create opportunities for external powers to expand economic exploitation and geopolitical control. In Sri Lanka’s context, this means India, the US and China.Sri Lanka’s big neighbor India has extended a $1 billion credit line to provide essential food and medicine. The Sri Lankan government has stated that there are no conditions attached to the Indian loans. However, Sri Lankan analysts believe that agreements have been made giving Indian companies exclusive access to investments on the island.Sri Lanka is strategically located in the sea lanes of the Indian Ocean. Over 80% of the global seaborne oil trade is estimated to pass through the choke points of the Indian Ocean. Although bizarrely overlooked by the global media, a Cold War is already in place between China and the Quadrilateral Alliance (United States, Japan, Australia and India) over the control of Sri Lanka and the Indian Ocean.
Sri Lanka is part of China’s $1 trillion Belt and Road Initiative, which includes the island’s Hambantota Port and Port City. The United States, on the other hand, signed an open-ended Acquisition and Cross Services Agreement (ACSA) with Sri Lanka on August 4, 2017, facilitating military logistic support. The US is also seeking to sign a Status of Forces Agreement (SOFA), which would effectively turn Sri Lanka into a US military base. While the proposed United States Millennium Challenge Corporation Compact has not been signed due to local protests, the pact’s objective – US control over the land, transportation and communication infrastructure in Sri Lanka – continues unabated.In this context of Sri Lanka as a tense theater of geopolitical rivalry, the Sri Lankan debt crisis cannot be understood simply as an economic crisis. Could it, in fact, be a ‘staged default’ designed to push Sri Lanka into an IMF bailout which would complete the island’s subservience to the US dominated economic and political agenda?
Alternative Sustainable Approaches
The young ‘Gota Go Home!’ protesters who demand President Gotabaya Rajapaksa’s resignation seem to be unaware of the global dynamics of the Sri Lankan crisis. Perhaps local and foreign interests guiding the protests may want to keep it that way. They are certainly not encouraging the protestors to join global calls for much-needed debt cancellation, debt swaps and regulation of capital market borrowing to prevent debt crises occurring in the first place.However, at least a few Sri Lankan professionals concerned about the implications of an IMF bailout have put forward alternative short and long-term solutions. They recognize that while exploitative colonial and neocolonial policies have turned Sri Lanka into a poor and desperate country, the island is rich with abundant natural resources and human capital. If the land and ocean and the graphite, ilmenite and the other mineral resources are sustainably utilized, Sri Lanka can be economically self-sufficient and prosperous. There is also much to be learned from Sri Lanka’s pre-colonial history in this regard, not least its hydraulic civilization.
The Committee on Public Accounts (COPA) has revealed that there are enough fuel and natural gas deposits in the Mannar Basin to meet the entire country’s needs for 60 years. If the abundant sustainable solar and wind power are also utilized, Sri Lanka can become not only energy self-sufficient, but an exporter of energy as well.Bioregionalism, economic democracy, and food and energy sovereignty are the only route to a sustainable future for Sri Lanka and other debt-trapped countries, and indeed the world at large. To overcome the dominant forces seeking to monopolize control over the natural environment and humanity, people – especially the young – need to awaken and work in partnership with each other to fight the destructive greed that ensnares and threatens to destroy us.
Features
US’ anti-migrant stance set to intensify tensions in Western camp
The announcement by the US authorities of an anti-migrant stance during a recent commemoration in France of the epochal D-Day Landings of June 6, 1944, ought to strike impartial observers as a supreme irony. Whereas what should have been expected was a vibrant celebration of the beginning of the process of Western Europe freeing itself decisively from Nazi or fascist control during the crucial stages of World War Two, this was not to be.
What the world heard instead was a call to contemporary Western Europe to arm itself against a seemingly rising and threatening migrant presence in the region. In other words, the migrant must be despised and ‘shown the door’.
Instead of a commemoration that rejoiced in the flourishing of liberal democracy and its values what one got was a strong affirmation of fascism and racial chauvinism. US Defense Secretary Pete Hegseth vented his spleen against the migrant or foreigner presence in Europe reportedly thus: ‘Sadly today different European beaches are stormed by different dangerous ideologies.’ To ‘beaches in Spain and Italy and Greece and Bulgaria, boats and men arrive. When will European capitals do something about that invasion?’
While at the outbreak of World War Two it was Nazi Germany that was doing the invading and bringing some principal European countries under its suzerainty, this time around we are being given to understand that it’s migrants to the West who are seeking to colonize the latter. It goes without saying that such inflammatory rhetoric would have the deleterious effect of keeping racial tensions alive in the West and jeopardize all possibilities of the countries concerned cementing and maintaining social stability.
The Trump administration gives the impression of taking a leaf from the politically underdeveloped regions of the South to keep the US polity stable and united. In South Asia, for instance, we are not short of ambitious demagogues who use what is referred to as the ‘race card’ to gather unto themselves a following and thereby further their political fortunes. By seeking to stir and sustain anti-migrant hysteria, the Trump administration is also essentially replicating Nazi Germany’s policy of anti-Semitism. That is, fascism is very much alive in the US under President Trump.
Such efforts at churning racial hysteria at this juncture in the US should not come as a surprise. For all intents and purposes, the Trump administration is nowhere near achieving its aims in West Asia, for instance, in the short term. It has failed to bring Iran down to its knees, as it hoped to do, but is adopting the expedient of keeping the world guessing and confused on what it is doing in the region, since it cannot withdraw from the theatre in a hurry without losing face.
While perhaps working out an escape strategy the Trump administration it seems, is hoping to maintain its following at home intact and silent by playing on their racial biases and insecurities. Hence, the anti-foreigner campaign.
Simultaneously, the Trump administration will need to keep a close eye on how economic pressures on the domestic front are panning out. Anti-administration sentiments first break to the surface at meal tables. On this score, the news cannot be good because the average US family’s spending power ought to be shrinking on account of rising energy and oil prices. Consequently, it would not be a bad idea to keep the attention of the US consumer diverted by adeptly playing ‘the race card’; once again, lessons from intellectually bankrupt Southern politicians are coming in handy.
To be sure such comparisons many politicians in vibrantly democratic countries would find quite unflattering. But the stark truth is that racism cannot be tolerated in civilized societies and those politicians who resort to it risk being branded as racists of the first degree. In fact they could be seen as being on par with the likes of German dictator Adolph Hitler and his close collaborators.
However, on the question of migrant policy the Trump administration would likely be at polar opposites with the most vibrant of liberal democracies of the West. This will be the case with the UK, France and Italy for instance. The latter continue to keep their doors open to legal migrants and they are likely to view a virtual blanket ban on migrants as reprehensible.
Moreover, in the foremost democracies of the West debates are vibrantly ongoing on the need to keep racism or any hint of it completely outlawed in the public plane. There is the case of the UK, for instance, where the authorities continue to emphatically pinpoint their adherence to the principle of anti-racism in the conduct of public affairs.
One proof of the above was the parliamentary debate relating to the killing of 18-year-old Henry Nowak in Southampton. Police handling of the victim came in for sharp scrutiny by particularly the opposition in the House of Commons but there seemed to be a consensus over the main political divide that the matter should not be politicized.
Moreover, the UK authorities stressed in the House the government’s strict adherence to the policy of non-racism. It was also pointed out that British institutions set up to manage racism at the national, county and neighbourhood levels, for example, were very much intact. In fact, Sri Lanka could gain considerably by studying and implementing locally, legislation modeled on the relevant UK laws if it is in earnest when it speaks of ‘reconciliation’.
Accordingly, it is highly unlikely that Western Europe would ‘cave in’, so to speak, to US pressure on issues related to migration. The liberal democracies of Western Europe in particular would remain for the foreseeable future migrant-welcoming, multi-ethnic and plural democracies.
Nor is it likely that Western Europe would be passively receptive to US demands that it drastically increases its defense spending to meet the latter’s demands. Within the Western fold the EU is remaining committed to backing Ukraine, for instance, in its ongoing armed resistance to the Russian invasion and it is not giving any indication of being deferent to US pressure.
However, although tensions would continue to bristle within US-Western Europe relations on the above and numerous other matters of contention it would be far too premature to announce a parting of company between the two sections of the West. In that sense, the post-World War Two order remains essentially intact. There are still many things in common between the two, particular on the economic plane, that will ensure the continuance of the partnership.
Features
A decade among Yala’s ghosts of gold
The first rays of dawn creep over the ancient rocks of Yala. The Indian Ocean glimmers in the distance, and the wilderness slowly awakens. Somewhere amid the scrub jungle, a pair of amber eyes scans the landscape.
For wildlife conservationist and leopard researcher Milinda Wattegedara, moments such as these have defined more than a decade of dedication to one of Sri Lanka’s most iconic creatures—the Sri Lankan leopard.
What began as fascination evolved into a remarkable conservation journey that has transformed the understanding of Yala’s leopard population and placed Sri Lanka firmly on the global wildlife research map.
“Long before I ever lifted a camera, leopards had already captured my imagination,” says Wattegedara. “What fascinated me was not merely their beauty but the complexity of their lives—their hunting strategies, movements, reproductive behaviour and their remarkable ability to adapt to changing environments.”
That fascination led to the birth of the Yala Leopard Diary in 2013, an ambitious long-term project dedicated to documenting individual leopards and unraveling the mysteries surrounding their lives.
For many visitors, a leopard sighting is a fleeting thrill. For Wattegedara and his team, every encounter is a chapter in an ongoing scientific story.
“Each photograph was never the end of an encounter,” he explains. “It was the beginning of deeper questions. How did a particular leopard use the landscape? How did its behaviour change with the seasons? What environmental pressures shaped its decisions?”
These questions drove years of meticulous fieldwork. Every sighting was carefully recorded with details including location, habitat, behaviour, date and time. Photographs were analysed to identify individual animals through unique spot patterns, allowing researchers to distinguish one leopard from another with remarkable accuracy.
What followed was groundbreaking.

YF77 “Shelly” pauses in quiet observation, embodying the alertness
and grace that define Yala’s leopard population.
From 2013 to 2026, the Yala Leopard Diary identified an astonishing 189 individual leopards within the Yala Block 1. The research revealed a leopard density of approximately 0.524 leopards per square kilometre, making Yala one of the highest leopard-density landscapes ever recorded anywhere in the world.
Such findings have elevated Yala’s status among global wildlife researchers.
Nestled between the Indian Ocean and a mosaic of habitats, ranging from rocky outcrops to dense scrub forests, Yala offers an ecological stage unlike any other.
Here, leopards are photographed silhouetted against ocean horizons, perched atop ancient granite formations, resting on tree branches and stalking prey across sunlit grasslands.
The images tell stories of extraordinary lives.
There is Haminee, a devoted mother navigating the challenges of raising cubs in a competitive landscape. There is Lucas, one of Yala’s most frequently documented males, striding confidently across the Gonalabba Plains with the vast ocean forming an unforgettable backdrop.
There is Ruki demonstrating the species’ incredible strength by hoisting prey onto branches, and Shelly, quietly surveying her surroundings in a moment of feline vigilance.
Together, these individuals have become familiar characters in a living wilderness drama.

YM31 “Ruki” secures prey on a branch, illustrating the remarkable strength and coordination of the Sri Lankan leopard.
Recognising the immense value of long-term documentation, Wattegedara joined forces with fellow researchers Dushyantha Silva, Raveendra Siriwardana and Mevan Piyasena to establish the Yala Leopard Centre in 2020.
Located at the Palatupana entrance to the Yala National Park, the centre is believed to be the world’s first information facility dedicated exclusively to leopards.
“The centre serves as a repository of knowledge, accumulated through years of observation and research,” Wattegedara says. “Our goal is to connect visitors with the science behind conservation and foster a deeper appreciation of these magnificent animals.”
The project’s impact extends far beyond Sri Lanka’s borders.
Research arising from the Yala Leopard Diary has been published in internationally recognised scientific journals. One study introduced an innovative framework for identifying individual leopards, while another documented an extraordinary and previously unrecorded case of a leopard cub being consecutively adopted by two different adult females—first a relative and later an unrelated leopardess.
The discovery attracted international scientific attention and highlighted the complexity of leopard social behaviour.
Yet for Wattegedara, the most important lesson remains one of humility.
“One conclusion has become increasingly clear,” he reflects. “Our understanding of these leopards remains far from complete. We are only beginning to understand how they live, adapt and persist in one of Sri Lanka’s most dynamic protected landscapes.”

YF15 “Hope” descends Rukvila Rock at dawn, showcasing the agility and adaptability of Yala’s leopards.
His words underscore an essential conservation truth: the more we learn about nature, the more mysteries emerge.
As Sri Lanka navigates growing environmental challenges, the Yala Leopard Diary stands as a shining example of what sustained observation, scientific curiosity and public engagement can achieve.
Beyond the stunning photographs and remarkable sightings lies something even more valuable—a growing body of knowledge capable of informing future conservation decisions and ensuring that future generations inherit a wilderness where leopards continue to roam free.
For more than a decade, Wattegedara and his colleagues have followed the tracks of Yala’s elusive predators through dust, rain and scorching heat.
Their work has revealed that every leopard has a story, every sighting has significance and every photograph can contribute to conservation.
And perhaps, most importantly, it has reminded us that the golden ghosts of Yala still have many secrets left to share.
By Ifham Nizam
Features
Glamour, music and community spirit …
Sri Lankans are quite active, all around the globe.
News has just come my way, from Glasgow, in Scotland, where the glamour of masks, music, dancing, and community spirit, came together, in spectacular fashion, at Masquerade Night, bringing together members of the Sri Lankan community for an evening filled with music, fashion, food and entertainment.
Organised by Mahesh Balaaratchi (DJ Mowgli) together with Sulochana Asmone, Hiroshini, Prasad, Ashi, and Shawn, the evening provided guests with an opportunity to socialise, enjoy live entertainment, and celebrate in a unique and elegant setting.
Guests arrived from 6:00 pm, dressed in formal attire and decorative masks, creating a colourful and vibrant atmosphere throughout the venue.

DJ Mowgli: The main
organiser of
Masquerade Night
There was a delicious selection of Sri Lankan cuisine and street food, which proved popular throughout the evening.
The buffet offered a variety of traditional favourites, giving attendees a taste of home while adding to the festive atmosphere.
Entertainment was provided by DJ Mowgli, whose performance kept the audience engaged throughout the night. His playlist featured a mixture of popular favourites, dance classics, and cultural music, remixed for a younger generation.
One of the highlights of the evening was the Baila session, which brought a distinctly Sri Lankan flavour to the event.
The Baila segment highlighted the importance of preserving and celebrating cultural traditions, while bringing people together through music and dance.
As familiar rhythms filled the room, guests enthusiastically took to the dance floor, creating one of the most memorable moments of the night.
The crowd was described as lively, energetic, and welcoming, with attendees embracing the spirit of the masquerade theme while enjoying the opportunity to reconnect with friends and meet new people. The family-friendly atmosphere ensured that guests of all ages could take part in the celebrations.
The festivities continued until midnight and included a range of competitions and entertainment.
Children and adults alike participated in fashion shows, while guests competed for awards in several ‘Best Dressed’ categories.
The creativity and effort displayed in both costumes and formal wear added an extra layer of excitement to the evening.
As the final songs played and guests prepared to leave, many were already looking forward to the next Event Night.
The evening’s proceedings were handled by Sam, Mahela and Isuru.
Their enthusiasm reflected the growing popularity of these gatherings and their increasing importance, within the local community calendar.
A series of community events has continued to grow in popularity among the Sri Lankans in Glasgow, with Halloween Night coming up on 31st October.
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