Features
The Debt Crisis and Doing Everything Wrong

Dr. Parakrama Waidyanatha
It is often said that if the country could recover the embezzled dollars by the ruling politicians and other ‘filthy’ rich, stashed in foreign banks or invested otherwise locally and overseas, all our foreign debts could be settled! An oft-heard slogan these days in public protests against the President and government is : ‘give back our money’! A reputed surgeon was audacious enough to reveal at a You Tube interview the other day, that he is aware of rulers printing illegal money in a large scale at a house in Battaramulla!
Susan George in her famous book titled “A Fate Worse than Debt” published in1988 states with detailed examples, how most third world country political leaders and their henchmen embezzle huge sums from foreign aid and local investments impoverishing them; and eventually the people have to pay back.
In the 1980s, newspapers reported freely about embezzlements of Marcos, the Philippines President and his wife Imelda whose ill-gotten riches were astounding, and she had more than 3,000 pairs of shoes. It was said that the couple cost the country at least 15% of its foreign debt of USD 26 billion. In fact it was also said that Marie Antoinette, the Queen of France who was also notoriously rich, would look a servant woman compared to Imelda. During the French Revolution, when hungry and angry people revolted in front of her castle asking for bread, she is reported to have questioned her aids: ‘if there is no bread why don’t they eat cake?’ The rich hardly know the utter desperation of the poor.
Of the many debt-financed projects of the Philippines, a nuclear power plant costing 2.1 billion USD was one. It was sited at the foot of a volcano against the wishes of experts. It cost the country at least USD350,000 a day, and Marco’s commission was USD 80 million. He overruled the expert committee’s recommendation of a much cheaper nuclear plant; and the crony who arranged the deal, with his share of the loot bought a villa in Vienna. Marcos exiled to Honolulu died in 1989, and Imelda is yet alive at 92. There are very many more examples of Marcos’ misappropriations.
The World Food Assembly(WFA),many years ago, reported that foreign debts was the primary cause of increasing hunger and decreasing food security across many third world countries, especially Sub-Saharan Africa. In the 1980s, says, Susan George in her book, that over $130 billion net repayments minus new loans had moved from Latin America to the Northern banks over a five year period.
The Modus Operandi of Big Banks
Many third world countries are deeply indebted to international banks and are forced to take further loans to repay the old ones. This is because investments of the previous loan monies have not yielded the expected returns apart from misappropriations. Banks are not too worried because much of the new loans having entered the books of the third world comes back into the coffers of International creditors, often large banks such as the City Bank of U.S. They do not care if the national borrowers pay the loans so long as they pay the interest regularly. The banks can be magnanimous as regards the payment of the capital. Payment of the interest is their main concern.
Capital Flight & ‘Suitcase Culture’
Loan money spirited out of the borrowing countries, by the political leaders and their henchmen through illegal means are re-deposited in the banks and re-invested. Good for the banks. The books deliver loans and in no time, a substantial proportion of it is stashed and returned to the banks by corrupt politicians and their henchmen. Nevertheless the money appears in their books as loans. The banks re-invest the money. In short they are paid back twice for a single commitment.
It is said that some aggressive banks such as the City Bank have probably accumulated as much as assets from the poor countries as they have loaned to them. The Bank for international Settlements (BIS), it is reported, estimated that some $ 55 billion was transferred from Latin American Countries over five year period. The same situation obtains with some Sub-Saharan countries. The capital flight from the big ten Latin American debtor countries is said to be equivalent to 70% of their new loans from 1983-85.
From highly indebted Mexico, a banker is reported to have stated that lot of the billions arrived in suitcases carried by bank staff. One banker had mentioned that his bank in the U.S sent a guy with two empty suitcases to Mexico City regularly. One bank, it is reported to have 1,500 people dedicated to this activity in the past. Apparently it continues to happen even now.
It is evident that capital flight takes place here too. It was just the other day, amidst the current public upheaval, that a private jet allegedly flew to Dubai from Colombo carrying two million USD of a businessman.
Much has been proposed by the lending agencies and policy makers on ‘trickle – down’ hypothesis, comparative and competitive advantage in trade, modernization and transfer of technologies from the North to the South, but the impact of all this has been, on the whole small, in comparison to the huge misappropriation of credit from donor agencies by the political leaders.
Many third world countries are now in deep trouble in that their new loans are devoted not for development but for servicing old ones. Sri Lanka will get into the same boat, hopefully, with the expected loan facilities from the International Monetary Fund ( IMF) and other agencies.
Whilst poverty and indebtedness are aggravating in the south, the world’s top two hundred transnational corporations’ annual turnover is equivalent to 30% of the gross world product and the total third world debt amounts to a mere third of their annual sales.
Reducing the North- South Wealth Gap
Much has been discussed by the international aid agencies and the developed countries regarding bridging the gap but with little success.
The Brandt consultation was sponsored by the World Bank in 1980 towards this end, with the participation of elites from First and Third Worlds to review fresh ways of transfer of wealth from the First to the Third World, but the overall outcome has been negligible partly because of the oil price hikes of the OPEC countries in that period which reduced the incomes of developed countries that were expected to extend greater support to the third world.
Ironically, the third world non-oil producing countries were more affected by the high oil prices. With inflation in the West with oil price hikes, the interest rates were increased to reduce inflation which also correspondingly raised the lending interest rates to third world countries. This dramatically increased the cost of debt servicing of developing countries. In addition the economic down-turn in the West, caused the decline of primary commodity prices from the third world countries, a double whammy!
Doing Everything Wrong
In conclusion, apart from financial mismanagement, obstinacy of leaders and wrong policies have been instrumental in the sad plight of many poor countries. A good example is the recent Sri Lanka. Wrong decisions made one after the other such as reducing corporate taxes, banning agrochemicals and converting the country’s entire agriculture to organic virtually overnight have had disastrous economic consequences. In addition the decisions to ban importation of palm oil and cultivation of oil palm and expanding the coconut cover to produce the country’s total vegetable oil demand were fortunately retracted as they were untenable. Consulting experts in the various fields in decision making has been totally ignored, and incompetent people have been appointed to important positions.
With regard to totally converting the country’s agriculture to organic farming, a letter signed by 146 agriculture experts including numerous university academics seeking an appointment to discuss the matter was sent to the President via the then Secretary of Agriculture, who reported having handed it over to him. However, it failed to generate a response! Ironically, now with the virtual collapse of the government, mistake after mistake is being rectified. Nearly all the wrong decisions have been reverted. Better late than never, but is it not already too late?
Features
US withdrawal from UNHRC, a boon to political repression and ultra-nationalism

The US’ reported withdrawal from the UNHRC and some other vital UN agencies could be seen as a fillip to anti-democratic and ultra-nationalistic forces worldwide. Besides, the stark message is being conveyed that the developing regions of the world would from now on suffer further impoverishment and powerlessness.
The UNHRC needs to be more effective and proactive in bringing to book those states that are lagging in upholding and implementing human rights standards. But thus far it has been notable in the main in only ‘naming and shaming’ periodically those countries that stand accused of human rights and associated violations. More states and their rulers who have proved notorious violators of International Law, for instance, need to be brought to justice.
Hopefully, the UNHRC would be more dynamic in carrying out its responsibilities going forward but it needs material, moral and financial sustenance in increasing measure as it goes about trying to implement its brief. By withdrawing its support for the UNHRC at this juncture the US has further weakened the body and thereby provided a stimulant to the forces of repression worldwide.
What ought to be equally disquieting for the ethically-conscious is the withdrawal of US support for the WHO, the UN agency for Palestinian refugees or the UNRWA and the Paris Climate Agreement. With these actions the US under President Donald Trump has forfeited all claims to being the world’s foremost democracy. It could no longer lead from the front, so to speak, in championing human rights and democratic development.
It is no coincidence that almost at the time of these decisions by the US, President Trump is meeting with Israeli Prime Minister Benjamin Netanyahu. At the time of writing what transpired at these talks is not known to the public but it is plain to see that under the ultra-rightist Israeli Prime Minister, there would be no easy closure to the Middle East conflict and the accompanying blood-letting.
This is in view of the fact that the hawkish Trump administration would be hand-in-glove with the Netanyahu regime right along. There would be no political solution in the foreseeable future nor could it be guaranteed by the main stakeholders to the Middle East question that the current ceasefire would continue.
As mentioned in this column before, Israel would need strong security guarantees from the Palestinian camp and its supporters before it sits earnestly at the negotiating table but a policy of repression by the Israeli state would in no way help in resolving the conflict and in ushering even a measure of peace in the region. With the staunch support of the Trump administration the Netanyahu regime could stave off Palestinian resistance for the time being and save face among its supporters but peace in the Middle East would continue to be a lost cause.
The issues in focus would only be further compounded by the US decision to cease support for the rehabilitation and material sustenance of Palestinian refugees. This policy decision would only result in the further alienation and estrangement of Palestinians from the Western world. Consequently, Intifada-type uprisings should only be expected in the future.
As should be obvious, the US decision to pull out of the WHO would further weaken this vital agency of the UN. A drop in material, medical and financial assistance for the WHO would translate into graver hardships for the suffering civilians in the world’s conflict and war zones. The end result could be the alienation of the communities concerned from the wider international community, resulting in escalating law and order and governance issues worldwide. Among other things, the world would be having on its hands aggravating identity politics consequent to civilian publics being radicalized.
Considering the foregoing, the inference is inescapable that the US is heading in the direction of increasing international isolation and a policy of disengaging from multilateral institutions and arrangements geared to worthy causes that could serve world peace. As matters stand, it would not be wrong to conclude that the Trump administration is quite content with the prevailing ‘international disorder’.
One of the most negative consequences of the US decision to pull out of the UNHRC is the encouragement the forces of repression and ultra-nationalism could gain by it. In almost all the states of South Asia, to consider one region that is notable from this viewpoint, the forces of ultra-nationalism and majoritarian chauvinism could be said to be predominant.
Unfortunately, such forces seem to be on the rise once again in even post-Hasina Bangladesh. In Sri Lanka these forces are somewhat dormant at present but they could erupt to the surface, depending on how diligently the present government guards against their rise.
However, the government of Sri Lanka could not be said to be going the extra mile currently to blunt the appeal of ultra-nationalism, whether it is of the Southern kind or of the Northern kind. Crunch time for the Sri Lankan state would come when it has to seriously cooperate with the UNHRC and help bring those accused of war crimes in Sri Lanka to justice. On whether it could cooperate in this exercise would depend the democratic credentials of the present regime.
The cumulative result of the Trump administration weakening the UN and its agencies would be the relentless rise of anti-democratic, fascistic and repressive regimes the world over. Given this backdrop, one could expect the war in the Ukraine and those wasting civil wars in Africa to rage on. In the case of the Ukraine, the possibility of the US and NATO not being of one mind on ways of ending the war there, could render closure of the conflict any time soon impossible.
However, waiting on the US with the expectation that it would be pulling itself together, so to speak, before long and addressing the issue of international law and order would be tantamount to handing over the world to a most uncertain future. It is highly unlikely that the Trump administration would prove equal to the challenge of bringing even a measure of order out of the current global chaos, given the primacy it would be attaching to what it sees as its national interest.
Rather than wait in suspense, democracy oriented sections the world over would do well to come together in a meeting of minds, with the UN playing a catalytic role in it, to figure out how they could pool all the resources at their command to bring about a world order that would be more respectful of International Law in word and spirit.
Features
‘The Onset: A Short Story’: A philosophical drama attempting to redefine perception and cinema

Debut filmmaker, Thevin Gamage, presents a bold challenge to the time-honoured conventions of cinema. Through his daring short film, Thevin invites audiences to reconsider ‘the truth’ of cinematic rules. The 180-degree rule is broken with seamless subtlety, and a fresh perspective is offered on breaking the fourth wall.
This 13+ minute dialogue-driven drama, ‘The Onset: A Short Story’ featuring two actors and created with the collaboration of a debut cinematographer, was shot entirely in his living room—a testament to ingenuity and creative audacity.
The film not only aims to redefine the language of cinema but also thematically contests one of Plato’s most renowned teachings—The Allegory of the Cave. Thevin offers a fresh lens to examine ‘truth’ blending bold cinematic innovation with a philosophical exploration of perception, arrogance, and enlightenment.
At its heart, this story reflects the universal tension between belief and truth, highlighting the cost of breaking free from illusions. His debut is both a defiant act of rebellion and a bold invitation to shape the evolution of future cinema, leaving audiences with as many questions as answers.
Born into a family of artists in Sri Lanka, Thevin, grew up surrounded by a legacy of creativity yet confined by the traditional expectations of society. His parents achieved success as actors and later as entrepreneurs.
For Thevin, questioning the rules was not rebellion for its own sake—it was a search for freedom, truth, and new perspectives. This drive began in childhood, where strict parental expectations collided with his innate creativity. Movies became his escape, a lens through which he experienced life, love, and possibility.
Yet it wasn’t until his late twenties, after years of academic success and professional detours that he finally embraced his calling as a filmmaker. His audacious short film bridges his personal journey with his artistic vision. By breaking the 180-degree rule and redefining the fourth wall, the film demonstrates that cinematic rules can evolve—not as acts of rebellion, but as purposeful explorations of storytelling.
In the spirit of art and its boundless novelty, Thevin Gamage seeks to induct exactly that: originality.
His debut film is a bold exploration of cinematic boundaries and philosophical inquiry, redefining two foundational principles of cinema. This film invites audiences to experience a narrative that subtly bends the historical rules of the 180-degree rule and the fourth wall—often without them even realizing it.
This debut dares you.
It’s a resolute challenge to tradition and a provocative reminder that “rules” are just a few letters that form a word.
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About young filmmaker

Thevin Gamage
Thevin Gamage is a South Asian filmmaker whose journey reflects both a profound reverence for tradition and an unrelenting desire to transcend it.
Born into a family of artists in Sri Lanka, Thevin was shaped by a legacy of creativity and resilience. His grandfather, Sri Lanka’s first film makeup artist, pioneered his craft with remarkable dedication, laying the foundation for a family deeply rooted in the arts. Though Thevin never met him, his grandfather Regie de Silva’strailblazing work ethic and passion for storytelling helped shape the family ethos, inspiring Thevin’s mother and, in turn, Thevin himself. Reggie was the first Sri Lankan makeup artist. He went to India for his studies in makeup artistry and was active during the era when B.A.W. Jayamanne and Rukmani Devi pioneered the Sri Lankan film industry.
Thevin’s mother, Kumudumali De Silva, a celebrated Best Supporting Actress winner two decades ago and recent Lifetime Achievement Award honoree for her contributions to the wedding industry, met his father, Nihal Gamage, while on set. Together, they transitioned from the entertainment industry to entrepreneurial success, founding a wedding photography and bridal dressing business. Their ventures flourished, even leading to the publication of their own wedding magazine, providing a middle-class life of success and recognition.
Despite these creative roots, societal expectations in Sri Lanka compelled Thevin to pursue academics. After excelling at the University of Toronto with a degree in Political Science, Economics, and Psychology, Thevin still yearned for storytelling. In his late twenties, after years of professional detours, he enrolled in film school and committed fully to his craft.
Operating outside the framework of traditional film production companies, Thevin embraced the challenges of independence. From conceptualization to execution, his debut film is a testament to his determination, ingenuity, and unwavering commitment to his vision. His journey as an independent filmmaker exemplifies the power of creative freedom to challenge norms and shape unique perspectives.
Thevin’s work invites audiences to question, reimagine, and ultimately transform their understanding of storytelling. His journey is not just one of artistic pursuit but an act of defiance—an effort to inspire others to embrace the power of the arts and forge paths beyond traditional norms.
Features
Top three at 40th Mrs World pageant

While South African model Tshego Gaelae becomes the first Black woman to win the Mrs. World title in its 40-year history, we, too, were in the spotlight, at the finals.
Ishadi Amanda took the No. 02 slot, being the first runner-up at the prestigious pageant, held in Las Vegas, USA, from 29-30 January, 2025.
Thailand’s Ploy Panperm was placed third, as the second runner-up.
Sri Lanka’s Ishadi had support from the audience when her name was announced as one of the three finalists.
The Mrs World pageant winner, from South Africa, expressed her thanks on Instagram, saying, “To God be the glory. Thank you so much for the love and support, I am beyond grateful and elated! My beautiful South Africa, the crown is coming home,” she shared with her followers, encapsulating her elation and gratitude.
The Mrs World pageant, established in 1984, stands as the first international beauty contest solely for married women, providing a platform for married contestants to showcase not just their beauty, but also their intellect and community outreach efforts.
Before being picked as the winner, Mrs South Africa was asked: “What is the biggest challenge you have faced and achieved?” And her answer was brilliant:

Rosy Senanayake: Mrs World 1984
“I was so stressed on social media. Social media people should use it to share knowledge and good things. But it’s used to stress people out. But I stood up for myself without that social media pressure. I used the same social media that stressed me out to share good thoughts and hope to get to the victorious place I am today.”
Gaelae’s success is a testament to the ideals celebrated by the pageant, where diversity and empowerment take centre stage.
Gaelae balances her roles as a devoted mother, wife, labour relations manager, and model.
Being the first black woman to clinch the title at the Mrs World pageant has ignited a sense of pride and celebration among South Africans.
The Mrs South Africa Organisation, which played a crucial role in supporting Gaelae’s remarkable journey, also expressed their pride through a statement: “From Soweto to Vegas and now the World, @mrsworldpageant The Crown is Coming Home! Thank you to everyone who supported our queen on her incredible Journey.”
Gaelae returned home to a triumphant celebration fit for a queen.
At the airport to welcome her were her family, friends, church community, the Mrs South African team board and alumni, and the Executive Mayor of Johannesburg.

The crowning of the 40th Mrs World winner
And, guess what? Gaelae is now in touch with me!
Second Runner-up Mrs Thailand Ploy Panperm is quoted as having said: “I believe that modern married women have the potential to excel in multiple roles – as wives, mothers and even as beauty queens – embodying intelligence, talent and beauty.”
For the record, it was our very own Rosy Senanayake who brought Sri Lanka fame at this pageant … being crowned Mrs World at the very first Mrs World pageant, in 1984.
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