By DR. Garvin Karunaratne
Sri Lanka’s economy finds itself in a situation where one wonders whether the government has allowed it to drift. Perhaps, studying how countries have suffered and faced similar crises in the past may offer us some ideas. In 1997 the economies of Asian giants Malaysia, Indonesia, Thailand, South Korea crashed. In 1995, the World Bank said that Thailand was the world’s fastest growing economy.
Of Thailand, Phongpaichit and Baker says, “in 1996, export growth slumped from over 29% to zero. The stock market lost two thirds of its value. The country was battered by speculators into a sharp depreciation – the biggest finance company collapsed. Two thirds of all finance firms were suspended. The IMF was called in to arrange the largest ever bail out”. (Thailand’s Boom and Bust.  Phongpaichit and Baker).
Of all countries whose economies crashed, Malaysia stands out as the one country that emerged victorious. Other countries had to beg for assistance from the World Bank and the IMF. Indonesia was bailed out with a loan of $ 43 billion, South Korea with a bail out of $ 56 billion, and Thailand with a loan package of $ 17 billion. They were all loans that enabled the countries to survive for the moment and pay later. As a result, their foreign debt increased exponentially.
The financial upheaval in Indonesia saw the fall of its leader Suharto. Nicholas Kristof, Jakarta correspondent for The New York Times, wrote of what happened to Suharto, the President of Indonesia: “What overthrew Suharto was not a guerrilla insurgency, but a conspiracy of far more subversives – capitalism, markets and globalisation; Suharto’s sleuths never figured how to handcuff them (Herald International Tribune).
It has to be understood that Sri Lanka today has been held hostage by international capitalism working through its agent, the International Monetary Fund. There was one country that did not go begging for aid—Malaysia. Mahatir Muhammed, the legendary Prime Minister, took charge of the economy, collected all the dollars from all banks. As I have said previously, “Mahatir Muhammed declared war with the IMF by doing the exact opposite of the IMF advice. He did not go on bended knees to the IMF. Instead he effectively controlled the economy of his own country. He imposed strict controls on the use of foreign exchange. He did not allow anyone to spend the money on the import of unnecessary goods. He clamped severe restrictions on the use of foreign exchange. This even went to the extreme of stopping foreign exchange for Malaysians studying abroad. There was mayhem in student circles in the UK. Some students took leave of study and went back. Others were compelled to work as waiters and kitchen hands and pay themselves” (How the IMF Ruined Sri Lanka & Alternative Programmes of Success . Pg 238).
In 1958 Mahatir even stopped foreign investors from taking away money.
In Mahatir Muhammed’s own opinion, “Any country at all which says it cannot control its banks and its banking system – they are not fit to be governments and they should either resign or be overthrown” (Daily News. February 1, 1999).
Malaysia was the one and only country to get out of the East Asian Foreign Currency Crisis. Even today the Sri Lankan Government does not collect the dollars that come in. The bulk of the dollars are collected by private and foreign banks and private money changers, who are allowed to fix their own buying and selling rates. The private dealers collect dollars or rupees within minutes, while it takes at least half an hour of form filling and passport checking at State banks. That is how the government went bankrupt. State banks collect only a fraction of the dollars that come into the country.
A funny thing happened on 2 January, 2001, two decades ago. Our two State banks, Bank of Ceylon and People’s Bank, did not have enough dollars to pay a large oil bill, and they went hat in hand to foreign banks in Colombo. Those that had collected dollars raised the price to Rs 106, when the rate had been Rs 85, and the two State Banks were forced to buy at the higher price. The rupee was devalued overnight.
The Central Bank, when questioned, said that it had control over only the domestic rupee (The Island of 17 February 2001).
In other words, the private banks collect dollars that come in, and sell them as they like, even today the banks and private dealers fix their own rates. What all this indicates is that even today our government does not control the foreign exchange that comes in. Naturally, today we are facing the music of not having dollars to pay for essential imports.
What can be done? The Governor of the Central Bank Ajith Nivard Cabraal has ruled out the possibility of going to the IMF. Because the IMF will insist on devaluing the rupee, increasing interest rates, privatising state commercial ventures, drawing further loans and living on them, like what we did in the past.
Our leaders are quick to declare that they will pay loan instalments due next year, amounting to four to five billion dollars. Do we need to service and pay any loan outstanding to the IMF and the World Bank, as we have done everything they have asked and we are now facing a crisis due to their wrong advice?
Are we yet collecting all the dollars that come in? No. We allow private and foreign banks, and private dealers to collect, fix rates and sell as they like. This, they have done for decades from November 1977, and at least now we have to collect all dollars that come in like what was done before we embraced neoliberalism in 1977. Are we yet being fooled by foreign investors who trade in the local rupee, calculate profits in rupees, but take away profits in US dollars?
Are we not yet being fooled by foreign travel agencies that book hotel stay, get the hotel to collect in local rupees, but get paid by invoices in dollars going out of our reserves? Hotel bookings by foreigners have to be made in dollars.
Before President Jayewardene foolishly submitted to neoliberalism and started living on loans, we had a closed economy. Then, we had two budgets: a local rupee budget that attended to all development work. We had a separate foreign budget with the dollars we collected from imports. Then we spent the dollars we had, first on essentials, and if we had anything left, we gave small allocations to import cars and electrical items. We never dispensed funds for foreign travel unless it was necessary for our country. Nor did we allocate any foreign funds for students to study abroad. Should we not revert to that system?
How we managed our finances from Independence till President Jayewardene started licking the boots of the IMF is of import. The fundamental fact is that at the end of 1977 Sri Lanka did not have foreign debt.
As much as we have had to restrict imports, let us have a programme to produce locally all what we import. Not long ago we had the Divisional Development Councils Programme (DDCP) of 1970-1977, when we made seafaring fishing boats (at Matara), Crayons equal to the Crayola of today (at Matara), paper made out of waste Paper (at Nuwara-Eliya – Kotmale), agricultural farms (in every District) and many more, all done with local rupees, all carried out by local staff. We can easily do it again in months. That will also provide incomes and employment to the unemployed.
Perhaps, a rethinking of priorities and a firm resolve to go ahead is what is required today.
Brown lives matter, too
By Basab Dasgupta
The most disruptive and divisive series of events that I have seen during my life in the US was what happened after George Floyd’s death while in police custody in Minnesota in 2020.Widespread protests and violence, destruction of businesses, surge of Black Lives Matter (BLM) movement, attack on police officers, call to defund the police which in turn led to an increase in criminal activities in big cities, burning of American flags all continued for months. It turned the clock back decades as far as the racial harmony between blacks and whites was concerned.
I must confess that I failed to be too sympathetic towards this movement. I strongly felt that the need for law enforcement is one of our top-most priorities and statistically speaking, there would be more black arrests because crimes are rampant in pre-dominantly black neighbourhoods. I thought that the police officer Derek Chauvin was doing his job in his effort to subdue George Floyd a known criminal with a long rap sheet. Yes, he might have used excessive force but that may have been explained by the situation. Even black conservative commentators like Candace Owens were critical of all the anti-establishment activities.
As part of my dislike for the BLM movement, I was intensely against all woke activism including football player Colin Köpenick’s refusal to stand during national anthems, Hollywood’s encouragement to make more racially inclusive movies featuring more black actors, Joe Biden’s choice for Vice President and Supreme Court judge nominee, combination of BLM with LGBTQ+ movements under the rainbow flag and the entire mantra of “diversity and inclusivity”.
My views changed almost overnight a few days ago when I heard the news of a 23-year-old graduate student, Jaahnavi Kandula of Indian origin, being run over by a police car in Seattle while crossing the street. The accident happened on 23 January 2023, but the video from the bodycam of a police officer was just released. The car was being driven by Kevin Dave who was on an emergency call and driving at 74 mph in a zone with 25 mph speed limit.
There was a photograph of the girl so cute, so innocent, so full of optimism for a bright future; she was going to graduate in December. Tears came to my eyes thinking of my own daughter at that age and the heartbreak of the girl’s parents.
It was shocking and horrific, but such tragic accidents do happen every day in America, and I could shrug it off as another act of God that I would never understand. However, the worst part was the comment of one of the police officers. It was reported that a police officer Daniel Auderer, who happens to be the vice president of the Seattle Police Officers’ Guild, laughed at the incident and made comments like “It’s a regular person”, “there is not much value to her life”, “just write a check for $11000” during a call to Mike Solan, the president of the guild. This was all caught on the body cam video.
I could not believe what I was reading and went to YouTube to see if the video had been posted. Sure enough, I found multiple clips, each containing the comments and laughter. It was not some mumbling and giggling; comments were loud and clear.
The chilling part was the laughter. It was evil, it was as if Satan himself was laughing. It was sickening. Equally shocking was what happened after the incident was brought to the attention of superiors. Daniel reportedly confessed to making those comments but explained away his reaction by claiming that he was laughing not at the dead girl but at how the lawyers would now jump into action arguing about “value of life”. Nothing happened to the officers, not even a suspension for a few days.
The decision was that there was no need to hold Kevin guilty or initiate a criminal investigation. Despite a suspicion that Kevin was under the influence of drugs, Daniel vindicated him by lying on his behalf that he was travelling at 50 mph, a manageable speed for a trained driver, and he was not impaired the so-called “blue wall of silence”.
Daniel was obviously stupid to minimize the value of this girl’s life. I am sure that he did not know that the current President of India is a woman in a country which also elected a woman prime minister in the largest democratic country almost 60 years ago. He does not know that some of the most important positions in the world today are held by Indian women, such as the Assistant Director General of WHO and chief economist of IMF. He probably did not know how to distinguish a woman of Indian origin from other women of colour.
He could not have any appreciation for a young woman coming here for higher studies leaving her family behind so that she could get a good job and help her family live a better life.
As I started to digest the whole episode, it gradually dawned on me. This police officer may not be an isolated example. Many of the other 600,000+ policemen probably share a similar background and attitude. Daniel is a bully, a racist, an uneducated person and brazen enough to openly make such statements because he is used to making such comments.
This is perhaps not surprising. Who wants to be a policeman? Clearly, he must be physically fit and strong. He cannot be well-educated because then he would have chosen a different profession. Who else would want to risk his life every day? He must be a bully because his job is to track down criminals. He is a racist because he has seen in his job that there are more people of colour who are arrested for suspicion of a crime. He probably grew up in an equally uneducated and unsophisticated family environment. We probably only get people like him to join the force.
The policemen in this country supposedly go through regular sensitivity training on race-related issues and how to be objective. Clearly expense for such training is being wasted in Seattle.
I immediately thought of the BLM movement. Suddenly, I understood the rage and frustration of all the African American people joining the movement. I can now believe that the black folks are indeed stopped in much larg-er proportion than their white counterparts for minor offenses. I now believe that police have a very low assessment of their lives. I now believe in stories of police abuse and brutality.
I do not know how the Indian government or the Indian American community will react to this incident. I read headlines like “Biden Administration has promised swift action” and numerous comments expressing outrage and disgust below every YouTube post. Some are demanding “accountability”, but what does it mean? Should the police officer be fired? Should he be tried in a court of law like Derek? Should the police union be dismantled? Indians are peaceful people; they are not going to protest at the State capitol or burn police cars. I suspect that nothing will happen to Kevin or Daniel and the incident will gradually be forgotten.
What can I do? Should I join the BLM movement and encourage its leaders to generalize the name “BLM” to include Brown lives matter? I am sure that Mexicans will join in that effort. Should I say, “Enough with America” and go back to India? Should I organize a protest in front of a local police station? (The Statesman/ANN)
Today I just write to release my anger and to see if “a pen is mightier than a sword”.
(The writer, a physicist who worked in industry and academia, is a Bengali settled in America.)
Politicos junketing while ordinaries are sinking in COL mire
There was a pall of silence over who accompanied our President to the Big Apple for the Big Meeting of the United Nations. Hence our curiosity was roused, minds scratched around for news. Cassandra WhatsApped a good friend of hers now living in California and asked her whether she knew who accompanied our Prez.
We thought in these hard times only the very essential and relevant to the occasion VIPs would be taken along: a lean contingent would be Prez Wckremesinghe’s orders. Cassandra hurried to her computer and googled. Plenty on President Ranil Wickremasinghe’s address to the UN General Assembly on 21 Sept., which was on the theme, “Rebuilding trust and reigniting solidarity and its relevance to Sri Lanka’s recent challenges.” Reading many articles Cass gathered that Prez RW had dealt with the country’s economic and other travails; global geopolitical landscape; climate action taken and to be taken; carbon reduction et al in his address at UNGA.
It was stated in one article that the Prez was accompanied by Minister of Foreign Affairs Ali Sabry, Secretary to the President E M S B Ekanayake, Foreign Secretary Aruni Wijewardena and other senior officials of the Ministry of Foreign Affairs. So, she rested her mind that no extraneous hangers-on had accompanied the Prez.
Then came a newspaper write up that MPs Rohitha Abeygunewardena and Mahindananda Aluthgamage were in the contingent – stalwarts of the SLPP. What use were they in the context of the topics on which the Prez made his UN address? Were they experts on any issues that would have been discussed at side meetings? Experts on economics, geopolitical matters, climate change, balance of world power? NO! It seemed to be a pure (or rather impure) peace-making gesture and to keep quiet two demanders for Cabinet positions.
Sops to Cerberus in the way of a plane ride to and from, and a stay in one of the more expensive hotels in the Big Apple? Can you believe that the MPs and two die-hard Pohottu MPs and previous ministers want a joy ride and will do anything to get one? Also, that we poor Sri Lankans, suffering such slings and arrows of bad fortune in a bankrupt country with soaring prices to be paid for even the water we drink, food we so niggardly eat and electricity we so sparingly use have paid for these two to junket? We have to fork out taxes, even those with nothing to show as assets. And where does a huge amount of this collected money go? To pay for pleasure junkets for those we feel have no right to go to the UN General Assembly.
When Mahinda Rajapaksa was the President, he would take a huge group of persons who in the majority were completely redundant and of no use at all to these UN General Assembly annual gatherings. A worker in the UN in New York commented that most of those who went along dispersed soon after they had landed, in a fleet of cars hired for the visit, making a vehicle-hiring Sri Lankan in the US rich. Most of them were not even present when the Sri Lankan president made his address.
At least, they could have helped to reduce the mass of empty seats in the UN Assembly hall. Thus, it was surmised that he was repaying his catchers for being loyal to him – at our expense. No dissent, whether loud or soft, then. No one dared question why or wherefores. No one wanted to be taken on a white van ride; or worse, taken on the final journey. Cassandra must add here that a couple of brave women journos did speak up.
And to think there was a replay of this junketing in 2023, though reduced, under a Prez who understands well the plight the country is in and the need to save every rupee of government money. However, junketing was offered at the country’s expense. And by order of Prez RW. The two mentioned are very rich politicians.
Cassandra experienced a happening that showed her how wary people are now, and untrusting. It is a natural outcome of the type of person the Sri Lankan is thought to be in these much-changed times. Do you remember when even in Middle East airports the Sri Lankan passport was treated with utter disdain and suspicion? Cass recalls that en route to Britain she had her passport and other Sri Lankan travellers’ passports confiscated on entry to the airport in Dubai and handed back only when the plane was re-boarding. She squirmed with embarrassment and resentment, but realised it was all because Sri Lankans had behaved shamefully dishonest and thus all Sri Lankans were branded untrustworthy.
Cass bought some tickets to enjoy a singing and dancing of Julius Caesar. The thousands she gave the young girl were found to be short. Saying she would get the balance from her driver, she instinctively took the tickets and was about to step out when she noticed the consternation of the box office girl. Suspicion, she realised, that she would not return. Cass apologised, placed the tickets on the counter, went out to get the Rs 500 needed and then, retrieving her tickets, commented it was so sad that the young one could not trust this old dame. She assured her it was no fault of hers; she was doing her duty, but people nowadays had killed the trust that was a given in years gone by. Even an absolutely honest and honourable person, grey-haired maybe and dignified, is treated with suspicion. What a sad state of affairs! But we ourselves are to blame since cheating and dishonesty are strong features of the present-day islanders of the Pearl of the Indian Ocean.
Use heart, know heart
By Dr Mohan Jayatilake Consultant Cardiologist
Every year on the 29th of September, World Heart day is observed to raise awareness about cardiovascular disease (CVD), which is heart diseases and strokes. As heart diseases are a leading cause of death in the world people must be educated about them and the timely prevention to achieve this goal. World Heart day commenced in 1999 through the joint efforts of World Health Organization (WHO) and the World Heart Federation (WHF).
The theme of the World Heart Day 2023 is “Use Heart, Know Heart” emphasizing the importance of healthcare worldwide. This year’s campaign focuses on the essential step of knowing your heart first. The World Heart Federation has created this day to raise awareness about cardiovascular diseases.
The key message of World Heart Day this year aims to encourage people to look after themselves, others and nature as well. Putting a coordinated effort to improve ones’ own lifestyle and diet and motivating others to do the same can lead to a reduced number of CVD cases.
Heart diseases and strokes are the worlds’ leading cause of death claiming 17.9 million lives every year. According to WHO statistics 82% of deaths coming in from low and middle income countries are due to lack of resources.
Since a healthy heart is the gateway to a healthy life it is important to ensure the health of your heart. With the growing number of heart patients worldwide it has become a cause of concern since of late.The day is observed by organising events worldwide to make people aware about the warning signs of heart disease so that people can take steps accordingly to avoid this disease.
Together with members of WHF spread the news that at least 80% of premature deaths from heart disease and strokes could be avoided if main risk factors such as heavy smoking, unhealthy diet, reduced physical activity (sedentary lifestyle), stressful lifestyle, psychological issues, hypertension, diabetic and heavy alcoholism are controlled. Being obese and overweight, BMI (Body Mass Index) more than 25, is found to be one of the main risk factors that may harm your heart. Air pollution also can lead to coronary artery disease and stroke, chronic obstructive pulmonary disease and lung cancer as short term and long term effects.
Fortunately now we have almost come out of COVID 19 pandemic which caused more vulnerable patients having severe cardiovascular events.
Events of the World Heart Day 2023
There are numerous events at the national and international level promoted by WHF. They disseminate information and hold discussions of various heart ailments at different platforms. Some of them like posters, podcasts and forums are quite popular. The day is marked by providing free fitness check-ups, fundraises, walks, runs, concerts and sporting events. All such events encourage people to stay active and be aware of their health.
Global leaders recognise the urgency to give priority to prevention and control of heart diseases and other non-communicable diseases (NCD).Which include cancer, diabetic, and chronic lung diseases.
How to contribute to observance of the event on World Heart Day
By undergoing heart health check at a center near you.
By managing your weight and keeping BMI index under control with less than 25.
By trying to stay active through different physical activities
By attending seminars to learn about different life saving activities like CPR
By attending fitness lectures and lessons of healthy living
According to this year theme also, use your heart for the betterment of others’ heart, by taking following steps to reduce the burden of heart disease. Stop smoking – Cigarette smokers are 2 to 4 times more prone to get heart diseases and strokes than non-smokers. Passive smoking inside the house will also harm your own heart and your family health, causing cardiovascular disease.
Avoid alcohol – Stressful conditions in life can lead to use of alcohol and smoking. Meditation, yoga, music or involvement with any other aesthetic will help to minimize stress and to move away from alcohol.
Healthy diet at home
Limit saturated fats and trans fats
Limit salt and sugar intake
Consume plenty of fruits and vegetables
Unhealthy diet is one of the main causes of obesity, diabetic and cardiovascular diseases. Rapid urbanisation, changing lifestyle and easy access of fast food have made the dietary pattern unhealthy.
Animal products mainly beef, pork and poultry with skin, mutton, lard, butter, cheese carry lot of saturated fats. Avoid having trans fats which are in baked, processed and fried food items, certain margarines and spreads. Take lean meats, poultry without skin, low fat dairy products, fish and nuts with vegetable oil in moderation.
Adults should do at least 150 minutes of moderately intensive physical activity or at least 75 minutes of high intensive physical activity per week. Families should limit the amount of time spent in front of TV or continuous reading to less than 2 hours a day in a seated position. Exercises should be a regular part of life.
World is now facing visible epidemic of obesity. It affects your cardiovascular health and also affect your wellbeing.To lose weight, do regular exercises, have healthy diet, cut down starch and sugar and alcohol. Have plenty of fruits and vegetables.
Psychological health can affect your cardio vascular health. Regular exercise and practice relaxation, reading, being with friends and family, adequate sleep, various hobbies maintain the positive attitude towards stress free life.
Know your numbers
Visit your doctor or health care professional, check your blood pressure regularly and take steps to control it and take regular medication.Know your cholesterol- high cholesterol is another factor for cardiovascular disease. Check regularly and control with dietary measures and medication. Know your blood sugar- Diabetic is another major factor for cardiovascular disease. Diet control, medication and professional advice required to control it.
Know your warning signs
To know the symptoms of CVD will help your survival because earlier the treatment better the chances of survival. Chest pain of tightening or burning in nature with pain radiating down the upper limbs or to the neck and jaw or back, associated with sweating and nausea are your warning signs.
Sudden weakness of limbs, slurring of speech, deviation of mouth, double vision could be due to a stroke. Knowing these symptoms and seeking urgent medical attention allow you to get treatment early to prevent life threatening complications.
Take your medicine regularly and correctly
If you are already diagnosed with heart disease or with stroke, taking your medication regularly will reduce another similar episode in future.
Breast feeding and lifelong health
Breast feeding is the best form of nutrition for newborn and infants according to WHO. Increasing public awareness is important. Infants who are breastfed tend to have lower cholesterol and blood pressure as well as lower rates of obesity.
Both undernourished and over nourished early in life can increase the risk of developing cardio vascular diseases. Maternal obesity during pregnancy has been associated with obesity in children which also increase the cardiovascular disease risk.
As always our emphasis will be on improving heart health across all nations in adult male and female as well as children. By adopting lifestyle changes, people all over the world can have longer and better lives through the prevention and control of heart disease and stroke. This was highlighted on this most important day to persuade people on maintain a healthy lifestyle.
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