Features
Sri Lanka’s slide from Perpetual Bonds to Pyramidal Sugar Bags
by Rajan Philips
A political observer with an exceptionally sharp mind offered this online comment recently: “With little on offer as a political alternative, many of us seem to wallow in idle gossip and pin hopes on plain speculation.” Who would disagree? Except to add that gossip, speculations and outbursts are emanating more from within the government than from outside, indicating both frustration and helplessness in government ranks. As well, those who heralded the present government as once-in-a-generation of its kind – headed by the best ever non-political Sri Lankan to seek political office for the sake of the old country after forsaking the new, and those who sang hosanna to the highest from the outside, are now left with sugar on their faces. Literally. The sugar scam is not the only scam. And where there is no scam, there is rampant incompetence.
The question is how could a new government elected with unprecedented double majorities (one for the executive and another for the legislature) have come a cropper so early in its mandate? There was no want of goodwill. Even critics of Gotabaya Rajapaksa wanted the man to succeed as President. For the sake of the country. More so, after Covid-19 struck. And Covid-19 is no longer an excuse. If at all, the pandemic has become the biggest cauldron of examples for government confusion in decision making, crass sloppiness in dealing with medical professionals and scientists, and chaotic incompetence in rolling out Covid-19 vaccines.
One term too many?
One can see the manifestations of internal frustrations in Wimal Weerawansa’s warnings and outbursts, and in the responses and speculations of SLPP Parliamentarians. Mr. Weerawansa, before his latest outburst about Rishad Bathiudeen, was all about crowning President Gotabaya Rajapaksa as leader of the SLPP to let him learn the ropes of politics, as party leader, to become a successful president. The SLPPers, on the other hand, besides accusing Weerawansa of backstabbing and calling for his dismissal, have started speculating about a one-term presidency for Gotabaya Rajapaksa and musing about Basil Rajapaksa as the next patriotic presidential candidate with possible American affirmation.
What is going on? Who is getting tired of whom? After all the struggle of getting a two-thirds majority in parliament, is President Gotabaya Rajapaksa being coaxed and cajoled to limit himself to a single term? Or is it that he has had enough of this powerful but ineffectual presidential charade? Is one term too many even with a two-thirds majority?
Perhaps a more significant manifestation of the government’s internal troubles is in the work of the three parliamentary committees on – Public Finance (COPF), Public Enterprises (COPE) and on Public Accounts (COPA), and in the apparent audacity of their Chairmen, all government MPs (respectively – Anura Priyadarshana Yapa, Charitha Herath and Tissa Vitarana), to act with some independence and without looking for directions from the executive. It is their persistence that is widely believed to have forced Finance Ministry officials to come clean with the chronology of decisions and import activities behind the nearly Rs. 16 billion swindle in importing sugar.
I am inclined to see some difference between the antics of Weerawansa and his SLPP detractors, on the one hand, and the workings of the three parliamentary committees, on the other. Taking note of this difference has some relevance to discussing the current political quagmire and the absence of serious alternatives. And the difference is that the Weerawansa/SLPP responses to the government’s paralysis are an indication of the tired and tatty state of the executive presidency as a political system regardless of who the incumbent president is. As against this, the workings of the parliamentary committees are indicative, no matter how slimly, of the possibilities of parliament in spite of the current presidential incumbent and the two-thirds majority he commands in the legislature.
Bond scam and Sugar scam
Looked at it another way, there are also differences between the way the executive and the legislature responded to the bond scam of the last government, and the way they are responding to the sugar scam of the present government. The last government used parliament to do a more prolonged cover-up job than the present one. The current parliament has done a far more effective policing job with the sugar scam than its predecessor did with the bond scam. The JVP which was on mute mode for most of the bond saga, is now breathing fire and burning the government’s sugar, and has taken the case of the stolen sugar all the way to the Supreme Court. UNP MPs who were all for coverup then until it was too late, are now all reborn SJBers demanding total accountability.
One might also notice other curious similarities and contrasts. There was a Central Banker, the then Governor, no less, Arjuna Mahendran, who was in the eye of the bond storm. There is an indirect connection to the Central Bank now, through the current Finance Secretary, S.R. Attygalle, who is also a former Deputy Governor of the Central Bank, and who has had an interesting career path since then. He was one of the principal public service beneficiaries of the Sirisena-coup government that lasted from October 31 to December 18 in the year of constitutional grace – 2018. President Sirisena appointed Mr. Attygalle as Secretary Treasury displacing Dr. R.H.S. Samaratunga. When the Supreme Court pulled the plug on Sirisena’s childish coup, Attygalle had to give way to Samaratunga. But he was back within a year, and his was one of the first senior appointments by Gotabaya Rajapaksa when he became President in November 2019. Wheels within wheels? It is not only politicians who are caught in the web of unholy alliances, but high-post public servants are also not spared from them.
Back to sugar scam, Mr. Attygalle tried to make the far fetched argument to the Finance Committee that the government did not actually lose any money because of the reduction of import duty on sugar from 50 rupees to 25 cents per kilogram, because the government had not collected any money to lose! But that does not explain how the government set it up so beautifully that the state would not collect any money that should normally have flowed to its coffers. Here is the chronology from what has been quite well reported on the matter. In May 2020, the government raised the special commodity levy (SCL) from Rs 33 to Rs 50 per kilo – with all the good intentions of lowering imports, saving foreign exchange, boosting local production, and, lo and behold, fighting diabetes, obesity, and other sugar ailments. In less than five months, on October 13, the SCL was slashed from Rs 50 per kilo to, not Rs 33 but Rs 0.25, twenty five cents per kilo. The import floodgates were opened.
Between October 14 and February 20, 320,627MT (metric tonnes) of sugar was imported in four months, about 50 to 60% of annual sugar imports between 550,000 to 650,000MT. On November 10, under panic in the face of rising sugar prices and unable to control the flood of imports through licensing and permits, the government imposed maximum retail price (MRP) limits ranging between Rs 80 and Rs 90 per kilo for wholesale and retail sales of bulk and packeted sugar. But the price limits didn’t work either. Sugar prices were between Rs 118 and Rs 125 per kilo during the four month interval. The government forced Lanka Sathosa, the national retailer to sell at the maximum retail price after buying at much higher prices in the wholesale market. In the upshot, the helpless consumers were gouged, nobody knows how many diabetes patients benefited, and the government lost doubly in collections, at the customs gate and at the national retail counter. Yet it was no loss, by Finance Ministry accounting, because there was no money to lose. Remember Greek Bonds?
From Perpetual to Pyramidal
For whose benefit was this sham? The Finance Ministry has reportedly admitted that six major sugar importers potentially “earned a kind of additional profits.” The pie-chart on this page shows the major sugar importers during the October-February window and their import quantities. Leading the pack was Pyramid Wilmar Limited (PWL). An acknowledged giant in global sugar trade, PWL accounted for 40% of the sugar rush and reportedly diverted a shipment meant for another destination to sail to Colombo to take advantage of the slash in Sri Lanka’s import duty. It was not just another shipment that arrived on short notice but, as the Sunday Times reported last week, the largest sugar cargo to dock in Colombo in 30 years, with 26,000MT of sugar in 1,000 containers. PWL was also well positioned to benefit from the slashed duty, because unlike other importers, it was eligible to pay the 25 cents (instead of Rs 50) per kilo duty not only on new imports but also on old stocks held in its bonded warehouse.
It is not only sugar. The same sugar daddy is said to have had a trial run earlier with coconut oil. Except it was no trial run because the swindle was even bigger – Rs. 20 billion, according to reports citing SJB MP Patali Champika Ranawaka. To sugar and coconut oil – add rice, the nation’s staple, and turmeric, the popular Covid-19 neutraliser, and Sri Lanka has the textbook example of what Prof. WD Lakshman, the current Central Bank governor, has described as the government’s “alternative way” of managing the economy.
To elaborate, about a month ago , around February 12, Governor Lakshman was taking to task the “doom and gloom” critics of the government for their failure to appreciate “the government’s determination to move away from the, so far, heavy dependence on imports for foodstuffs.” He called it a “really significant long term policy approach despite in the short run there is an adverse impact in the prices.” He referred to the import ban on turmeric, the immediate price increase, and the eventual stabilization (apparently). “But now nobody is talking about turmeric,” he said. No Sir, now everyone is talking about sugar!
And rice too! There is some confusion in the government about the adequacy of rice/paddy stocks. On Friday, The Island editorial highlighted the confusion within the government whether there is or there isn’t a need to import rice. 100,000 MT of rice should be imported according to some government Ministers, but Basil Rajapaksa, the non-cabinet Task Force Minister has been assuring that there is plenty of paddy in the country. Hoarding is certainly the curse, but isn’t there anyone in the government who knows whether there is enough rice in the country or if it should be imported. As government priorities go, Dr. Tissa Vitarana issued this caution in his weekly Sunday Island statement: “Hunger needs to be overcome before highways and high life!”
Talking about high life and politics, the political connections of Pyramid Wilmar Limited in Sri Lanka are not unlike those of Perpetual Treasuries Limited that was the central entity in the earlier bond scam. Media reports say that the local agent of Pyramid Wilmar, is Sajaad Mohammaed Mowzoon, who is also the proprietor of Shangri-La Hotel. It is well known that it was at Shangri-La that Gotabaya Rajapaksa launched his saubhagya project under the auspices of Viyath Maga. Mr. Mawzoon is also reported to be having business connections to the Adani Group, India’s mover and shaker in port development business among other portfolios. The Adani group has been making waves between the East and the West Container Terminals at the Colombo harbour, and now we hear more than rumours of a potential business partnership between two powerful political benefactors in India and Sri Lanka.
And where high life wrongfully pursued will take you became evident in the Colombo High Court last week, with the indictment of former Finance Minister Ravi Karunanayake and eleven others in connection with the 2016 Central Bank bond auctions. The Court also ordered to remand the accused who showed up till March 23, when the case will be taken up again. Those who stand accused deserve their day in court and to have what they say heard. But indictments in Sri Lanka are not what they used to be before the turn of the century. There is more public cynicism about indictments today than there is respect for them, for their impartiality and consistency. Even so, the indictments served last week are still a reminder that what is sauce for one political goose today can be sauce another goose tomorrow.
by Dr Gotabhya Ranasinghe
Senior Consultant Cardiologist
National Hospital Sri Lanka
When we sought a meeting with Hon Dr. Ramesh Pathirana, Minister of Health, he graciously cleared his busy schedule to accommodate us. Renowned for his attentive listening and deep understanding, Minister Pathirana is dedicated to advancing the health sector. His openness and transparency exemplify the qualities of an exemplary politician and minister.
Dr. Palitha Mahipala, the current Health Secretary, demonstrates both commendable enthusiasm and unwavering support. This combination of attributes makes him a highly compatible colleague for the esteemed Minister of Health.
Our discussion centered on a project that has been in the works for the past 30 years, one that no other minister had managed to advance.
Minister Pathirana, however, recognized the project’s significance and its potential to revolutionize care for heart patients.
The project involves the construction of a state-of-the-art facility at the premises of the National Hospital Colombo. The project’s location within the premises of the National Hospital underscores its importance and relevance to the healthcare infrastructure of the nation.
This facility will include a cardiology building and a tertiary care center, equipped with the latest technology to handle and treat all types of heart-related conditions and surgeries.
Securing funding was a major milestone for this initiative. Minister Pathirana successfully obtained approval for a $40 billion loan from the Asian Development Bank. With the funding in place, the foundation stone is scheduled to be laid in September this year, and construction will begin in January 2025.
This project guarantees a consistent and uninterrupted supply of stents and related medications for heart patients. As a result, patients will have timely access to essential medical supplies during their treatment and recovery. By securing these critical resources, the project aims to enhance patient outcomes, minimize treatment delays, and maintain the highest standards of cardiac care.
Upon its fruition, this monumental building will serve as a beacon of hope and healing, symbolizing the unwavering dedication to improving patient outcomes and fostering a healthier society.We anticipate a future marked by significant progress and positive outcomes in Sri Lanka’s cardiovascular treatment landscape within the foreseeable timeframe.
by Fr. Emmanuel Fernando, OMI
Jesuit Fr. Aloysius Pieris (affectionately called Fr. Aloy) celebrated his 90th birthday on April 9, 2024 and I, as the editor of our Oblate Journal, THE MISSIONARY OBLATE had gone to press by that time. Immediately I decided to publish an article, appreciating the untiring selfless services he continues to offer for inter-Faith dialogue, the renewal of the Catholic Church, his concern for the poor and the suffering Sri Lankan masses and to me, the present writer.
It was in 1988, when I was appointed Director of the Oblate Scholastics at Ampitiya by the then Oblate Provincial Fr. Anselm Silva, that I came to know Fr. Aloy more closely. Knowing well his expertise in matters spiritual, theological, Indological and pastoral, and with the collaborative spirit of my companion-formators, our Oblate Scholastics were sent to Tulana, the Research and Encounter Centre, Kelaniya, of which he is the Founder-Director, for ‘exposure-programmes’ on matters spiritual, biblical, theological and pastoral. Some of these dimensions according to my view and that of my companion-formators, were not available at the National Seminary, Ampitiya.
Ever since that time, our Oblate formators/ accompaniers at the Oblate Scholasticate, Ampitiya , have continued to send our Oblate Scholastics to Tulana Centre for deepening their insights and convictions regarding matters needed to serve the people in today’s context. Fr. Aloy also had tried very enthusiastically with the Oblate team headed by Frs. Oswald Firth and Clement Waidyasekara to begin a Theologate, directed by the Religious Congregations in Sri Lanka, for the contextual formation/ accompaniment of their members. It should very well be a desired goal of the Leaders / Provincials of the Religious Congregations.
Besides being a formator/accompanier at the Oblate Scholasticate, I was entrusted also with the task of editing and publishing our Oblate journal, ‘The Missionary Oblate’. To maintain the quality of the journal I continue to depend on Fr. Aloy for his thought-provoking and stimulating articles on Biblical Spirituality, Biblical Theology and Ecclesiology. I am very grateful to him for his generous assistance. Of late, his writings on renewal of the Church, initiated by Pope St. John XX111 and continued by Pope Francis through the Synodal path, published in our Oblate journal, enable our readers to focus their attention also on the needed renewal in the Catholic Church in Sri Lanka. Fr. Aloy appreciated very much the Synodal path adopted by the Jesuit Pope Francis for the renewal of the Church, rooted very much on prayerful discernment. In my Religious and presbyteral life, Fr.Aloy continues to be my spiritual animator / guide and ongoing formator / acccompanier.
Fr. Aloysius Pieris, BA Hons (Lond), LPh (SHC, India), STL (PFT, Naples), PhD (SLU/VC), ThD (Tilburg), D.Ltt (KU), has been one of the eminent Asian theologians well recognized internationally and one who has lectured and held visiting chairs in many universities both in the West and in the East. Many members of Religious Congregations from Asian countries have benefited from his lectures and guidance in the East Asian Pastoral Institute (EAPI) in Manila, Philippines. He had been a Theologian consulted by the Federation of Asian Bishops’ Conferences for many years. During his professorship at the Gregorian University in Rome, he was called to be a member of a special group of advisers on other religions consulted by Pope Paul VI.
Fr. Aloy is the author of more than 30 books and well over 500 Research Papers. Some of his books and articles have been translated and published in several countries. Among those books, one can find the following: 1) The Genesis of an Asian Theology of Liberation (An Autobiographical Excursus on the Art of Theologising in Asia, 2) An Asian Theology of Liberation, 3) Providential Timeliness of Vatican 11 (a long-overdue halt to a scandalous millennium, 4) Give Vatican 11 a chance, 5) Leadership in the Church, 6) Relishing our faith in working for justice (Themes for study and discussion), 7) A Message meant mainly, not exclusively for Jesuits (Background information necessary for helping Francis renew the Church), 8) Lent in Lanka (Reflections and Resolutions, 9) Love meets wisdom (A Christian Experience of Buddhism, 10) Fire and Water 11) God’s Reign for God’s poor, 12) Our Unhiddden Agenda (How we Jesuits work, pray and form our men). He is also the Editor of two journals, Vagdevi, Journal of Religious Reflection and Dialogue, New Series.
Fr. Aloy has a BA in Pali and Sanskrit from the University of London and a Ph.D in Buddhist Philosophy from the University of Sri Lankan, Vidyodaya Campus. On Nov. 23, 2019, he was awarded the prestigious honorary Doctorate of Literature (D.Litt) by the Chancellor of the University of Kelaniya, the Most Venerable Welamitiyawe Dharmakirthi Sri Kusala Dhamma Thera.
Fr. Aloy continues to be a promoter of Gospel values and virtues. Justice as a constitutive dimension of love and social concern for the downtrodden masses are very much noted in his life and work. He had very much appreciated the commitment of the late Fr. Joseph (Joe) Fernando, the National Director of the Social and Economic Centre (SEDEC) for the poor.
In Sri Lanka, a few religious Congregations – the Good Shepherd Sisters, the Christian Brothers, the Marist Brothers and the Oblates – have invited him to animate their members especially during their Provincial Congresses, Chapters and International Conferences. The mainline Christian Churches also have sought his advice and followed his seminars. I, for one, regret very much, that the Sri Lankan authorities of the Catholic Church –today’s Hierarchy—- have not sought Fr.
Aloy’s expertise for the renewal of the Catholic Church in Sri Lanka and thus have not benefited from the immense store of wisdom and insight that he can offer to our local Church while the Sri Lankan bishops who governed the Catholic church in the immediate aftermath of the Second Vatican Council (Edmund Fernando OMI, Anthony de Saram, Leo Nanayakkara OSB, Frank Marcus Fernando, Paul Perera,) visited him and consulted him on many matters. Among the Tamil Bishops, Bishop Rayappu Joseph was keeping close contact with him and Bishop J. Deogupillai hosted him and his team visiting him after the horrible Black July massacre of Tamils.
Sri Lanka-Singapore Free Trade Agreement
By Gomi Senadhira
senadhiragomi@gmail.com
“You might tell fairy tales, but the progress of a country cannot be achieved through such narratives. A country cannot be developed by making false promises. The country moved backward because of the electoral promises made by political parties throughout time. We have witnessed that the ultimate result of this is the country becoming bankrupt. Unfortunately, many segments of the population have not come to realize this yet.” – President Ranil Wickremesinghe, 2024 Budget speech
Any Sri Lankan would agree with the above words of President Wickremesinghe on the false promises our politicians and officials make and the fairy tales they narrate which bankrupted this country. So, to understand this, let’s look at one such fairy tale with lots of false promises; Ranil Wickremesinghe’s greatest achievement in the area of international trade and investment promotion during the Yahapalana period, Sri Lanka-Singapore Free Trade Agreement (SLSFTA).
It is appropriate and timely to do it now as Finance Minister Wickremesinghe has just presented to parliament a bill on the National Policy on Economic Transformation which includes the establishment of an Office for International Trade and the Sri Lanka Institute of Economics and International Trade.
Was SLSFTA a “Cleverly negotiated Free Trade Agreement” as stated by the (former) Minister of Development Strategies and International Trade Malik Samarawickrama during the Parliamentary Debate on the SLSFTA in July 2018, or a colossal blunder covered up with lies, false promises, and fairy tales? After SLSFTA was signed there were a number of fairy tales published on this agreement by the Ministry of Development Strategies and International, Institute of Policy Studies, and others.
However, for this article, I would like to limit my comments to the speech by Minister Samarawickrama during the Parliamentary Debate, and the two most important areas in the agreement which were covered up with lies, fairy tales, and false promises, namely: revenue loss for Sri Lanka and Investment from Singapore. On the other important area, “Waste products dumping” I do not want to comment here as I have written extensively on the issue.
1. The revenue loss
During the Parliamentary Debate in July 2018, Minister Samarawickrama stated “…. let me reiterate that this FTA with Singapore has been very cleverly negotiated by us…. The liberalisation programme under this FTA has been carefully designed to have the least impact on domestic industry and revenue collection. We have included all revenue sensitive items in the negative list of items which will not be subject to removal of tariff. Therefore, 97.8% revenue from Customs duty is protected. Our tariff liberalisation will take place over a period of 12-15 years! In fact, the revenue earned through tariffs on goods imported from Singapore last year was Rs. 35 billion.
The revenue loss for over the next 15 years due to the FTA is only Rs. 733 million– which when annualised, on average, is just Rs. 51 million. That is just 0.14% per year! So anyone who claims the Singapore FTA causes revenue loss to the Government cannot do basic arithmetic! Mr. Speaker, in conclusion, I call on my fellow members of this House – don’t mislead the public with baseless criticism that is not grounded in facts. Don’t look at petty politics and use these issues for your own political survival.”
I was surprised to read the minister’s speech because an article published in January 2018 in “The Straits Times“, based on information released by the Singaporean Negotiators stated, “…. With the FTA, tariff savings for Singapore exports are estimated to hit $10 million annually“.
As the annual tariff savings (that is the revenue loss for Sri Lanka) calculated by the Singaporean Negotiators, Singaporean $ 10 million (Sri Lankan rupees 1,200 million in 2018) was way above the rupees’ 733 million revenue loss for 15 years estimated by the Sri Lankan negotiators, it was clear to any observer that one of the parties to the agreement had not done the basic arithmetic!
Six years later, according to a report published by “The Morning” newspaper, speaking at the Committee on Public Finance (COPF) on 7th May 2024, Mr Samarawickrama’s chief trade negotiator K.J. Weerasinghehad had admitted “…. that forecasted revenue loss for the Government of Sri Lanka through the Singapore FTA is Rs. 450 million in 2023 and Rs. 1.3 billion in 2024.”
If these numbers are correct, as tariff liberalisation under the SLSFTA has just started, we will pass Rs 2 billion very soon. Then, the question is how Sri Lanka’s trade negotiators made such a colossal blunder. Didn’t they do their basic arithmetic? If they didn’t know how to do basic arithmetic they should have at least done their basic readings. For example, the headline of the article published in The Straits Times in January 2018 was “Singapore, Sri Lanka sign FTA, annual savings of $10m expected”.
Anyway, as Sri Lanka’s chief negotiator reiterated at the COPF meeting that “…. since 99% of the tariffs in Singapore have zero rates of duty, Sri Lanka has agreed on 80% tariff liberalisation over a period of 15 years while expecting Singapore investments to address the imbalance in trade,” let’s turn towards investment.
Investment from Singapore
In July 2018, speaking during the Parliamentary Debate on the FTA this is what Minister Malik Samarawickrama stated on investment from Singapore, “Already, thanks to this FTA, in just the past two-and-a-half months since the agreement came into effect we have received a proposal from Singapore for investment amounting to $ 14.8 billion in an oil refinery for export of petroleum products. In addition, we have proposals for a steel manufacturing plant for exports ($ 1 billion investment), flour milling plant ($ 50 million), sugar refinery ($ 200 million). This adds up to more than $ 16.05 billion in the pipeline on these projects alone.
And all of these projects will create thousands of more jobs for our people. In principle approval has already been granted by the BOI and the investors are awaiting the release of land the environmental approvals to commence the project.
I request the Opposition and those with vested interests to change their narrow-minded thinking and join us to develop our country. We must always look at what is best for the whole community, not just the few who may oppose. We owe it to our people to courageously take decisions that will change their lives for the better.”
According to the media report I quoted earlier, speaking at the Committee on Public Finance (COPF) Chief Negotiator Weerasinghe has admitted that Sri Lanka was not happy with overall Singapore investments that have come in the past few years in return for the trade liberalisation under the Singapore-Sri Lanka Free Trade Agreement. He has added that between 2021 and 2023 the total investment from Singapore had been around $162 million!
What happened to those projects worth $16 billion negotiated, thanks to the SLSFTA, in just the two-and-a-half months after the agreement came into effect and approved by the BOI? I do not know about the steel manufacturing plant for exports ($ 1 billion investment), flour milling plant ($ 50 million) and sugar refinery ($ 200 million).
However, story of the multibillion-dollar investment in the Petroleum Refinery unfolded in a manner that would qualify it as the best fairy tale with false promises presented by our politicians and the officials, prior to 2019 elections.
Though many Sri Lankans got to know, through the media which repeatedly highlighted a plethora of issues surrounding the project and the questionable credentials of the Singaporean investor, the construction work on the Mirrijiwela Oil Refinery along with the cement factory began on the24th of March 2019 with a bang and Minister Ranil Wickremesinghe and his ministers along with the foreign and local dignitaries laid the foundation stones.
That was few months before the 2019 Presidential elections. Inaugurating the construction work Prime Minister Ranil Wickremesinghe said the projects will create thousands of job opportunities in the area and surrounding districts.
The oil refinery, which was to be built over 200 acres of land, with the capacity to refine 200,000 barrels of crude oil per day, was to generate US$7 billion of exports and create 1,500 direct and 3,000 indirect jobs. The construction of the refinery was to be completed in 44 months. Four years later, in August 2023 the Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe to cancel the agreement with the investors of the refinery as the project has not been implemented! Can they explain to the country how much money was wasted to produce that fairy tale?
It is obvious that the President, ministers, and officials had made huge blunders and had deliberately misled the public and the parliament on the revenue loss and potential investment from SLSFTA with fairy tales and false promises.
As the president himself said, a country cannot be developed by making false promises or with fairy tales and these false promises and fairy tales had bankrupted the country. “Unfortunately, many segments of the population have not come to realize this yet”.
(The writer, a specialist and an activist on trade and development issues . )
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