Features
A Category-5 Typhoon in China Again
by Kumar David
Every decade or two something happens in China that shakes the world; Napoleon little knew that he was making the biggest understatement in modern history when he said of China:”There lies a sleeping giant. Let him sleep! For when he wakes, he will shake the world.” The Chinese Revolution crafted the PRC in 1949 and woke up the sleeping giant. In 1956 Mao suffered an un-Marxist lapse into utopia and launched the Great Leap Forward envisioning the country leap over centuries of history to industrial muscle and technical eminence in two decades. Instead economic collapse and famine belied these illusions with 20 to 30 million deaths; a great leap backwards.
He retreated for a decade but came storming back in the mid-1960s, red-book, dunce caps, Red Guards and Cultural Revolution, shredding the country, destroying education and universities, driving the Party to its wits end, imprisoning and all but murdering President Liu Shao Chi – “renegade, traitor, and scab” who was rehabilitated in 1980 as a “great Marxist and proletarian revolutionary”. Deng Zhio Ping was purged twice by the Gang of Four which included Mao protégés and his wife. The Go4 attempted to bury even Chou En Lai. Then senile, Mao died. That was in September 1976. Deng had a second second-coming in 1977 (outdoing Jesus by one, whose next coming, in any case, is still eagerly awaited).
Deng set China on a path that has shaken the world; “Socialism with Chinese Characteristics”; “Socialist Market Economy”, what’s in a name. It’s a state led, party-hegemonic, non-capitalist society that has made dramatic use of markets, given birth to a wealthy capitalist class, created unimaginable wealth within four decades and all but abolished poverty. Non-capitalist China is on track to become the world’s largest economy. On the darkest of nights, the monkey does not lose its grip is a Tamil saying. Likewise the grip of non-capitalism slumbered for four decades but is now storming back; the Communist Party never lost its authoritarian grip even as the market engine flew.
If by capitalism, you mean what chaps like Adam Smith, David Ricardo and Alfred Marshal described long ago, or what Keynes, Friedman et al fought about in the Twentieth Century, or the way in which American finance, investment and business function, then most certainly that model is NOT how the pieces fit together in China. I have an old friend, let’s call him Senarath who rejected my insistence that China was not capitalist. His Marxism was superficial: “If it waddles like a duck and quacks like a duck, then it must be a duck” he would say. Nope dear boy, its physiology functions like a duckbilled platypus, something of a different genre.
Is there a reason why I am making a fuss about these old political-taxonomic debates? Yes, China is once again at a watershed, it is transiting from a Deng-moment to a post-Deng moment. To personalise the tectonics, we had a Mao-phase then a Deng-phase and we are now opening the Xi-phase. The current convergence of a stream of factors is not coincidental, it is the return of a society with less-capitalist characteristics; a more managed system. The new Xi slogan is “Prosperity for all”; there is a crackdown on the freedom of the wild ass that Alibaba, Tencent, Ant Group and other tech-giants enjoyed for the decades when they flourished and accumulated tens of billions. Ant Group’s planned IPO in Hong Kong and New York last year would have been the largest IPO ever had it gone ahead, but it was pulled at the last minute on the orders of the government. The impish Jack Ma, Chairman of Alibaba disappeared from view, and other Chinese corporate bosses are lying low.
Just one example of China’s runaway capitalism is the property sector. There was an enormous boom fuelled by gigantic debts and the unquenchable thirst of the prospering middle classes for better accommodation. The bust has come! Evergrande, one of the largest is on the brink of bankruptcy; thousands are demonstrating across China demanding their money back; over one million prospective buyers who paid for flats in full in advance face ruin. The company’s gross debt is $300 billion (yes b for billion). The government will have to step in and carry the can like everywhere else where capitalism and markets thrive: ‘Privatise profits and socialise loses’.
These are not superficial changes, nor to do with personal tiffs. No, the Party is making it clear who is the boss and far more important Beijing is enacting a slew of new laws. They will include laws on personal data use, controlling overseas financing, corporate supervision of firms by state-agencies, and national security. Irrespective of whether the proposals are good or detrimental to business, one ambiguity is being unequivocally laid to rest, China is not a capitalist state in any ordinary sense of the term. There are, as is to be expected, red hotheads who have been heard to say that China is “returning to its revolutionary socialist roots”. This is ballyhoo! The state is simply asserting its position and making clear the primacy of the Party over society and the bourgeoisie.
There is admittedly a strong populist streak in all this in the context of rising anger among the majority. Despite improvement for all there is a widening wealth and income gap. And yes, Xi Jinping is playing a populist game ahead of next year’s Party Conference where he will try to secure a third term. Yes, corruption in state and Party have been reduced not wiped out. But these are side shows, the big drama centre stage is restructuring relations between state, society and new-rich capitalism. Regarding society there will be no let-up in authoritarianism, if anything the new control tools allow the state to more efficiently manage what it wants the people to hear, see and think.
The new control measures and crackdown on cultural content in the media and social-media, include:
* Schools will introduce Xi Jinping Thought in the curriculum
* ‘Vulgar influences’ in material offered by tech giants will be curtailed
* ‘Incorrect content’, ‘abnormal ethics’, ’chaotic cultures’ and ‘effeminate men’ will be excluded
* ‘Idol glorification” (megastars, rave pop idols) to be curbed for promoting low moral values
* Children’s access to video games will be limited to three hours per week
Liberals may approve of some of these measures though they would have preferred to see them introduced by suasion not state regulation. Other matters such as the first point will make liberals shudder and recall the previous version of thought indoctrination in the 1960s and 70s.
The crackdown on the $120 billion (yes billion) tutoring industry is illiberal. High quality tutoring is affordable only by well to do families and the highly motivated middle class. The attraction of academic elitism is centuries old, as old as Confucius himself and competition to enter the most prestigious universities is intense. House prices in the catchment vicinity of the best schools is way beyond the reach of 90 if not 95 percent.
But China appears to be throwing the baby out with the bathwater. There is a movement to discourage mass English teaching after decades of emphasis on English as a second language. One hears inane comments like “Learning English promotes cultural subordination to imperialism” and “What’s the use of English to China’s teeming millions?” Remember the bogus Sinhala-Buddhist nationalists of yore who deprived the millions of exposure to the world while dispatching their own progeny to universities in the West? Well the Chinese hot-heads are different, they are intellectually primitive ultra-radicals, not rich political opportunists. Nevertheless the grouse of the majority against the tuition industry has real roots and if the Party fails to manage it properly it will do harm to cultural modernisation and the advancement of the people.
About one trillion dollars in asset value of China’s tech giants has been wiped out in global stock markets since the crackdown on giant businesses started. Beijing is not playing a superficial game of tit-for-tat with disrespectful corporate bosses, nor indulging in old-fashioned cultural prudishness, nor merely indulging populist hypocrisy to build Xi Jinping’s image and prospects of a third term at November 2022 Party Conference. No, there is a more fundamental real-world process at play. It is about resolving tensions in the Party-State authoritarian social and economic structure, correcting the capitalist portion of economic activity, ordering market freedoms and disciplining the super-rich capitalist class.
The whip has been cracked and it has been made abundantly clear who is boss. This of course comes as a great surprise to Western ‘analysts’, businessmen and scholars who never understood that Chinese state was at root non-capitalist. (Only Lakshman Gunasekara understood at the time; he may not have agreed but he saw what I was getting at, when I developed this thesis in a 50 page – with discussions – paper at the Hector Abhayavardhana Felicitation Symposium 22 years ago in December 1999).
This is the point I am making again in this essay. We have entered a third period, after the Mao-phase and the Deng-phase, in the socio-economic evolution of the People’s Republic. It may go down as a Xi-phase, or if Xi is ousted from leadership the designation may be different, but a shift in the dynamic of the PRC has commenced not because anybody willed it, but because it was necessary. Why was it necessary? I see two reasons; first a course correction in the relationship between the Party-State and ‘capitalism with Chinese characteristics’ was overdue, and secondly the Sino-American Thucydides challenge required China to gird up its forces. I cannot touch on strategic aspects without straining my Editors patience; this piece is already longer than usual.
The whip has been cracked not only over China’s capitalists but Hong Kong’s moderately free electoral system. Independent HK trade unions which supported the so-called pan-democrats and student rioters in 2019 have also been brought to heel. The largest professional union, HK Professional Teachers Union, has been attacked as a “poisonous tumour”; it wound up. Medical staff and nurses who speak against Beijing are prosecuted on flimsy grounds and imprisoned. These changes are a reminder that authoritarianism is not what characterises Chinese polity but totalitarianism in the sense of unwillingness to share political space and power with others (Catholic Church, Fulan Gong, Uyghur Muslims, independent legislatures and trade unions). This makes the system total-litarian in the literal sense of this ugly verbal disjunction; no one will be allowed to threaten or dilute the Party’s monopoly of power. Hong Kong’s electoral laws have been amended make future legislatures appendages of Beijing. Blame for unfurling this backlash has of course to be squarely assigned to Hong Kong’s 2019 rioters whose arson and destruction of public property opened the door to intervention on this scale.
Chinese tech-giants though muscular in stock market and profit do not have the clout that establishing the global sting of outposts that the Belt and Road Initiative needs. That’s a task that is too big even for Chinese capitalist enterprises, it needs the direct leadership and muscle of the state. In the global contest with the Americans Chinese capitalism is no match for dominant American capitalism. The state entered the ring brushing aside relatively weak and unsophisticated Chinese capitalism and took control of the Belt & Road Megaproject. A rectification of state-class-Party relations was needed to underwrite this and is now in progress. Chinese courts are even asserting that disputes involving Chinese companies anywhere in the world shall be adjudicated in accordance with Chinese laws and the rulings of Chinese courts.
Features
The heart-friendly health minister
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.
Features
A LOVING TRIBUTE TO JESUIT FR. ALOYSIUS PIERIS ON HIS 90th BIRTHDAY
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.
Features
A fairy tale, success or debacle
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 . )