Features
A simple lesson in arithmetic on electricity sector
By Eng. Parakrama Jayasinghe
parajayasinghe@gmail.com
In February this year, I published an article titled, Sri Lankan Electricity Sector – The Headless Chicken (https://www.ft.lk/columns/Sri-Lankan-electricity-sector-The-headless-chicken/4-730564), and that was before Sri Lanka faced an unprecedented shortage of transport fuels, and long queues. The damage caused to the economy by diverting some 75% of the oil supplies to electricity generation is yet to be properly assessed. Therefore any observer including the smallest electricity consumer would agree with the above assessment, considering the sorry state that the once proud electricity sector has deteriorated to. This is by no means a sudden problem, but a repetition year after year even giving a new interpretation to what is meant by “Emergency Power”.
That Sri Lanka is subject to a dry spell every year from January to April does not require elaboration. However, the Ceylon Electricity Board (CEB) has chosen to ignore this reality and continues to do nothing to anticipate or mitigate the recurring problem year after year. Its solution has been to deploy costly emergency power generation, using imported oil. ignoring the very high cost of generation and as happened this year and the grave impact on the transport sector.
With the good fortune of more than usual rainfall, lasting beyond the southwest monsoon, the use of oil for power generation has been minimal over the past several months and the power cuts, too, have been limited to two hours per day. But, how long will that euphoria of ample hydro power last? Is there any possibility at all of the January to April dry spell not materialising?
The abyss facing us in a few short months
Maybe, Sri Lankans have already forgotten the miles long fuel queues. This story is set to be repeated in early 2023, too, with the Chairman of CEB, having already approved 100 MW of emergency power. In the meanwhile, the new long-term electricity generation plan (LTEGP 2023-2042 ) recently discussed at a public stake holder meeting proposes addition of 320 MW of emergency power now given a new name of “Short Term Supplementary Power”, nevertheless operated using expensive oil imported using the meager dollars resources, borrowed from increasingly reluctant lenders.
Sri Lanka paid a hefty sum in demurrages for the shipment of crude oil recently, which was lying in the out harbour for 56 days due to lack of dollars to pay for it. Where are the dollars coming from to pay for the proposed emergency power once the rains cease? The grave question of adequate supplies of coal to keep Norochcholai operational is hanging above us which will make the situation unbearable.These are the circumstances which prompted the tittle of this article.
The numbers game
The CEB is fond of pinning the blame on the government for the continual losses they make year after year, claiming that its income is based on tariffs determined by others, and they are inadequate to cover the costs. This is only part of the story. The average income to the CEB thereby was about Rs 16.50 per unit whereas the average cost of generation continued to increase and was of the order of Rs 23.00 per unit before Covid-19 and the subsequent economic meltdown. As such the CEB losses kept mounting, as shown in Tables 1 and 2.
The annual losses per unit borne by the consumers
The Accumulated loss over this 10 year period is Rs. 484 Billion, with the rare instance of marginal profit in the year 2015.All of these losses were covered by the Treasury or are accumulated as bad debts in the two state banks and the CPC. This in other words means that the consumers at all levels have in reality paid an additional amount for every unit consumed.
However, why didn’t the CEB, or the Ministry of Power and Energy, or even the Treasury ask why the cost of generation cannot be lowered?So, my first lesson in Arithmetic is this; if ‘A’ is the cost of generation and ‘B’ the income, and if A >> B resulting in a negative value for C being the loss, and if A cannot be increased at will, why not lower B?
The CEB’s answer would be to say that its proposals for adding more coal power which in their books is the cheapest source of electricity was not permitted. The fact that coal is to be imported with dollars and the rupee continued to be depreciated and we have no control on the price of coal, does not enter into their reasoning. This is to be expected as their long term generation plans are based on the assumption that the price of coal does not change and the rupee does not depreciate. With that kind of mindset it is futile to continue this discussion with the CEB. Obviously they are also blind to the vast strides made the world over, where by many cheaper options for power generation have now been commercialized. Is this driven by pure ignorance, or willful misinterpretation of the realities of the sector or just lack of competence of the CEB engineers making decisions, are the unanswered questions, but with the net result of the present calamity faced by the nation.

The role of the Ministry of Power and Energy and the Treasury
But what about their superiors in the Ministry of Power and the custodians of the public purse in the Treasury? Do they, too, lack the simple knowledge in evaluating this equation and asking the obvious questions? In fact, I would lay the greater blame on the Ministry and the Treasury, for permitting the CEB to perpetrate this deception year after year, with total disregard for the interest of the country and its people. This blame is not limited to the present admiration, but must be laid at the feet of all previous regimes who also turned a blind eye on this problem for whatever reason.
The net result of this collective lack of accountability and blatant violation of responsibilities has been the current disaster and the even greater disaster waiting to unfold shortly. The disaster that would occur in early 2023, as the price of coal has sky rocketed and the best price quoted in the recent tender was $ 325 per ton. As such the line on coal has now got to be removed from the category of low cost generation in the CEB projection. (See Tables 03 and 04)
The Relative Costs prevailing prior to 2020 shown above clearly shows that even then the cheapest option was RE. This is the historical data before Sri Lanka faced the current crisis. However, it is interesting to see below the analysis of actual cost of coal power issued by the PUCSL in 2020. The myth of cheap electricity has been clearly debunked. Matters have worsened since then. The estimates revealed at the recent TV programme are shown below. The recent news items in Economy Next (22nd Nov 2022) tells the true story
” CEB loses Rs 108 bn up to August 22″
(See Table 05) With both escalated purchase prices of oil and coal the true cost of coal power would now reach over Rs 65 /kWh and that of oil over Rs 120/kWh, the prognosis for the next year is indeed alarming. Of the many NCRE options, which averaged only Rs 14.81 , well below the average income of the CEB, the true cause of this alarming loss is clear from the above chart.
It is time for the next lesson.
It is quite on the cards that the CEB loss will exceed Rs. 150 Billion for the year 2022. Thus based on the expected generation less than 15,000 GWhThe loss per kWh = 150,000,000,000/ 15,000,000,000 = Rs 10.00
This is not included in the monthly electricity bill even after the increased consumer tariff.So who bears this cost? You guessed it. The consumers including those consuming a mere 30 units a month and up to those consuming 3000 units a month in equal measure.

What awaits us round the corner?
In this light it was a breath of fresh air to note that Sri Lanka managed even for a few days with very little oil based generation in the past months, courtesy of the weather gods. However, this euphoria will be short lived and the rains are already dwindling. The damage is worsened by the fact that the cost of generation using oil and coal has reached such levels , so that any right minded admiration would shut down such plants immediately and seek whatever sustainable means of bridging the gap. (See Table 06)
Estimated generation cost for year 2023
These numbers are generally in line with those presented in the TV programme where the cost was predicted as Rs 900 Billion.So I dare not perform the next calculation of the loss per kWh which the consumers will have to bear albeit indirectly. That is unless something rational is done without any further delay.
The options available
Fortunately for Sri Lanka we have ample means of doing so, which does not result in continuous drain of Dollars and has the benefit of many other economic advantages. More details of these options have been submitted to the officials who hopefully would advise their political masters of the lack of any other alternative. This is where the third lesson in arithmetic becomes important. It was revealed that based on the current projections the total cost for the CEB in year 2023 is estimated as Rs 900 Billion. They cannot hope to get even 50% of that even with the recent 75% increase in consumer tariff resulting in a projected loss of over Rs. 450 Billion.
Who will bear this cost? What will that do to our balance of payments and the parity rate if it is also to be funded by the treasury? We will be entering a positive feed back loop in financial terms, the result of which the CEB engineers talking about stability of systems should understand.But what are those who are expected to mange the energy sector and more importantly the treasury which has blindly covered all the massive losses incurred by the CEB in past will at least now take some decisive actions.
Having wasted many years by obstructing the development of the Renewable Energy Sector, the options for any short term interventions are now limited to the Roof Top Solar systems. It is on record that with the help of the Surya Bala Sangraamaya which provided some degree of safety against those hellbent on disrupting it, some 650 MW of roof top solar has been now grid connected. Even now adding a further 100 MW at least in the next six months is technically possible if the authorities can do another simple sum in Arithmetic. (See Table 07)
It is seen that the average cost of generation would now be around Rs 62.00 per unit, if the present price of coal and oil stays and the rupee does not deteriorate any further. Also considering that what is even more important to consider is the availability of FOREX for the import of coal and oil, the decision on the tariff payable for the Roof Top solar, being the only short term solution should be against the cost of generation using coal and oil.
In this regard the industry experts have made detailed submissions that, under prevailing financial and economic considering the viable tariff to attract any investor to this sector would be Rs 50.00 – Rs 60.00 per unit based on size of installation. Naturally this could come down as hopefully the Sri Lankan economy improves in the coming years. But can we afford to wait till then. The alternative is to use emergency power costing more than double. So the simple question to be asked is , which number is higher?
Cost of Solar RT of Rs 50.00 per kWh or Cost of Coal of Rs 65.00 per kWh, (If we manage to buy some coal, which too is in doubt), and Cost of Solar RT of Rs 50.00 per kWh or Cost of Oil of Rs 120.00 per kWh Isn’t there any one at the CEB, PUCSL, or the Ministry of Power or The Ministry of Finance who can do these simple sums?
Unless there is some sanity even at this late hour to realize that the CEB must secure it energy by focusing on the facilitation of the indigenous, renewable sources of energy, which does not depend on imported fuels of any kind, Sri Lanka is rushing towards a disaster on unimaginable proportions in a few short months. Don’t be surprised if a further consumer tariff increase is round the corner and worse still the possible resumption of the petrol and diesel queues before long.
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 . )


