Features
BCC’s plan for the next hundred years

Breathing new life into domestic production:
By Vagisha Gunasekara
The need to turn the current economic crisis that was pushed off the edge by the COVID-19 pandemic into an opportunity to reconfigure national economies is the topic of many policy discussions, both in Sri Lanka and elsewhere. In June this year, addressing the 95th annual plenary session of the Indian Chamber of Commerce in Kolkata, Indian Prime Minister Narendra Modi said it is time to create an ‘Atmanirbhar Bharat’. Although ‘Atmanirbhar’ loosely translates into “self-sufficient”, the Indian PM was not at all channelling Import Substitution policies in the 1960s and 70s. He was not referring to throwing out foreign companies from operating in India or large-scale nationalisation of industries. While Atmanirbhar entails a strong push to become self-sufficient in food, water and defense needs, the concept underlies the realization that a country cannot survive or economically thrive in isolation. It does not mean closing doors and borders to the world. Rather, it is an open-door policy that encourages foreign investment and goods to be manufactured in India and exported to the rest of the world and for products made in India to be sold in the global market. In other words, the aim of atmanirbhar is for India to become the next manufacturing hub of Asia and the rest of the world. The Government of India is already exploring various modalities with domestic and foreign investors and governments on how to redesign their economy in line with the spirit of atmanirbhar, and opening their economy in a much bigger way to the rest of the world.
Here at home, there is still hesitation among some circles about whether a small developing island nation like Sri Lanka can compete in the global market without the “economies of scale” advantage that larger markets like India have. But there is optimism around producing specific items that Sri Lanka may have an advantage in the global market, solely based on the quality of the product. Coconut oil is a case in point. In the past 10 years, the global demand for skyrocketed by 500% as it was identified as a “superfood” in the West.
To be specific, this demand is primarily for two products – virgin coconut oil and coconut water. In the United States alone, coconut water is now an 800-million-dollar industry. Globally, the coconut water industry is estimated to be worth around 2.2 billion dollars. The demand for coconut water is expected to increase by 27% by 2020. Similarly, the global industry value of virgin coconut oil was 2.1 billion dollars in 2016, and it is expected to be 4.2-billion-dollar industry in 2024. In the past five-six years, there is a steadily expanding niche market for coconut-based products such as coconut flour, coconut sugar and desiccated coconut. Furthermore, as Goldstein Research finds, the global beauty care industry, which is currently worth more than 10.3 billion dollars is gradually shifting to organic ingredients and coconut oil extracts in particular. Among the top five coconut consuming countries is the Philippines, United States, India, Indonesia and Vietnam (Export Development Board 2017).
In Sri Lanka, export earnings from coconut-based products has been increasing in recent years and much of it is attributed to industries surrounding virgin coconut oil (VCO), fresh king coconut, coconut cream and coconut milk. In 2017, the total revenue generated by exporting coconut-based products was 598 million dollars, which was a 3% increase from 2016 (Coconut Research Institute 2018).
BCC Lanka Ltd is currently exploring an interesting modality to increase the production of coconut oil for cooking, wellness and other purposes both for domestic consumption and exportation. BCC is a household name in Sri Lanka. The company has a history that dates back to 1830s. According to the early records of the company, E. Price & Co. of the United Kingdom acquired patent rights for the technique of separating coconut oil into its solid and liquid parts. However, due to the irregular supply of raw material, the company set up crushing mills at Hultsdorf to separate oil directly from the kernels. The mills were set up in 1835 under a company set up in London called Hultsdorf Mills Co. (Ceylon) Ltd. The ownership of the mills changed hands between its inception and the World War I period and companies such as Wilson Richie & Co., G &W Leechman, and Freudenberg steering its operations.
In 1918, a powerful European syndicate operating in India tendered to purchase Hultsdorf Mills and it became British Ceylon Corporation (BCC). Since then, BCC operated in Sri Lanka, together with its fully owned subsidiaries such as British Ceylon Milling Company Ltd and Ceylon Extraction Company Ltd. Of the subsidiaries, in 1976 Ceylon Extraction Company Ltd ceased operations due to the lack of raw material that was required to sustain its minimum production capacity. In the period that followed, as a result of liberalisation reforms and changing political administrations, the company went through a period of decline, and this culminated in the sale of its most lucrative arm – Orient Co Lanka Ltd, which had the license for foreign liquor. In 1988, BCC Lanka was incorporated with the issue of 10,000,000 shares (held by the Treasury). Under the Conversion of Public Corporations and Government Owned Business Undertakings into Public Companies Act No. 23 of 1987. In order to trim the BCC workforce, a Voluntary Retirement Scheme was offered to its employees in 1991.
Following more privatisations in the 1990s and the lack of vision, leadership, government support and poor management resulted in further curtailment of the BCC operations and its workforce. However, when government policy shifted from a pro-privatisation position to one that was not in favour of selling off state enterprises, BCC Lanka commenced operations with minimum staff capacity in September 2006 and continues to produce and sell its number one product – refined coconut oil, both locally and internationally, along with a range of other products such as bath and laundry soap, washing powder, dish washing detergent and disinfectant.
The company appears to have received a new lease of life under the current policy trend of strengthening the viability of domestic industries. As the situation triggered by the COVID-19 pandemic has renewed interest in increasing the capacity of domestic production, BCC seems to be making plans to get back into business in a bigger and better way. During a recent visit to the BCC premises at Meeraniya Street, Colombo 12, the management revealed its plan to expand it operations and increase its competitiveness in the domestic and international market. Currently, BCC produces roughly 250 metric tonnes of refined coconut oil and 160 metric tonnes of soap and other items in a year. This, however, is well below the maximum production capacity of the company. The new strategy to increase coconut oil production is aimed at making productive use of BCC’s underutilised machinery and storage facilities, and also will carve out revenue prospects for the collaborating partner companies.
The most notable component of BCC Lanka’s new strategy is the consolidation of their supply chain for the production of coconut oil. The company is launching a partnership among BCC and three state-owned enterprises – National Livestock Development Board (NLDB), Kurunegala Plantation Ltd., and Chilaw Plantation Ltd., – and the Mahaweli B zone in order to ensure an uninterrupted supply of green coconuts in order to produce refined coconut oil. NLDB is one of the largest semi-government organisations whose core business is dairy farming. In addition to dairy and other poultry-related ventures, NLDB owns and maintains 4,545 hectares of coconut estates in the island’s “coconut-triangle”. Chilaw Plantations Ltd is a government-owned company managed by the Public Enterprise Development Ministry. Currently, they own 3,825 hectares of coconut plantations. Kurunegala Plantations Ltd is also a government-owned company with 5,244 hectares of coconut plantations. Its core business activities include cultivation, production, processing, and sale of coconuts. BCC Lanka will serve as the Original Equipment Manufacturer (OEM) and undertake downstream activities in producing edible oil. The strategic alliance among the four companies and the Mahaweli B zone is expected to ensure an uninterrupted supply of coconuts. Green coconuts collected from all four supply hubs will be transported to a central oil mill, where the initial production will take place. The central oil milling facility is a new investment proposed under the current strategic plan. Thereafter, the base coconut oil will be delivered to BCC’s refinery unit, where the value-addition process will take place. From that point onwards, BCC will take over downstream operations such as labelling, packaging, marketing, and sales. The intention is for these products to enter domestic retail markets, online shopping platforms and the export market through direct dealers, distributing agents and strategic sales partners. Given the expanding trend of the global market for coconut oil and other coconut-based products, increasing the production, marketing and sales of coconut oil and reviving state-owned companies like the BCC and its partners is a welcome move by the Ministry of Small & Medium Business and Enterprise Development, Industries and Supply Chain Management.
The second component of BCC’s strategic plan is to develop a modern, 7-storey multi-purpose commercial centre using a 6-acre portion of BCC’s current premises in Meeraniya Street. The compensation funds that BCC will obtain from giving up a parcel of their current premises to construct a court complex will be directed to the construction of the new commercial centre. Furthermore, the current management of BCC has plans to restore the original Chairman’s bungalow (located in Colombo 12) which is currently in a dilapidated state into a commercialised heritage establishment. The colonial charm of the bungalow and BCC’s collection of old machinery that were used during the colonial period is sufficient basis for this venture and a tasteful transformation of this site into a tourist attraction will undoubtedly add aesthetic and commercial value to what the currently has to offer.
BCC’s new strategic plan and its renewed motivation to strengthen its capacity, operations and relevance both nationally and internationally is a refreshing step, particularly given the sad situation of Sri Lanka’s state-owned enterprises. Currently, Sri Lanka has over 400 SOEs, employing over a million employees, however, running on an aggregate annual loss of USD 27 billion. SOEs are seen by ordinary citizens as employment- not service providers that consume an extraordinary amount of public resources and assets. Political interference, corruption, inefficient recruitment and management practices, low productivity and the lack of autonomy in decision-making have long been identified as constraints to developing SOEs. Like BCC, the Valachchenai paper mill and the Paranthan chemical factory also seem to have risen from the ashes given the renewed interest in strengthening domestic industrial production. Acknowledging BCC’s strategic plan which carries the objective of securing its presence and relevance for the next 100 years, and the resumption of activities in Valachchenai and Paranthan factories, it would be timely for BCC and for other SOEs to set up sound governance practices, accountability mechanisms, and performance-based incentive structures and focus on improving productivity and efficiency, financial discipline, transparent and effective treasury management and credit control and technological advancement. Lastly, the management and the overall leadership must keep in mind that politicisation of SOEs has long been identified as a curse that has eventually run these enterprises to the ground. As this is ingrained in Sri Lanka’s political culture, it might be challenging to change the status quo. However, if the leadership is keen that local industries remain active and relevant for another 100 years, such structural issues must not go unaddressed.
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 . )