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‘Coconut Development Authority the future pioneer of economic growth’ – CDA Chairman, Keerthi Sri Weerasinghe
2021 records largest income from coconut exports in history
Public unaware it is an immune booster and an ideal source of high nutrition
Next goal: Coconut re-export zone, Hambantota
Coconut Development Authority Chairman, Keerthi Sri Weerasinghe claims that the largest income from coconut exports on record was achieved in 2021. A programme with an economic goal of USD 2.5 billion is already in the works.
Commenting on plans to reap economic benefits from coconut development, Weerasinghe admitted that Sri Lanka is faced with an economic crisis. “The Treasury is left with only USD 1.04 billion. We are forced to pay huge debt service payments. Consequently, we can’t retain dollars.” He reiterated that the Sri Lankan economy is currently experiencing negative growth. “We have no money for imports. Therefore we must strive for higher export revenue.” Weerasinghe pointed out that Sri Lanka can no longer depend solely on traditional methods for income generation. “This is exactly where we failed. Using only traditional methods has curtailed our revenue. We must increase our income tactically.”
He revealed that the estate sector has already amassed a considerable sum to this effect. According to him, the coconut industry alone brought in approximately USD 661 million last year. “It has hauled in approximately USD 850 million by November this year. It’s a 30 percent increase in export income.” In fact, 2021 records the largest income from coconut exports in history. Weerasinghe divulged that a plan to double it is in the works. He informed that the need has arisen to rouse the industrialist out of stagnation. “Industrialists are the ones who introduced the coconut industry and coconut-based products to the world. Such products became popular globally. The reason for this popularity is the numerous attributes of coconut.”
Weerasinghe pointed out that the reason for comparatively few COVID-19 casualties is due to the many attributes of coconut. “Locals, who are used to consuming a lot of coconut, are naturally disease tolerant due to the immunity-boosting nature of coconut.” He said that, although the locals are oblivious of such advantages, the rest of the world is not. Consequently, there is a huge demand for coconut. “Coconut contains lauric acid, Omega-3 and Omega-6. The only other substance that contains these constituents is breast milk, a known immunity booster.” He explained that coconut oil contains approximately 60 to 70 percent Medium chain triglycerides (MCTs), popular as ‘brain cell fuel’. As the term suggests, MCTs supports the brain’s nervous system. Its fast-absorbing nature allows it to be used as a quick energy source. “The body produces energy through processing glucose. But the energy produced by processing lipids is important for brain cells. There is a fundamental difference between the two types of energy produced by processing glucose and lipids.” In many countries, MCT dietary supplements are introduced to children to combat autism and Parkinson’s as MCTs are vital for the proper functioning of the nervous system. “Glucose
requires insulin to facilitate the absorption of energy produced through its processing. But MCTs are readily absorbed into the bloodstream.”
Weerasinghe explained that the deteriorating of food habits have resulted in many health complications. “It’s ideal for weight loss. For instance, it’s clinically proven that if 30 millilitres of MCT is consumed per day, you can lose an inch off your waist over a month. Consequently, there is a huge demand for MCTs.” Moreover, it’s the ideal treatment for heart disease and skin disorders. It also has immunity-boosting properties and has a high energy content. “MCTs are sold to countries such as the US in capsule form. But to take up similar ventures, we must improve our technology. Today MCT can be used as supplements along with tea, coffee and children’s food. In fact, MCTs are revolutionary.”
According to Weerasinghe, the future will offer Sri Lanka the opportunity to supply this demand, which so far Sri Lanka has failed to deliver. He confided that although Sri Lanka was able to increase coconut production from 2800 million coconuts last year to 3100 in 2021, it’s not sufficient to supply the demand. “We are losing the industry. In fact, since we can’t supply the demand our industrialists have been forced to open factories in countries like Indonesia and the Philippines. Not only is our technology transferred, but our industry is also forced to compete with those countries.” He pointed out that local industrialists are operating at half their capacity. “They get only 50 percent of their coconut requirement since we don’t produce enough. We could earn extra revenue while supplying this demand.”
A special export zone was established at Hambantota for this purpose. “It will provide a platform for industrialists to develop the industry and supply global demand by importing coconut to supply their demand.” He declared that after the industrial zone and the re-export zone commences operations it could bring in 2.5 billion by 2025. “Lands have already been earmarked for the purpose, with the collaborations of the Board of Investment. Twenty-five local industrialists have already expressed their interest. We are currently awaiting phytosanitary certification. Everything is a go. We just need the recommendation of the National Plant Quarantine Service and the Coconut Research Institute.” He further revealed that the project is independent of state finances, except to construct the office complex and laboratory. “Instead funds provided by private sector industrialists will be utilised. It’s an obvious source of income. And after the laboratory commences operations, it can cater to laboratory requirements of not only the coconut industry but could also provide laboratory facilities to the whole Southern Province. It will be capable of issuing quality assurance certificates for other cultivations as well.”
Weerasinghe revealed that the cost of the first phase of this two-phase project will be to the tune of SLR 10 billion. “Which will be born by industrialists, because this is a huge profit-generating industry. The only thing left for the state sector is to leave the industry to its own devices.” He reiterated that it is a strategic project. “It will be housed in the Hambantota Port and Sri Lanka Customs, Police, Coconut Research Institute (CRI) and the National Plant Quarantine Service will operate from within this zone. Not a single coconut imported for this purpose will enter the local market.” Weerasinghe claimed that he can guarantee that, although tea is currently the major export crop hauling in the biggest chunk of foreign exchange in Sri Lanka, coconut can generate USD 2.5 billion worth of foreign income by 2025. “If we can achieve this Sri Lanka will never have to face another economic recession.”
Weerasinghe opined that, when the world transcends traditional industry, it can branch off to other industries and produce finished goods instead of raw material. He is already in discussion with the world’s leading industrialists to this effect and is confident that the foreign exchange can be increased to five billion US dollars. “The market share of coconut-based products is USD 40 billion. With just five billion of that, we can bail out our economy.” Weerasinghe believes that the general population lacks an understanding of the Sri Lankan economic situation. “Particularly the state sector employees. Seventy-five percent of them are pessimistic. A majority of the Sri Lankan public would rather languish without work. This has to change. Our Authority worked five days a week without break, even during the lockdown period, to bring it to this level.”
Weerasinghe was able to encourage the Coconut Cultivation Board (CCB), CRI and industrialists. “Vested powers must be used not for one’s benefit, to fulfil personal vendettas, but to achieve economic advancement. The President clearly wants to do the right thing. The Finance Minister and Ministers Ramesh Pathirana and Arundika Fernando are proactively working towards the same goal.” Weerasinghe elaborated that the tourism industry has collapsed and the only way to resolve it is to generate income to supplement the loss. Weerasinghe, with the collaboration of all chairpersons, hope to develop a proactive methodology in this regard. “We must endeavour to strengthen the rupee.”
Commenting on the issue of coconut mites that plagued coconut cultivation in the recent past, Weerasinghe admitted that the industry has failed to bring the mite problem under control. As a result of the Authority’s discussions with the Brazilian Agriculture Department, they have expressed their willingness to assist the local coconut industry in the matter. “The problem is that coconut trees grow quite tall. As such, application of chemicals can prove very tricky, because of the farms and residential areas surrounding the plantations.” The CDA, in collaboration with the CRI and CCB, hopes to resolve the issue using drone technology.
But the mites are the least of the problems faced by the coconut industry. “Monkeys, macaques, giant squirrels, porcupines, elephants and free-ranging cattle contribute to one-third of crop destruction, jeopardising food security.” He pointed out that countries like the US have warranted culling to keep deer populations at bay. “If we are to develop the estate sector, crop destruction must be prevented at any cost.”
Weerasinghe revealed that the CDA assists small scale industries. “Capital is vital in entrepreneurship. The advantage of coconut-based businesses is that it requires little capital. Coconut husks alone fetch USD 300 million, coconut shells USD 200 million.” He revealed that entrepreneurs are issued dryer machines and other technologies and are eligible for interest-free loans. “They are given the opportunity to break into not only the local market but the global market as well. At the moment such businesses are doing considerably well.” On behalf of the CDA, he expressed willingness to assist anyone who is dedicated and is interested in breaking into the industry. The CDA has been providing coconut oil producers with dryers. “Copra develops mould during the drying process, which produces Aflatoxins. This is why the CDA issues dryers that can dehydrate coconuts in a matter of hours, instead of days.”
When asked how the CDA hopes to intervene to produce coconut oil devoid of Aflatoxins, Weerasinghe reproached media for disseminating false information regarding the subject. He added that the public’s awareness of the subject is also miserably inadequate. “Coconut oil is imported as crude oil, which is then refined into ‘refined, bleached and deodorised’ oil, known as RBD. These have zero Aflatoxins. However, locally produced oil may contain Aflatoxins.” He claimed that the objective of the CDA is to produce oil with zero Aflatoxins after refining. “RBD oil can be consumed without fear.” According to him, legislation that makes mandatory the indication of Aflatoxin levels on the packaging is in the works.
When asked whether the CDA has taken action to bring coconut prices under control, he declared that the CDA is vested with the authority to regulate the coconut supply. “Coconut is used for consumption, oil production and coconut-based business. Sri Lanka is unable to produce enough coconut to supply the combined demand of the three categories.” He elaborated that depending on the supply the CDA reduces or increases the import tax and quantity of oil imported to compensate for the demand. “Coconut prices go up only when this process is not streamlined. Consequently, it is very easy to control coconut prices. In fact, we will ensure that prices remain stable in the near future.”
When asked about the CDA’s plan to produce coconut milk, Weerasinghe expressed interest in tripling coconut milk production. “Coconut milk use has exceeded dairy use. Coconut milk has the ability to eliminate fungus, bacteria and parasites. Consequently, the demand for coconut milk has increased.” He said that the CDA is bent on popularising coconut milk production in order to prevent bacterial contamination when making coconut milk at home. “And also to develop the product as a business venture. When coconut milk is produced at the factory level, the coconut shell is not discarded. Shells are in high demand and this brings in a huge profit. Even waste coconut scrapings are in high demand.” As such, it would come as huge relief to Sri Lankan housewives that the CDA does not condone coconut scraping on a regular basis.
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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