Features
“When I was born we were in the Third Word and we’re still there as I’m ready to die”
Sunil Perera said it all in his song
Gamini Fonseka
(Continued from last week)
After my return from London, I continued my audit work during this time especially on the plantations side. I had the privilege of auditing John Keell Thompson White Limited and many other companies such as Julius and Creasy which was then headed by the legendary Mr. Naidoo, and Volanka Limited, a Swiss company headed by another great Swiss man called Mr. Chanson. I became a partner in my firm on October 1, 1972 succeeding my one-time hero BAR Weerasinghe of cricketing fame. I was then considered a very young man holding partnership of that great firm called Turquand Young. After marriage, we moved to my in-laws home at No. 8, De Fonseka Place, Colombo 5.
The great Dr. Colvin R de Silva who had Marxists ideas was a brilliant man in the cabinet of Mrs. B. He was then Minister of Constitutional Affairs and Plantation Industries. The entire Parliament was converted into a Constituent Assembly and he brought a new Constitution that changed the name of our Island to Sri Lanka. Perhaps this was a mistake as Ceylon tea was world famous and tea was the main foreign exchange earner of the Island. It however gave the Sri Lankans a national identity. The Governor General who represented the Queen of England was replaced by a home-grown President in the Democratic Socialist Republic of Sri Lanka.
In early 1973, a baby girl was born to us and we considered her a gem of an addition to our family. It was a very joyful event in my life and the parents from my side and my wife’s were overjoyed with the new arrival. How I got my land at De Fonseka Place, near my in-law’s home where we lived, was a remarkable coincidence. My wife did not like me building a house at Longdon Place as I planned, telling me that this was somewhat away from her parents’ home. Though she was most reluctant, I managed to persuade her and got an architect to design a house for us when a strange coincidence occurred.
The Colombo Brokers Association, runnig the share market then, met in our Board Room as we were their Secretaries. Mr. Errol de Fonseka, who lived in a mansion in De Fonseka Place, was a Share Director at Forbes and Walker Limited. He was mortally scared that his property in Colombo would be acquired by Mrs. B’s Government, he told me, “Gamini, I have blocked out the place I live in and if you know of any prospective buyer, please let me know.” I told Errol to hold on to the blocking plan and give me 24 hours to decide whether I wanted a block myself.
I came home and gave my wife the news. “Don’t hesitate. Grab the opportunity,” she said. I told Errol the next morning, when he as usual came for the Colombo Share Market meeting that I will take one plot for myself and another for my sister-in-law who was then in Zambia with her husband. He fixed a price of Rs. 60,000 for my block of 16 perches and reduced Rs. 2,000/- off the second block which was the same size but located in a corner of the property.
I funded the entire purchase of my block with my wife’s dowry and my father-in-law paid for the next block. It was a unique deed which the legendary Bertie Amarasekare of Julius and Creasy conveyanced for us. This was because a property at De Fonseka Place was purchased by a Fonseka and sold by a De Fonseka with the deed executed by another Fonseka, my father who became a lawyer on his retirement from Public Service.
In my many overseas travels I found this a great advantage as the immigration officers used to always wave me through noticing my name was the same as the street where I lived!
In late 1974 things became very difficult in Sri Lanka. My senior partner advised me to go to our London office once more, this time as a manager, as I was then a partner in my local firm. He arranged all the necessary formalities and told me to save foreign exchange to fund a course at Cranfield School of Business Studies while I was in the UK. Before my departure, I did my CIMA exams in Sri Lanka, parts one to four and to my surprise came first in the world in the part three Finance and Accounting paper. I was placed third in the world on the overall part three examination. This was a pleasant surprise as I took only a few days leave from work to study for my parts three and four.
I then sat for my final Examination of CIMA in November ’74 and proceeded to London with the objective of accumulating funds for Cranfield. On Christmas day 1964, I departed on Kuwait Airways to London while my wife and daughter left for Lusaka to join her sister whose husband was then working in Zambia. We were departing within about half an hour of each other to different parts of the globe.
I went to London and was greeted by my sister and brother-in-law who had gone earlier to Exeter to do his PhD. They greeted me with open arms and we drove back to Exeter via Bristol. On January 1, I was due to start work at my London office which was by then called Turquands Barton Mayhew(TBM) at Tavistock Square. My sister and brother-in-law dropped me at my office in London. By then I had arranged with a colleague from the days I served articles to stay in their home at South Wimbledon.
I learned from the Ceylon News to which my friend subscribed that there was an era of political uncertainty in Sri Lanka. While I was in London I learned that Mrs. B had introduced the infamous takeover of foreign-owned plantations in Sri Lanka, the top export earner for the country. Once again it killed the entrepreneurship skills of the major community. A Labour government under Harold Wilson was in power at that time in the United Kingdom. They gave a loan to Sri Lanka to compensate the sterling companies taken over by the Government. With the enforcement of the G.O.B.U Act, they took over many business undertakings mainly foreign owned such as Ceylon Oxygen, BCC, Colombo Gas and Water Company and Colombo Commercial Company. Lake House was also acquired by the government which said it wanted to broadbase the owning company.
Mrs. B later realized her folly, sacked her Marxists allies and went for an election in 1977. Earlier she had created two Plantations Conglomerates namely JEDB and SLSPC to handle the Plantations that were taken over under Land Reform Law. India watched the implementation of the Land Reform Law in Sri Lanka with a hawk eye and realized that it would be a folly to go the Sri Lankan way and instead encouraged their big companies to venture overseas and acquire plantation companies operating in India.
I think this was a very wise move by India as Tata which had many businesses took over the tea plantations in Assam. Thereafter, they acquired Tetley Tea Company worldwide with the strong Tetley brand name. Recently, they were a strong bidder for the tea operation of Uni Levers ultimately losing the battle to a Venture Capital company in US. Uni Lever Tea business consisted of the famous Brooke Bond and Lipton tea operations worldwide.
I returned to the Island driving a Volkswagen Saloon Car overland from London to Colombo. We visited 11 countries on this trip to India starting from France, driving through Switzerland, Italy, Yugoslavia, Turkey, Iran, Afghanistan, and Pakistan. Having completed this journey in 30 days we had to still mark time for six weeks in India to catch the ferry from Rameswaram to Talaimannar Pier and then to our home at De Fonseka Place.
This was an experience of a lifetime as we passed through many countries and had many new adventures. During our six weeks in India waiting for the ferry, we toured the length and breadth of that country and arrived in Colombo on January 17, 1977.
The outcome of the General Election of 1977 was a decisive moment in the history of Sri Lanka. In June 1977, a UNP Government under the leadership of JRJ swept into power with a five sixths majority in parliament and changed the destiny of Sri Lanka. Unfortunately JRJ used the ‘Cow and Calf’ election symbol of the Congress Party in India in his campaign saying that “like in India, the cow and the calf will lose here to,” drawing a parallel between Mrs. Indira Gandhi and Sanjay and Mrs. B and Anura. This antagonized Mrs. Gandhi and I think was a fatal mistake made by JRJ resulting in us losing Mrs. Gandhi’s and India’s goodwill.
In 1977, another event took place in my life which was the advent of another baby girl to our family whom we consider a diamond. JR had a top class Cabinet with Prime Minister Premadasa and Ministers such as Gamini Dissanayake, Ronnie de Mel and Lalith Athulathmudali whom I came to know personally being world class.
JRJ opened up the economy and floated the Sri Lankan Rupee which was pegged at Rs. 13 to the Pound Sterling and Rs. 07 to the US Dollar. He implemented the huge Mahaweli Development Program drawing assistance from abroad thanks to his International stature. It was no easy task to accelerate the 30-year Mahaweli Program within a six-year time frame. There were many dams that had to be built such as Victoria, Rantembe and Kotmale and thereafter do the downstream development which stretched to areas such as Manampitiya and relocate so many families in the Mahaweli areas.
He had to find the money for these dams which cost an enormous amount. By the goodwill he commanded and shrewd strategy he was able to win the hearts and minds of the British people who gifted us the Victoria Dam as an outright grant to Sri Lanka. The Randenigala Dam was built with Canadian help on a soft loan. Kotmale was built with Swedish assistance, again with concessionary interest. Simultaneously, JRJ bought television to Sri Lanka with Japanese help. Many other projects at that time such as Jayewardenapura Hospital and the new Parliamentary Complex were outright gifts from Japan.
The Japanese never forgot JRJ’s memorable speech in San Francisco after the end of the World War Two. His unforgettable quotation from the Buddha that ” hatred will never cease by hatred but by love” opposing reparation demands against Japan. This paid off many years later under his presidency with Japan helping us to modernize the Katunayake International Airport at very low interest credit spread over 40 years which we could easily pay back with returns from the project itself.
Another speech he made at the time he was entertained by then-president of United States, Ronald Regan also brought in very valuable American assistance to Sri Lanka by way of investments in the free trade zones and USAID in Sri Lanka. I was fortunate to spend professional time with government agencies during this period as I was involved in many management consultancy assignments in 1970’s and 80’s.
Unfortunately two tragic occurrences in 1983, the disappearance of Upali Wijewardene (JRJ’s nephew married to Mrs. B’s niece) and the racial riots between Sinhalese and Tamils caused irreparable damage to the Sri Lankan economy. Thereafter, there was political struggle in 1983/84 when JRJ retired and there was a competition between Premadasa, Lalith Athulathmudali and Gamini Dissanayake who were equally capable to run for president. Mr. Premadasa became the candidate and won the presidency but did not survive his full term being brutally assassinated by an LTTE attack. A week earlier, Lalith Athulathmudali who survived two previous attacks was also assassinated. Six months later, Gamini Dissanayake was also a victim of a bomb. My hero Ronnie de Mel retired from politics after presenting many successful budgets in Parliament.
During this time President Premadasa spearheaded many privatization exercises. On behalf of Ernst and Young (EY) I was involved in these exercises which meant that I had to go to the general treasury almost on a daily basis. I got involved in many activities where EY won the contracts such as introducing tariffs for the Water Board, establishing the Housing Development Finance Corporation on the lines similar to India, venture capital studies in Sri Lanka and introducing the venture capital industry and many more assignments both in the public and private sectors.
I was exhausted by the 1990’s and after assisting the legendary Mr. NU Jayawardene, many of whose companies I was involved in, the last being the establishment of the Sampath Bank, I retired from the partnership of Ernst and Young on September 30, 1991. Thereafter, I was appointed the Chairman and Chief Executive of Walker Sons and Company Limited from October 1, 1991 which positioned I held till June 2007 when I retired completely having sold the majority shares at Walkers to a Malaysia based Infrastructure Company.
I had completely retired from all walks of public life as by the time I reached 60 completing many milestones in my life. There were so many political upheavals in Sri Lanka during this period which remain unresolved as we approach the 75th year of Independence on February 4, 2023.
I often think of singer Sunil Perera’s famous words saying, “When I was born, Sri Lanka was a third-world country and when I am ready to die we are still a third-world country.” However I am optimistic that Sri Lanka will come out of all these troubles and this thrice blessed Island will never go down in history as a failed nation.
(I thanks my grandaughter, Nimansa Weerasena for typing this for me. My email contact is fonsekag@gmail.com)
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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