Former finance minister Ravi has told Daily FT that IMF loan about to approve.From the next hour after it is approved, Sri Lanka will be able to move for G2G transactions with foreign countries.It will be the biggest victory that Sri Lanka will get through the IMF operation.
However, One can create a negative picture about borrowings.Opposing politicians and conspirators can create an unwarranted fear about foreign debts.
At present, the percentage of foreign debt compared to Sri Lanka’s GDP is 63%. It is 114% compared to total debts .
But the debt in the developed countries of the world is very high. Singapore’s foreign debt to GDP ratio is 471%. 285% in Switzerland. 273% in England, 253% in France. The world’s largest debt pile belongs to the powerful USA.
This makes it clear that the problem is not the borrowing but not investing the borrowed money properly. However, that is a separate topic.
If the country had not declared bankruptcy on May 12, 2022, we could have averted the crisis by taking a loan from a foreign country.
The so-called Galle face struggle led the country to an anarchic state and bankruptcy. This is why we are calling Galle face struggle as a conspiracy.
Gotabhaya ordered to imprison this writer for 6 months for nothing. Because of this, I had a big quarrel with Gotabhaya otherwise captain of the ship . However, I did not conspire to sink the ship mare confined to the conflict with the captain. But all efforts were made to save the ship.
When the ship is rescued from storm and sails towards a land, it is foolish to change the captain and the crew. If it happens,nothing but the passengers of the ship will suffer.
There is no country without crises. Sri Lanka’s economic crisis erupted mainly because of the Corona pandemic.Facts being so,it is not right removing Gotabaya, Basil and Cabraal who attended the rescue mission. The mistakes in Gotabaya’s rule was a different story. In the end, people in the country had to suffer because of the wrongdoing of few.
Today, even though Gotabaya, Basil and Cabral have been removed, the country is moving on the same track as it was then. Even if Sajith came to power, the country is going the same path.
it is worthy to note If we worked as true patriots, the economic crisis would not have been chosen as an opportunity to change rulers.
If we had united instead of struggling then, we could have avoided bankruptcy by taking out a dollar loan. And the IMF surgery what we are doing now by adhering to strict conditions could have been avoided
Struggle is nothing but Satan disguised as a doctor .
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt
