Don’t create Bogeyman !.. American ambassador gets an ear-kissing answer

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Sri Lankan people are good in delivering  ‘lorry talks’. There is nothing they don’t know about the economy, politics and  foreign affairs.

Even a person who runs a tea shop in the village should be well aware of its income, expenses and debts. If you don’t understand those numbers, the tea shop will definitely go bankrupt.

The situation in a country is similar. How many people know about Sri Lanka’s GDP, government revenue,  expenditure and debts?

Recently, the American ambassador in Colombo made a frightening statement regarding the Chinese debt.

The Chinese ambassador in Colombo did not stay as mute spectator regarding the American ambassador’s statement.

The Chinese ambassador revealed that it is not the Chinese debt that has burdened Sri Lanka but the commercial debt obtained at high interest.

He also reminded that America is the one who has given large scale commercial loans to Sri Lanka. He further said that the American Hamilton Reserve Bank filed a lawsuit immediately when the Sri Lanka not able to settle dues.

See the diagram above. About half of Sri Lanka’s loans are commercial loans obtained at high interest. According to the Chinese ambassador, those are American loans.

It is worthy to note,  most of these loans were not spent on development projects like highways and power plants. Those were spent on the government’s day-to-day expenses such as paying government salaries and paying off debts.

Regarding the above matter, today the collective of national organizations of Sri Lanka have sent a ear-kissing letter  to the American ambassador.