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IMF warns rising debt in Asia puts region at risk – By Ravi Buddhavarapu “If you look at debt for the region, if you look at Asia’s share of total debt, aggregate debt, that’s gone up quite sharply,” Srinivasan, the director of the Asia and Pacific Department at the IMF, told CNBC’s “Squawk Box Asia” on Wednesday. “So there are many countries in the region which are facing high debt numbers. And some of these countries are in debt distress territory. And so that’s something which we have to watch out for,” he told CNBC’s Squawk Box Asia. Inflation will be a “big factor,” particularly for advanced economies in Asia this year, he said. Source : cnbc.com  Rising debt levels driven by inflation and tightening financial conditions across Asia are cause for concern, according to the International Monetary Fund’s Krishna Srinivasan. “If you look at debt for the region, if you ...

Jul 29, 2022 Posted by In Articles Tagged , , , ,
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Kaleidoscope with Savithri Rodrigo 115 22 07 2022 In the backdrop of the moon landing, this week on our Kaleidoscope dose of positive, daring different, we chat with Peter D’Almeida on protests, Anushka Wijesinha on IMF warnings and Markus Loning on new supply chain laws, have a burst of batik, traffic-stopping dances, economic & market news!   Enjoy,   ...

Jul 22, 2022 Posted by In Articles, Savithri Rodrigo Tagged , , ,
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THE IMF DOCTOR – by Ernest Macintyre THE IMF HAS STATED THAT IT WILL RESUME BAILOUT TALKS WHEN A STABLE GOVERNMENT IS ESTABLISHED.  THIS STATEMENT SUGGESTS THAT THE IMF PEOPLE ARE NOT POSSESSED OF IMAGINATION.  IMAGINATION IS MORE IMPORTANT THAN THE MENTAL PROCESSES THAT HUMANS ROUTINELY RESORT TO.  CAN THE IMF IMAGINE THAT PART OF THE ROAD  STRUCTURE TO A STABLE GOVERNMENT IS THE OXYGEN FOR THE PEOPLE TO “BREATHE” SATISFACTORILY AGAIN, WHILE THE POSSIBLY LONG DRAWN OUT PROCESS TO A STABLE GOVERNMENT GOES ON.  DURING A COMPLICATED LUNG TREATMENT IN A HOSPITAL IN WHICH POOR BREATHING IS OCCURING, THE DOCTOR DOES NOT SAY, ” WAIT, YOU WILL BE OK ONCE YOU BECOME STABLE AGAIN, THEN YOUR BREATHING WILL IMPROVE”. THE PATIENT NEEDS OXYGEN DESPERATELY , AS PART OF THE PROCESS TO REACH STABILITY.  MY THOUGHT IS , THAT SPEAKER AND PARLIAMENT CREATE IMMEDIATELY A COMMITTEE LEGALLY  ENTITLED TO NEGOTIATE WITH THE IMF AND ...

Jul 18, 2022 Posted by In Articles Tagged , ,
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Sri Lanka’s Future – By Dr Harold Gunatillake Do not let politicians fool the country anymore The current politician had enough time to resolve the issues, but they did not put effort into doing so. They miserably failed to resolve the political and fiscal crises. They neither desire to do so nor have the brains to solve problems affecting the country and its people. In addition, they are selfish and only want solutions and benefits and payments for themselves, with zero empathy for the public. Prof Sunil J Weerawansa Ranil takes oath as Acting President. COLOMBO (News 1st); Prime Minister Ranil Wickremesinghe was sworn in as the Acting President in the presence of Chief Justice Jayantha Jayasuriya. Wickremesinghe was appointed as the Acting President following the resignation of Gotabaya Rajapaksa. SLPP supports Ranil in the Presidential race British MP Calls For International Arrest Warrant Against Gotabaya Rajapaksa New Delhi: Sir ...

Jul 16, 2022 Posted by In Articles, Dr harold Gunatillake Tagged , , , ,
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Sri Lanka Progress – By Dr Harold Gunatillake Website: www.Doctorharold.com Transcript: Protest marches are a daily occurrence Gota, Ranil, and others working with consistence *Colombo has taken steps to raise taxes, put state assets on sale and pledged to slash spending to the “bare bones”. *Sri Lanka makes progress toward IMF support – but no bailout package Support through Extended Fund Facility (EFF) is possible Nandalal Weerasinghe was appointed CBSL Governor for Six more years. The International Monetary Fund has ended talks with Sri Lanka, failing to conclude a deal for a bailout package for the near-bankrupt nation after ten days. The IMF has said Sri Lanka needs to whittle down existing debt to ‘sustainable’ levels before receiving any aid. “The discussions will continue virtually to reach a staff-level agreement on the EFF arrangement in the near term,” the IMF said, referring to the credit arrangement, called an extended fund facility. ...

Jul 3, 2022 Posted by In Articles, Dr harold Gunatillake Tagged , , ,
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SRI LANKA NEEDS FEWER POLITICIANS AND MORE TECHNOLOGISTS – By Dr. Tilak S. Fernando   “There are rumours that Sri Lankan Prime Minister Ranil Wickremesinghe had to take over the finance portfolio since no member of the Sri Lankan Parliament was willing to take up this challenge of managing the country’s finances. Instead of looking at the scenario negatively, it would be appropriate to think that the Prime Minister taking over the finance portfolio is also a progressive step, as the finance portfolio requires the maximum attention at this stage,” says veteran Indian journalist N.S. Venkataramanin in his latest article, which landed in my email ‘in box’. He further states that ‘when the Sri Lankan Government negotiated with the IMF to obtain financial support, the present scenario appears to be that the IMF is procrastinating the issue and has not given a firm assurance to the Sri Lankan Government. When ...

Jun 10, 2022 Posted by In Articles, Tilak S Fernando Tagged , , , , , , ,
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SRI LANKA NEEDS LESS NUMBER OF POLITICIANS AND MORE NUMBER OF TECHNOLOGISTS – by N.S.Venkataraman There are rumours that Sri Lankan Prime Minister   Ranil Wickremesinghe  had to take over the finance portfolio also, since no member of Sri Lankan parliament was willing to take up this challenge of managing the country’s  finance.  Instead of looking at the scenario in  such negative manner, it would be appropriate to think that Prime Minister taking over the finance portfolio also is a progressive step , as the finance portfolio requires the maximum attention at this stage. While the Sri Lankan government is negotiating with IMF to get financial assistance , it appears that the decision of IMF is yet to be taken firmly.  Meanwhile, Sri Lankan government approached the World Bank and it is said that the World Bank ruled out any new assistance to Sri Lanka , until an adequate macro economic ...

May 28, 2022 Posted by In Articles Tagged , , , , , , , ,
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Sri Lanka-current 27th May 2022 – By Dr Harold Gunatillake *Sri Lanka PM to take over as finance minister too. Ali Sabry, previous finance minister, resigns *Wickremesinghe will present an interim budget within six weeks that will slash government expenditure ‘to the bone’. *The PM is seeking $4bn from the IMF, China and Japan to pay for food and fuel even as he slashes the budget to ‘bare bones’. *Sri Lanka’s Rajapaksa Appeals for Bridging Finance in TokyoLanka has run out of money to pay for food, fuel, medicines and other daily need. *Sri Lanka hikes fuel prices, hires financial and legal advisers *Sri Lanka’s inflation increased by 20-24 per cent Lanka’s Prime Minister Ranil Wickremesinghe will take charge as finance minister, the president’s office has announced. It will lead talks with the International Monetary Fund (IMF) as the crisis-hit nation seeks a bailout. “Prime Minister Ranil Wickremesinghe was sworn ...

May 27, 2022 Posted by In Articles, Dr harold Gunatillake Tagged , , , , , , ,
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China becomes wild card in Sri Lanka’s debt crisis – by BHARATHA MALLAWARACHI China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade Source:abcnews.go.com COLOMBO, Sri Lanka — China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade. But in a cautionary tale for borrowers, Sri Lanka’s multibillion-dollar debt to Beijing threatens to hinder efforts to resolve a financial crisis so severe that the Indian Ocean nation cannot import food or gasoline. Sri Lanka’s struggle is extreme, but it reflects conditions across dozens of countries from South Pacific islands through some of the poorest in Asia and Africa that have signed onto Chinese President Xi Jinping’s Belt and Road Initiative. The total debt of poor countries is rising, raising risks others might run into trouble. Sri Lanka’s 22 ...

May 21, 2022 Posted by In Articles Tagged , , , , , , , , , , , , , , ,
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CAN RANIL PULL THROUGH THE PRESENT PANDEMONIUM? – By Dr. Tilak S. Fernando Photo Source:bbc.com    Everyone doesn’t Ranil Wickremasinghe’s appointment as Prime Minister. He was the only member of Parliament ( from the national list) when the whole group of UNP candidates lost their parliamentary seats. It took nearly a year to fill the  UNP National list vacancy. In the end, the  UNP recommended Ranil Wickremasinghe’s name. Likewise, everyone blames the Opposition Leader for dilly-dallying the issue by presenting numerous excuses, such as ” the President should leave.”  By the time he agreed to accept the Prime Minister’s position (still under several clauses), the stable was closed and the horse had bolted. Usually, an opposition leader understands the Constitution of a country. For example, there is a shadow cabinet in England, and the opposition leader takes immense responsibility for national issues. He may disagree in Parliament over political issues ...

May 19, 2022 Posted by In Articles, Tilak S Fernando Tagged , , , , , , , , , , , , , , ,
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