Sri Lanka plays hardball with IMF

Sri Lanka will not accept any conditions on a loan from the International Monetary Fund (IMF), the island's president has said.

"We will not pawn or sell our motherland to obtain any monetary aid," said Mahinda Rajapaksa.

The Sri Lankan government is in talks with the IMF about a $1.9bn (£1.4bn) loan to help combat the economic downturn and pay for reconstruction.

The IMF usually insists on conditions for any emergency loans.

No forced measures

These involve taking steps such as cutting public spending or raising interest rates.

But Sri Lanka has made it clear.... (more at BBC)


Hmmm.. no  I have not got many thoughts there. As of late the West seems to have simpered a bit to the war efforts and have indicated a lot more support than they used to. With Hillary Clinton's call to the president and her supposed 'support extended with regard to the 'humanitarian improvements' and the elimination of terrorism etc. I still have the Derana News Alert on my phone.

Except she didn't. Well she did call him but internet news reports seem to deny the fact that she had anything good to say, while some others agree a little more with the Temple Trees version of the tale. This phone conversation and what was really said and implied could play a big role on our future relations with the West and entities such as the IMF and World Bank.

SL is very much an import dependent economy for many of its basic essentials and therefore foreign help in terms of loans, exports tariffs, trade deals etc are essential to its survival. And these rarely come completely devoid of conditions. It seems in a polarized world, the only way to maintain true independence is to have a completely closed economy or be the strongest player around. Since we're nothing of either, it looks as if we will have to go through some changes based on the whims of others soon enough.

But obviously, the government will not make it look like they were 'conditions' when they implement them in the economy oh no. And since we seem to have pretty much of a dormant opposition it looks like the real news of what is going to happen in the in the future may not be too clear till months later. By which time it'll be too late to do anything about it. Not that anything much could be done about it anyway. But at least we'll know.

5 comments:

Sanjaya Senanayake said...

Dear Blogger,

Media Conference - Platform for Freedom

The Platform for Freedom is attempting to create a broad public coalition among civil society organizations, journalists groups, trade unions and political groups to defend the right to life and the
freedom of expression.

The PfF will hold a media conference to further explain these goals and to draw attention to other events including the abduction of Professor Dhammika Ganganath, the abduction and arrest of Sudar Oli Editor N Vithyatharan and the situation of civilians trapped in the warzone.

Date : 2009 March 19th (Thursday)
Time : 10.00 a.m.
Location : Centre for Society and Religion
281, Deans Road, Colombo 10
(Parking available)
Attendees : Prof Jayantha Senevirathne
Prof Dhammika Ganganath Dissanayake
Dr Nimalka Fernando
Dharmasiri Bandaranayake
Sunil Jayasekara
Britto Fernando

We would appreciate it if you would attend this event and blog about it. For any further information about this event please contact Sanjaya Senanayake (0773 026 772).

Thank you,

On behalf of the PfF
Dr P Saravanamuttu
Attorney J C Weliamuna
Attorney Sudarshana Gunawardana

TheWhacksteR said...

Thank you. I would have liked to make it but too short a notcie for me to get off work.. next time for sure! i like ur blogs man, theres a whole new sea of blogs iv not encountered before...

ashanthi said...

Hey SS - hope the meeting went well. I sincerely believe that such a coalition could well be the majority of Sri Lankans of all walks of life. Good luck and well done but as a Tamil I feel that too much horror and terror has been heaped on people and there is too much blood on both sides. Where does forgiveness fit in?

Hello to the Whackster - I came across your blog via the arsehole Indi - keep up the good work.

Ashanthi

TheWhacksteR said...

Hey Thanks.. keep dropping by..

Prestige said...

The website http://www.herbsncures.com/ is widely popular over the internet for containing in-depth informative material on herbal cure, benefits of medicinal herbs, edible flowers, allopathic medicines etc and further, the resource section of the site is striking for containing significant details on entertainment, health and beauty, men’s health etc.