More Perks for SLPP Senior MPs – Lankadeepa

It is reported that the Government has decided to provide various positions, including coordinating secretary positions, vehicles and other privileges to the family members of Sri Lanka Podujana Peramuna (SLPP) MPs who are anticipating Ministerial positions, the Lankadeepa Newspaper reported.

“It is learned from Government sources that family members of several MPs have already been offered such posts and vehicles” Lankadeepa added.

Sources also mentioned that this step has been taken with the aim of appeasing the MPs and preventing them from working against the Government since the appointment of new ministers have been delayed.

“It is reported that the SLPP has been requesting the President for Ministerial positions for ten more members of the SLPP. But due to the government delaying the allocation of ministerial posts, some MP have warned that they might vote against the government in certain crucial bills in Parliament” Lankadeepa news report added.

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The Dalai Lama’s 88th birthday celebrated in Sri Lanka

The 88th birthday of His Holiness the Dalai Lama, the spiritual and religious leader of the Tibetan people, who is respected by the whole world, a Buddhist monk with a heart filled with kindness, the Nobel Peace Prize laureate, was held in the University of Kelaniya, Sri Lanka on July 06.

His Holiness the Dalai Lama, who perfecting himself for worldly Enlightenment is the 14th Dalai Lama of Tibet and holds two titles, the King and the Sangharaja of the Tibetan People. Tibet was the first and the only country in the world to have such a unique feature. Also, His Holiness the Dalai Lama, who has the virtue of compassion and generosity, has earned the respect of the whole world for his patience, kindness, compassion and the ocean of knowledge on Buddhist Philosophy and many other fields like science, logic etc. His Holiness has written more than 100 books based on Buddhist doctrine and has delivered an uncountable number of teachings based on Sutra, Abhidhamma, Vinaya and many other topics.

Based on the great kindness arisen from the Buddha’s teachings and following an unchanging policy of non-violence, His Holiness was awarded the Nobel Prize for Peace in 1989 for his unique peace ability for peacemaking.

The occasion of His Holiness the Dalai Lama’s 88th birthday was celebrated by millions of his followers and devotees from all over the world in their respective countries. In order to celebrate his birthday in Sri Lanka, in a meaningful way, an International Scholarly Symposium was organized by the University of Kelaniya; Faculty of Humanities, Faculty of Social Sciences, Department of Pali and Buddhist Studies, Department of Philosophy, Department of Sanskrit and Eastern Studies, the Foundation for Buddhist Brotherhood and the International Buddhist Confederation (IBC) in the premises of University of Kelaniya, Sri Lanka.

The occasion was graced by the Chancellor of the Gampaha Wickramarachchi University of Indigenous Medicine, Most Ven. Dr Niyangoda Vijithasiri Anunayake Thero as the Chief Guest, former Vice Chancellor of Central Tibetan University, Saranath Prof. Most Ven. Geshe Ngawang Samten as the Keynote Speaker and Most Ven. Dr. Waskaduwe Mahindawansa Mahanayake Thero as the guest speaker.

Most Ven. Dr. Waleboda Gunasiri Anunayake Thero, Most Ven. Prof. Pallekande Rathanasara Anunayake Thero, Most Ven. Dr. Madampagama Assaji Anunayake Thero and Most Ven. Elikewala Seelananda Nayaka Thero participated in the event representing the three Main Nikayas of Sri Lanka.

Snr. Prof. Chandima Wijebandara, Snr. Prof. UdithaGarusinghe, Prof. Jayantha Waththevidana, Dr Chaminda G. Gamage, Dr Anuradha Mahasingha represented different seats of higher learning. Members of Buddhist organizations from various countries, namely, Japan, Vietnam, Korea, Thailand, and Myanmar also joined the symposium. Academics, diplomats, and scholars joined in representing different fields as dignitaries. The inauguration programme was held at the Faculty of Humanities Auditorium, the University of Kelaniya.

Ven. Dr. Deniyaye Pannaloka Thero (Senior Lecturer, Department of Pali and Buddhist Studies) delivered the welcome address at this event welcoming the eminent guests who participated in this grand International Symposium and the Chairman of the Foundation for Buddhist Brotherhood Dr Damenda Porage addressed the scholarly gathering explaining the objectives of the conference. Then, all the participants witnessed His Holiness the 14th Dalai Lama’s special video message.

Most Ven. As the guest speaker, Dr Waskaduwe Mahindawansa Mahanayake Thero made a very important statement in his ‘anusasana’. He said, ‘During His Holiness, the Dalai Lama’s annual visit to Bodhgaya in 2022, our Most Venerable Mahanayake and Anunayake Theros who were among the delegations met His Holiness and invited him for a pilgrimage in Sri Lanka. His Holiness the Dalai Lama has informed me in writing that he accepted the invitation. Accordingly, if the arrival of His Holiness the Dalai Lama to Sri Lanka occurs, millions of followers and devotees from all over the world will also come to Sri Lanka, which will be a huge boost to the tourism industry. Not only that, the arrival of his followers from America, Europe, Japan, Vietnam, India, Thailand and many other countries and some of them are also giant investors who will invest in the business sector of Sri Lanka. Undoubtedly, alleviating the current economic crisis on a poverty-stricken island will be a great strength.

After this, a congratulatory message from the Snr. Prof. Nilanthi De Silva, the Vice Chancellor of the University of Kelaniya was read and a short documentary video on His Holiness the 14th Dalai Lama’s religious and social mission was presented.

The renowned Tibetan scholar former Vice Chancellor of the Central Tibetan University Snr. Prof. Geshe Ngawang Samten delivered the Keynote speech of the inauguration programme of the Scholarly Symposium under the theme of “His Holiness the 14th Dalai Lama’s Commitment to Humanity”. He eloquently explained the commitments of the Dalai Lama and how important they are to the sustainment of the modern world.

In his address, the Chief Guest, Chancellor of the Gampaha Wickramarachchi University of Indigenous Medicine Most Ven. Dr.Niyangoda Vijithasiri Anunayake Thero said ‘Today we celebrate His Holiness the Dalai Lama’s 88th birthday, which is respected and celebrated by the whole world. The Dalai Lama is known as the spiritual leader of the Buddhist world. Not only Asian Buddhist countries, but even Western countries have also accepted him as a global Buddhist leader. His Holiness was able to achieve his spiritual goals. He created followers and a strong spirituality for himself. His Holiness himself set the background for this, and his foundation is Buddhist doctrine. Our foundation is also Buddhist doctrine. Buddhist teachings help to create a disciplined and peaceful world.’

Then the vote of thanks was proposed by Snr. Lect. Ms Sanjeewani Rupasinghe of the Department of Philosophy marking the end of the Inauguration Programme.

After offering the afternoon alms to more than a hundred Maha Sangha who were present, the distinguished guests and other guests enjoyed lunch followed by scholarly discussions on His Holiness the 14th Dalai Lama and his Commitment to Humanity and Tibetan Buddhist culture. The Deans of the Social Science Faculty Prof. M.M. Gunathilaka and the Faculty of Humanities Dr. Sudath Senerath also participated in the programme.

After awarding souvenirs and certificates to the participants, the head of the Department of Sanskrit and Eastern Languages, Prof. K.B. Jayawardena proposed the vote of thanks and subsequently the International Multilingual Scholarly Symposium which was held on the occasion of His Holiness the Dalai Lama’s 88th birthday under the theme ‘Buddhist Commitment to Humanity’ ended in a grand note.

Indian Foreign Secretary to visit Sri Lanka next week

Indian Foreign Secretary Vinay Mohan Kwatra is scheduled to visit Sri Lanka in the upcoming week, India media reported.

Accordingly, Kwatra is expected to arrive early next week to work out arrangements pertaining to President Ranil Wickremesinghe’s visit to New Delhi, scheduled for 20 July.

Since he took office in 2022, President Wickremesinghe is visiting India for the first time later this month, during which he is expected to hold bilateral talks with Indian Prime Minister Narendra Modi.

Meanwhile, Ministers of Fisheries, Energy and Power, Foreign Affairs, namely Douglas Devananda, Kanchana Wijesekera and Ali Sabry, respectively, will accompany the President, along with his Chief of Staff Sagala Ratnayake, sources revealed.

Four days more for Maithripala to pay compensation over Easter bombings

The deadline to former President Maithripala Sirisena and other accused individuals to pay compensation for failing to avert the Easter Sunday bomb attacks will come to an end on Wednesday (July 12).

In a verdict on January 12, the Supreme Court ordered former President Sirisena to pay a sum of Rs. 100 million while former IGP Pujith Jayasundara and former SIS director Nilantha Jayawardhane were ordered to pay Rs. 75 million each as compensation, former Defence Secretary Hemasiri Fernando was ordered to pay Rs. 50 million and former National Intelligence chief Sisira Mendis was ordered to pay Rs.10 million within four months from January 12.

The Court held that these respondents had violated the fundamental rights of petitions filed over the Easter Sunday attacks.

The Easter bombings, the worst attacks in Sri Lanka since the civil war ended in 2009, took place on Easter Sunday in 2019, targeting three churches and three luxury hotels across Sri Lanka, killing 270 people and injuring over 500.

JVP accuses SLPP of helping President supersede Parliament

Sri Lanka Podujana Peramuna (SLPP) has allowed President Ranil Wickremesinghe to supersede Parliament with regards to public finance, JVP National Trade Union Coordination Centre Convenor Wasantha Samarasinghe told The Island.

He said the same Parliament that was unaware that Sri Lanka was going to default on April 2022, have voted for the resolution to restructure domestic debt without any understanding of its consequences.

The Government Printer, who had a million reasons to delay the printing of ballot papers for the local council polls, has worked on a Poya Day to issue a special Gazette notification about the domestic debt restructuring process, recently passed in Parliament, Samarasinghe said.

Samarasinghe added that Gazette has been issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance under the Registered Stock and Securities Ordinance, No. 07 of 1937.

“Sri Lanka Podujana Peramuna (SLPP) MPs made Ranil the President. Now the SLPP has given Ranil power over public finance. The Parliament was given power over public finances because a single person should not have such power. However, it is obvious that Ranil now takes decisions on public finance on his own,” he said.

In this gazette, the President has given the Secretary to the Ministry of Finance, Economic Stabilization, and National Policies, and the Registrar of Public Debt the following powers; to offer to any holder of any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment the option of converting or exchanging, as the case may be, the holding as of 28th June 2023 or part thereof; to convert or exchange, as the case may be, any stock or securities issued in Sri Lanka under the provisions of the Ordinance or any other enactment held by holders into Treasury Bonds to be issued under the Ordinance and to specify the manner in which payment of interest is made and the conditions subject to which such Treasury Bonds may be converted or exchanged, as the case may be, under the Ordinance.

“In April 2022, Sri Lanka declared bankruptcy. The Parliament didn’t know that we were going to default until the MPs saw the press release issued. The same Parliament has passed the resolution on domestic debt restructuring,” he said.

The domestic debt stock is about 42 billion U.S. Dollars. President Wickremesinghe said that he wants the foreign creditors to waive off 17 billion dollars, Samarasinghe said. That’s about 40 percent of the foreign debt stock.

“The President added that local debt holders must also waive off about 40 percent of the value of the debt. He said that there should be equity. However, it is the EPF and other pension funds that is taking a cut. Parliament has approved the stripping down of the EPF and the gazette issued is a part of laws that will be amended to implement what was approved by the Parliament,” he said.

Neither the President nor the Central Bank or Treasury officials have revealed how much of the domestic debt will be restructured, Samarasinghe said.

“122 MPs voted in favour of this resolution. I challenge anyone of those 122 MPs to tell us the amount of local debt that will be restructured,” he said.

The former MP said that for years EPF funds have been invested in sectors that gave less than market rates in return. Now, the government has officially declared that EPF will only get nine percent interest rate till 2038, he said. This is well below what people would have got if they invest in Treasury Bonds.

“EPF has loaned the government significant amounts of money at below market rates for a long time. We have asked the government to appoint representatives from unions and employers to the board that makes decisions on EPF. There are 2.4 million active accounts and 67,000 employers. Shouldn’t they have some representation? This is the largest fund in the country, but the money is being handled without any transparency,” he said.

In 2018, EPF was strapped with a 14 percent tax, up from 10 percent. The Central Bank governs the EPF finds, and it is also entrusted with restructuring domestic debt, and this is a clear conflict of interest. Meanwhile, the owners of the fund have no say in how their money is used.

There are 117 superannuation funds. Each year, due to the lowering of interest rates, workers will lose between 600 and 1000 billion rupees a year from EPF alone, he said.

“The government doesn’t let workers invest in higher-yielding sectors. The Central Bank invests EPF funds in things that give it low returns. After doing that, it proposes to further cut benefits for the workers. Between 2008 and 2012, EPF money was invested in stocks, and workers lost three billion rupees. Over the years, money was invested in SriLankan and other bad bets. How much money did the EPF lose due to the bond scam?” Samarasinghe asked.

Samarasinghe said that the government has done nothing to increase foreign revenue, and once the country starts to pay external debt, the dollar will significantly appreciate against the rupee.

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Tamil leaders jointly urge Canadian Director of South Asian Affairs to urge Sri Lanka to implement 13 A

“President Ranil Wickremesinghe talks a lot. He does less. The international community including Canada, America, India, European Union, Australia and Japan should urge President Ranil Wickremesinghe with one voice to implement the 13th amendment in the Constitution and first drum up his integrity. Canada needs to take the initiative. Canada has a right to this as a country that has given shelter to a large number of Tamils who have left the country.”

A top Canadian official had discussions in Sri Lanka covering a range of issues including reconciliation and accountability.

The Canadian High Commission in Colombo said that Marie-Louise Hannan, Director General, South Asia at Global Affairs Canada has concluded a visit to Sri Lanka.

“She met, Tamil Progressive Alliance leader Mano Ganesan MP, Tamil Eelam Liberation Organization leader Selvam Adikalanathan MP, Democratic People’s Liberation Front leader D. Siddharthan MP. They have insisted in person to the Director General of South Asian Affairs of the Canadian Ministry of Foreign Affairs, Maria Louise Hanan.

“The 13th Amendment is not a complete solution to the national race problem. We know this. But before making new laws, let President Ranil Wickremesinghe enact the 13th Amendment Power Sharing Act and the 16th Amendment Language Rights Act in the Constitution. The international community should emphasize it. Today we are tired of talking with the Sri Lankan government. Similarly, we are getting tired of talking about the same thing to the international community” – they said.

In this regard Mano Ganesan MP. In a Twitter post,

“Celebrating pluralism, power sharing, 13th amendment, language rights and equality were usefully discussed with the Canadian side,” he said.

The representatives of the Tamil party leaders representing the Tamil people in this country told the Director General of South Asian Affairs of the Canadian Ministry of Foreign Affairs and the Canadian Ambassador to Sri Lanka that they will never accept this country as a country that belongs only to the Sinhalese Buddhist and they will fight against any Colombo government that promotes such a policy.

Tamil Leaders said that they are getting tired of talking to the government about their aspirations and they are getting tired of explaining to the international community.

The Canadian side told the Tamil party leaders who met them that it was news to them.

The Canadian party told the party leaders that they understand what the Tamil leaders said today.

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Sri Lanka rejects core recommendations of UN Human Rights Council

Sri Lanka has rejected key recommendations made by the UN member states at the Universal Periodic Review (UPR) of the island nation placed before the 53rd session of the UN Human Rights Council (UNHRC).

The recommendations included credible transnational justice and reconciliation, accountability, implementing the Council’s recommendations, and ending the culture of impunity.

The reply of the Sri Lankan government is expected to be discussed on July 10 at the UNHRC. The UPR on Sri Lanka was led by the troika of Algeria, the United Kingdom, and Qatar.

Sri Lanka has acknowledged the UPR as a helpful voluntary peer-review process that fosters the sharing of good practices by UN member states in the implementation of human rights commitments and obligations and also facilitates a cooperative approach for countries to domestically fulfill human rights obligations that have been voluntarily undertaken.

While most recommendations are just formal in nature, important ones pertaining to human rights and accountability have been outrightly rejected by the Ranil Wickremesinghe-led government.

The recommendation from its close neighbour India does not speak about accountability for alleged war crimes. Even so, its recommendation to “continue to take measures to ensure that the fundamental freedoms and human rights of all its citizens, in particular all Tamil-speaking citizens, are fully protected” has only been partially accepted.

Most Western nations have called for tougher actions on the human rights front. The recommendations put forward by Australia, Netherlands, Germany, Norway, New Zealand, and the United States of America calling for such tougher actions were outrightly rejected by the Sri Lankan government in its response to the UNHRC.

The United States of America has put forward what is apparently the strongest of all the recommendations. It calls for ending the culture of impunity. “End impunity for human rights violations, abuses, and harassment, especially against members of ethnic and religious minority communities, by holding those responsible to account, including security forces and government officials, and implementing commitments under Human Rights Council resolutions”.

Australia, Norway, Netherlands, and New Zealand have called for the full implementation under the UNHRC resolution 51/1 which calls upon the Government of Sri Lanka in addressing the underlying causes of the crisis, including impunity for human rights violations and economic crimes.

“The United Nations High Commissioner for Human Rights urges the new Government to embark on a national dialogue that would advance human rights and reconciliation and to carry out the deeper institutional and security sector reforms needed to prevent the recurrence of violations of the past”.

Australia in its recommendation has called to “Fully implement a credible transitional justice and reconciliation mechanism consistent with Human Rights Council resolution 51/1 and renew commitments made under Council resolution 30/1”.

Apart from promoting reconciliation, accountability, and human rights in Sri Lanka the Kingdom of Netherlands has not only recommended implementing UNHRC resolution 51/1 but also 30/1 and 46/1.

Germany wants to ensure the independent work of the Office of Missing Persons (OMP) and the Office for Reparations (OR).

“Implement fully the recommendations in Human Rights Council resolution 51/1 and take steps to implement an inclusive transitional justice process in the country” Norway said in its recommendation.

New Zealand in its recommendation called upon Sri Lanka to act in “accordance with resolution 51/1, constructively promote post-conflict reconciliation, domestic accountability, and human rights”.

Sri Lanka in its reply to the oral observations of the Deputy High Commissioner of the UNHRC Nada Al-Nashid in ensuring accountability and in particular the role of the OMP said, it has provided responses to 159 cases in the last two years “brought to its attention by the UN Working Group on Enforced Disappearances (WGEID)”.

However, the government has not responded to thousands of cases reported to the OMP, which has not even found a single person who surrendered, handed over, or went missing.

“Any allegation of disappearance reported to the Police is duly investigated and information on such cases was provided in the National Report of Sri Lanka. The Government has taken measures to investigate all reported cases of alleged disappearances including those related to the last phase of the conflict,” had been the government’s response.

Victims of those who have disappeared or gone missing after being handed over to the state security forces during and after the war have found no tangible investigations over their complaints and none have either been found or the families given a convincing answer.

Four Human Rights organisations recently released a report on mass graves in Sri Lanka and the state’s complicity in hampering investigations into those. War-affected Tamils fear for the life and safety of their near and dear ones who have gone missing at the end of the war 14 years back.

The government has now announced the establishment of a Truth and Reconciliation Commission (TRC), instead of setting up a transitional justice mechanism with international participation which had been the longstanding demand of Tamil war victims.

Sri Lanka’s longest ongoing protest led by women, mostly elderly mothers in search of their kith and kin, is continuing beyond 2300 days.

Human rights activists point out that the Sri Lankan government lacks the political will to investigate allegations of war crimes as the state security forces are the prime accused.

Over 150,000 Sri Lankans leave for overseas jobs in 2023

Over 150,000 Sri Lankans have left for overseas job this year so far.

Deputy Deputy General Manager of the Foreign Employment Bureau Gamini Senarath Yapa says that most of those who left for overseas employment, booked their flights to the Middle-East.

He also believes that by the end of this year over 300,000 will leave for job overseas.

He says that these statistics are only of those registered in the Foreign Employment Bureau.

Sri Lankan mother pleads with Australian PM to stop son’s deportation

A Tamil mother has called on Australian Prime Minister Anthony Albanese to intervene to stop her son being deported to Sri Lanka where she fears he could be slain.

Reeta Arulruban arrived in Australia from Sri Lanka by boat in 2012 and was granted permanent residency after more than a decade on temporary protection visas.

She tried to sponsor her son Dixtan but the Immigration Department refused his application in 2016.

Three years later, he managed to seek asylum in Australia arriving by plane but has been detained in Melbourne ever since.

The department last month issued a removal notice for Mr Arulruban, ordering he be deported.

As a member of the Tamil minority group, his mother fears he could be tortured or killed in Sri Lanka.

“Please prime minister, please reunite my son with me, who is the only remaining family member I have,” Ms Arulruban told AAP through an interpreter.

“The prime minister was brought up by a single mother – I hope he understands the bond between a mother and a son.”

Ms Arulruban said no one in the government was listening.

“Please help me and other refugees,” she said.

“I want all the people (refugees) to be given permanent residency.”

Her husband was killed in a massacre in 2009, when tens of thousands of civilians were caught between government troops and Tamil Tiger armed rebels during civil war.

Ms Arulruban, 55, experienced sexual assault at a military camp in 2012.

Her 26-year-old son’s Australian protection application was refused and he has exhausted all avenues for appeal.

Ms Arulruban’s appeal to the prime minister is her last real hope.

“I went through a lot of trauma, I went through sexual assault, I escaped and came to Australia,” she said.

“I was hoping to reunite with my son and they are trying to take him away from me.”

The department said it would not comment on individual cases.

“Individuals who no longer hold a valid visa are expected to depart Australia,” a spokesperson told AAP.

Nina Merlino, a lawyer acting for Mr Arulruban, confirmed she was filing an injunction against the department’s removal notice.

The Tamil Refugee Council said the community was devastated by the looming separation.

“Reeta and Dixtan have yearned for more than a decade to reunite and rebuild their lives in peace after such a traumatic past,” the council’s Renuga Inkapumar said.

(Courtesy AAP)

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‘No second chance’ to save Sri Lanka, central banker warns

The man charged with clawing Sri Lanka out of bankruptcy says he had warned about economic calamity years before it hit — and was pressed into retirement for his troubles.

Central bank chief Nandalal Weerasinghe was asked to return to the island nation last year to help steer it through a financial collapse that triggered months of food shortages, petrol queues and nightly blackouts.

The 63-year-old says his mandate coincides with Sri Lanka’s one final opportunity to rescue itself from a cycle of economic shocks that stretches back decades.

“There’s no excuse this time, no second chance, we have to get it right this time,” he told AFP at his Colombo office this week.

“This is where I think crisis is an opportunity.”

Weerasinghe was the Central Bank of Sri Lanka’s number two when Gotabaya Rajapaksa was elected president in 2019 on populist promises of generous tax cuts.

Government debt soared as Rajapaksa pursued an unorthodox policy of printing exorbitant amounts of money while holding down exchange and interest rates to spur growth.

“As the senior deputy governor, I always raised concerns,” Weerasinghe said.

But with Rajapaksa’s administration steamrolling objections from him and other senior central bankers, Weerasinghe said he felt he had no option but to take early retirement.

“Obviously I saw if those policies continued in that way… we’ll end up in a situation that I said at that time was exactly what happened,” he added.

Weerasinghe had decamped for a quiet life in Australia, spending time with his children and hitting the golf course five days a week, when Rajapaksa asked him to come back and helm the central bank.

He returned to a country in chaos, its currency in freefall and the government days from defaulting on its $46 billion foreign debt.

The Covid-19 pandemic had dealt a hammer blow to already precarious public finances, as the island’s lucrative tourism industry shuttered and remittances from Sri Lankans working abroad dried up.

Foreign exchange reserves had almost been exhausted, leaving importers unable to buy goods necessary to keep the economy functioning.

Supermarket shelves were empty, long lines snaked from fuel stations, and thermal power stations were forced to ration electricity for 13 hours each day.

By July, Rajapaksa had fled the country after months of protests demanding his resignation for mismanaging the crisis.

– ‘China on board’ –

Rajapaksa’s successor, Ranil Wickremesinghe, has sought to repair the nation’s finances through a $2.9 billion International Monetary Fund bailout.

The rescue package commits Sri Lanka to an austerity regime of steep tax hikes and an end to generous consumer utility subsidies, both of which have proven deeply unpopular.

Its passage was reportedly held up for months when China — Sri Lanka’s largest bilateral creditor — resisted agreeing to a haircut on its loans.

Chinese debt has been controversial politically, with Rajapaksa and his elder brother Mahinda — himself a former president — accused of taking Beijing’s money to finance costly vanity projects.

Weerasinghe said the delays to the IMF package were understandable because Beijing was a relatively “new player” to bilateral lending.

“China is fully on board, and agreed to support Sri Lanka and help Sri Lanka to come out of this crisis,” he said.

– ‘End of the story’ –

Last year brought Sri Lanka’s worst economic downturn in its 75-year history as an independent nation, with GDP contracting 7.8 percent and inflation hitting 70 percent at its peak.

But the island’s tea- and tourism-dependent economy is no stranger to shocks, with foreign exchange shortages triggering recessions and government rationing of consumer goods numerous times in prior decades.

Sri Lanka had already gone to the IMF cap in hand 16 times before last year, but failed to stick with agreed-upon reforms, giving it a serious credibility gap.

Weerasinghe said the country had two choices this time around: if it sticks to its current IMF programme, its economy would return to normal within “two to four years”.

If it did not, Sri Lanka would no longer be indulged if it fell off the wagon and returned to its spendthrift ways at the first sign of stability, he warned.

“This time, the 17th time with the IMF, is different,” he said.

“If you are trying to go back to another programme, that will be most difficult, and I think that will be the end of the story.”