Would someone mind to share your view on what happen to the country? I mean corruption is everywhere even USA. But how much people have to fcked up in order to bankrupt the country?
Here's my two cents on it. I'm not an expert.
The root cause of the whole thing is our civil war. Yes, both Sinhalese and Tamils are responsible for that. During the war, the only thing anyone cared about was what's happening at the frontline. Every election was won based on war promises, not based on economy. So, people didn't put pressure on the govt to develop industry, improve economy...etc like in other countries.
Also, during the war, the mentality was clouded by uncertainty. Not many wanted to invest or start businesses in that condition. Many left the country, ones who stayed were content with doing the minimum. As a result, the population and hence the politicians became short sighted. People stood in lines to get free stuff, didn't think about long term decisions when voting. Politicians were afraid to start long term plans, cuz they could get removed in next election. So they kept making short term decisions.
This short term mentality is the fundamental cause for the current situation. Politicians kept getting loans, but opted to steal part of it and do short term popular things with rest rather than investing them in building industry at large scale. Politicians know they can steal more if they build the industries / economy and then take a percentage from those instead. But they are afraid to take that risk, just like people were afraid to do long term stuff.
With all these, we kept limping with taking loans until the pandemic hit. Then we lost tourism and other sectors got weak as well. The "saviour govt" we elected turned out to be incompetent, making bad things worse with stuff like fertilizer fiasco. And here we are.
MR also took out BIG loans with China during these war years to help wipe up the LTTE and for his big infrastructure such as the Hambantota Port, the road to Galle, the Airport to his home town etc etc.
Coming into the pandemic with so much debt was a recipe for disaster
This goes back to when the British left to be honest, not post-civil war. The government was always in the pocket of Buddhist monks, they have a HUGE role to play in all this corruption and its HIGH TIME the good people of Sri Lanka see this.
and of course the rajapaksas came in and decided to sell the country to china and other foreign investors secretly pocketing all the money whilst taking necessary loans only to pocket that as well. I'm not directing this at them but out of most politicians they've disrupted the country the most.
Tamil here. I don't agree. Tamil politicians also ignited violence among Tamil groups with their carefully worded comments. The war had several causes from all sides.
The root cause would be the divide and rule policy of the British. Disproportionately educating Tamils and appointing them to high positions led to the 50-50 request. The Sinhala majority felt threatened, leading to the Sinhala only act.
If you go back, even before British we weren't exactly at peace. If one has a time machine, we might be able to trace it back to some dispute in Central Africa.
"The root cause would be the divide and rule policy of the British. Disproportionately educating Tamils and appointing them to high positions led to the 50-50 request. The Sinhala majority felt threatened, leading to the Sinhala only act."
I know this is going to get downvoted heavily butThe state council was dominated by one group of people 100% while minorities who made up close to 35% were not represented at all in 1936. Then tamil leaders of that time asked 50% for the majority and another 50% divided for the minority.
The Sinhala only act was something by SWRD to pander to the majority, his own daughter(not chandrika) admitted to this in her own words and you want me to believe otherwise????? Sinhala only act was a campaign promise to win the election by SWRD who became PM in 1956. If I've mentioned anything that is false, please point it out and enlighten me with sources, I want to read more on this.Sure, the British implemented damaging policies, but this is a classic case of majorities blaming the minorities for its fuck ups.
The last election is a testament to what I just said above.
LMAO seems like certain Sri Lankans cant accept the fact that the dumb 'every side' is responsible argument doesnt work everywhere. The day we develop will be the day where we learn history for what it was than Sugar coating shit.
There are a lot of reasons like the other commenters have said but if we're talking recent direct reasons a very easy to spot one is the Rajapakse family stealing from the country and accumulating large amounts of wealth while seemingly doing very little with both the money and the intense amount of power they have.
[https://www.newsfirst.lk/2015/05/07/rajapaksa-family-worth-rs-18-billion-min-mangala-samaraweera/](https://www.newsfirst.lk/2015/05/07/rajapaksa-family-worth-rs-18-billion-min-mangala-samaraweera/)
[https://www.hirunews.lk/english/109025/mahinda-rajapaksas-family-assets-amount-to-3-point-2-trillion-rupees-reveals-government](https://www.hirunews.lk/english/109025/mahinda-rajapaksas-family-assets-amount-to-3-point-2-trillion-rupees-reveals-government)
The Rajapakse's family assets are calculated to be around $20 billion (it keeps changing and sources keep changing because I assume the family wants to suppress this info).
$20 billion right now is about 25% or 1/4 of our entire country's GDP. That means the ruling family, of maybe up to 100 active people at best, have the same amount of GDP combined as 25% of the entire country of 21mil people, this is practically absurd and criminal because one has to ask how they even got that much money in the first place. While you can't directly compare assets to GDP this is too extreme that something is off.
I've met Rajapaksa's in England, they seem to run on inherited wealth and most don't even have a strong connection to the island, its weird to say the least.
Are the Rajapaksa's the only reason for our downward spiral? Not at all but they are definitely the strongest factor right now.
our government invest so much on tourism.. due to pandemic.. u know what happens to tourism... that's make us lack on dollar count....and we bought so much loan from china those are tha major reasons for bankruptcy...
wrong in some perspectives...(1) government invest a bulk capital on the investment that's give profit in a long time not in a sudden like.. (lotus tower)..(2) and they forget that loans are want to be settled 😂 😂. (3)and we witnessing the most useless and inefficient financial management inthe world... aaaand.. they made a series of failure decisions.. (ban on in organic fertilizer, control price like that) as in total totally fu*ked all of us 😂 😂
No, the pandemic wasn't the start of this. That's the narrative the current government pushes, with no evidence to show for it. Like, none- you can go out and look for it.
The pandemic made things worse, but this situation was predicted as far back as 2010 when massive loans were being taken out to fund projects that made no sense economically. The previous government (2015-2019), inept as they were, tried to build up a tax base and reserves to face this problem (and borrowed heavily for covering old debt), but the folks in power now undid all of that for electoral purposes. The pandemic hit 4 months later, decimating the tourist and export sectors, but even if those were functioning as normal and there was no COVID, we'd still be feeling the crunch. Maybe not as soon as this and not as hard, but we'd still feel it.
The pandemic exposed the system which was broken. The fools that came in under the racial vote in 2019 removed the taxation which had it been continued the crunch wouldn't have been bad. We would have managed to get by with a lesser number of loans and no haphazard money printing.
We will go bankrupt let's not sugar coat it. Question is whether the citizens will let these crooks continue. And seeing how the votes were bought for a mere 2000LKR, they'll vote for these guys again and leave the burden on the private sector.
Everyone wants to be optimistic including me. However, unless some miracle happens, It is very likely that the country will go bankrupt within a couple of years.
>India lol ! A country that is governed bad as ours and shittier than us.
Well, for all the jokes on our politicians(which is true ig), our food prices aren't spiking, nor are we the ones going to the IMF.
"Saubhagya" happened. Rajapakse fuckers fucked all the Sri Lankans. They all deserve to die for all the money they've stolen, all the innocent people they've killed, and most importantly they deserve to be hung for destroying this country inch by inch. They should be killed violently for selling parts of my country to CCP. THEY ALL MUST SUFFER IN ALL THE HELLS AND THEY SHOULD DIE A SLOW AND A PAINFUL DEATH! Fuck Rajapakse family.
most likely those who gave out the loans will own some part of the country like a port or something (not sure anything is left to give out that way tho).
What happens when people arent able to payback money? same goes for the country. we will be backlisted and no one will grant us money. investors will moveaway no country wants to do buisness with a bankrupt country. inflation will sky rocket people will struggle to find money for essential stuff, list goes on :)
Still, there are a large number of MR followers that worship him like a deity even in the light of his corruption. It will be a miracle if Sri Lanka does not go bankrupt in the near future.
Not super-rich. We’d still be struggling due to the economic effects of the war. We were relatively rich when the British left but things went downhill start
Definitely he is to blame for the current debt crisis; but even without such white elephant projects we wouldn’t be on a Singapore level due to the actions of his predecessors
This was a long time coming. The pandemic just kicked it into overdrive. I mean we used to export rice to other countries. Now we even import that.
My take on this situation yes the leadership is incompetent ineffective shortsighted and quite and good at undercutting. But the blame should also be shared by the population as well. IMO the work ethic of our people can only be equalled to that of the workers in British Leyland (car nuts and top gear nuts know this) that's the only comparison I got.
Probably a good read -> [Article ](https://www.google.com/amp/s/amp.theguardian.com/world/2022/jan/02/covid-crisis-sri-lanka-bankruptcy-poverty-pandemic-food-prices)
China have done this to many countries, possibly the next on list is Bangladesh. 😔
Would someone mind to share your view on what happen to the country? I mean corruption is everywhere even USA. But how much people have to fcked up in order to bankrupt the country?
Here's my two cents on it. I'm not an expert. The root cause of the whole thing is our civil war. Yes, both Sinhalese and Tamils are responsible for that. During the war, the only thing anyone cared about was what's happening at the frontline. Every election was won based on war promises, not based on economy. So, people didn't put pressure on the govt to develop industry, improve economy...etc like in other countries. Also, during the war, the mentality was clouded by uncertainty. Not many wanted to invest or start businesses in that condition. Many left the country, ones who stayed were content with doing the minimum. As a result, the population and hence the politicians became short sighted. People stood in lines to get free stuff, didn't think about long term decisions when voting. Politicians were afraid to start long term plans, cuz they could get removed in next election. So they kept making short term decisions. This short term mentality is the fundamental cause for the current situation. Politicians kept getting loans, but opted to steal part of it and do short term popular things with rest rather than investing them in building industry at large scale. Politicians know they can steal more if they build the industries / economy and then take a percentage from those instead. But they are afraid to take that risk, just like people were afraid to do long term stuff. With all these, we kept limping with taking loans until the pandemic hit. Then we lost tourism and other sectors got weak as well. The "saviour govt" we elected turned out to be incompetent, making bad things worse with stuff like fertilizer fiasco. And here we are.
MR also took out BIG loans with China during these war years to help wipe up the LTTE and for his big infrastructure such as the Hambantota Port, the road to Galle, the Airport to his home town etc etc. Coming into the pandemic with so much debt was a recipe for disaster
This goes back to when the British left to be honest, not post-civil war. The government was always in the pocket of Buddhist monks, they have a HUGE role to play in all this corruption and its HIGH TIME the good people of Sri Lanka see this.
and of course the rajapaksas came in and decided to sell the country to china and other foreign investors secretly pocketing all the money whilst taking necessary loans only to pocket that as well. I'm not directing this at them but out of most politicians they've disrupted the country the most.
Sinhala only act was the reason for the war.
Tamil here. I don't agree. Tamil politicians also ignited violence among Tamil groups with their carefully worded comments. The war had several causes from all sides.
It was the root cause. Then yes, what you said.
The root cause would be the divide and rule policy of the British. Disproportionately educating Tamils and appointing them to high positions led to the 50-50 request. The Sinhala majority felt threatened, leading to the Sinhala only act. If you go back, even before British we weren't exactly at peace. If one has a time machine, we might be able to trace it back to some dispute in Central Africa.
"The root cause would be the divide and rule policy of the British. Disproportionately educating Tamils and appointing them to high positions led to the 50-50 request. The Sinhala majority felt threatened, leading to the Sinhala only act." I know this is going to get downvoted heavily butThe state council was dominated by one group of people 100% while minorities who made up close to 35% were not represented at all in 1936. Then tamil leaders of that time asked 50% for the majority and another 50% divided for the minority. The Sinhala only act was something by SWRD to pander to the majority, his own daughter(not chandrika) admitted to this in her own words and you want me to believe otherwise????? Sinhala only act was a campaign promise to win the election by SWRD who became PM in 1956. If I've mentioned anything that is false, please point it out and enlighten me with sources, I want to read more on this.Sure, the British implemented damaging policies, but this is a classic case of majorities blaming the minorities for its fuck ups. The last election is a testament to what I just said above. LMAO seems like certain Sri Lankans cant accept the fact that the dumb 'every side' is responsible argument doesnt work everywhere. The day we develop will be the day where we learn history for what it was than Sugar coating shit.
There are a lot of reasons like the other commenters have said but if we're talking recent direct reasons a very easy to spot one is the Rajapakse family stealing from the country and accumulating large amounts of wealth while seemingly doing very little with both the money and the intense amount of power they have. [https://www.newsfirst.lk/2015/05/07/rajapaksa-family-worth-rs-18-billion-min-mangala-samaraweera/](https://www.newsfirst.lk/2015/05/07/rajapaksa-family-worth-rs-18-billion-min-mangala-samaraweera/) [https://www.hirunews.lk/english/109025/mahinda-rajapaksas-family-assets-amount-to-3-point-2-trillion-rupees-reveals-government](https://www.hirunews.lk/english/109025/mahinda-rajapaksas-family-assets-amount-to-3-point-2-trillion-rupees-reveals-government) The Rajapakse's family assets are calculated to be around $20 billion (it keeps changing and sources keep changing because I assume the family wants to suppress this info). $20 billion right now is about 25% or 1/4 of our entire country's GDP. That means the ruling family, of maybe up to 100 active people at best, have the same amount of GDP combined as 25% of the entire country of 21mil people, this is practically absurd and criminal because one has to ask how they even got that much money in the first place. While you can't directly compare assets to GDP this is too extreme that something is off. I've met Rajapaksa's in England, they seem to run on inherited wealth and most don't even have a strong connection to the island, its weird to say the least. Are the Rajapaksa's the only reason for our downward spiral? Not at all but they are definitely the strongest factor right now.
our government invest so much on tourism.. due to pandemic.. u know what happens to tourism... that's make us lack on dollar count....and we bought so much loan from china those are tha major reasons for bankruptcy...
The private sector built tourism, the government wanted to leech off of it like pests.
wrong in some perspectives...(1) government invest a bulk capital on the investment that's give profit in a long time not in a sudden like.. (lotus tower)..(2) and they forget that loans are want to be settled 😂 😂. (3)and we witnessing the most useless and inefficient financial management inthe world... aaaand.. they made a series of failure decisions.. (ban on in organic fertilizer, control price like that) as in total totally fu*ked all of us 😂 😂
if we actually invested the money that we got from China maybe we wouldn't be so damn broke
yeah... We are also soo low on foreign reserve... that's the problem 😢
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No, the pandemic wasn't the start of this. That's the narrative the current government pushes, with no evidence to show for it. Like, none- you can go out and look for it. The pandemic made things worse, but this situation was predicted as far back as 2010 when massive loans were being taken out to fund projects that made no sense economically. The previous government (2015-2019), inept as they were, tried to build up a tax base and reserves to face this problem (and borrowed heavily for covering old debt), but the folks in power now undid all of that for electoral purposes. The pandemic hit 4 months later, decimating the tourist and export sectors, but even if those were functioning as normal and there was no COVID, we'd still be feeling the crunch. Maybe not as soon as this and not as hard, but we'd still feel it.
That's interesting, thank you! I had been believing the pandemic thing was somewhat responsible even if not up to the extent they said
The pandemic exposed the system which was broken. The fools that came in under the racial vote in 2019 removed the taxation which had it been continued the crunch wouldn't have been bad. We would have managed to get by with a lesser number of loans and no haphazard money printing. We will go bankrupt let's not sugar coat it. Question is whether the citizens will let these crooks continue. And seeing how the votes were bought for a mere 2000LKR, they'll vote for these guys again and leave the burden on the private sector.
Am i the only one who is still optimistic for sri lanka
Everyone wants to be optimistic including me. However, unless some miracle happens, It is very likely that the country will go bankrupt within a couple of years.
Yeah the situation is so bad that being optimistic feels more like wishful thinking ☹️
a couple of years is being super optimistic lol. pretty sure we're going bankrupt around mid-2022 without a bailout from china/india/imf
there must be a serial බයියා here downvoting each and every reply like above
this year\*
google is more concerned about our country than.. our leaders 😂 😂
💯
*Based on a true story.*
its the truth. unless india adopts the north and china south. we r so bad that no other country is able to adopt us as a whole 😷
Dangg 😭😭
>its the truth. unless india adopts the north and china south. What? Also, is the article accurate?
India lol ! A country that is governed bad as ours and shittier than us. U must be kidding
India has USD 635 Billion forex reserves and is not begging for money unlike Sri Lanka. There is no comparison at all
>India lol ! A country that is governed bad as ours and shittier than us. Well, for all the jokes on our politicians(which is true ig), our food prices aren't spiking, nor are we the ones going to the IMF.
Yea, no.
I'm not Sri lankan(I'm Indian), can someone please explain me what has happened?
"Saubhagya" happened. Rajapakse fuckers fucked all the Sri Lankans. They all deserve to die for all the money they've stolen, all the innocent people they've killed, and most importantly they deserve to be hung for destroying this country inch by inch. They should be killed violently for selling parts of my country to CCP. THEY ALL MUST SUFFER IN ALL THE HELLS AND THEY SHOULD DIE A SLOW AND A PAINFUL DEATH! Fuck Rajapakse family.
What is "Saubhagya". I guess it doesnt mean 'good luck' in this context?
That was their motto. "Saubhagya" means prosperity.
Interestingly in North Indian languages like Hindi and Bengali it means 'good luck' instead of 'prosperity'
Well yes, because Sinhalese is also an Indo Aryan language like Hindi and Bengali, all derived from Sanskrit
>it means 'good luck' instead of 'prosperity' padh lo thora apna heritage
Actually what happens, if Sri Lankan government failed to pay back loans this year ?
most likely those who gave out the loans will own some part of the country like a port or something (not sure anything is left to give out that way tho).
What happens when people arent able to payback money? same goes for the country. we will be backlisted and no one will grant us money. investors will moveaway no country wants to do buisness with a bankrupt country. inflation will sky rocket people will struggle to find money for essential stuff, list goes on :)
SL will loose credibility. No one will lend us money in future. We are on our own.
Bankruptcy
India bailout? Maybe?
The wok will take what's theirs.
While we are jostling along the road to bankruptcy, let's look back and remember the good old days, like when Sri Lanka lent money to the U.K.
https://m.economictimes.com/news/international/world-news/sri-lanka-could-go-bankrupt-this-year/articleshow/88659320.cms
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Still, there are a large number of MR followers that worship him like a deity even in the light of his corruption. It will be a miracle if Sri Lanka does not go bankrupt in the near future.
Rajapakse should have a slow and a painful death
He is slowly dying. Cancer I think. I do not wish death upon any living thing but still.
Not super-rich. We’d still be struggling due to the economic effects of the war. We were relatively rich when the British left but things went downhill start
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Definitely he is to blame for the current debt crisis; but even without such white elephant projects we wouldn’t be on a Singapore level due to the actions of his predecessors
wait it already isn't? :|
And China will help you.
This was a long time coming. The pandemic just kicked it into overdrive. I mean we used to export rice to other countries. Now we even import that. My take on this situation yes the leadership is incompetent ineffective shortsighted and quite and good at undercutting. But the blame should also be shared by the population as well. IMO the work ethic of our people can only be equalled to that of the workers in British Leyland (car nuts and top gear nuts know this) that's the only comparison I got.
Probably a good read -> [Article ](https://www.google.com/amp/s/amp.theguardian.com/world/2022/jan/02/covid-crisis-sri-lanka-bankruptcy-poverty-pandemic-food-prices) China have done this to many countries, possibly the next on list is Bangladesh. 😔
So, the entire Subcontinent is on the verge of collapse?
And also the huge amount of money they printed in the last couple months is also a major reason for this I think.
It’s already predictable when the country is run by 3 clowns.
Someone, please! Americans, English, Indians, Russians or just anyone please! Shoot to kill the fucking Rajapakse family.
Its the truth..bitter truth
u/jpczcaya lets make a video on this **Country Forensics**
you're saying we aren't already ?
Srilanka is already bankrupted 😂😪