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<p>&lt;p class="documentDescription"&gt;&lt;tr&gt;&lt;td align="left"&gt;<br />&lt;h1 class="documentFirstHeading"&gt;Rs. 120,000 state debt on each Sri Lankan's shoulder&lt;/h1&gt;<br />&lt;p&gt;&lt;b&gt;&lt;img class="image-left" src="../images/ab/" alt="Sri Lanka" /&gt;&lt;/b&gt;&lt;/p&gt;&lt;p&gt;Reportedly, HSBC, JP Morgan and Barkleet banks have agreed to grant Rs. 56 billion loan to Sri Lanka government at an interest of 7% per annum. Opposition United National Party, the main force that entrapped the country in this vicious circle now weeps that the debt burden on each f citizen will be increased by Rs. 13,000 with this loan.<br /><br />Sri Lanka state had a mere Rs. 529 million debt in 1950 and the per capita debt was Rs. 73 then. State debt was Rs. 98.6 billion in 1977, the breakthrough year of economic liberalization of the country. <br /><br />The state debts have now increased to Rs. 2,771 billion and each individual of the country's population owes Rs. 120,000.<br /><br />But, what have we achieved through this massive debt? <br /><br /><br />&lt;Br&gt;<br />&lt;Br&gt;<br />&lt;/p&gt;<br /> <br />&lt;p class="documentDescription"&gt;&lt;tr&gt;&lt;td align="left"&gt;<br />&lt;h1 class="documentFirstHeading"&gt;Increasing Inequalities - Who is Responsible?&lt;/h1&gt;<br />&lt;p&gt;&lt;b&gt;&lt;img class="image-left" src="../images/wb/" alt="WorldBank" /&gt;&lt;/b&gt;&lt;/p&gt;&lt;p&gt;<br />WB's Country Director in Sri Lanka, Miss Naoko Ishii, making the Key note address at the Sri Lanka Economics Association on 10 th August admitted that Sri Lanka's economic inequalities have been very high compared to other countries in Asia and that it has become a major reason for failure in reducing poverty. What she has not said is how the WB's economic strategies for accelerated growth and promotion of private sector contributed to this failure. It is very easy to show how Sri Lanka that had adopted a policy of keeping inequalities low until 1977 and had succeeded in achieving relatively good social development results reversed these achievements under the WB guided "growth strategy "<br /> <br /><br /><br />&lt;Br&gt;<br />&lt;Br&gt;<br />&lt;a href="monlar/toplink/archives/sessionwb/" style="text-decoration:none"&gt;<br /> &lt;font face="Tahoma" size="2" color="#FF9900"&gt;<br /> Read the speech of WB's Country Director<br /> &lt;/font&gt;<br /> <br /><br /><br />&lt;/p&gt;<br /><br /></p>
News Archives
  • Sri Lanka discourages rice exports for the use of expatriates
    (JUne 13) Sri Lanka Cabinet of Ministers granted approval to a memorandum submitted by Ranjith Siyambalapitiya in his capacity as the Acting Minister of Finance and Planning to issue a Gazette notification specifying the minimum FOB price of a Metric Ton of rice which is being exported, to be Rs. 100,000 with effect from 10.06.2008.
  • Coca-Cola Urged to Close an Indian Plant to Save Water
    NEW DELHI — A leading environmental research group based here has asked Coca-Cola to consider shutting down a bottling plant in the drought-stricken state of Rajasthan, saying that the plant is depleting scarce water supplies. The recommendation came in a report released Monday by the organization, Energy and Resources Institute. The report was commissioned by Coca-Cola in 2006 in response to reports that pesticide residues had been found in its products.
  • Efforts to trade off land in Eastern Province behind the abrogation of ceasefire
    Sri Lanka Government suddenly decided to abrogate the ceasefire agreement (CFA) with the Liberation Tigers of Tamil Ealam (LTTE). This CFA signed in 2002 was actually defunct since President Mahinda Rajapakse came into power in 2005. However, neither party of the CFA pushed to be the first to withdraw from it. The Government's notice to withdraw from the CFA came in an unexpected time and it did not catch much enthusiasm since it was in rags since many months and the war was raging in full throttle.
  • Doctors given a choice - Generic names or jail
    Beginning (January 1) doctors, both in the private and public sectors, will have to prescribe drugs under their generic names and explain to patients the advantages of prescribing drugs under generic names instead of trade names. This regulation is being implemented under the Private Medical Ordinance Act and Government Medical Ordinance Act.

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