Lanka loses billions of rupees due to its inability to establish foreign universities – a response – The Island

This refers to the letter from Mr Jayanta Kurukulasuriya (JK) in The Island of February 4.

He says the name “International Monetary Fund” is “misleading” because it is “anything but international”.

He continues: “Historically, the Managing Director of the IMF has always been a European citizen and the President of the World Bank is always an American citizen. So much so that in 2011, the world’s largest developing countries (the BRICS states) issued a statement declaring that the tradition of appointing a European as chief executive was undermining the IMF’s legitimacy.

Attention: This declaration of the BRICS states does not say that the BRICS countries too, are now qualified to occupy these positions and not only the Europeans or the Americans. They do not claim participation for nomination. Instead, they seem to throw the door wide open and speak for ALL countries in the world, well-run, badly-run, democratic, despotic, corrupt or otherwise.

Brazil is one of the BRICS states. Its former president Lula da Silva (2003 to 2010) was imprisoned for corruption. However, after serving 580 days in prison, he was released; and after a ding-dong legal battle, all charges against him were dropped in 2021.

What is important for Sri Lanka about his trial is that the Brazilian judiciary enjoys a certain degree of independence from political interference. Only a certain degree. No judge’s house was stoned; no judge has been removed; and no judge was shot.

So what does JK want? Internationalize these meetings? And open the door for countries that are completely mismanaged and riddled with corruption to also claim an appointment as president and CEO of these institutions?

What are these completely mismanaged countries? To name a few, they are Myanmar, Ethiopia, Sudan, Lebanon, Somalia, Zimbabwe; the list is not complete. But why go so far? Look at our own country.

What will then happen to the funds of these two institutions, if these countries also nominate? Take a look at our treasury, to get an idea. Empty. Even the background is gone.

It is the political masters of these corrupt countries who will appoint them. I leave it to my dear readers to imagine who they will be – if not in relation to other countries, at least in relation to ours.

JK, please watch CNN. This channel regularly announces the number of jobs created by the American economy – in the hundreds of thousands. Despite the pandemic. Just today, February 4, 2022, The New York Times reported that U.S. employers created 467,000 jobs in January 2022, and “hiring showed the economy’s resilience in the face of record highs.” of viruses exceeding eight hundred thousand (800,000) a day and millions of workers being kept at home.

The reason our leaders cite for their inability to create jobs is the pandemic. (They don’t say why they failed before that!) The best our leaders can do is beg South Korea to give our young people more jobs. In other words, they can only implore other countries to create jobs for our citizens in those countries as well. Just pathetic, isn’t it? Surely we can do better than that? We have people who can. It’s just that our electoral system is malfunctioning and preventing the sovereign people from electing them.

Clever politicians have manipulated the electoral system over the years to exclude them.

Constitutional reformers – please note when drafting the new constitution.

Seventy-four years ago today the British handed over to our own rulers for self-rule a country whose economy they had developed to be among the first in the region. To illustrate: The Gal-Oya reservoir was built with the money they left over when settling accounts at the handover. No money was borrowed. We bought the Trincomalee tank farm from Britain. We did not borrow for the purchase. These show what a strong, debt-free economy the British have bequeathed to us, or rather to our leaders.

Despite this irrefutable evidence, some would have us believe that British rule was wrong.

In contrast, there was famine and starvation in India. Indians used to enter Sri Lanka illegally through the Mannar coast just for a plate of rice. My platoon and I apprehended over 700 all along Mannar Beach. The wheel of fortune has turned. Today our government is borrowing money from India to buy food.

In 1948, there was no country called Bangladesh. This country was not born until 1971 – 23 years after we were given the freedom to govern ourselves. Today we are borrowing money from Bangladesh, a country that is only 51 years old. What a shame. By the way, what happened to that assertion we used to hear when we clamored for freedom, that our civilization is over 2000 years old and that we are fully capable of governing ourselves?

Zimbabwe’s economy did not collapse because of the IMF; but because of Robert Mugabe. Zimbabwe was known as the “breadbasket of Africa” ​​when Mugabe took control of Rhodesia as it was previously known. He changed the name of the country to Zimbabwe. He plundered the wealth of the country and built palaces for himself and left the country impoverished. Another such dubious ruler was Mobutu of Zaire, now Congo. At the time of his death, he was among the wealthiest in the world. But in his country even his soldiers were starving.

The big mistake the IMF made in Brazil, Argentina, Chile, Greece, etc. was to deliver aid to the very leaders who are responsible for their economic failure. They have failed to impose or effectively impose the principle of accountability in governance.

If the IMF and the World Bank are treading carefully on the demand to “legitimize” the two institutions as the BRICS or JK want, I can very well understand why: very soon they will have no more money to help anyone. that is. The appointees of the corrupt leaders of populist governments, playing gallery, will pocket them all to share among themselves. The whole world won’t be a better place then. I see the flip side of populism.

The IMF or the World Bank will not visit Sri Lanka unless Sri Lanka requests it. If they are invited and come, they must insist on one condition: all leaders who are politically accountable to the sovereign people of Sri Lanka for the massive mismanagement over the years, must be retired; they have no say in the management of their aid and in the country’s economy. This condition must be made non-negotiable.

This condition is achievable and reasonable.

Brigadier (Retired) Ranjan de Silva

Email: [email protected]

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