Discover and read the best of Twitter Threads about #SriLankaEconomicCrisis

Most recents (24)

#Thread: Sri Lankan scholars, experts & writers have, over the last few months, offered insightful commentary in @the_hindu to help us better understand and appreciate #SriLankaEconomicCrisis, as well as the political unrest it brought about.

Sharing some links below:
#SriLanka: October 2021: The ground benath the President's feet - Prof. Jayadeva Uyangoda

thehindu.com/opinion/lead/t…
#lka: April 2022: Sri Lanka stares at bankruptcy or redemption - Ahilan Kadirgamar thehindu.com/opinion/lead/s…
Read 10 tweets
This is a reason, but not the full truth:
"The Sri Lankan rupee is a closed currency which means it is not available to buy or sell outside of Sri Lanka.[14] One can buy LKR at the Sri Lankan airport or currency outlets available throughout the country." #SriLankaEconomicCrisis
See, Sri Lanka has always been a VERY successful trade post since the Portuguese, who didn't have to honor a treaty made when the native local King of the nation died in 1518. That's just what Portuguese people do. The treaty allowed them coastland in exch for military protection
Portuguese gonna be Portuguese tho so when the King died (the counterparty of that deal) they just decided to use their military power to extend their coastal lands and kick out the deceased kings people/or rule over them by forcefully preventing a successor by taking authority.
Read 36 tweets
ℹ️ This is not a FALSE letter

Here is why 👇 ( Thread )

#SriLankaCrisis #SriLankaprotest #ProtestLK #lka #SriLankaEconomicCrisis
මෙම ලිපිය ශ්‍රී ලංකා විදුලි සංදේශ නියාමන කොමිෂන් සභාව විසින් දුරකතන සමාගම් වෙත යැවූ බවට Citizen Fact Check අපට තහවුරු කළ හැක .
කෙසේ වෙතත් එම ලිපිය නිල නොවන ආකාරයට ප්‍රසිද්ධියට පත්වූ පසු එම ලිපියේ සඳහන් පරිදි හෙට දිනයේ අන්තර්ජාලය අවහිර කිරීමක් සිදු නොකරන බවට ලංකා විදුලි සංදේශ නියාමන කොමිෂන් සභාවේ සභාපති ජයන්ත ද සිල්වා ප්‍රකාශ කිරීමට හේතුව කුමක්ද යන්න ප්‍රකාශ කිරීමට ප්‍රමාණවත් සාක්ෂි අප සතුව තවමත් නොමැත.
Read 5 tweets
Sri Lanka has fallen.
It’s bankrupt, out of Petroleum, medicine, electric power & food.

Everything is rationed #socialism

mobs are chasing and killing wealthier citizens desperate for food & fuel.

#LiberalWorldOrder

#SriLanka cnn.com/2022/04/05/asi… Image
Climate-friendly ban on artificial fertilizers devastated the country’s largest industries - #Farming.

On the bright side, Sri Lanka’s ESG score is 98.1 per WEF measures 😎

#SriLankaCrisis 👉🏼 #Netherlands

shorenewsnetwork.com/2022/07/07/com…
Read 4 tweets
#SriLanka PM @ranil on Sri Lanka's "Twin Crisis": “We are only seeing the beginning [the of global impact of the Ukraine crisis]...it will get much worse as it goes along...most probably be a shortage of food [which] will go globally till 2024.”
#EconomicCrisisLK #Ukraine
@ranil #SriLanka PM @ranil on Sri Lanka's "Twin Crisis" says: "There's a shortage of fertilizer in California, there's a shortage of fertilizer in Brazil. Already countries are banning the export of food."
#EconomicCrisisLK
"There are going to be many countries affected by the Ukraine crisis. Some say 40, some say 70. But we are unique... until the Ukraine crisis took place [other] economies were normal. Not in our case. We [were] already suffering"-@RW_UNP.
#SriLankaEconomicCrisis #EconomicCrisisLK
Read 25 tweets
Cabinet decisions today @CabinetSL
Thread ⬇️

#SriLanka #Cabinet #SriLankaEconomicCrisis
#SLnews
@CabinetSL @CabinetSL Prime Minister @RW_UNP briefed the Cabinet on the economic crisis in depth-Cabinet spokesperson Bandula Gunawardena

#SriLanka #Cabinet #SriLankaEconomicCrisis
#SLnews
@CabinetSL The daily budget deficit of 1.7 billion rupees in 2014 has risen to 5.6 billion rupees in 2022- @BandulaDr

#SriLanka #Cabinet #SriLankaEconomicCrisis
#SLnews
Read 23 tweets
#SriLanka @CBSL chief at #PressClub event - “What we have is a balance of payment crisis. But now it’s has evolved into a political crisis and social unrest”
#SriLanka @CBSL chief at #PressClub event - “Suspending the debt repayment was the best option out of many bad options until we come to consensus with our creditors”
#SriLanka @CBSL chief at #PressClub event - “Suspending the debt repayment mean we do not have to find $2.5 bln for debt repayment this year. But anyway we have to pay for imports.”
Read 24 tweets
#SriLanka GCE Ordinary Level examinations commenced today (23) after a delay of 5 months.
Over 500,000 children island wide sat for the exams amid the worst economic crisis the country has ever seen.

"We received no support"-Student
#SriLankaEconomicCrisis
"The kids just want to get it over with. My son said if this gets pushed back even more, he's not going to do his exams at all. They are in a huge amount of stress"-Parent of a child sitting for O Levels
#SriLankaExam
Read 5 tweets
Coming back after a few days off Twitter, thought I'd try and explain in a (hopefully) easy + visual way why, despite things being really tough right now, there's space for hope - even if it doesn't feel like it
🧵👇
#SriLankaEconomicCrisis #EconomicCrisisLK #SriLanka #aragalaya
Disclaimer - personal opinion of course, and this framework is a complete oversimplification, but hopefully this can serve as a useful introduction into why there's space for hope
Explaining this visually in a series of simplified graphs.

It maps the performance of the economy over time.

Here, economy is an overall measure of money, QoL, growth, etc. Up is good, down is bad. Image
Read 25 tweets
1. Ministerial Salaries & Privileges:

With the view of easing public expenditure; the new Cabinet Ministers of the Government will forgo ministerial salaries while a limit will be placed on other benefits enjoyed to date.

#SriLankaEconomicCrisis
2. Fuel Shipment Update:

I have presented an update to Parliament today regarding the Fuel Shipments that has arrived and is scheduled to arrive.



#SriLankaEconomicCrisis
3.Response to MP Patali Champika Ranawaka (A):

I have responded to the issues raised in the letter addressed to me. It includes;

oThe discussions with President Gotabaya Rajapaksa and Party Leaders on the next steps after the 21st Amendment has been presented in Parliament
Read 9 tweets
1. I have instructed the staff of the Prime Minister's office to slash the expenses of our office by 50%. We need to work towards instilling the correct financial discipline to hasten the country's economic recovery.

#SriLankaEconomicCrisis
2. We are expecting to finalize the draft of the 21st Amendment by next week

#SriLanka
3. I have today responded to the queries raised by MP Harin Fernando and MP Manusha Nanayakkara regarding our position on the issues raised by them.

#SriLanka
Read 5 tweets
The South Asian nation is set to blow through the grace period on $78 million of payments Wednesday, marking its first sovereign debt default since it gained independence from Britain in 1948. #EconomicCrisisLK #SriLankaEconomicCrisis
Its bonds already trade deep in distressed territory, with holders bracing for losses approaching 60 cents on the dollar. The government said last month it would halt payments on foreign debt. #GOSL #CBSL #CSE
Prime Minister Ranil Wickremesinghe, appointed last week, is yet to choose a finance minister, who will help lead talks with the International Monetary Fund over badly needed aid.
Read 5 tweets
Many thanks to @worldsiop for focusing attention on #SriLanka
Since many have inquired here is a thread about the current ground situation. Its going to be long, so apologies in advance.
1/
siop-online.org/news/official-…
Childhood cancer in #SriLanka -
Around 750 children are diagnosed with cancer in SL each year and almost all of them are treated at the #NCISL. As in all public hospitals in SL, @ NCISL all care is provided with no cost to patients/caregivers.

2/
sciencedirect.com/science/articl…
Problem - Due to a multitude of reasons #SriLanka is facing an unprecedented financial crisis highlighted by an acute forex shortage. This has huge impact on medicine availability as most meds (specially cancer meds) are imported to the country.

3/

thelancet.com/journals/lanon…
Read 10 tweets
1. The next couple of months will be the most difficult ones of our lives. I have no desire to hide the truth and to lie to the public. Although these facts are unpleasant and terrifying, this is the true situation.

#SriLankaEconomicCrisis
2.

• Govt. Revenue: SLR 1.6 Trillion.
• Govt. Expenditure: SLR 2.4 Trillion.
• Budget Deficit: SLR 2.4 Trillion (13% of GDP)

#SriLankaEconomicCrisis
3.

• Debt Ceiling: SLR 1950 Billion out of the approved debt ceiling of SLR 3200 Billion by the 2nd week of May
• Foreign Reserves: They were at USD 7.5 Billion in Nov. 2019. However, today it is a challenge for the treasury to find USD 1 Million.

#SriLankaEconomicCrisis
Read 12 tweets
At present, the #SriLankan economy is extremely precarious. Although the former government’s budget projected revenue of SLR 2.3 trillion, SLR 1.6 trillion is the realistic projection of this year’s revenue: PM of Sri Lanka #RanilWickremesinghe, in #Colombo

#Economy #SriLanka Image
The estimated govt expenditure for this year is SLR 3.3 trillion. However, due to increase in interest rates & addl expenditure of ex-govt, total govt expenditure is SLR 4 trillion. Budget deficit for the yr is SLR 2.4 trillion. This amount equals 13% of the #GDP: PM of Sri Lanka
Read 9 tweets
A lot of conversation on RW as PM and what it means politically, but a quick thread on what I think a GR-Prez/RW-PM led (mostly) SLPP government means economically

#EconomicCrisisLK #SriLankaEconomicCrisis #SriLankaCrisis #SriLanka #lka
Disclaimer - I'm no political expert, so my views on POLITICS are no more important than any other random citizen. What I'll try to explain is my personal view on the economics on which I hopefully have more credibility
There are 2 arguments I hear on why this is great for SL's economic crisis

1. RW coming in means political stability->more economic stability->economic revival

2. RW has international connections that will bring in lots of bridging finance

Let me explore what I think of this
Read 16 tweets
लंकादहन..🔥

श्रीलंका..!

१९४८ मध्ये ~ भारतासोबतच स्वतंत्र झालेला हा देश..अप्रतिम निसर्ग सौंदर्याने नटलेला.. पांढऱ्या शुभ्र वाळूने नटलेल्या समुद्र किनाऱ्यांची खाण असलेला हा आपला शेजारी आज आगीत धुमसतोय..!!

असे काय झाले की श्रीलंकेवर ही अशी वेळ आली ?

ही आहे त्याची गोष्ट.. #म
श्रीलंका..१९४८ला सिलोन/Ceylon नावाने स्वतंत्र झाला..~७५% सिंहीली बौद्ध,~१२% तमिळ आणि बाकी तमिळ भाषिक मुस्लिम,ख्रिश्चन अशा लोकांचा हा देश होता.

पण नुकत्याच स्वतंत्र झालेल्या देशात जेव्हा आशावाद,देशप्रेम यांना खतपाणी घालायचे असते तेव्हा श्रीलंकेच्या नेत्यांनी द्वेषाला मोठे केले..!
सुरुवात झाली ती ' फक्त ' सिंहीली राष्ट्रभाषा आणि कामकाजाची भाषा जाहीर करण्यापासून..

आणि नंतर राष्ट्रवादाच्या नावाखाली निवडणुकांच्या वेळी दंगली करून तमिळ भाषिकांची अनेकदा कत्तल झाली..!

हे सर्व सहन न झाल्याने तमिळ भाषिक प्रदेशाने 'एलटीटीई' स्थापन करून स्वातंत्र्य जाहीर केले..!
Read 24 tweets
Dug up a 2011 piece on #Hambantota that I wrote for LakbimaNews which cannot be found online (no website or archives) now. #SriLankaEconomicCrisis #SriLanka Image
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Read 5 tweets
ණය සහ ආර්ථික අර්බුධය, IMF උදවු, මේ ටිකෙන් ලංකාවේ ආර්ථිකයටයි රටේ මිනිස්සුන්ටයි ඉස්සරහට මොකද වෙන්න යන්නේ? 👇

#SriLanka #SriLankaEconomicCrisis (#GoHomeGota2022 #අරගලයටජය for reach)
ලංකාව මෙතෙන්ට එන්න කලින්, අවුරුදු ගාණක් තිස්සෙ ආර්ථික ගැටලු වලට මුහුණ දීපු රටක්. මන් කලින් කතා කරා අපේ ආණ්ඩුවේ ආදායම්/වියදම් හිඟය ගැනත්, රටේ ඩොලර් ආදායම්/වියදම් හිඟය ගැනත්.


(2/23)
මේ නිසා රටේ දිගටම ආර්ථික අර්බුද ඇති වුණා. 2016 වසරේ තිබුණු අර්බුදය තුළින්, මේ කතාව මම කලින් විස්තර කරන්න හැදුවා.


(3/23)
Read 23 tweets
2019 අලුත් ආණ්ඩුව ආපු දවස ඉඳන් ගත්ත ආර්ථික තීරණ වලින් ආර්ථිකය ලොකු අමාරුවකට වැටුණ එක අපිට හොඳට තේරෙනවා.

හැබැයි ඇත්තටම මොකද්ද වුණේ - කොහොමද මෙච්චර ඇණ ගත්තෙ? 👇

#SriLanka #SriLankaEconomicCrisis (#GoHomeGota2022 #අරගලයටජය for reach)
2019 වෙනකොට, ආර්ථිකය එච්චර හොඳ තැනක නෙමෙයි තිබුණේ. 2017/18 වල ආණ්ඩුවේ ආදායම්/වියදම් හිඟය පාළනය වුණත්, ණය බර තාම තිබුණා. ඉස්සරහ අවුරුදු වල ගොඩක් ණය ගෙවන්න තියෙන බව පෙනුනා.


(2/24)
2018 දි, තීරණය වුණා ණය ගෙවන එක කරගෙන යන්න නම්, අලුත් ණය ගන්න වෙනවා, හැබැයි ඊට එහා ණය ගන්න එක නවත්තන්න ඕන කියලා. 2019 ඒ නිසා ණය ගොඩක් අරන් සංචිත පිරෙවවා.

(3/24)
Read 25 tweets
අපේ රටේ ආර්ථිකය මෙච්චර වැටුණේ කොහොමද?

කලින් කතාවේ ඉතුරු ටික 👇

#SriLanka #SriLankaEconomicCrisis (#GoHomeGota2022 #අරගලයටජය for reach)
2016 වෙනකොට අපේ ආර්ථික ප්‍රශ්න නිසා තවත් අර්බුදයක් අපි මුහුණ දුන්නා. 2015 පාර්ලිමේන්තු ඡන්දය වෙනුවෙන් දුන්න සහන නිසා, ආණ්ඩුවේ වියදම් වැඩි වෙලා, අර්බුදය ඉක්මන් වුණා.


(2/20)
අපේ ආර්ථික ගැටලු ප්‍රධාන වශයෙන් තුනයි.

1 - ආණ්ඩුවේ ආදායම්/වියදම් හිඟය
2 - රටේ ඩොලර් ආදායම්/වියදම් හිඟය
3 - රටේ වැඩි වෙන ණය බර

මේ තුන තමයි විසඳගන්න ඕන

(3/20)
Read 21 tweets
ලංකාව කොහොමද මෙච්චර වැටුණේ? මං සිංහලෙන් විස්තර කරලා නැති නිසා, මෙතෙන්ට ආවේ කොහොමද කියලා මුලින් පටන් ගමු 👇

#SriLanka #SriLankaEconomicCrisis (#GoHomeGota2022 #අරගලයටජය for reach)
2016 විතර වෙනකොට, අපේ රටේ ණය බර, ආර්ථිකයේ ප්‍රමාණය එක්ක බලනකොට වැඩි වේගෙන එනවා. මේ වැඩි වීමට ප්‍රධාන හේතු තුනක් තිබුණා.

1 - කලින් ගත්ත ණය ගෙවන්න අලුත් ණය ගන්න එක
2 - ආණ්ඩුවේ ආදායම්/වියදම් අතර හිඟය පුරවන්න
3 - රටේ ඩොලර් ආදායම්/වියදම් අතර හිඟය පුරවන්න

(2/8)
ආණ්ඩුවේ ආදායමට වඩා වියදම වැඩි වුණාම, රටේ මිනිස්සුන්ට අතට තියන සල්ලි වැඩි වෙනවා - මොකද බදු වලින් ගන්න සල්ලි වලට වඩා, පඩි සහ අනිත් වියදම් වලින් වැඩිපුර සල්ලි මිනිස්සුන්ට ලැබෙනවා.

ඉතින් හොඳයි නෙ?

(3/8)
Read 9 tweets
A quick thread on how government expenditure is almost always paid for the people - in 1 of 3 ways

#SriLankaEconomicCrisis #SriLanka #lka (#GotaGoGama #GoHomeRajapakshas #GotaGoHome2022 #අරගලයටජය for reach)

(1/9)
Whenever a government has an expense, it's paid in 1 of 3 ways.

1. Taxes
2. Loans
3. Money printing

Despite what it looks like, taxes are often the least anti-poor

(2/9)
Let's start with money printing - I explained it detail here but what matters is that excess printing just results in inflation.



(3/9)
Read 9 tweets
I promise I'll try my best to make this not-boring, but let's talk taxes in Sri Lanka.

#SriLanka #SriLankaEconomicCrisis #lka (also #GotaGoGama #OccupyGalleFace #අරගලයටජය #GotaGoHome2022 for reach)

(1/24)
Our tax revenue before 2019 was about 11-12% of GDP. After the tax cuts, this came down to around 8%. Both in comparison to around 12-14% in non-debt expenditure (about 16% in 2019 due to election goodies)

Explained how this was a problem here


(2/24)
In an attempt to make this easier to digest, going to bring back Rehan (our rich guy), Pasan (who I've made less poor than he was), and a new fellow Ayesh who's basically in poverty.

Rehan earns 500k a month. Pasan earns 50k. Ayesh earns 15k.

(3/24)
Read 24 tweets

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