Discover and read the best of Twitter Threads about #srilankacrisis

Most recents (24)

Here's a hypothetical example to show the story of corruption and theft in Sri Lanka and why it's really painful to reverse it - for reasons that you might not realise!

#SriLanka #lka #EconomicCrisisLK #SriLankaCrisis #corruption
2/ Let's assume some 20 years ago, in an election, a politician's crony friend donated some 100m LKR to an election campaign. In return, the crony wanted at least 200m LKR in profit a year in some way if the politician got elected.
3/ The politician gets elected. Now, he must help his crony friend.

Can he explicitly steal 200m and give every year? Nah, that's too easy to trace.

Instead, he creates an opportunity for the crony friend to earn that kind of money.
Read 20 tweets
Exclusive: Some in int'l community trying to oust @RW_UNP, Minister Tiran Alles tells me. “Sections of the international community worked to topple President Gotabaya Rajapaksa, now they want to topple President Ranil Wickremesinghe, too.” (1)
(2) The UN, US, Canada, EU & UK expressed serious concern, the Norwegian Ambassador strongly condemned last week's pre-dawn military assault on the protesters occupying the presidential secretariat. Journalists & lawyers were among those assaulted. At least 5 ppl were abducted.
(3) Responding to wave of int'l condemnation, Min Alles says: “Some sections of the tinternaional community don't like President Ranil Wickremesinghe as he is a strong leader. Their intention is to weaken #SriLanka to control our country’s affairs.”
Read 8 tweets
**A 🧵 ON EARNING EXTRA USD $ FOR ANYONE IN #SRILANKA**. Hi everyone, so following up on my previous thread a few months ago, I thought I would write a new one on much simpler ways to earn some extra foreign income on the side.
As always, a small disclaimer. None of the methods I have mentioned here will probably make you enough money to survive on it as a lone source of income, however, it should act as a supplement to what you are earning + added bonus of it being in USD.
Most of the methods I have mentioned on this thread, I have learnt through people I met in #Bali who are digital nomads. Some use it as a supplementary source of income, but some actually SURVIVE completely on some of these means that I've mentioned.
Read 17 tweets
.@JoeBiden @SecGranholm If we in the United States want the Eurozone to keep up #RussianSanctions thru this winter in support of #Ukraine we need to be loading boats with coal so power producers have proper stockpiles... RIGHT NOW! We should be all hands on deck!!! @JavierBlas
Otherwise Europe will be at risk of grid shutdown/blackouts or some kind of #SriLankaCrisis will ensue. This is not a joke. If the grid shuts down in the middle of winter, people will die like they did here in Texas during the Uri freeze of Feb 2021.
Recommend discussing privately with energy ministers/secretaries in each country. Different fuel mix for each country between nat gas/coal/oil/etc. Rationing as is currently planned will NOT be enough. Consider Defense Production Act to support allies of #Ukraine
Read 7 tweets
Re: Rupavahini Takeover:

We can confirm that a group of protestors were given a seat at a news broadcast at Rupavahini, in an attempt to de-escalate tensions.

#LKA #SriLankaCrisis #GotaGoHome2022
The protestors had demanded the Sri Lanka Rupavahini Corporation (SLRC) change its programmes and replace it with coverage of the Aragalaya.
The staff managed to compromise and offered the protestors a seat at the next news segment, having explained that the scheduled programmes cannot be taken off air entirely.
Read 8 tweets
🧵The Sri Lankan Socialist Equality Party (@SepLanka) has just rejected a request by a capitalist party that it participate in a coalition to prop-up capitalist rule & enforce IMF diktats amid insurrectionary demonstrations. #SriLanka #SriLankaCrisis

On July 5, the Samagi Jana Balawegaya (SJB) party invited the SEP to join an "all-party consensus" & the SEP responded:

"The SEP flatly rejects the invitation. At the same time, I take this open letter as an opportunity to re-explain to the working-oppressed public..."

"...the solution that the SEP has already offered to the deepening social disaster in Sri Lanka. Hard-hit by acute shortages of essentials including food, medicine and fuel, daily power cuts and skyrocketing inflation, the labor-oppressed masses have been demanding..."

Read 7 tweets
To all the crypto family out there, prepare for total chaos. Sudden death will be new talk of the town this fall, early 2023. Energy prices will reach unimaginable levels in coming months as inflation heats up and central banks throw all their cards just to realize they can’t…
control it. Food will get scarce, biblical famines will hit 3rd world countries, spilling over to western world. EU energy rationing policies will cause wave of deaths this winter. CBDCs will roll out globally following China example. Universal basic income ( UBI ) …
Social credit score, food rationing with monthly allowance to buy essentials will be new norm and marketed as only fitted solution to global chaos. Every industry will experience bankruptcies shocks globally. Travel will become unaffordable to average middle class family…
Read 11 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.


#SriLanka… 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…
Read 4 tweets

⛽CEYPETCO #fuel price hike (price/L):

🔴92 Petrol: Rs. 470/-

🔴95 Petrol: Rs. 550/-

🔴Auto Diesel: Rs. 460/-

🔴Super Diesel: Rs. 520/-

#SriLankaCrisis #EconomicCrisisLK

Price of Rice packets and food items 🔼 by 10%
-All Ceylon Restaurant Owners Association

#SriLankaCrisis #EconomicCrisisLK
Read 6 tweets
🇨🇳 President #XiJinping at #BRICS2022 #BRICSBusinessForum

Where is the world headed: Peace or War? Progress or Regression? Openness or Isolation? Cooperation or Confrontation? These are choices of the times that we are confronted with.

📖keynote speech↓…
First, we should embrace solidarity and coordination and jointly maintain world peace and stability. Hegemony, group politics and bloc confrontation bring no peace or security; they only lead to wars and conflicts.

The #UkraineCrisis is a wake-up call for all in the world. It reminds us that blind faith in the so-called “position of strength” and attempts to expand military alliances and seek one’s own security at the expense of others will only land oneself in a security dilemma.

Read 10 tweets
What we can learn from Singapore @MAS_sg during its early period from a systemic risk management perspective->
1. Building of forex reserves under Dr Goh after Independence
2. Accumulation and Placement of the Currency Reserves
3. Diversification of the reserves
A case study.
I wish countries, which are today struggling to mobilize hard reserve currency, should make the example of Singapore under Dr Goh a part of their compulsory reading curriculum.
If a tiny city-state can do it, others can follow a good example too.
#SriLankaCrisis #Pakistan
Yes, Encashable Precious Metals, Commodities and other Fossil Fuel Reserves/Inventory, such as oil/gas, should be added to the FX Reserves.
I believe Forex Reserves Reporting Methodology needs some fine-tuning by @BIS_org
Read 5 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.


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


• 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.

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
There's a lot of political deal-making & grandstanding going on. @fernandoharin was always known as someone who 'plays to the gallery' with a touch of hooliganism & he's living up to his reputation. Whoever tries to convince us that GR is a changed man, is in it for something. /1
This is a President who refused to listen to anyone & with his Family & cabal, drove the country to bankruptcy. This is a President who misled people, stoked racism & made blunder after blunder due to his arrogance & looking after the interests of the Family & his cronies. /2
This is a President who wanted more power through 20A - apparently now he's ready to give up that powerful position!!! Even after being a miserable failure, this is a President, who still hangs on to the presidency, though people have been demanding for months that he resign. /3
Read 8 tweets
Sri Lanka: Authorities must immediately rescind the emergency regulations and shooting orders that provide excessive powers to the police and military,…
and take immediate steps to respect, protect and fulfil the human rights of peaceful protestors, @amnesty said today.

#SriLanka #protestLK #SriLankaCrisis #lka
“Authorities in Sri Lanka should carry out a prompt, thorough, impartial, independent, effective and transparent investigation into the reports of violent attacks on peaceful protesters. Authorities should bring to justice those suspected to be responsible and ensure
Read 10 tweets
There's been discussion over the symbolism in the Sri Lankan flag, so today, we're going to take some time discussing where it comes from and how this design came to be...

#Srilanka #EconomicCrisisLK #GoHomeGota2022 #History #SriLankaCrisis #SriLankaProtests ImageImageImageImage
According to the Mahavamsa, the Sinhalese people descend from present-day Bengal. At this time, a supposed "lion-man" named Sinha had two children with a princess from Vanga, named Suppadevi. Their son, Sinhabahu would go on to found the city of Sinhapura and became king. Image
After Sinhabahu died, his son, Prince Vijaya came to the throne but was seen as an unfit ruler. He was expelled from the Island with his 700 followers. He is said to have carried a flag with a lion depicted on it, referencing the "lion city", Sinhapura, where he came from. Image
Read 12 tweets
Following import substitution, self-sufficiency, and local production didn't work out for Sri Lanka in the last 2 years. My longest 🧵yet to explain - promise it's worth it!


#SriLankaCrisis #SriLanka #lka (#GotaGoGama #GoHomeGota #GoHomeRajapakshas #අරගලයටජය for reach)
Now, these ideas are often "common sense". It sounds good - if we have a forex problem, lets stop importing and make it ourself! Lets be self-sufficent, why depend on others?

But econ ISN'T common sense - so let's go through my view on why these don't work.

The main idea behind these is basically - produce goods locally, ideally goods we currently import, and sometimes, hope to export later.

So 3 broad benefits spoken of

1. Save/grow forex
2. Increase GDP
3. Have a backup if global trade fails

Lets go through all of these

Read 30 tweets
As we reflect on #COVID19 and realize how difficult the pandemic has been, let's take a look back at a past #pandemic in 1918 and learn about the parallels between them and how both affected our island nation...

#Srilanka #History #GoHomeGota #EconomicCrisisLK #SriLankaCrisis
As many of you may know, Spanish flu is not actually from Spain. There are many theories on where it actually began but many claim the source was Camp Funston in Kansas, USA. There it spread via WW1 troops to Spain were the uncensored press reported on it for the first time.
From there it spread across Europe into Russia and then into Asia. By June 1918, it was in India where it became know as 'Bombay Fever', killing 20 million people. By July, it had reached Colombo, coming from India by boat. Dock workers started showing signs of the disease.
Read 11 tweets
I'm going to do a single political thread on the #GotaGoGama #GoHomeGota #OccupyGalleFace protest and a threat it faces. Might be contentious, but please give alternative views.

#SriLankaCrisis #SriLankaEconomicCrisis #SriLanka

Starting off with a few disclaimers.

I think the protests are great for Sri Lanka, I think they've done permanent good already, I think they should continue.

I'm also not a political/social expert - so take this from that POV.

The response to the poll confirms something I was concerned about - that there is space for the protest to be attacked based on perceptions of elitism

If a Twitter poll of what protestors think is like this, I feel actual sentiment might be worse


Read 20 tweets
Going to explain depreciation, how the official market failed and the unofficial market took it up, and what's needed for the two to come together.

#SriLankaEconomicCrisis #SriLankaCrisis #SriLankaProtests

Exchange rate is basically the value of a currency in terms of other currencies. Eg- 1 USD is worth XX LKR and vice versa.

Depreciation is when 1 currency loses value against another. Eg- 1 USD going from 200 LKR to 300LKR

Appreciation is opposite.

What determines this value?

Simplified, this is through a demand and supply mechanism. The more demand for a currency, the stronger (appreciation) it will get. The less demand for a currency/more supply, the weaker (depreciation) it will get.

Read 21 tweets
I'm going to explain a little bit of money printing, why it's sometimes bad, sometimes good, sometimes a necessary evil.

#SriLankaEconomicCrisis #SriLankaCrisis #EconomicCrisisLK #SriLankaCrisis

This will be an especially simplified one since this is complicated, so I will miss out on some specifics intentionally. Ask questions though.

Let's first differentiate note printing(minting) from money printing (monetization).

Minting is actually making new notes and coins to meet the amount of money in circulation. That is not "money printing".

Read 15 tweets
In April 1961, Tamil Students led a march in Jaffna to protest the Sinhala-Only Act...

Take a look at how it unfolded and what we can learn from it today...

#srilanka #history #lka #EconomicCrisisLK #Srilankacrisis #srilankaprotests #GoHomeGota ImageImage
In July 1960, Sri Lanka elected its first female PM, Sirimavo Bandaranaike with her party, the SLFP gaining power. They intended to continue the "Sinhalisation" started by her husband. Image
As a result, in 1961, the Federal party launched a satyagraha as the "Sinhala-Only Act" became enforced. The protest was most famous for 200 people who blocked the entrance to the Jaffna Kachcheri. Image
Read 6 tweets

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