Dilrook Kannangara

The titanic sank over a hundred years ago and when it was sinking the captain ordered its orchestra to play. Ranil’s planned celebrations for June 26 is the same.

Ranil is fooling people that he rescued the country from bankruptcy. In reality, he made matters worse. Why people don’t feel the pain is because Sri Lanka is yet to begin repaying loans and interest on loans due from 2022. When repayments begin, it will be another 2022.

All unpaid loans and their interest have been added to the existing loans. New loans were taken by Ranil. All in all, the total foreign loan amount (hidden in various different categories) stands at $99 billion. Soon it will breach $100 billion mark. Ranil was in the government when Sri Lanka’s total foreign loans exceeded $10 billion in early 1990s and today he is also in the government when total foreign loans exceed $100 billion.

Knowing very well the temporary fun period is coming to an end, or the interval in hell is coming to a close, Ranil and his goons are trying to cover up impending hardships with a sham celebration on June 26.

Soon after June 26, the hardship period starts again as loans will be repaid. It will tighten gradually and by 2025 it will be far worse than 2022. Ranil is getting ready for it with draconian laws already introduced.

There are no plaster solutions. Sri Lanka needs deep structural adjustments, new industries and harsh import controls to overcome the crisis. Some foreign loans cannot be repaid and this fact must be accepted.

If Sri Lankans could not repay loans and interest when foreign loans were $71 billion, they have no chance in hell repaying loans and interest when the foreign loan payable is $99 billion.

Ranil’s planned celebrations on June 26 is similar to how an orchestra played when the Titanic was sinking.