Lesson from Indian Prime Minister to mandate- less Ranil

Political analysts have drawn special attention to the cancellation of Indian Prime Minister Narendra Modi’s official visit, which was scheduled to occur before the presidential election. The Sri Lankan government and Ranil Wickremesinghe, who do not have any mandate to govern the country, have hastily signed agreements with foreign creditors to prepare for their election campaigns. Modi came to power for the third time.
The Indian Prime Minister’s visit was initially scheduled for August and has been postponed indefinitely. While the diplomatic affairs are such, Ranil Wickramasinghe and Pohottu joint administration will make a decisive effort to sign agreements on the 26th in New York with foreign creditors who have given loans to Sri Lanka, though
 the people of this country disapprove of such agreements.
As per the information revealed, foreign commercial creditors, including international sovereign bond creditors, have proposed conditions to cut off a very small amount of debt and collect a large amount as long-term debt instalments. While seemingly beneficial, this offer could potentially burden the country with a significant long-term debt.
The Ranil-Pohottu coalition government has planned to hold political carnivals for a week to try to show that signing those agreements is a victory. Although the government initially announced that it would restructure the foreign debt with the declaration of bankruptcy of the country, after a significant reduction in the benefits of the pension funds, including the Employees’ Provident Fund, it has now been revealed that the country has been made to surrender to the conditions of the foreign creditors completely and have signed contracts for a disadvantageous cycle.

The post Lesson from Indian Prime Minister to mandate- less Ranil appeared first on LankaTruth English.