e-Con e-News

World Bank Hijacks Ministry of Finance


The Ministry of Finance’s External Resources Department (ERD) is heavily implicated in the ongoing ‘debt’ fiasco.

blog: eesrilanka.wordpress.com

Before you study the economics, study the economists!

e-Con e-News 14-20 August 2022

The ruling class is disproportionately Muslim, Tamil & Christian –

as well as descendants of Parsee, Sindhi, Chettiar & Gujarati immigrants.

The 50-odd Parsees are the richest single community in the country,

owning Abans, and much of Keells, CIC, Cargills, etc.

Most of our soldiers are impoverished, Sinhala & Buddhist,

Most of those in the top echelons are not.

When national security is compromised,

the lads & lasses who go out there

and get the country back on track

come predominantly from the

so-called ‘ata pass’ class backgrounds…

(see ee Random Notes, Ata-Pass)

‘There are many questions about the Stock Exchange.

That a few people control it, and a few people rig it.

Now, can I put any state enterprise shares onto that to help a few people?’

– President Ranil Wickremasinghe

President Ranil Wickremasinghe’s comments aroused much fake outrage: ‘Industry officials are quite upset…’ But the media calling the stock market, an ‘industry’, is an old joke. This further proves: our English media don’t know English. They simply know not what industry really means. Or don’t care.

     What the President says about the Colombo Stock Exchange could easily be said of the ruling colonial import-export plantation oligarchy as a whole. It is rigged ragged! The ‘private sector’ monopolizes the resources of the country, they rig it, and by their rigging, they place the entire country’s head on the slave block. They rather blame politicians alone.

     And Sri Lanka’s story of independence is a sorry tale of the import mafia preventing modern industrialization.

     Many of the so-called merchant minorities who make up the import mafia are extended regional family networks. They were reinforced in the colonial era to provide a buffer between the masses and the colonial machinery of exploitation.

     This is why ee finds the howling about ‘family rule’, etc, rather diversionary. Family, kith, kin and clan, are still dominant in old societies, and even evident in the rulers of so-called modern states (Bushes, Clintons, etc.). No matter. The white ruling classes in Europe and their settler states reproduce themselves. Their education systems also reproduce the class system, except they pay lots of money for rewording with fancy jargon their methods of streaming students into the working class.

     This ‘family rule’ name-calling against our countries is a subplot of an old colonial canard, Asian Despotism.

This ee examines the role of the US-controlled World Bank, IMF and other International Financial Institutions (IFIs) in compromising the independence of the most important institutions in the country – in particular, the Ministry of Finance’s External Resources Department (ERD). The ERD is heavily implicated in the ongoing ‘debt’ fiasco. The ERD is supposed to ‘conduct loan negotiations with development partners & lending agencies’ and also ‘manage government external debt’.

     This ee also identifies the US University of William and Mary in good old slave Virginia, USA, as the source for the media’s relentless anti-China ‘debt trap’ narrative. The ERD is responsible for providing the data on the entry & exit of foreign funds, and it is they who have funneled the selective data for many anti-China ‘disclosures’. Those economists and media who faithfully reproduce these canards, hope they will find obtain due reward (see ee Economists, US Aid Datasets)

• History recalls that the USA was upset with the 1952 Dudley Senanayake government for agreeing to Sri Lanka’s most enduring trade treaty, the China Rubber-Rice Pact. The US then got the Finance Minister JR Jayawardene to increase the price of rice, as recommended by the World Bank. This triggered the 1953 hartal (whose 69th anniversary was on August 12). The hartal resulted in the replacement of Senanayake by a relative, John Kotelawala. Kotelawala’s abject anglomania in turn paved the way for the landslide victory of the Mahajana Eksath Peramuna (MEP), which was caricatured as a revival of the country’s Sinhala-Buddhist ethos. The whites will therefore work overtime to prevent such déjà vu-doo!

• Last ee noted the IMF strategy in Greece to impose a massive electricity fee increase, in lieu of the Greek parliament not implementing their bitter medicines. So what’s new?

     The RMV this week suddenly agreed to register electric trishaws. India’s Bajaj was blocking the registration. Along with India’s Tata, Bajaj chokes the roads, and guzzles the Russian fuel, India is selling us at inflated prices. The sudden change of heart has to do with USAID partnering with David Pieris to ‘boost electric mobility’.

     The rather hilarious announcement arrives on the heels of a massive increase in electricity prices, pushed by the USA’s IMF. The Richard Pieris Co was set up to front for the so-called ‘Ceylonization’ of the US’s Ford Motor Co, post-1948, which has been getting our rubber inexpensively.

Pakistan has assured the International Monetary Fund (IMF) they will remove all subsidies on petrol and electricity, and tactically increase prices. They will implement the 27-point action plan: the value of the dollar to be market-based. The government will also review the ban on imported goods in January 2023 (ee Economists, Pakistan Assures).

• ‘Outrageous overtime payment to petroleum refinery workers’, says a pseudonymous letter to the editor in the Island. Such sentiments are nothing new in the capitalist media. That is their job. Open any English newspaper in Sri Lanka, and know that any white envoy reading the rags, will smile (if not laugh) for the bang they get for an overvalued buck! The English media is the toilet-paper of choice for white envoys, and when they fold it, barely read tho bought, it feels gooooo-od! Don’t get ee wrong, it’s not that our media workers are not skilled.

• The Ceylon Electricity Board Engineers’ Union (CEBEU) this week ‘rejected the dictates’ of the IMF and said they will only follow policies of the Central Bank of Sri Lanka and Finance Ministry.

     The CEB once ‘asked for a 229% tariff increase at the public hearing, and CEB GM lobbied the IMF to force Public Utilities Commission of SrL to do so… A 229% tariff increase would have wrecked the economy, driven the SMEs to the ground, created mass poverty (real a& energy poverty). –ee Workers, CEBEU rejects.

• The Wijeya Group’s Sunday Times has begun to list a daily police log which details in shorthand the ‘crimes’ the police record. It makes for gloomy reading, but these are mainly what is known as ‘retail’ crime. A few grams here, a car accident there, a killing & a robbery… daily. Every now and again, the media posts the photographs of customs officers and police officers who have captured a larger haul than a few grams. Yet that is their job, and it suggests greater crimes go unphotographed. Wholesale crime, like wholesale murder, largely takes place off-screen.

     If the US-controlled IMF/World Bank can have an office in the Central Bank, why doesn’t the media have one there too and record the real wholesale robbery?

     Meanwhile, banks are all reporting ‘challenges’ and downplaying their profiteering (ee Finance) The creative ways in which these banks display different methods of reporting their balance sheets suggests, that like their boards of directors, displaying all manner of diversity, inclusivity & equity, it is all hype.

     See how faithfully, the media reproduce the press releases of the US envoy, English Hi-Commiss, IMF, World Bank, UN, Rating agencies, etc. Examine ee’s news compendium. Note where there are various news links to the same story. If the news is not of a sensationalist temper, it usually indicates how heavy media ‘patronage’ works. Therein lies the major criminality, and it is all business as usual.

ee remains sceptical of all this blabber & blather about geopolitics & big-power rivalry in the Indian Ocean, etc, and about the decline of the white man. The white powers remain in charge of the seas and skies.

Spectacular US Nuke Test – The US launched a Minuteman III intercontinental ballistic missile test from Vandenberg Space Force Base in California on Tuesday morning, August 16. The missile carried a dummy warhead more than 4,000 miles to the Marshall Islands in the South Pacific. Missile tests are meant to show the ‘readiness of US nuclear forces’. What the people of the Pacific feel about it, we’re not told.

     Unlike the widespread media caterwauling when free Korea, China or Russia tests its defences, there was little media coverage outside the US military media. One called it, ‘a spectacular sight’. Hallelujah!

• Despite the much-publicized request by ‘eminent economists’ for the US to return Afghanistan’s stolen reserves, the US has rejected unfreezing Afghanistan’s Central Bank assets of $7billion taken hostage and kept ‘on US soil’. The Wall Street Journal claims, ‘Biden’s decision not to return the funds came after he ordered the assassination of al-Qaeda’s leader in Kabul’ on August 1.

     Yet, neither Russia or China have confirmed the assassination (indianpunchline.com/us-commits-a-perfect-murder-in-kabul), and like the so-called killing of Osama Bin Laden it glows in the realm of ‘satanic’ fictions.

Why Such Generosity Down-under? – On Friday, Australia promised a ‘further $25million to fast-track food and health supplies to those in most need in the former English colony’: ‘The beefed-up support package comes a fortnight after an unprecedented move when Australian Border Force used its own patrol vessel to return 46 men to Colombo that it had intercepted at sea rather than taking them back by air.’

     The Australian Border Force claims ‘a renewal of attempted boat arrivals in Australia from Sri Lanka, intercepting 5 vessels with 137 people on board, and 15 more, carrying 701 passengers, ‘being stopped in Sri Lankan waters’. ‘Australia committed $50million in June in urgent humanitarian backing’. Australia also announced it was providing fuel to SL’s navy and airforce through India. However, there is yet no investigation into how Australia’s last government arranged for an ‘illegal’ Sri Lankan boat to arrive and be announced exactly when the former PM was casting a ballot, an exercise meant to pull out the white-settler vote (Random Notes).

• Sri Lanka’s English media gave little coverage to the 10th Moscow Conference for International Security, where Russia’s President Vladimir Putin noted: ‘the world is changing dynamically and the outlines of a multipolar world order are taking shape. An increasing number of countries and peoples are choosing a path of free and sovereign development based on their own distinct identity, traditions and values. These objective processes are being opposed by the Western globalist elites, who provoke chaos, fanning longstanding & new conflicts and pursuing the so-called containment policy, which in fact amounts to the subversion of any alternative, sovereign development options.’

• Contradictory and confused media coverage continues. While ee recorded news promising we’d get fuel from Russia, a CPC official now says ‘direct fuel imports from Russia may trigger US secondary sanctions’, and therefore it is obtained through a 3rd party in Dubai.

     Meanwhile, underdevelopment is not just the realm of the ‘3rd world’ or of impoverished nations. Some suggest the deindustrialization in the imperialist countries also amounts to underdevelopment. And then there are the ‘wealthy’ petrodollar kingdoms, where this week it was noted:

     ‘Despite years of efforts by Crown Prince Mohammed bin Salman to diversify the economy, and some success in increasing non-oil revenue, Saudi Arabia continues to rely heavily on crude exports that pay for public sector salaries, generous benefits to citizens and defense spending.’

     So is it US Dollars we need? Or is it something else?

     ee shall leave discussion of this with an important observation by SBD de Silva: The whites prefer to hand over power to the Black-whites, rather than whites themselves. Cos Kalu-suddhas, for all their English-this and English-that, have no idea about the basis of the modern nation: machine-making industrialization.


A1. Reader Comments

ee‘s weekly volume • India’s Naval Angst • Verite’s Central Bank • Rushdie’s Sinhala fanbase • Communist Taboos • Indian Ocean is White • Third Party Undiplomacy • Ranil’s Mouthings • Superpower Sunsets

A2. Quotes of the Week

• Indians Can Now Use Pentagon Front Door • Quad’s Ventriloquy • Warship Hypocrisy • India’s demands on Gota • Indian Ocean English Lake • Yahapalanomics Once More • East Asia Dumped IMF • No Transparency for ISBs • JR’s Cunning Welfare Cuts • Egg Import Mafia • Multinationals Hide Profits • English Maps Fail

A3. Random Notes

• NGO for Life • Separatism & Colonial Losses • Australia’s Vote Scares • Baptists, Swimming Club, & Arson • Shadow Remittsnce • Male Education Reform • Covid Dollars • Borrow more, import more • Good Governance & Gas Guzzlers

B. ee Focus       

B1. Need for Best Relations with China – Ananda Meegama

B2. Economists & Incest

B3. The Tails: Source of the ‘China Debt Trap’ Tales

B4. The World Bank & IMF’s Hijacking of the Ministry of Finance

C. News Index

continued on: https://eesrilanka.wordpress.com/2022/08/20/world-bank-hijacks-ministry-of-finance/

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