Covid crisis leaves Sri Lanka on brink of bankruptcy

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Quote from: Obito on January 21, 2022, 02:17:46 AM

That's cause they took that deal with China to build that port or something that involves global trade. China knew that they won be able to pay the project so now they mostly own the land that the structure was built in and at the same time China didn't risk that much because the money that they've loaned just got back to them by having a clause that they're going to only hire Chinese companies for the project.

Leasing port and selling the port to China is actually a fad to countries today. Even Germany and Greece have ports owned by China because they know having Chinese businesses and imports from China will make their economy grow. The whole world relies on China with products of any kind. US ports are partly owned by China like the ports in Los Angeles and Seattle. The reality is that world needs China for the products we all need and we couldn't just make war on the world's biggest trading partner.

The world is shifting already and we turn our heads instead of acknowledging that is it what is it because businesses from around the world moved to China. There is the need to get out from there but the labor in our own country is just too unprofitable for business owners.

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Quote from: stompix on January 21, 2022, 01:31:43 PM

That pales in comparison with FDI numbers, especially since we're talking about multi-year funding, Japan just issued 200 billion last month over another 300 billion to encourage post covid spending and investment, 1.3 trillion would not be something out of the ordinary if it wouldn't go in total money pits.
Either way to date it hasn't produced anything remarkable, and far more and more issues that were never there before. What China forgets in those deals with 3rd world countries is that although they could get those countries in debt their dictators could simply choose to nationalize back all the infrastructure taken, just how countries in South America do this one by one every decade.

Well.. times have changed. Third world countries can't just take all the investment from richer nations and then decide to kick them out without any compensation in the name of nationalization. The last country to do that was Venezuela and we all know how it turned out for them. International laws are quite strong in this regard and doing so against China with it's multi-million army is even more dangerous. Till date, I haven't heard of any country refusing to payback their dues to China. Either they need to pay the installments on time, or they need to enter in to a deal of debt servitude.

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Quote from: Sithara007 on January 20, 2022, 11:29:47 PM

Anyway, China is spending a total of $1.3 trillion on the One Belt, One Road initiative. No other country in Asia can match their money power.

That pales in comparison with FDI numbers, especially since we're talking about multi-year funding, Japan just issued 200 billion last month over another 300 billion to encourage post covid spending and investment, 1.3 trillion would not be something out of the ordinary if it wouldn't go in total money pits.
Either way to date it hasn't produced anything remarkable, and far more and more issues that were never there before. What China forgets in those deals with 3rd world countries is that although they could get those countries in debt their dictators could simply choose to nationalize back all the infrastructure taken, just how countries in South America do this one by one every decade.

Quote from: DrBeer on January 20, 2022, 06:30:58 PM

As it has become fashionable now - you make bitcoin an official means of payment, and that's it - the economy is saved, people are rich, all problems are solved

Many have already done this, yes, they say after that you can do anything with the country and its economy, bitcoin will fix everything

Definitely true, I still don't get it why to date we still don't have each city in the world building a new city close to it to boost the economy. What could go wrong, get a token for each city and we're going to have a flood of money even Noah would get scared.

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Obito

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That's cause they took that deal with China to build that port or something that involves global trade. China knew that they won be able to pay the project so now they mostly own the land that the structure was built in and at the same time China didn't risk that much because the money that they've loaned just got back to them by having a clause that they're going to only hire Chinese companies for the project.

Sithara007

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Quote from: stompix on January 19, 2022, 01:51:14 PM

And another piece of the puzzle is revealed...
https://www.bbc.com/news/world-asia-59993386

What a surprise, another country is on the brink of bankruptcy because of the same idiotic plan of building a futuristic city. Not even going to comment on why would you choose Chinese partners to build a new city when just when you think of China's new city immediately you should see the images of so many ghost cities that were money pits for both the administration and the companies building them. When will this stupid trend end? You can't simply build cities from scratch, invest billions, get yourself in debt, on top of that offer a tax-free environment, and then hope for a miracle to rain money on you to pay your growing debt.

Unless you have plans to move your capital to a new location like Ankara or Brasilia it makes really no sense to build a city, even if you have a small town there, simply you won't be able to find a job for everyone in a free market, do what the communist did with a planned economy and they will turn into dead cities in half a century.

Building a city for 100 000 poeple at the cost of half of the annual GDP....I think I've heard of a similar story somewhere, near a volcano if I remember correctly Wink

Well.. being a resident of South Asia, I have a better understanding of this situation. I am 100% sure that bribes and kickbacks are involved here. Some of the Sri Lankan politicians got themselves rich out of this deal, and China in return received some strategic piece of real estate. Port City is not the first unviable Chinese project in Sri Lanka. The first was with the Hambantota International Port (that one is now leased out to the Chinese on a 99-year term). Anyway, China is spending a total of $1.3 trillion on the One Belt, One Road initiative. No other country in Asia can match their money power.

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Quote from: stompix on January 19, 2022, 01:51:14 PM

And another piece of the puzzle is revealed...
https://www.bbc.com/news/world-asia-59993386

What a surprise, another country is on the brink of bankruptcy because of the same idiotic plan of building a futuristic city. Not even going to comment on why would you choose Chinese partners to build a new city when just when you think of China's new city immediately you should see the images of so many ghost cities that were money pits for both the administration and the companies building them. When will this stupid trend end? You can't simply build cities from scratch, invest billions, get yourself in debt, on top of that offer a tax-free environment, and then hope for a miracle to rain money on you to pay your growing debt.

Unless you have plans to move your capital to a new location like Ankara or Brasilia it makes really no sense to build a city, even if you have a small town there, simply you won't be able to find a job for everyone in a free market, do what the communist did with a planned economy and they will turn into dead cities in half a century.

Building a city for 100 000 poeple at the cost of half of the annual GDP....I think I've heard of a similar story somewhere, near a volcano if I remember correctly Wink

So what are the problems? As it has become fashionable now - you make bitcoin an official means of payment, and that's it - the economy is saved, people are rich, all problems are solved

Many have already done this, yes, they say after that you can do anything with the country and its economy, bitcoin will fix everything

stompix

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And another piece of the puzzle is revealed...
https://www.bbc.com/news/world-asia-59993386

What a surprise, another country is on the brink of bankruptcy because of the same idiotic plan of building a futuristic city. Not even going to comment on why would you choose Chinese partners to build a new city when just when you think of China's new city immediately you should see the images of so many ghost cities that were money pits for both the administration and the companies building them. When will this stupid trend end? You can't simply build cities from scratch, invest billions, get yourself in debt, on top of that offer a tax-free environment, and then hope for a miracle to rain money on you to pay your growing debt.

Unless you have plans to move your capital to a new location like Ankara or Brasilia it makes really no sense to build a city, even if you have a small town there, simply you won't be able to find a job for everyone in a free market, do what the communist did with a planned economy and they will turn into dead cities in half a century.

Building a city for 100 000 poeple at the cost of half of the annual GDP....I think I've heard of a similar story somewhere, near a volcano if I remember correctly Wink

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Quote from: Darker45 on January 16, 2022, 10:07:14 PM

I've never heard of a single humanitarian program in my country which directly doles out money to poor families except perhaps during disasters and other calamities including this pandemic. Under normal circumstances, a dole out is never a good approach. I guess there are enough scientific studies to prove this.

I definitely agree that the best way out is for governments to provide all kinds of programs and projects for the people to gain access to knowledge, skills, and opportunities to have a better life. In the absence of which, it is both unjust and unfair to blame the poor for being so. After all, in many, if not all, poor countries, the problem is both systemic and structural and it is deeply embedded.

I'm not ready to say what programs you have in your country, and whether they exist at all, I just know a lot of examples of thoughtless and senseless throwing money, for example, in the African republics. There, for many decades, the poor masses were taught that they would be constantly given money and everything they needed, albeit not in large volumes, but constantly. Yes, I support financial support for regions affected by natural disasters, military conflicts, etc.
And just to maintain, mind you - at the expense of working people, lazy and accustomed to doing nothing, people, this is stupid, and even criminal, in relation to those who really need ...

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Quote from: Sithara007 on January 13, 2022, 11:44:14 PM

Quote from: Silberman on January 13, 2022, 01:57:35 PM

That really sucks, however it was not impossible to predict at all, if that strain is as dangerous as it sounds I think we may have to accept a world in which for a long time vaccines will need to be developed to combat those new strains until they day comes in which almost everyone is immunized through the vaccines or by having contracted the virus, the question is if the economy will be able to hold out that long, as the inflation on the US is at its highest levels of the last 40 years.

I am not really surprised with the inflation figures. United States has approved multiple stimulus measures, totaling many trillions of USD. When they create money out of thin air, it is expected that the inflation rate may rise. And as far as vaccinations are concerned, I guess now we need to resign to our fate and get a new booster dose every six months, for the next 5-6 years at least. This is the new reality. We need to wear masks while going out, and in most occasions we need to follow the social distancing as well. The sooner we get adjusted to this, that better.

It is still difficult to accept for most people but that seems to be the case, however will the economy hold out? After all countries like Sri Lanka are having huge issues with their economy already and even the US which can literally create money when they want is also facing problems, unlike Sri Lanka they cannot go bankrupt, but if things get so bad that foreign countries begin to spend some of their reserves in dollars as they prefer to get something out of them than to lose their wealth at the hands of the US government then hyperinflation will be inevitable at that point.

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Quote from: DrBeer on January 16, 2022, 07:45:39 AM

Quote from: Darker45 on January 16, 2022, 05:08:03 AM

Quote from: romero121 on January 16, 2022, 03:23:49 AM

Quote from: Sithara007 on January 15, 2022, 11:20:27 PM

Quote from: Cling18 on January 15, 2022, 05:43:26 PM

~snip~

I sometimes feel that the poor people are wrongly blamed for being so. And this happens oftentimes not just in my country but also in other countries. While I do believe that families are responsible for their well-being including the proper growth of their children, I also believe that governments exist primarily to make sure such responsibilities are met.

Countless of times, poor people here in my country are blamed for their abject condition because of so many reasons. They are blamed because they are said to be lazy, have a lot of children, didn't study well when they were young, and so on when in fact the primary problem is that the government failed in building schools, provide proper irrigation, strengthen the health system including the continuous supply of contraceptives, and so on.

I believe that Sri Lanka shares the same fundamental problem that is also faced by my country.

A big drawback in countries with a high level of poor people is all sorts of humanitarian funds that just give money to such families. It is addictive that you can do nothing, have children - they will still give you money, food, clothes. This ultimately breeds global irresponsibility. People stop thinking about the need to restrain themselves, and most importantly, their desire to change something in life atrophies...
Therefore, the best way out is state programs for training, raising the level of knowledge of the poor, so that they HAVE the opportunity to gain knowledge and have the opportunity to fulfill themselves in a normal community, raising both their level and the level of their family

I've never heard of a single humanitarian program in my country which directly doles out money to poor families except perhaps during disasters and other calamities including this pandemic. Under normal circumstances, a dole out is never a good approach. I guess there are enough scientific studies to prove this.

I definitely agree that the best way out is for governments to provide all kinds of programs and projects for the people to gain access to knowledge, skills, and opportunities to have a better life. In the absence of which, it is both unjust and unfair to blame the poor for being so. After all, in many, if not all, poor countries, the problem is both systemic and structural and it is deeply embedded.

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Quote from: Kakmakr on January 16, 2022, 08:02:08 AM

When you have a "fake" pandemic with corrupt governments and rich pharmaceutical companies funding them, you have all the ingredients for a economic disaster. Now, I agree... Covid is real and people are dying from it, but most of those statistics are fake. (There are many false positive tests that are feeding the hysteria) [Get your hands on over the counter rapid Covid tests and test with water or fizzy drinks]

The mass hysteria has been fueled by government controlled media and the result was "lock downs" and unnecessary "quarantine" requirements. The smaller countries cannot afford to have long-term "lock downs" and the cracks quickly showed in their economy. Why was this done... Well, a lot of top government officials (kickbacks) and shareholders of Pharmaceutical companies got filthy rich. Angry

This is the biggest problem that the world has right now. People who downplay the importance of it like you. If you accept that it is real and it kills people, why would you try to avoid having a protective situation? If you could have cancer by talking with people, wouldn't you avoid it? If you could have a heart attack, wouldn't you avoid it?

There are a lot of people all around the world who follow these rules because they do not want to die, is that really so hard to understand? I mean we all KNOW that people die from covid, so is it too much to ask everyone to be more careful so we do not die? Lockdowns makes sure that you get paid or stay at home while working and that way you will not talk with others face to face and have a chance to die.

You may disagree on numbers, I am 100% certain the numbers in my nation is fake on the reverse side, it is a lot more and yet reported lower, but that is not really important part is it? You may think that the numbers are lower in reality, but the death is real, people die, it is a fact, and you are telling me "let the people die so that economy stays strong"? How could you even consider that?

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Quote from: Hydrogen on January 03, 2022, 12:09:12 PM

....

There are many americans on social media I have seen, who believe its impossible for those who work hard to experience this degree of poverty affecting places like sri lanka. They say youth today are unable to afford basic necessities while working in entry level positions, due to them refusing to "hustle" the way that older generations think they themselves "hustled" when they were young. It is strange how many refuse to acknowledge dangers of negative economic conditions, and how they might someday affect everyone.

Whenever I read things like this, I assume the worst case scenario. These troubles will someday make their way to the shores of the united states. It is best to prepare.

Many who mistakenly believed they could never be poor as long they work hard, will learn their error the hard way. By then it might be too late. But why must reality mimic a bad movie with obvious problems which people refuse to admit exist?

Let's face it, there are many countries around the world that struggle to support their population with productive industry and jobs. Some are very heavily reliant on tourism which got decimated during the pandemic, but it's likely these countries were on a rather wobbly foundation all along, this global crisis merely accelerated an inevitable decline. We see that countries that have a strong manufacturing or services base have faired much better, because what they create is exported in high demand. If the developed countries sneeze, the rest of the world catches a cold - we're seeing even the biggest economies struggling with inflation right now so it seems natural that smaller countries are going to have a tough time, let's hope it is relatively short lived.

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Quote from: Kakmakr on January 16, 2022, 08:02:08 AM

When you have a "fake" pandemic with corrupt governments and rich pharmaceutical companies funding them, you have all the ingredients for a economic disaster. Now, I agree... Covid is real and people are dying from it, but most of those statistics are fake. (There are many false positive tests that are feeding the hysteria) [Get your hands on over the counter rapid Covid tests and test with water or fizzy drinks]

The mass hysteria has been fueled by government controlled media and the result was "lock downs" and unnecessary "quarantine" requirements. The smaller countries cannot afford to have long-term "lock downs" and the cracks quickly showed in their economy. Why was this done... Well, a lot of top government officials (kickbacks) and shareholders of Pharmaceutical companies got filthy rich. Angry

You can talk a lot about conspiracies, data manipulation, pharmaceutical companies and other things...
One indicator is quite enough for me - the increase in mortality, both within the framework of the year and in monthly average annual indicators. After that, the real picture becomes clear both in terms of infection, and in terms of morbidity, and the real situation. I personally got sick in 2020, and I saw what was happening in hospitals. The situation is really negative, the prospects are incomprehensible, and there is clearly no positive in the near future. And we must understand that we all will have to live with this situation, and we will have to adapt to these changes.

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When you have a "fake" pandemic with corrupt governments and rich pharmaceutical companies funding them, you have all the ingredients for a economic disaster. Now, I agree... Covid is real and people are dying from it, but most of those statistics are fake. (There are many false positive tests that are feeding the hysteria) [Get your hands on over the counter rapid Covid tests and test with water or fizzy drinks]

The mass hysteria has been fueled by government controlled media and the result was "lock downs" and unnecessary "quarantine" requirements. The smaller countries cannot afford to have long-term "lock downs" and the cracks quickly showed in their economy. Why was this done... Well, a lot of top government officials (kickbacks) and shareholders of Pharmaceutical companies got filthy rich. Angry

DrBeer

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Quote from: Darker45 on January 16, 2022, 05:08:03 AM

Quote from: romero121 on January 16, 2022, 03:23:49 AM

Quote from: Sithara007 on January 15, 2022, 11:20:27 PM

Quote from: Cling18 on January 15, 2022, 05:43:26 PM

It sounds really heartbreaking that even innocent children have to suffer. Lots of countries have experienced bankruptcy during this pandemic but we have no choice but to move on and rise again. It's a good thing that some countries are offering help. I believe that Sri Lanka and other affected countries could still rise and recover in the future. They only need support and help from other countries.

A lot of children have been made orphans around the world and the situation is not unique to Sri Lanka. It can be said that in the developed nations, better facilities exist for such children, while in the third world they are mostly left to their own fate. One factor contributing to this is that in the third world a lot of families tend to have 5-6 children each, and they are unable to take care of anyone else. Most of the time it is left to the religious organizations to do that work. And the outcome is not always positive, as a lot of shady things are associated with such organizations.

Yes, unplanned family is a big problem with countries facing food crisis. There will be people who are with good wealth, but they limit themselves with the number of kids. But, the poor also does the same in the name of god. What is happening with Sri Lanka is different in my view. The improper governing is the core reason for the prevailing situation. As said, more countries are experiencing similar situation. It is just the hope that drives people.

I sometimes feel that the poor people are wrongly blamed for being so. And this happens oftentimes not just in my country but also in other countries. While I do believe that families are responsible for their well-being including the proper growth of their children, I also believe that governments exist primarily to make sure such responsibilities are met.

Countless of times, poor people here in my country are blamed for their abject condition because of so many reasons. They are blamed because they are said to be lazy, have a lot of children, didn't study well when they were young, and so on when in fact the primary problem is that the government failed in building schools, provide proper irrigation, strengthen the health system including the continuous supply of contraceptives, and so on.

I believe that Sri Lanka shares the same fundamental problem that is also faced by my country.

A big drawback in countries with a high level of poor people is all sorts of humanitarian funds that just give money to such families. It is addictive that you can do nothing, have children - they will still give you money, food, clothes. This ultimately breeds global irresponsibility. People stop thinking about the need to restrain themselves, and most importantly, their desire to change something in life atrophies...
Therefore, the best way out is state programs for training, raising the level of knowledge of the poor, so that they HAVE the opportunity to gain knowledge and have the opportunity to fulfill themselves in a normal community, raising both their level and the level of their family

Darker45

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Quote from: romero121 on January 16, 2022, 03:23:49 AM

Quote from: Sithara007 on January 15, 2022, 11:20:27 PM

Quote from: Cling18 on January 15, 2022, 05:43:26 PM

It sounds really heartbreaking that even innocent children have to suffer. Lots of countries have experienced bankruptcy during this pandemic but we have no choice but to move on and rise again. It's a good thing that some countries are offering help. I believe that Sri Lanka and other affected countries could still rise and recover in the future. They only need support and help from other countries.

A lot of children have been made orphans around the world and the situation is not unique to Sri Lanka. It can be said that in the developed nations, better facilities exist for such children, while in the third world they are mostly left to their own fate. One factor contributing to this is that in the third world a lot of families tend to have 5-6 children each, and they are unable to take care of anyone else. Most of the time it is left to the religious organizations to do that work. And the outcome is not always positive, as a lot of shady things are associated with such organizations.

Yes, unplanned family is a big problem with countries facing food crisis. There will be people who are with good wealth, but they limit themselves with the number of kids. But, the poor also does the same in the name of god. What is happening with Sri Lanka is different in my view. The improper governing is the core reason for the prevailing situation. As said, more countries are experiencing similar situation. It is just the hope that drives people.

I sometimes feel that the poor people are wrongly blamed for being so. And this happens oftentimes not just in my country but also in other countries. While I do believe that families are responsible for their well-being including the proper growth of their children, I also believe that governments exist primarily to make sure such responsibilities are met.

Countless of times, poor people here in my country are blamed for their abject condition because of so many reasons. They are blamed because they are said to be lazy, have a lot of children, didn't study well when they were young, and so on when in fact the primary problem is that the government failed in building schools, provide proper irrigation, strengthen the health system including the continuous supply of contraceptives, and so on.

I believe that Sri Lanka shares the same fundamental problem that is also faced by my country.

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Quote from: Sithara007 on January 15, 2022, 11:20:27 PM

Quote from: Cling18 on January 15, 2022, 05:43:26 PM

It sounds really heartbreaking that even innocent children have to suffer. Lots of countries have experienced bankruptcy during this pandemic but we have no choice but to move on and rise again. It's a good thing that some countries are offering help. I believe that Sri Lanka and other affected countries could still rise and recover in the future. They only need support and help from other countries.

A lot of children have been made orphans around the world and the situation is not unique to Sri Lanka. It can be said that in the developed nations, better facilities exist for such children, while in the third world they are mostly left to their own fate. One factor contributing to this is that in the third world a lot of families tend to have 5-6 children each, and they are unable to take care of anyone else. Most of the time it is left to the religious organizations to do that work. And the outcome is not always positive, as a lot of shady things are associated with such organizations.

Yes, unplanned family is a big problem with countries facing food crisis. There will be people who are with good wealth, but they limit themselves with the number of kids. But, the poor also does the same in the name of god. What is happening with Sri Lanka is different in my view. The improper governing is the core reason for the prevailing situation. As said, more countries are experiencing similar situation. It is just the hope that drives people.

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Quote from: kaya11 on January 05, 2022, 10:44:24 AM

...

Variants are always "on the way." There is no possible way that COVID can be stopped. It will continue to mutate with new variants infecting the healthy population, similar to the flu. I can't help but laugh at how slow government are in recognizing things, one being the endemic nature of COVID. This isn't necessarily the fault of Sri Lanka, but the supply chain issues are effecting global markets, partly because countries home to large manufacturing of goods continually restrict their economy as a precaution due to COVID. Combine this with the shipping bottlenecks, Sri Lanka is only the start of many countries that will have their currencies enter hyper inflation. The US has already hit a 7 percent inflation level, a 40 year high.

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Quote from: Cling18 on January 15, 2022, 05:43:26 PM

It sounds really heartbreaking that even innocent children have to suffer. Lots of countries have experienced bankruptcy during this pandemic but we have no choice but to move on and rise again. It's a good thing that some countries are offering help. I believe that Sri Lanka and other affected countries could still rise and recover in the future. They only need support and help from other countries.

A lot of children have been made orphans around the world and the situation is not unique to Sri Lanka. It can be said that in the developed nations, better facilities exist for such children, while in the third world they are mostly left to their own fate. One factor contributing to this is that in the third world a lot of families tend to have 5-6 children each, and they are unable to take care of anyone else. Most of the time it is left to the religious organizations to do that work. And the outcome is not always positive, as a lot of shady things are associated with such organizations.

Topic: Covid crisis leaves Sri Lanka on brink of bankruptcy (Read 406 times)