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pune
Topic Author
Posts: 1670
Joined: Tue Feb 12, 2019 9:18 am

Why is Sri Lanka facing problems?

Tue Sep 27, 2022 3:38 am

There is a video by a vlogger https://www.youtube.com/watch?v=9LOOjDV9rz8

The vlogger says there was an unpopular policy of taxation that greatly contributed to the crisis although he doesn't elaborate as to what that policy was. There are charges of nepotism and corruption but that is par for the course in South Asia and South East Asia. I could give more than a dozen examples, the latest being the pardoning of Samsung's CEO even though he was caught red-handed with his hands on the cookie jar. The whole thing was a giant cover-up on Samsung's practices but that's a whole different story altogether. Can anybody elaborate on what the policies on taxation were that they proved to be so unpopular? Notice he just happened to be there the day after Sri Lanka declared itself bankrupt.

I saw some people on the fora that they need to find something else than Chinese money but now even IMF has been more or less being financed by them. A lot of Bangladesh's exports also go via China only.
 
SaintBroseph
Posts: 51
Joined: Mon Oct 04, 2021 1:38 am

Re: Why is Sri Lanka facing problems?

Sat Oct 01, 2022 4:53 am

Covid ruined tourism, bizarre organic pesticide-only laws ruined tea exports, and tax cuts for corporates ruined a large amount of revenue needed to run the country.
 
pune
Topic Author
Posts: 1670
Joined: Tue Feb 12, 2019 9:18 am

Re: Why is Sri Lanka facing problems?

Sat Oct 01, 2022 5:47 am

SaintBroseph wrote:
Covid ruined tourism, bizarre organic pesticide-only laws ruined tea exports, and tax cuts for corporates ruined a large amount of revenue needed to run the country.


All of the above are known, but seems there was something more, that is what I wanted to know. Thank you for sharing your thoughts though :)
 
SaintBroseph
Posts: 51
Joined: Mon Oct 04, 2021 1:38 am

Re: Why is Sri Lanka facing problems?

Sat Oct 01, 2022 11:29 am

pune wrote:
SaintBroseph wrote:
Covid ruined tourism, bizarre organic pesticide-only laws ruined tea exports, and tax cuts for corporates ruined a large amount of revenue needed to run the country.


All of the above are known, but seems there was something more, that is what I wanted to know. Thank you for sharing your thoughts though :)

I doubt there's anything else though. The tax cuts hindered the country's ability to buy essentials.
 
User avatar
Aesma
Posts: 15999
Joined: Sat Nov 14, 2009 6:14 am

Re: Why is Sri Lanka facing problems?

Sat Oct 01, 2022 11:43 am

Well a corrupt family was running the country, too. Widespread corruption never helps.

And these leaders took Chinese loans to build useless stuff, built by Chinese workers, bringing nothing to the economy, but sinking public finances.
 
meecrob
Posts: 380
Joined: Sun Jun 19, 2016 6:15 pm

Re: Why is Sri Lanka facing problems?

Sat Oct 01, 2022 5:43 pm

Wait...its a mystery why Sri Lanka is in economic trouble? Don't get me wrong, I'm not saying they deserve this, but its a pretty obvious path the government took to get here. My heart goes out to the citizens who by no fault of their own are now having to deal with this crisis.
 
pune
Topic Author
Posts: 1670
Joined: Tue Feb 12, 2019 9:18 am

Re: Why is Sri Lanka facing problems?

Sun Oct 02, 2022 12:05 pm

meecrob wrote:
Wait...its a mystery why Sri Lanka is in economic trouble? Don't get me wrong, I'm not saying they deserve this, but its a pretty obvious path the government took to get here. My heart goes out to the citizens who by no fault of their own are now having to deal with this crisis.


If you actually look Bangladesh and Sri Lanka are very similar in both the way they operated. Both are heavily dependent on China. The BRI has been bone and bane for all countries although it has been bone for China. The Americans used to do the same in 1950s all around the world so not much changed in that sense, only instead of the U.S. now it's China.

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