Sri Lanka declares bankruptcy

[Duane 3NE 2NR]

Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel Wednesday after announcing a default on its $51 billion foreign debt.

The island nation is in the grip of its worst economic crisis since independence in 1948, with severe shortages of essential goods and regular blackouts causing widespread hardship.

Authorities are weathering intense public anger and spirited protests demanding the government's resignation ahead of negotiations for an International Monetary Fund bailout.

Central bank governor Nandalal Weerasinghe said he needed Sri Lankans abroad to "support the country at this crucial juncture by donating much needed foreign exchange".

His appeal came a day after the government announced it was suspending repayments on all external debt, which will free up money to replenish scant supplies of petrol, pharmaceuticals and other necessities.

Weerasinghe said he had set up bank accounts for donations in the United States, Britain and Germany and promised Sri Lankan expatriates the money would be spent where it was most needed.

The bank "assures that such foreign currency transfers will be utilised only for importation of essentials, including food, fuel and medicines", Weerasinghe said in a statement.

Tuesday's default announcement will save Sri Lanka about $200 million in interest payments falling due on Monday, he said, adding that the money would be diverted to pay for essential imports.

Weerasinghe's appeal has so far been greeted with scepticism from Sri Lankans abroad.

"We don't mind helping, but we can't trust the government with our cash," a Sri Lankan doctor in Australia told AFP, asking for anonymity.

A Sri Lankan software engineer in Canada said he had no confidence that the money would be spent on the needy.

"This could go the same way as the tsunami funds," he told AFP, referring to millions of dollars the island received in aid after the December 2004 disaster, which claimed at least 31,000 lives on the island.

Much of the foreign cash donations meant for survivors was rumoured to have ended up in the pockets of politicians, including current Prime Minister Mahinda Rajapaksa, who was forced to return tsunami aid funds credited to his personal account.

Snowballing crisis
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.

The government imposed a wide import ban to conserve dwindling foreign currency reserves and use them to service the debts it has now defaulted on.

But the resulting shortages have stoked public resentment, with day-long lines forming across the island for petrol and kerosene, the latter used for cooking stoves in poorer households.

At least eight people have died while waiting in fuel queues since last month.

Economists say the crisis has been made worse by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.

Crowds have attempted to storm the homes of government leaders, and security forces have dispersed protesters with tear gas and rubber bullets.

Thousands of people were camped outside President Gotabaya Rajapaksa's seafront office in the capital Colombo for a fifth straight day of protests Wednesday calling for him to step down.

https://www.france24.com/en/live-news/2 ... -home-cash

[Dizzy28]

Elon Musk can bail them out and rename the island Ceylon Musk!!

[Ripe Chenette]

Speaking of sri lanka look at what people used to do during the civil war for when things get bad. Get as much hard times info you could while the internet is up.

[hover11]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

[De Dragon]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

[pugboy]

isn’t letting china take ownership a choice or possibility given that china owns the debts

this might be the first victim of china’s belt and road scheme, will be interesting to see how it plays out

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

[hover11]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

[Cantmis]

Xi will set them free .

[sMASH]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Sri Lanka was mismanaged lonnnnng before China, same thing pnm doing.
Running up the credit card while it still have credit.

When the country crash, all them pockets full.


Which one of them family ACTUALLY living in Tnt?


They managing trinidad so well, they don't live here.

[RedVEVO]

^^

The "Rich Trinis" do not live in Trini.

Trini fell apart long time hence no forex.

Guyana is the place to be and the immigrants boats doing bess business as peeps speak.

Even the new AG left and Al Wee is back as AG .

And acting as usual

[pugboy]

to pay kickbacks you need to find projects, they running out of project ideas
we already build over the waterfront, airports so the next big thingis another hospital

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

[De Dragon]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

And that $110M is an addition to the initial $1.1B
Evidently, it's costing more to complete the project, and the additional time of 2 YEARS because the local contractors have to complete it after Shanghai Construction pulled out.

[j.o.e]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

[De Dragon]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Yet it sat unused during a pandemic?
Three other hospitals were opened in that period as well.
Priority? Yes, but not that high on the list of priorities to spend $860 million on

[hover11]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Hospitals aren't revenue generators that is 110m gone down the drain. Can't pay police they backpay which would in turn the gears of the economy but you could buy brand new vehicles from financers for them to drop their children off to school.

[sMASH]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Hospitals aren't revenue generators that is 110m gone down the drain. Can't pay police they backpay which would in turn the gears of the economy but you could buy brand new vehicles from financers for them to drop their children off to school.

110m?
Is not the WHOLE hospital, us just one block.

And is repairs. Not sure if they demolished it and rebuilding from scratch...

110m... That's 110 house with labor, but with out the land and mark up.

Since when we get accustomed talking in terms of hundreds of millions for less than an acre's worth of structure?

[hover11]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Hospitals aren't revenue generators that is 110m gone down the drain. Can't pay police they backpay which would in turn the gears of the economy but you could buy brand new vehicles from financers for them to drop their children off to school.

110m?
Is not the WHOLE hospital, us just one block.

And is repairs. Not sure if they demolished it and rebuilding from scratch...

110m... That's 110 house with labor, but with out the land and mark up.

Since when we get accustomed talking in terms of hundreds of millions for less than an acre's worth of structure?

Smash,

You have to remember whenever you do business with the government the least you can call is millions nothing below. Taxpayers money is always a bottomless pit.Anyway , we accept that as usual with nobody questioning it

[j.o.e]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Hospitals aren't revenue generators that is 110m gone down the drain. Can't pay police they backpay which would in turn the gears of the economy but you could buy brand new vehicles from financers for them to drop their children off to school.

Hospitals aren’t revenue generators but aren’t they important? Roads aren’t revenue generators either but I’m sure we all wish they got paved. Logic flawed

[hover11]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Hospitals aren't revenue generators that is 110m gone down the drain. Can't pay police they backpay which would in turn the gears of the economy but you could buy brand new vehicles from financers for them to drop their children off to school.

Hospitals aren’t revenue generators but aren’t they important? Roads aren’t revenue generators either but I’m sure we all wish they got paved. Logic flawed

So lemme ask you sum you done spending more than you earn.We have had deficit budget after deficit budget since 2010.You done borrowing to run your country, so you will max your credit cards to put into sum that not giving you any returns. Sound logic sir. We have enough hospitals. Like I said before is better the IMF take a hold of this country, too much wastage in this country.

[timelapse]

Under Ravana, Shri Lanka was very prosperous.Then he decided to kidnap people wife.See what happens?

[zoom rader]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Sri Lanka was mismanaged lonnnnng before China, same thing pnm doing.
Running up the credit card while it still have credit.

When the country crash, all them pockets full.


Which one of them family ACTUALLY living in Tnt?


They managing trinidad so well, they don't live here.

Was about to say the same.

Red government is going the same route.

[zoom rader]

Now their only choice is to turn to the IMF or world bank thus keeping them in debt for generations to come. What is the possibility that this can occur in sweet T&T?

Given the way the LFD RFD PNM is borrowing us into oblivion?
Slim to none

Don't worry we have 110M to spend on "repairing" POS general hospital, which is considered an expense not a revenue generator. Not saying it isn't needed, however, now is not the time. Funny this government love to claim they have no money but they find the money for what they wish to finance.Better the IMF really take over yes cuz they know how to lead and put an end to wastage

The central block of POSGH was at risk of collapse for over a decade now and that’s ignoring the fact we sit in a earthquake active zone. If that’s not a priority then **shrug**

Hospitals aren't revenue generators that is 110m gone down the drain. Can't pay police they backpay which would in turn the gears of the economy but you could buy brand new vehicles from financers for them to drop their children off to school.

Hospitals aren’t revenue generators but aren’t they important? Roads aren’t revenue generators either but I’m sure we all wish they got paved. Logic flawed

Roads are revenue generators.

Tickets, tickets and more tickets

[MaxPower]

Meanwhile in T&T,

Trinis asses remain happy.

What an underserving group of ignorant people.

[hover11]

Meanwhile in T&T,

Trinis asses remain happy.

What an underserving group of ignorant people.

X3000

Main focus is condiments

[timelapse]

Meanwhile in T&T,

Trinis asses remain happy.

What an underserving group of ignorant people.

X3000

Main focus is condiments

And illegal venes that sending their earnings home.But doh study that.

[st7]

allyuh keyboard warrior ass too happy if allyuh could only complain on a forum and do nothing about it otherwise.

[Rovin]

Under Ravana, Shri Lanka was very prosperous.Then he decided to kidnap people wife.See what happens?

u does come up with some kinda thing eh ....

[Rovin]

every single country has some sort of natural resources or even from its ppl but politicians will 4kup anything once d ppl allows them to do it ...

[zoom rader]

Meanwhile in T&T,

Trinis asses remain happy.

What an underserving group of ignorant people.

Yes their arses too happy paying taxes for Imbert to use tax payers money to buy a mall

[RedVEVO]

Meanwhile in T&T,

Trinis asses remain happy.

What an underserving group of ignorant people.

Yes their arses too happy paying taxes for Imbert to use tax payers money to buy a mall

Trini peeps may not be happy as many may Thinketh ..

Or maybe they are - Trini peeps are special

They realize that whatever they do or say or rant or rave or protest - nothing is successful and there is no progress .

So they drink and party and laugh and horn and spend $$ on useless pursuits and try to make the best of the situation - talking about the middle $$ to lower income $ class .