I refer to Dr. Garvin Karunaratne’s article of 13th April 2009, in The Island newspaper, under the caption “How the IMF Swindles the Third World”.
I must heartily congratulate Dr. Garvin Karunaratne, an eminent academic, and educationist, for a brutally candid, article, on the part played by the IMF, in funding third world nations. It is my earnest hope that this informative article is read by all patriotic citizens, especially when the Government of the day is negotiating for a 1.9 billion loan from the IMF.
What really happens with this sort of lending, is that it leads to deficit budgeting, where all third world nations fall into debt, with excess expenditure on luxury items, and it encourages us to sell our assets to fund the loans taken, and finally push us to take loans for non developmental projects.
It is indeed heartening to note that the Government has told the IMF that the present loan, which is pending, has to be given with absolutely no conditions. I hope the Government adheres to the ruling and does not succumb to pressure from any direction. It would be a “Blessing in Disguise” if we did not get the IMF loan. I read somewhere in the print media that an official had stated that conditions would apply. If this is true, then it is my honest desire that the Government does not take the loan.
It is also heartening, to note that Libya has granted us 500 Million Dollars and in due course, other nations too would come to our assistance.
Perhaps, we may not get the quantum of aid that the IMF is able to give us, from other nations but “Is it worth compromising our Sovereignty for that extra quantum of aid? DEFINITELY NOT, I REPEAT DEFINITELY NOT.
Amyn Chatoor,
Colombo 5.