-By A Staff Writer
(Lanka-e-News -25.Nov.2024,11.45 pm) In what could only be described as a cross-continental comedy of errors, Sri Lanka finds itself embroiled in an unlikely financial drama with Maldives. A $750 million loan guaranteed by the Maldivian government to Maldivian businesses—borrowed from none other than Sri Lanka’s state bank—has turned into a ticking time bomb. Not only is it the largest private-sector loan ever granted by the Sri Lankan institution, but it has also become the hottest topic in Colombo tea circles, much to the fury of taxpayers.
The Maldivian businesses that secured this loan have, unsurprisingly, defaulted. Sri Lanka, now staring at a gaping financial hole, has sent out a polite (read: exasperated) demand for repayment. Maldives however, seems to be playing hide-and-seek, reportedly trying to sweep the issue under the proverbial rug to avoid a full-blown economic meltdown back home. Unfortunately for Maldives , rugs can only cover so much, and $750 million is a little too bulky to ignore.
Amid IMF reforms, belt-tightening measures, and the ever-increasing cost of living, Sri Lankan taxpayers are understandably irate. They’re questioning why their hard-earned rupees are being funneled to cover Maldivian defaults. Adding insult to injury, Maldives has allegedly launched an anti-Sri Lankan propaganda campaign. The cherry on top? Reports of Sri Lankan citizens being harassed, assaulted, and deported from Maldives . One particularly eyebrow-raising incident involved a Sri Lankan man married to a Moldavian woman—Nadeesh Perera —being attacked by Maldivian authorities and unceremoniously deported without due process.
Further complicating matters is the revelation that approximately 56,000 Maldivians are living illegally in Sri Lanka, creating a significant strain on public resources. And if that weren’t enough, there are whispers of Maldivian passports being handed out to unsavory individuals linked to terrorist organizations. This paints a picture of a Maldives that seems more concerned with dodging accountability than fostering international goodwill.
The Sri Lankan government, led by its new no-nonsense president Anura Kumara, is now seeking legal advice from top international law firms. With IMF reforms in full swing, Colombo is in no mood to let Maldivians off the hook. The options on the table? Legal action, diplomatic pressure, or leveraging IMF influence to compel Maldives to repay the loan. However, as Sri Lanka mulls its next move, one thing is clear: any Maldivians attempts to bribe officials to bury the issue will likely fall flat under the current administration.
At its heart, this saga underscores the risks of mixing business, politics, and questionable sovereign guarantees. While Sri Lanka navigates its path forward, Maldives should take heed: $750 million isn’t just a line item—it’s a lifeline for a nation grappling with economic challenges. If diplomacy fails, Colombo might very well resort to drastic measures, setting a precedent for how small nations can tackle big debts.
In the meantime, Sri Lankan taxpayers will be keeping a close eye on this unfolding drama, with the hope that justice—and their $750 million—will be served. Until then, one can only imagine the Sri Lankan Parliament as a theater, with this Maldivian farce providing ample material for both outrage and dark humor.
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by (2024-11-25 22:25:31)
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