BETA

The foreign borrowing of US$ 500 million by the government of President Mahinda Rajapaksa (for the infra structure development) is going to be carried out by the help of HSBC bank. This controversial borrowing by the Sri Lankan government was severely criticised by the opposition UNP and its leader Ranil even asked the people to surround the HSBC banks to protest against the rising cost of living. The UNP is well known for its well disciplined fiscal control and revenue management and always regarded as competent to manage the economy. The Transparency International Sri Lanka (TISL) had issued a position paper on this borrowing and questioned various aspects of this dealing and demanded openness in the whole borrowing process. I don’t want to go into the details complex repayment scheme and the implications to the Sri Lankan economy due to this borrowing; one of the risks listed by the TISL position paper was following;

“There are no guarantees whether the funds raised would be utilised for infrastructure
Projects as presently indicated. There is a possibility that it may even go towards funding Consumption or to fund the war related costs or financing the budget deficit”

We the expatriate Tamils should expose the shady dealings of HSBC bank with one of the world’s worst perpetrator of human rights violations against its own people and conducting a genocidal war against Tamils. The expatriate Tamils should specifically target the HSBC bank to drop its secretive deal with Mahinda regime by executing a well planned public awareness campaign and series of protests out side HSBC branches throughout the world (especially in Western Europe, North America and Australasia).

Please wait!! Just before rushing to stand in front of the HSBC bank with a placard written at last minute; please do the protest in a planned and professional manner where you can make a real difference!

Interested expatriate Tamil groups should work together to achieve this goal.

A response to ORUPAPER 078 issue editorial.

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