If you look at western media you will find that to the extent there is any context at all that the blame is pinned on the corrupt Rajapaksa’s and on China.
According to the narrative the Rajapaksas were responsible for moving away from its traditional western allies and pivoting towards China involving it in a debt trap with China.
These articles are representative.
On 20 May, the Sri Lankan parliament passed the Colombo Port City Economic Commission Bill that lays out the country’s legal framework governing the China-financed project built on land reclaimed from the Sri Lankan capital’s seafront, adjoining Colombo’s port. The bill effectively turns these 660 acres into Chinese sovereign territory.
Debt Trap Diplomacy – Who Really Owns Sri Lanka’s Debt?
Debt-ridden country’s recent history is a chronicle of a default foretold
Debt-ridden Sri Lanka has stepped into uncharted waters. Negotiations begin this week in Washington between government officials and the International Monetary Fund for a relief program, against the backdrop of protests at home and the decision to stop paying its overseas debts….
Bondholders will also be key stakeholders. By the end of 2020, a year into Gotabaya’s term, the country’s foreign debt was $38.6 billion, accounting for 47.6% of the central government’s total debt, according to the IMF.
International sovereign bonds made up the largest share, at $14 billion, followed by $8.8 billion in loans from multilateral lenders and $6.2 billion in bilateral debts. The top 20 ISB holders included BlackRock, Allianz, UBS, HSBC, JPMorgan Chase and Prudential, according to Advocata Institute, a Colombo-based think tank.
Here is another analysis from the same source
Sri Lanka: Debt Trap Diplomacy & Putin Price Hikes? Or Something Else?
This Asian financial publication asks the questions
Sri Lanka’s debt crisis and Chinese loans – separating myth from reality.
THE BAN ON AGRICULTURAL FERTILISERS
In some quarters, ecologist Vandana Shiva has been blamed for the crisis
World renowned Indian environmentalist Prof.Vandana Shiva commended the government’s decision to ban the import of chemical fertilizer on Monday.
She said Sri Lanka will become a unique country in the world, if she sticks to this policy.
“This decision will definitely help farmers become more prosperous. Use of organic fertilizer will help provide agri products rich with nutrients while retaining the fertility of the land.
She was addressing a virtual summit on organic farming for prosperous economy organized by the Plantation Institute of Sri Lanka on Monday.
I would see it far more likely that the crisis came from a government that was fed an idea by western institutions and implemented the reforms without any transition period at a time when any major changes were ill-advised.
Here is an analysis.
Tech tycoons Chamath Palihapitiya and David Sacks discussed how “Green New Deal” policies promoted by the World Bank, IMF, and Davos destroyed Sri Lanka on the latest episode of the “All In” podcast.
On the latest episode of the All In podcast released last Thursday, tech billionaire and CEO of Social Capital, Chamath Palihapitiya, who is a Sri Lankan-born Canadian and American citizen, discussed the collapse of Sri Lanka with PayPal Mafia member and co-host, David Sacks.
Palihapitiya told Sacks, “Somewhere along the way the leadership of Sri Lanka decided that they were woke and so they enforced every farmer to go organic.”
“The problem with going organic and organic fertilizer was all the small farms shut down, all of the large farms had 20 to 30 percent crop yield reductions, and the prices of food went crazy.”
“What they found as they tried to go woke,” he said, “they went broke.”
Sri Lanka, a small island nation in South East Asia, has completely collapsed after its president’s “green” policies have bankrupted the nation that is no longer able to pay for food, fuel, or medicine.
In 2019, President Gotabaya Rajapaksa pledged to ban the importation of chemical fertilizers on the campaign trail.
“I am honored that my Presidential campaign has been recognized as world’s first carbon neutral election campaign,” Mr. Rajapaksa tweeted on July 20, 2020, “certified by @UN Framework Convention on Climate Change.”
On April 27, 2021, Mr. Rajapaksa followed through on his campaign promise to ban chemical fertilizers and pesticides when he ordered the country’s 2 million farmers to go organic, prompting a surge in food prices, and leading the debt-laden nation towards catastrophe.
Decision to ban importing chemical fertilizers won’t be reversed under any circumstances. Experts’ involvement is essential in implementing & educating farmers about the importance of this transformation. Gov will take swift measures to stabilize farmers’ income
What happened after Sri Lanka banned chemical fertilizers?
Rice production fell by 20% in the first 180 days of the ban on synthetic fertilizer. Tea, Sri Lanka’s main cash crop, has been hit hard, with exports at their lowest level in nearly a quarter-century. Farmers left a third of all farmland fallow. Food prices soared as a result of scarcity and Sri Lanka’s people, their pockets already hit by the pandemic, began to go hungry.
Sacks, who was the founding COO of PayPal before founding Yammer and Craft Ventures, compared the populist uprising in the Netherlands to what is happening in Sri Lanka.
“Basically, they’re implementing the same policies,” he said. “Sri Lanka is just further down the road and a poorer country to begin with.”
Sacks pointed to the fact that the Sri Lankan government adopted these policies because they took massive loans from the World Bank, the IMF, and other international banks, under the condition of implementing ESG requirements.
Sacks continued, “Sri Lanka has something like a 98 ESG rating even as their economy and society is collapsing. How is that possible? Well, they’re doing a great job following the prescriptions of the global elites of Davos.”
“I mean this sort of global elite flies into Davos from Brussels and Washington on their private planes, they have panels on ESG, and then they prescribe these policies for countries like Sri Lanka, and this is the result.”
Sacks explained that Sri Lanka proves the “Davos elites” are wrong about there being “no trade-off” between their “environmentalist policies” and “creating a healthy growing economy”.
“There are real trade-offs here,” he concluded. “And, the crazy thing is that the elites expect poor people in Sri Lanka to make up for their environmental emissions.”
Sri Lanka is the tip of the iceberg of how “Green New Deal” policies promoted by the World Bank, IMF, and Davos will lead to poverty, starvation, and chaos worldwide.
What are the odds that blame for this can be laid at the feet of the United States and western and globalist financial institutions?
Evidence is emerging that at least some segments of the ongoing protests in Sri Lanka are funded and backed by the US, serving US interests. A “digital strategist” given credit by the Western media for the successful toppling of the Sri Lankan government was a “volunteer” at a US National Endowment for Democracy-funded “election” organization. His group’s involvement in the current protests are a carbon copy of events that unfolded during the 2011 US-engineered “Arab Spring.”
Reuters (via US News) – How a Band of Activists Helped Bring Down Sri Lanka’s Government:
New York Times – U.S. Groups Helped Nurture Arab Uprisings: https://www.nytimes.com/2011/04/15/wo…
LinkedIn – Chameera Dedduwage: https://lk.linkedin.com/in/chameerade…
People’s Action for Free and Fair Elections – Partnerships: https://www.paffrel.com/inter_partner…
US National Endowment for Democracy (NED) – Board of Directors: https://www.ned.org/about/board-of-di… NED – Elliott Arbrams: https://www.ned.org/experts/elliott-a… NED – Victoria Nuland: https://www.ned.org/experts/victoria-… NED – Scott Carpenter: https://www.ned.org/experts/scott-car… NED – Asia Regional 2021: https://www.ned.org/region/asia/asia-…