Old ghosts still haunt the economy

Feb 25, 2017

Recent news said foreign investors have withdrawn a big amount of money they have invested in the local share market, treasury bills and bonds.

It was said more than Rs. 18 billion had been withdrawn and that there has been a failure to retain foreign investors.

Some say that it will lead to a major collapse of the economy. But, what actually had taken place is now coming to light. The money withdrawn was from the fund called Templeton Fund. The US-based Hong Kong fund had withdrawn the money it had invested in the share market, treasury bills and bonds.

This fund has been set up with contributions by millions of retirees worldwide. It is similar to the local EPF and ETF funds. With its expansion, the fund was joined by money-making politicians and money laundering businessmen. It is now a worldwide fund. It was introduced to the country during the previous regime, by the then Central Bank governor Ajith Nivard Cabraal. What actually had been withdrawn is the money belonging to the Rajapaksa family members and their henchmen, all of whom are connected to this fund.

This is nothing to do with the government economic policies or due to a collapse of the share market. It was a well-planned plot to bring down the economy and to inconvenience the government. What is being withdrawn is the money the Rajapaksa family members and their henchmen had invested. Their aim is to bring down the economy and to show that investors were unhappy with the government in order to change the public opinion, with the ultimate objective of gaining power again.