Is it worth for our Motherland to be held ransom?

I refer to Dr. Garvin Karunaratne's article of April 13, 2009, in the Media, under the headline 'How the IMF Swindles the Third World'.

I must heartily congratulate Dr. Garvin Karunaratne, an eminent academic, and educationalist, "par excellence", for a brutally candid, and deft article, full of substance, innovative, and a thought provoking article, on the part played by the IMF, in funding third world nations.

I being an assiduous reader, and follower, in the field of Sri Lankan affairs, was shell shocked, and amazed, to read such excellent information, not seen in the electronic or print media.

It is my earnest hope and prayer that this informative article is read by all, and sundry, who are truly patriotic citizens of our motherland, especially when the Government of the day, is negotiating for a US$ 1.9 billion loan from the IMF.

The article spells out in detail the ramifications and evil exposed by the IMF not only in Sri Lanka, but all Third World Nations.

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, over income, and it encourages us to sell our treasured assets, to fund the loans taken, and finally push us to take loans for non developmental projects.

This is definitely a systematic ploy of the IMF to devalue our currency, thereby increase the cost of living index, create artificial runaway inflation, and high devaluation in the country, creating another Bolivia or Tanzania in the making.

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 the pressures from any direction. It would be a "Blessing in Disguise" if we did not get the IMF loan, as I did 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 (as the print media has reported) and in due course, other nations too would come to our assistance.

Perhaps, it may be possible, that we may not get the quantum of aid that the IMF, is able to give us from other nations but "Is it worth for our Motherland to be held ransom and be sold to the IMF, at the expense of our Sovereignty for that extra quantum of aid? DEFINITELY NOT, I REPEAT DEFINITELY NOT, and even the "Pavement Street Hawker", today with the limited formal education, he or she possesses, will readily accept what I have said, if he or she, has any patriotism in his or her blood.

Honourable Sir, May I quote an Age Old Saying "We must cut our Cloth based on the Linen available".

Honourable Sir, this should be the basis of Governance in our Motherland, always, and we should not dance, to the wings, and fantasies, of the "White Collar Masters", who on the long run, would want our Motherland, and Third World Nations, to Perish and be held to Ransom.

Once again my heartfelt congratulations to Dr. Garvin Karunaratne for a scholarly and absorbing article, and it is my earnest hope, and prayer, that this article reaches the ears of all and sundry, including the top echelons of Government, and the Central Bank Officials.

May God bless our Motherland with Eternal Prosperity, Happiness and Peace always.

Amyn Chatoor - Colombo 5