Lend with a rider
Given the manner in which the financial administration of the country was handled as a family affair by the Rajapaksa brothers who are ruling Sri Lanka, it is not a surprise that the Emerald nation has been driven to a state of bankruptcy resulting in default on all its foreign debt totalling $51- billion. It seems this is the first time in the history of the nation that it has failed to service even the interest on the foreign debt.
Though India has extended fresh credits for the purchase of essentials to Sri Lanka, the amount is in minuscule compared to the cash requirement of the country to meet with the payments relating to the purchase food, fuel and medicines for its starving masses. Now the rulers have appealed to International Monetary Fund (IMF) to come to their rescue and are seeking restructuring of debts from the other lenders with a reasonable moratorium for repayment.
The island nation is already in a debt trap and one really wonders how they would be able to repay the fresh loans and also service the outstanding debts in view of the fact that inflow of foreign exchange from exports and tourism is at its lowest ebb and revival of the same appears a distant possibility under the present circumstances.
Unless the IMF comes forward to lend long term soft loans and the rich and generous countries decide to pump in non-payable charity funds considering the pathetic plight of the people, the country will never come out of woods. Even if organisations like IMF decide to fund they should have a close follow up of the utilisation and end use of the loans granted in view of the bad record the Rajapaksa brothers have earned due to misuse of funds and other resources and alleged corruption. As the people of the entire nation have lost their faith in the Rajapaksa brothers and demand their ouster, it would be ideal to make exit of Rajapaksa brothers from the government including President Gotabaya, despite the amendment to Article 20 he has cunningly made to protect his stay in power, as a precondition to such lending. Otherwise, it would result to be a futile exercise to straighten the sagging economy and morale of the suffering masses of the country.
Tharcius S. Fernando, Chennai
Good Friday
Good Friday is a day of mourning for Christians all over the world. The day is called ‘Good’ because it is believed that Jesus Christ on this Friday died on the cross for our sins.
Initially, it was called ‘God’s Friday’. In the Eastern Orthodox Churches, it is known as ‘Great Friday’. On this day, prayer services and meditation takes place at all churches. Good Friday is observed as a day of fasting, mourning, sorrow and prayers by the entire Christian community.
Jesus could’ve saved Himself from death because He was God. But He did not do that because He wanted to fulfil the prophecy of Prophet Isaiah (Isaiah Chapter 53, verses 2 to 12) and the other prophets that were foretold between about 1200 and 165 BC. Jesus chose to die so that the prophecies of these Old Testament prophets (men of God) may be fulfilled.
Jubel D’Cruz, Mumbai
Retail inflation above RBI’s tolerance limit
Even before the war, inflation was topping the RBI’s 6% upper tolerance limit in 2022, and the supply disruptions that sent oil above $100 a barrel have since laid the ground for price-growth to overshoot the full-year target. That outcome will be difficult to ignore for the currently growth-obsessed policy panel led by Governor Shaktikanta Das, given its primary task is to maintain price stability. Retail inflation accelerated sharply to 6.95% in March, the fastest pace of price gains in almost a year and a half, and marked the third straight month when inflation exceeded the Reserve Bank of India’s tolerance threshold of 6%. The surge in food price inflation quickened to 7.68% from 5.85% in February, combined with rising fuel prices and producers passing on higher commodity prices and input costs to consumers across goods and services to drive the overall Consumer Price Index (CPI)-based inflation print to a 17-month high. Consumers in rural India faced a higher level of inflation than urban residents, with overall rural inflation at 7.66%. The poor are bearing the burden of inflation the most, given that food which occupies the largest share of their consumption basket recorded the sharpest rise. The rising fuel prices and their ripple effects on transport and logistics costs are expected to intensify in April.
C K Subramaniam, Navi Mumbai
Commemorating Jesus’ Crucifixion
Good Friday, the Friday before Easter, is the Christian Holy Day to commemorate the crucifixion of Jesus and his death at Calvary. For Christians around the globe, Good Friday is a crucial day of the year because it celebrates what we believe to be the most momentous weekend in the history of the world. Ever since Jesus died and was raised, Christians have proclaimed Jesus to be the decisive turning point for all creation. On Good Friday we remember the day Jesus willingly suffered and died by crucifixion as the ultimate sacrifice for our sins.
Anish Esteves, Mumbai
Divar needs a bridge
It’s a great honour and pride to all Divadkars to receive blessed words from Governor of Goa P S Sreedharan Pillai on Herald front page that People of Divar living cordially is a classic example that should be presented to the rest of the country as people not only live in peace not only culturally but also religiously but with due respect to Governor I would like to say that I disagree with one point that people of Divar don’t want bridge.
Well Sir first of all as a person facing muscular destrophy I have been facing lot of hardship. Whenever I have some health issue to go to local health centre as I don’t get a vehicle to carry me to the centre and whenever I tried to call the local health centre doctor at my residence his response to me is he is busy. But when the car is available I have to cross the ferry to go to private hospital close by as our local health doctor is available only half day and that too on alternate days and in emergency we have to depend on 108 and ferry to cross island to go to GMC or private hospital. If we had a bridge it would save lot of lives and time too.
I would like to inform you that few youth and I had run a signature campaign to demand for a bridge and we had submitted 599 signatures of those staying in Divar to then CM Parrikar on 4/11/14 who had assured us that he would study and do the needful but to our bad luck Parrikar was promoted as Defence Minister after 4 days. Sir,we Diwadkars especially school and college students including the working class are having a tough time for the past last three years due to frequent ferry breakdowns. During winter also the ferries stops plying due to dew and resumes operations only after dew is cleared and this results in children and people reaching late to their colleges and offices.
Secondly, since the barges have stopped due to the mining ban the citizens are safe but once these barges start plying then our Divadkars lives would be at risk as barges continuously move day and night.
I would also like to bring to your attention that during monsoon our roads leading to Old Goa ferry and Divar-Sao Pedro ferry point get submerged and we are left stranded till there is low tide or till the rains stop.
Jerry L.D’Souza, Divar
