Sri Lankan Expatriates Slowdown Their Remittance to Yahapanaya

Due to the frustrating situation in Sri Lanka; in view of imminent separatist agenda of the present government to form Three Federal States; North/East for the minorities, Up-country for Indian Tamils and rest for the Island to all ethnic groups such as Sinhalese, with Tamils and Muslims, Sri Lankan expatriates had lowered their remittances to Sri Lanka. The Sri Lankan expatriates are deeply concern about the present threat to the Unitary status of the country. The Present government who came to power with the backing of minorities’ votes are now working toward the minority favour ignoring the majority Sinhalese’s rights.

The remittance from Sri Lankan expatriates  accounts nearly US $ 7 billion per annum which is the main source of foreign currency for the Island nation to the weaken the island’s credit quality.

Lower current account receipts, and therefore lower reserves, will have a “particularly large effect” on the credit quality of those sovereigns that are already operating with a low reserve buffer, Moody’s said.

“Generally, weaker remittances will immediately impact the recipient countries’ credit profiles via their balance of payment positions,” Moody’s said. “A prolonged fall would also hurt economic growth, given the importance of remittances to household incomes.”

Considering this downfall, Prime Minister Ranil Wickramasinghe, who is master planning to divide the country in to three Federal States in favour of minority Tamils and Muslims to gain cheap political advantage in the pretext of so called reconciliation and good governance (Yahapanaya) ran to China to beg financial support despite accusing China with the India and US/EU by playing geopolitics at the cost of national security and Unitary status of the country.

Read more http://www.sinhalanet.net/oh-china-please-come-back

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