Where did all the dollars go?
By Dr. Lacak Cimballapia
No one knows what happened to the dollar. Why did the reserves go down to such low levels, and soon? I can list additional costs, that is, since 1987, expensive projects in the energy sector (electricity and petroleum) have been wasted. When politicians play football with each project, they can also report how much extra costs have been incurred and who is responsible.
Why should we monitor the losses incurred by politicians and others in the energy sector since 1987? This is because similar scams continue to occur, and losses, as we say, are on the rise. It was all spent in dollars.
Power plants in plans have been repeatedly canceled, delayed, and stations have moved around and around the country. The end result? Increase oil use to generate electricity. Electricity is generated by renewable energy. Wrong!
A.D. Even by 2020, 27% of electricity will come from the most expensive way to generate electricity – oil. Even a country that exports oil does not use oil to produce such electricity. All plans to reduce oil use have been thwarted by former presidents, prime ministers, NGOs and, surprisingly and uniquely, in Sri Lanka, Bishops!
Since 2014, Sri Lanka has been struggling to build a terminal to import natural gas LNG. The president has been trying to build a Korean company for five years. The prime minister has been trying to build an Indian company for four years. The battle turned into a “terminal” battle between the president and the prime minister. All of this is due to the fact that the Electricity Act 2009 – without a doubt – must buy electricity competitively.
Now the government has changed. There are new decision makers and new friends and associates. Contracts must be awarded. This is the same story that has been circulating for the past two weeks about the cabinet decision to “hand over” the gas terminal bid to a company that came out of nowhere. All of this happened while the bidding process was open.
If an honorable minister informs them of the possibility of approaching such a company or ambassador for a gas terminal contract – “Look, madam, we have already started a competitive bidding process. Bids will be closed in three months. You have enough time. Encourage as many companies as possible to send bids from your country. So how many bidding books does the lady want? In Colombo, I will send a copy of your business manager to your local companies as soon as possible. ”.
As we now know, the opposite is true.
So, what could be the result? 2021-2025 There will be a new “terminal” battle. The Minister of Finance’s terminal with CBC’s bidding terminal. The end result – no gas terminal will ever be built. Then write in the 2025 Manifesto, repeating the same statement in the 2019 Manifesto: “A gas terminal will be built without further delay.” In the meantime, use diesel to generate electricity, but tell the public that electricity comes from renewable energy.
This is a tragedy in Sri Lanka.
Bishops and the Vatican
The Archbishop of Colombo said he did not want gas stations. The bishop of Chile does not want coal mines. However, the Holy See and the Vatican receive 45% electricity from gas and 10% from coal. Good for the pope; Not for Sri Lanka. The end result: extra oil for power generation, the curse of Sri Lanka. Of course, for fossil fuels, there would be no such divine intervention.
But you are told that electricity comes from renewable energy; Yes, prices up to 25 rubles per unit. 22 rubles per unit of roofs. Renewable energy is cheap, in other countries it is less than half the price, but not in Sri Lanka. You can come to your own conclusion as to why it is so expensive.
Finally, to the refinery. The 50-year-old oil refinery is in dire need of refurbishment. Beginning in 1995, political “friends” offered to build filters. If they had all been built, Sri Lanka would now be floating in oil. Alas! Nothing happened. Friends of presidents and prime ministers for more than 25 years have called off the CVC’s bid to invade bidding, saying, “Don’t worry, an investor will build the filter they want.” The most recent was in March 2019, when even a “friend” from Oman laid the foundation stone for a refinery in Hamburg. Reuters recently quoted an Omani official as saying that Oman had no role in the project. Meanwhile, the country loses $ 300 million a year.
According to the Minister, a competitive bidding process for the construction of a refinery will begin soon. Do not be surprised if an ambassador meets with the president to hear a report. The end result: There is no filter, and the 2025 Manifesto says, “A new filter will be built soon.”
The chart shows that Lanka has wasted $ 17 billion over 35 years since 1987. There are many other losses or misalignments on power utilities not listed here.
So how did this extra $ 17 billion come in? Of course by borrowing money from the international market. “Sovereign Connections” Sri Lanka was in dire straits, causing untold untold citizens and their businesses, partly borrowing to pay for electricity to produce electricity.
They will have an additional $ 17 billion in the treasury for presidents, prime ministers, NGOs, and Sri Lanka, and for Sri Lanka, if not Sri Lanka. We walked smoothly during these difficult times.
The tragic part of the story continues as you read this article.
So the winners are the ones who delayed and delayed the oil refinery, the ones who delayed and continued the Norochochoi power plant.
The loan from Bangladesh was $ 200 million. The losses caused by politicians, officials, NGOs and the USSR above are $ 16,935 million, and we are talking about increasing.