How a powerful dynasty bankrupted Sri Lanka in 30 months
Ahead of the November 2019 election, Sri Lankan presidential challenger Gotabaya Rajapaksa proposed sweeping tax cuts so reckless the incumbent government thought it must be a campaign gimmick. The finance minister at the time, Mangala Samaraweera, called a briefing to assail the “dangerous” pledge to reduce the value-added tax to 8% from 15% and scrap other levies. To him, it was simple math: Sri Lanka collected relatively less revenue than nearly any other country, and its high debt load had forced it to seek cash from the International Monetary Fund. KEEP READING list of 4 items list 1 of 4 No Sri Lankan, rich or poor, spared as economic crisis worsens list 2 of 4 Sri Lanka doctors warn of ‘catastrophe’ as medicines run low list 3 of 4 IMF says Sri Lanka needs to be on a sustainable debt path list 4 of 4 What’s the way out of Sri Lanka’s economic crisis? end of list “If these proposals are implemented like this not only will the entire country go bankrupt,” the minister warned...