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Sri Lanka's Multi-billion Dollar Ocean-Air Expressway

The details of SLiMDOE given herein have been updated in the opening slide

Dear Friends of Sri Lanka

I started worrying about the Sri Lankan economy several years ago. I realized that Sri Lanka’s debt was not sustainable and that it needed a new Resource that could provide capital needed to grow our ocean economy in the SEA of Sri Lanka which is eight times larger than our land mass, and value addition development measures from the land, hence I developed a new Resource  SLiMDOE.
 

SLiMDOE has a leverage of US $ 320 Billion, which amounts to four times the Gross Domestic Product (GDP) of Sri Lanka as detailed below. I have requested a grant of US $ 50 billion over five years for the “suffering citizens of Sri Lanka” from the “Loss and Damage Fund” of  United Nations against the damages caused to our economic resources by the “SLiMDOE emissions during the last 20 years” as detailed in my letter of 30th March 2023 sent to United Nations, attached in ISBN 978-624-99952-1-5.

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The European Union recently legislated to levy a “Carbon Tax on Shipping”, and in this process the EU will also collect tax on “SLiMDOE emissions” effective 1st January 2024. Accordingly, I have requested that arrangements be made to reimburse the decarbonisation cost of SLiMDOE emissions off loaded, for the benefit of the suffering citizens of Sri Lanka, as detailed my latter of  7th September 2023 to the European Union attached(ISBN 978-624-99952-3-9). The United Kingdom too has announced the levy of Carbon Tax. Sri Lanka has the potential to obtain reimbursement of US $ 4 billion annually as the full decarbonisation cost of SLiMDOE emissions in the future gradually starting from 2024. 

 

Given below are the details of SLiMDOE, Climate Induced Disasters in Sri Lanka, Loss and Damage Fund, Vanavatu    UN Vote, European Union's Introduction of a Supra-regional Tax on Shipping, what "SLiMDOE Can Do", and  my Proposed Alternative SLiMDOE Leveraged Growth Strategy to Turn Around Sri Lankan Economy, inclusive of a five year Macro Economic and Fiscal Plan and the expected Deliverables to the People.

What is SLiMDOE

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I have monetized and developed a “New Resource”, an intangible, dynamic, and intrinsic asset to bring benefits to our suffering citizens, I have named it Sri Lanka’s Multi-billion Dollar Ocean-air Expressway, and also given it the short name SLiMDOE.  Spelled as S L i M D O E. This also means a slim passage through which 60,000 ocean vessels cross Sri Lanka’s territorial water, 5 miles away from DONDRA Head in the southern tip of Sri Lanka annually, taking a shortcut in their journey in the Great East-West shipping lane connecting the Pacific, Indian, and the Atlantic Ocean by cutting through our 200 nautical mile Exclusive Economic Zone (EEZ). This shortcut which carries 40% of the world trade, reduces the distance traveled by 400 miles per crossing, saving the rich global economies US $ 12 billion annually on reduced bunkers and operating costs. Similarly, 40,000 aircraft cross the Sri Lankan territory annually saving one hour of flying per each crossing. Without giving any revenue to Sri Lanka, over the last 20 years, the rich global economies have gained US$ 240 billion using the SLiMDOE shortcut.


Though we did not get revenue, the prosperous global economies gave us, and continue to give us something – do you know what this is? These vessels dump on us the emissions consisting of Green House Gases – CO2, SO2, NO2, and Black Carbon Particles. etc. by burning fossil fuel whilst moving in the SLiMDOE damaging our economic resources. Do you know that these emissions are huge, amounting to almost 200% of our country’s emissions? such an occurrence is unique globally, perhaps the largest in the world. This damage has been monetized based on a decarbonization cost of US $ 4 billion annually and US$ 80 billion during the last 20 years. SLiMDOE, therefore, has a leverage of US Dollars 320 billion, I repeat 320 billion Dollars. This leverage to us is huge when compared to our GDP at US$ 77 billion and our foreign Debt at US$ 42 billion which we had defaulted.

Disasters in Sri Lanka

What is the Loss and Damage Fund? 

The United Nations Climate Change Conference COP27 held in Egypt on 20th November 2022 agreed to set up a “Loss and Damage fund” to help poor countries cope with climate change. Please find below some of the comments made by UN Chief, etc on setting up of loss and damage fund that was published in the print media.

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Vanuatu UN Vote

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  • The above picture was reported on CNN - 23rd March 2023 under the caption “World’s highest court can set countries’ climate obligations after Vanuatu secures historic UN vote”. Please press the button below to view the full article.

  • Pacific Island nation Vanuatu won a historic vote at the United Nations that calls on world’s highest court to establish for the first time the obligations countries have to address the climate crisis – and if they don’t.

  • Quote from the article.   “To be honest, at first, I was very hesitant when this idea was discussed”, Houniuhi said. “MY mind keeps telling me to back off. I mean let’s be real here, it was too ambitious to say the least. Like, how can a small group of students from the Pacific Region convince the majority of the UN members to support this unique initiative?”

Why you should support the request for a grant from the United Nations Loss and Damage Fund for the suffering citizens of Sri Lanka.

"European Union's introduction of a supra-regional tax on shipping."

What "SLiMDOE Can"  Do 

  • SLiMDOE is a Multi-billion Dollar Resource developed by Ranjith Wickramasinghe having a Leverage of 320 billion US Dollars, and can be used to obtain capital, foreign exchange, and grants to finance our development projects planned to accelerate our export income, from the Sea of Sri Lanka and value addition from the Land.

  • Using SLiMDOE leverage Government of Sri Lanka (GoSL) should Request a grant of US$ 50 billion over five years from the loss and damage fund set up by the United Nations against the damages caused to our economic resources for the past 20 years.

  • GoSL should engage with the European Union to discuss how the carbon tax collected by them in respect of SLiMDOE emissions be released for the benefit of the citizens of Sri Lanka from 1st January 2024.

  • An Alternative SLiMDOE leveraged  Growth Strategy to Turn Around Sri Lanka's Economy is given below.
    SLiMDOE Leverage is an alternative growth strategy to expensive commercial borrowings and the sale of strategic assets resisted by the citizens.

  • "ලිදට වටුනොත් එලියට එන්නෙ ලිං කටෙන්මය". We must use our resources to come out of the present debacle.

  • SLiMDOE Leverage offers a practical solution to salvage Sri Lanka's economy. 

Alternative SLiMDOE Leveraged Growth Strategy
to Turn Around Sri Lanka's Economy

The Status of the Present Economy of Sri Lanka

Liabilities
Asset

SLiMDOE can
Turn Around, Sri Lanka.

SLiMDOE leverage         USD 320 billion

GDP of Sri Lanka              USD 77 billion

Total debt of Sri Lanka   USD 82 billion

Sri Lankan economy with a “continuous triple deficit and a ballooning heavy debt”, which had been “nose-diving for decades” finally crashed in March 2022, recording the above negative major economic indicators reported on 31st December 2022. Please find below some of the comments given in the print media in relation to the state of the present economy.

Press the Link.

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Whilst certain stabilization measures have been brought in now (as of July 2023), “Sri Lanka is not out of the woods”, with more than 30% of the citizens falling below the poverty line, and lot more remains to be done. We need to infuse massive capital, and a growth-based strategy to turn around Sri Lanka. I propose that we use the SLiMDOE leverage to obtain capital.

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YES, “SLiMDOE can” turn around Sri Lanka.
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An Alternative Growth Strategy to Turn Around Sri Lankan Economy
Using "SLiMDOE  Leverage"

 My five prong Strategy is given below;

As the first strategy, I propose that we use “SLiMDOE leverage” to request US$ 50 billion over 5 years as a grant from the “Loss and Damage Fund” set up by the United Nations to compensate poor coastal nations whose economic resources have been damaged by climate change. I propose that we use this grant to effectively turn around our crashed economy, together with the measures I have proposed below to enlist continued growth in the economy.
To view my letter sent to United Nations on 30th March 2023 and GoSL Agencies requesting a US $ 50 billion grant published on ISBN  978-624-99952-1-5 dated 29th April 2023.

USD
50
billion

Secondly, “Exploit the resources in our SEA of SRI LANKA” within the 200 Mile EEZ which is eight times bigger than our landmass with a burst of development to earn foreign exchange earnings annually of US 20 billion in five years. These developments comprise of expanding the Port of Colombo container capacity to 27 million TEU from 7 million now, seafarer income, nautical tourism, sale of navel charts, ship building, repairs, offshore bunkering, ship supplies, yachting, effective use of Port of Trincomalee and the Tank farm, maritime security, deep sea fishing, commercialize petroleum resources in Manner and Kaveri basins, effective utilization of Hambantota port and set up joint ventures in the large hinterland via joint ventures, export of titanium di oxide, FDI’s, effective use of Colombo Port City, processing of sea bed minerals, and ocean wave energy as proposed by me. Our annual exports can go up from US$ 12 billion to US$ 32 billion by 2028. To view the details,

USD
20
billion
annually

Third, “Exploit the potential of adding value to our resources in the Land” to the target annual value of US$ 18 billion in five years by 2028. As you all know we have a human elephant conflict, signifying the need to expand our jungle area to protect our rear bio-diversity, therefore I propose that we move into value addition to increase our export income in tea, rubber, coconut, spices, fruits, vegetable, fish, gems and jewelry, graphene, renewable energy, effective use of Mattala airport, lotus tower, Hyatt building, and other land based assets without selling them, manufacture of computer chips, rocket launching, bartering of bulk tea to obtain cheaper crude oil from Russia, recommence the Japanese LRT project, digitalization, and FDI’s as I have proposed.

USD
18
billion
annually

Fourthly, I propose the creation of a Blue and Green Economy for Sri Lanka, and set up a Platform to enable the poor peasants and the corporates to sell carbon credits, and provide incentives to enhance production in agriculture, animal husbandry, fisheries, SME, micro and cottage industry, self-employment, IT exports.

USD
3
billion
annually

Lastly, enforce financial discipline, financial prudence, governance and transparency: Reduce SOE losses, reduce government expenditure, eliminate corruption, mismanagement and fraud, improve productivity and efficiency, digitalize, continue the restructure of foreign debt and the IMF assistance program, use the world Bank to recover the stolen assets, enhance trade and development with India, China, Japan, UK, USA, Euro and all other countries, and present a Macro Economic and Fiscal five-year Plan Targets to turnaround Sri Lanka and show the expected deliveries to the people.

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I also propose that GoSL engage with the EU to discuss how to defray tax collected in respect of SLiMDOE emissions for the benefit of the citizens of Sri Lanka in the future.

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My plan is given below, and has the potential to enhance the major economic indicators as follows;

Summary of Macro-Economic and Fiscal Plan Incorporating the above strategy

Mr_edited.jpg

Ranjith. J. Wickramasinghe

FCMA, FCCA, CGMA, ACC. Dir. SL, and a JP

Former Chairman Sri Lanka Ports Authority

& Ceylon Shipping Corporation

Ranjith Wickramasinghe  FCMA (UK), FCCA,  ACC.Dir, SL, CGMA, and a Justice of Peace. Former Chairman of Sri Lanka Ports Authority and Ceylon Shipping Corporation, and Former Head of Group Treasury of Zambia Consolidated Copper Mines Limited, a New York Stock Exchange Listed Company,  SLiMDOE Concept Author and Resource Developer, Chairman SLIMDOE (Pvt) Limited, a Financial Turn Around Strategist, an Independent Financial Advisor, and Consultant.

Why you should support the request for a grant from the United Nations Loss and Damage Fund for the suffering citizens of Sri Lanka.

  • Sri Lanka had suffered climate change damage of US $ 80 billion, whilst enabling the rich global nations to save US$ 240 billion by using the SLiMDOE shortcut as described above.

  • The Loss and Damage Fund has been set up by United Nations to help poor nations affected by climate change.

  • UN chief, Mr. Guterres has expressed the urgent need to help poor nations fight climate change.

  • Climate envoys John Kerry of the USA and Xie Zhenhua of China, (the two countries that account for 45% of world GDP and 60% of GHG emissions) are actively engaged to resolve global climate issues. The seasoned diplomat Henry Kissinger has been warmly welcomed by President XI in Beijing and described as an old friend.

  • US treasury secretary, Janet Yellen has called the rich countries to help low-income countries with debt relief ahead of a meeting with other G20 finance ministers in Gandhinagar, India shortly.

  • Pacific Island nation Vanuatu won a historic vote at the United Nations that calls on the world’s highest court to establish for the first time the obligations countries have to address the climate crisis – and if they don’t.

  • The Vanuatu initiative was started in a classroom and finally was able to win the UN vote, and my proposal SLiMDOE can, too can similarly win with the citizenry's support.

Dear Friends of Sri Lanka

  • I started worrying about the Sri Lankan economy sometime in 2016/17 when Sri Lanka’s debt Value was reported differently in the Central Bank of Sri Lanka – annual report, and the Ministry of Finance – annual report. Since then, I have been delving into the economy and had been researching to turn around Sri Lanka’s nose-diving economy since 2019, when I circulated my first publication “An Independent Professional’s View to TURN AROUND SRI LANKA – report dated 1st October 2019.

  • Thereafter I published the “URGENT PLAN TO MITIGATE COVID-19 IMPACT ON SRI LANKAN ECONOMY DATED 10th June 2020, “A rolling (2021) Budget & Five-Year Plan to Turn Around the Post Covid-19 Economy of Sri Lanka” on 31st July 2020 (ISBN 978-624-96562-0-8), and “Sea: Sri Lanka’s Competitive advantage and how to earn foreign exchange Income quickly from the sea.” on 22nd March 2021 (ISBN 978-624-97686-0-4).

  • I realized that Sri Lanka’s debt is not sustainable and that it needed a new Resource that could provide capital needed to grow our ocean economy in the SEA of Sri Lanka which is eight times larger than our land mass, and value addition development measures from the land.

  • Then having further researched, formulated, conceptualised, and monetised I published the Development of a Resource in the Name of “Sri Lanka’s Multi-billion Dollar Ocean-air Expressway” (SLiMDOE) on 2nd September 2021 on ISBN 978-624-97686-4-2., dimensions and details of SLiMDOE have been fully described in the home page.

  • I propose to use the SLiMDOE resource that I had developed which has a leverage of US $ 320 billion to obtain a grant of US $ 50 billion over five years from the United Nations Loss and Damage Fund against the damages caused to our economic resources by the annual 100,000 ocean-air crossings.

  • It is planned to use this capital infusion to grow our annual exports from US $ 12 billion now to US $ 32 billion in five years and increase our value addition from Land by US $ 18 billion and US $ 3 billion from new services annually over five years, all which has been built into the five-year Macro Economic - Fiscal plan shown above, which will turn around our stagnant economy.

  • SLiMDOE is a Multi-billion Dollar Resource having a Leverage of 320 billion US Dollars, and can be used to obtain capital, foreign exchange, and grants to finance our development projects planned to accelerate our export income, from the Sea of Sri Lanka and value addition from the Land.

  • SLiMDOE Leverage is an alternative growth strategy to expensive commercial borrowings and the sale of strategic assets resisted by the citizens. 

  • SLiMDOE Leverage offers a practical solution to salvage Sri Lanka's economy. 

  • It has now become necessary to canvass the support of the citizenry which is cardinal to win the hearts of the United Nations. It is time that the citizens of Sri Lanka and their well wishes the world over, register their support to request the United Nations for a grant to help the suffering citizens of Sri Lanka. Please press the submit button to initiate this process

  • Please share this link with many well-wishers so that we can place an “avalanche of support by friends of Sri Lanka” with the United Nations, reinforcing the need for this grant.

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Thanking our friends

Ranjith Wickramasinghe

SLiMDOE Concept Author, Resource Developer, and Chairman SLIMDOE (Pvt) Limited.

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