(By: M H Liyanage - Kuwait)
(defence.lk)The formal meaning of the term "Sovereignty" is the power of a State to do everything necessary to govern itself such as formulating, executing and applying laws and state policies, imposing and collecting taxes, making war and peace and forming treaties or engaging in commerce with foreign nations.
Sri Lanka became a sovereign state after gaining independence from colonial rule way back in 1948. The fact that Sri Lanka is the oldest democracy in Asia too seems to be unknown to many unless it is conveniently forgotten. If these facts are not true, the US Ambassador in Sri Lanka would not have allegedly interfered in the negotiations initiated by the Government of Sri Lanka with the IMF in order to secure a development loan. Such interference only gives credence to the widely acclaimed notion that the IMF was created by the powerful West to perpetuate their control over small nations called sovereign states on paper, but treated as colonies in practice. Full text
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