The economic fate that befell Greece due to the spending of US$13.5 billion for the Olympics in 2004 would befall Sri Lanka too if a massive Rs.265 billion were spent for  the Commonwealth Games in 2018, the JVP warned today.

Addressing a news conference, JVP propaganda secretary Vijitha Herath said today that the amount is nearly one fourth of the government’s estimated revenue for next year. He said that Sri Lanka could not afford to bear such a large expense for a mega sports event.

“Greece had this problem. Today, the Finance Minister of that country finds it difficult to come out in the open. There is public agitation against him. We think that the same thing will happen here if such a colossal sum is spent for this sports event,” he said.

Australia’s Gold Coast and  Hambantota in Sri Lanka, are the bidders to host the Commonwealth Games in 2018. The decision is to be announced today after a vote to be taken up in a Caribbean Island. 

Besides, Mr. Herath said that Sri Lanka Cricket incurred heavy losses due to the conducting of world cup matches here whereas India, the other host country of the event, earned over US$10 million.

 “We failed in this case due to corruption and mismanagement. Today, Sri Lanka Cricket is even unable to pay salaries to its employees,” he said.
 Also, the JVP MP charged that most state institutions such as Mihin Lanka and Lankaputhra Bank had sustained heavy losses running into billions of rupees during the past few years.

“Mihin Lanka alone  has suffered a loss of seven billion rupees since its inception in 2007,” he said.

Also, he said that a finance company acquired by the government in 2008 placed under the purview of a state bank had lost Rs.10 billion. (Kelum Bandara)