Economy first!

By Dr Upul Wijayawardhana

Déjà vu. The response to the failure of Yahapalanaya a couple of years ago has been made to the failure of Pohottuwa as well. Solutions are proffered by politicians, priests, pundits, NGOs and the intelligentsia. They are clamouring for good governance and a change in the way we are governed. No one denies that these issues need attention but it is a great shame that these worthies overlook the crucial fact that there is a fundamental difference between these two failures; whereas Yahapalana failure was predominantly political, the major issue today is an economic disaster, largely though not entirely of Pohottuwa making. Economic issues should be addressed before political failures.

The only solution the Opposition seems to be offering to the immense suffering of the masses due to skyrocketing prices, and the rupee devaluation compounded by scarcities leading to never ending queues is an election! This is the obvious conclusion anyone watching the proceedings of the Parliament comes to. Will an election or the abolition of the executive presidency help dull hunger pangs? True, the chaos is due to the actions of the government but the solution the Opposition proposes could make matters worse at least in the short term. Parliamentary sessions have become a farce. The behaviour of the so-called ‘honourable’ members of both sides is despicable and results in repeated suspensions of the sittings. No surprise that the irate public demands that all 225 MPs go home!

The leader of the Opposition went into details of the setup he wishes to have for good governance but offered no solution to the economic crisis. In fact, Sajith faced criticism from MP Harin Fernando, a leading member of his own party, who suggested MP Harsha de Silva should be President temporarily! Whilst Sajith is advocating the abolition of the executive presidency, Sarath Fonseka wants it retained! Whilst the ‘Independent’ group is advocating an interim government, the SJB and JVP refuse participation in such a venture.

The Pohottuwa leaders were oblivious to reality. In fact, when plotting was going on to bring Basil to Parliament, I wrote an article titled “Pohottuwa: Will it blossom or wither?” (The Island, 6 July 2021), which said among other things:

“It looks as if the withering of Pohottuwa had already started. Unfortunately, this would have disastrous consequences for the country as there does not seem to be an alternative. The SJB seems full of puppets and disgraced politicians. Ranil does not seem to allow anyone else to develop in the UNP, as long as he is alive. The JVP has turned out to be a bunch of spent revolutionaries who lost credibility by propping up Yahapalanaya. They say a vacuum would not be left and would always be filled. But with what? A revolution? As an appendage of the USA, India or China? I fear the worst unless the Rajapaksas see sense and make an immediate course correction!”

Instead of making a course correction, Basil grabbed the Finance portfolio from Mahinda. Gota sided with Basil, cornering the elder brother Mahinda. As public unrest increased many appealed to Mahinda. In fact, the editorial, “Killer waves of public anger” (The Island, 2 April) said, “It is high time he [Mahinda] put his foot down, began to act like the Prime Minister, and took action to ensure that the government makes an immediate course correction to pacify the public and prevent a bloodbath.”

By the time Mahinda took action, persuading the Cabinet to resign, it was too late. By then the genuine protests by the desperate public had been hijacked by those with a hidden agenda.

Though genuine protests continue, some are resorting to intimidation. It is sickening that teachers’ trade unions, which won a huge pay hike, are now on a sick-note campaign. Even the Cardinal seems to have lost his bearings. Disregarding the critical economic burden affecting all, he has decided to lead a delegation to the Vatican. Will sending Gota home solve the economic problem? Very unlikely! Even if he decides to leave, which he is not obliged to do––there is no constitutional provision for such a move––who is there to govern the country? The SJB obviously would say Sajith, but imagine what the situation would have been had Sajith been successful at the last presidential election. Even if a few of Sajith’s generous election promises had been implemented, the country would have been bankrupt much earlier.

Ranil is touted as a saviour by the UNP, but he has to make UNP electable first! Anura Kumara displays oratory but has not displayed talent in previous portfolios he held. He and his lot propped up Yahapalanaya government unashamedly though they now pretend not to have had anything to do with Maithri and Ranil. With their background together with recent speeches and acts bordering on incitement to violence, can they be trusted?

In this gloom, the only ray of sunshine seems to be the appointment of Dr Nandalal Weerasinghe as the Governor of Central Bank and Ali Sabry as the Minister of Finance. Ali Sabry has excelled as a Minister and Dr. Weerasinghe is eminently suited to the post of Governor CB in view of his 30 years-experience in the CB in various capacities as well as his experience with the IMF too, serving as an ‘alternate executive director’, representing the country group Sri Lanka, Bhutan, India and Bangladesh, from January 2010 to August 2012. He should be commended for having accepted a difficult challenge; he displayed a firm grasp of the situation, at his first press conference itself. It is the duty of the government as well as the Opposition to give them the much-needed political support so that they may pull us out of the economic mire. Politicians can wait till the basic necessities of the masses are met to start fighting for power.