New Finance Minister needs good advisors

Basil Rajapaksa

We have got a new Finance Minister who has a formidable task ahead of him. I guess his task would have been less strenuous if his predecessor had good advisers. I do not propose to take more space on details, since a respected retired senior public servant G.A.D. Sirimal, has spelt out lucidly why the country is in economic shambles in your esteemed journal of 12 July. 

When the day dawns for Finance Minister Basil Rajapaksa to face the hustings again, his strategy can be different if he jettisons two advisers who stand indicted in the public minds as those responsible for not performing their tasks with self-respect. They certainly did not advise with the interests of the country at heart, instead played ball for survival. The latest to join this duo is a doctor, who dabbles in many activities outside his chosen field. Hardly anyone of worth has a good word for him, as he misleads even the members of a noble profession by using them.

A document has gone viral about the credentials of the Ministers of Finance of the region, and I am sure the new incumbent who may not possess the academic clout of those in the news, will be able to succeed if he engages new proven technocrats as advisers to guide him.My thoughts raced to a man who fortunately is still with us, and adorned that coveted position with much respect and acceptance worldwide. He accepted the invitation extended by the first Minister of Finance of independent Sri Lanka in 1948. In 1977, after JR’s landslide victory, he appointed a brilliant man as the Minister of Finance and he presented 11 budgets.We had the privilege to know him and his gracious wife, sadly no more, and had a cordial relationship all the way.

He is fortunately still with us agile, and with a clear mind though past 90.Two senior public servants who happened to be family friends both now gone to the great beyond, mentioned what I state below hence it’s not hearsay. They are Ronnie Weerakoon and Nissanka Fernando.  Nissanka was his Personal Assistant, while Ronnie was the Director of External Resources to the best of my recollection. The two stories I mention below will show the quality of the man and the standing he had in financial circles worldwide.1. Nissanka mentioned to me how he had been summoned one day and the dressing down he received for his failure to ensure that The Wall Street Journal was not on his table when he came to office. He was told in no uncertain terms “Nissanka, I have told you to ensure that The Wall Street Journal is on my table when I reach office. I do not need any of you if I have that for me to plan my day.”I know many in this day and age will not know what this journal is and its value to anyone dabbling in finance.

They will be happy to use other people’s walls to plaster their slogans. 2. Ronnie Weerakoon mentioned how he accompanied the Minister of Finance to the US for some conference. While in the US he was requested to reach the World Bank and arrange an appointment with the President. Ronnie had reached the Secretary and was advised that his diary was full for two weeks and that it was impossible. However, she had assured him that she would try, having mentioned the name and credentials of the person wanting to meet him for a short time as his stay in the US was for a short time.

Lo and behold, the response had been amazing and Ronnie was given an appointment for the following day. The Minister was pleased as punch, and both had called on Robert McNamara, if my memory serves me right. The time given was 15 minutes and he was ushered in while Ronnie was seated outside enjoying a cup of tea.The meeting lasted over an hour, and the Minister was over the moon. Subsequently, Ronnie had learnt that Robert M was so impressed with the Minister as his knowledge of finance was monumental, and  the discussion had been of immense benefit to the country.

Having said that, I truly lament how politicians out of greed for power sacrificed the interests of  the country and destroyed education. Nelson Mandela is reported to have said that the only way to ruin a country was to destroy education.

As the great LKY said, Sri Lanka auctioned unavailable assets and also instead of welding communities used religion and communalism for their advancement.

The new Finance Minister will get a honoured place if he acts with good advice from equipped technocrats, and jettison  persons who played ball to butter their bread without guiding politicians who were clueless on finance. If they had acted with honour. ignoring their  greed for positions and perks, perhaps the history of the country would have been different.

In winding up, may I remind all who contributed to the current impasse, an apt French proverb since nothing is permanent.‘There is no pillow as soft as a Clear Conscience’.

SENIOR CITIZEN

Colombo