President’s Council and Wimal’s swipe

Tuesday 8th March, 2022

President Gotabaya Rajapaksa is reported to have appointed an Economic Council (EC) to boost the economy, which is currently on oxygen support. It has been tasked with coordinating policymaking in response to changes in the global economy, providing relevant advice to ministries, departments and statutory institutions, and guidance on behalf of the government. Shouldn’t these tasks have been left to the Cabinet, especially the Finance Ministry, the Central Bank, etc?

Curiously, Agriculture Minister Mahindananda Aluthgamage and Trade Minister Bandula Gunawardena are also members of the EC. Shouldn’t they be made to run their ministries efficiently before being given new tasks such as helping straighten up the economy? Farmers are protesting against yield losses, and demanding compensation thanks to the unplanned implementation of the government’s green agriculture drive and the sudden ban on agrochemicals. Sathosa has failed to deliver the promised relief, and prices of rice continue to rise, and irate consumers are cursing the government.

Perhaps, it may not be fair to single out some ministers for criticism because the entire government has failed to live up to public expectations, but that is the way the cookie crumbles; when ministries fail to function efficiently, ministers concerned get the blame because they are maintained with public funds.

Other members of the EC are President Rajapaksa (Chairman), Prime Minister Mahinda Rajapaksa, Finance Minister Basil Rajapaksa, Highways Minister Johnston Fernando, Plantation Minister Dr. Ramesh Pathirana, Governor of the Central Bank Ajith Nivard Cabraal, Gamini Senarath (Secretary to the President) Secretary to the Treasury SR Attygalle, and Deputy Governor of the Central Bank Dhammika Nanayakkara. These politicians and officials have already done everything in their power to boost the economy, but without success, and the question is whether they, as EC members, would be able to do anything more to bring about economic growth. It would have been better if some other experts such as business leaders and independent economists too had been appointed as council members to provide fresh insights.

Let the EC be urged at least to seek views of independent experts on how to revive the economy, and take them on board if they are useful. There are also eminent Sri Lankan economists living overseas, and the government should try to enlist their support as well. The SLPP dissidents have recently unveiled what is described as a roadmap suggesting ways and means of tackling the current economic crisis among other things. The EC should study these proposals, which must not be rejected out of hand simply because they have been made by the government’s rebel group.

One may recall that President Maithripala Sirisena also appointed an economic council in 2017 to boost the economy. His National Economic Council (NEC) was tasked with strengthening the economy. It, however, did not meet regularly, failed to achieve its goal and was disbanded. One can only hope that the current EC will not go the same way as the NEC.

Meanwhile, SLPP MP and former Minister Wimal Weerawansa is reported to have said something shocking. He has accused Finance Minister Basil Rajapaksa of aggravating the economic crisis deliberately with a view to furthering the interests of the West. This is a very serious allegation, which should not be taken lightly.

Many people believed in what Weerawansa said about the SLPP and its leaders before the last presidential and parliamentary elections, and voted for them. So, there is no reason why his statements about them at present should not be taken seriously. After all, he had been a member of the SLPP Cabinet until last week.

It behoves the government to probe Weerawansa’s damning allegation against the Finance Minister, who is also a member of the EC.