Features
No second chance to save Sri Lanka: bank chief warns
by Amal Jayasinghe
Sri Lanka’s Central Bank chief has disclosed for the first time how warnings of an impending calamity were ignored by the then president Gotabaya Rajapaksa.Nandalal Weerasinghe said he had predicted the impending economic catastrophe three years ago due to the so called Modern Monetary Theory and the “homegrown solution” of the previous administration of the Central Bank of Sri Lanka.
“I saw this crisis was coming,” he said adding that he had serious concerns about the monetary policy of the central bank at the time.
In a wide-ranging interview with AFP in Colombo, Weerasinghe said he was side-lined for warning of the dangers of the path the central bank was taking at the time and for his troubles, he was forced to take early retirement in September 2021.
“As the head of the Monetary Policy Committee at the time, as the senior deputy governor, I always raised concerns. And there were differences.
“But we as central bankers never came out with those internal disagreements with the management and also with the government in terms of policies.”
“In fact, I should say, not only me, the staff of the central bank, the professional staff, always raised this concern even after I left. … but those were not heard, not accepted, there was a kind of a different ideology coming from the Central Bank top as well as from outside, what we called a ‘home grown solution.’
“And as I remember, there was a six-month roadmap announced by the Central Bank. Completely unrealistic with false assumption, false expectations, and that ended up with reserves being ended up as almost nothing in April.
“Central bankers obviously knew what was going on. They expressed concern, but you know, the fear culture, and the rules and regulation is that although you can internally raise all issues and discuss, but no one can go out. And obviously, it’s difficult for a central banker to have the courage and go out and speak out outside the framework.”
He said it was “obvious” that if the government continued with its policies of “excessive monetary financing, suppressing interest rates, bad exchange rate policy, fixing at one rate for a long period, running down our reserves,” the country would head for disaster.
He said he privately voiced his concerns and noted that what happened between May and July last year was exactly as he had feared.As the country was gripped with an unprecedented shortage of foreign exchange, angry street protests over economic mismanagement, Rajapaksa turned to Weerasinghe to salvage the situation.
Pulled from comfortable retirement
“I never had an intention to come back to the central bank or public service…I thought I would have a good retirement life,” he said. He was spending time with his children in Brisbane, Australia and playing golf five days of the week when he got the invitation to return as the head of the Central Bank.
He said there would have been many others too who could have taken the job, but he decided to accept the challenge when he was invited but set his conditions demanding independence and a finance secretary (Mahinda Siriwardena) he could work with.
When Rajapaksa took over in November 2019, the country had over seven billion dollars in reserves, but when Weerasinghe took over the Central Bank the useable reserves were just 25 million. Days later, Sri Lanka defaulted on its $46 billion foreign debt.
Biggest challenge
Weerasinghe said the more difficult part of salvaging Sri Lanka economy will be the restructure of domestic debt while navigating a political minefield.
“This is the most challenging part of debt restructuring. It is very politically sensitive, socially sensitive and also there is some impact on domestic (bond) holders,” he told AFP.
He urged all members of parliament to exercise their duty to safeguard public finances by supporting the debt restructure efforts as the alternative would be catastrophic for the entire nation.He stressed that the country must vigorously pursue the reforms such as ensuring accountability, stability of policy and good governance without falling off the wagon again at the first sign of stability.
The country could get back to economic normality within two to four years if it stuck to the IMF program.The new government has doubled taxes and removed subsidies — both highly unpopular moves — to be in line with revenue targets set by the IMF.
He notes that Sri Lanka’s track record with the International Monetary Fund was “not good” because the island had gone to the Washington-based lender 16 times before, but failed to stick with agreed reforms.
“But this time, the 17th time with the IMF is different. It is not only a balance of payment crisis, but a debt crisis coming together at once,” he said. “If you are trying to go back to another (IMF) program, that will be most difficult, and I think that will be the end of the story.
“So basically, there’s no excuse this time, no second chance, you have to get it right this time.”
China onboard-
Last week, Weerasinghe unveiled Sri Lanka’s debt restructuring plan offering a 30 percent haircut to international sovereign bond holders, a nine year moratorium on repayments to bilateral lenders.More than half of Sri Lanka’s bilateral debt is owed to China. Weerasinghe rejects allegations that Beijing was holding up a debt restructure deal crucial to continuing with the $2.9 billion IMF bailout.
“The way China is dealing with this process is different because they are a new kind of creditor in the global sense. We expect some delays because China is a new player. So China will take its time, but China is fully on board, and agreed to support Sri Lanka and help Sri Lanka to come out of this crisis.”
China has not joined a “common platform” initiated by Japan and which involves India and the Paris Club of creditors. However, Colombo insists it will have bilateral talks with Beijing but in the end all creditors will be offered comparable terms with no one getting a better deal than what is offered to others.
Features
Is power devolution under JVP-NPP a political daydream?
The JVP General Secretary Tilvin Silva’s recent remarks at a news conference in Jaffna where he ruled out the possibility of holding provincial council elections this year has been widely reported and widely criticized. About the same time there was another media event in Jaffna that went largely unnoticed and unreported outside Jaffna. What was said at the second media event may carry far more political implications than Tilvin Silva’s election timing talk. A veteran Tamil political participant made the startling yet not implausible statement that the prospect of having political devolution under the JVP-NPP government is becoming “a daydream”. The statement was made by Dr. K. Vigneswaran, who served as Provincial Secretary to the only North-East Provincial Council Government that was elected under the auspices of the Thirteenth Amendment.
Dr. Vigneswaran is a Professional Civil Engineer who studied at Royal College, graduated with First Class Honours in Engineering in 1964, and went on to complete a pioneering PhD at the university of Waterloo, Canada, applying the finite element method (FEM) in the field of Geotechnical Engineering. His engineering career has always been at the Irrigation Department where he rose to a Deputy Director. That was when the department was in its golden years, and Vigneswaran was known for his technical mentorship, meticulous administrative skills, and for knowing the fine print of everything. While at the Irrigation Department, Vigneswaran married Ramya de Silva, a fellow irrigation Engineer. After 1983, Vigneswaran became a fulltime political activist and a powerful resource in Tamil politics, but with unwavering commitment to nonviolence, democracy and federalism. The family moved first to India and then Canada, and Vigneswaran has been shuttling between Canada and Sri Lanka.
Devolution: Tortuous Trajectory
Since 1987, the Indo-Sri Lanka Agreement, and the 13th Amendment, Vigneswaran has been a permanent fixture in all the politics and institutional dynamic of implementing 13A and establishing provincial councils. He served as Secretary to the only elected Provincial Government for the Northern and Eastern Provinces. After 1994 and the election of Chandrika Kumaratunga as President, Vigneswaran became a key participant in all the civil society efforts and government initiatives to restore the PCs and implement 13A, both during the Kumaratunga presidency and the succeeding administrations of Mahinda Rajapaksa and the Sirisena-Wickremesinghe duo.
Devolution efforts stalled after the election of Gotabaya Rajapaksa, who in so many words declared that he had no time for 13A or PCs in his presidential agenda, whatever it was. Only that his whole agenda turned out to be a wholesale disaster for the country. Already by then, all the nine Provincial Councils had fallen into abeyance with the cancellation of the 1988 PC elections by the Sirisena-Wickremesinghe duo, with the TNA standing by. The abeyance continues under the JVP-NPP government with no apparent end in sight after Tilvin de Silva’s statement in Jaffna.
I say all this to provide the proper context for Vigneswaran’s statement in Jaffna that the prospects for power devolution under the JVP-NPP government are becoming a political daydream. He said something else as well: that of all the government leaders he has encountered over the years, the only leader who has been genuinely sincere about power devolution is former President Chandrika Kumaratunga, and no one else. I am constrained to add that the insincere category would include Ranil Wickremesinghe, who for all his handsome promises, never matched any of them with experiential sincerity. The present JVP-NPP government still has time to show that they are not an insincere lot.
It is not my purpose to agree with or question Dr. Vigneswaran’s assertions, but to use them as cue and context to comment on the widening mismatch between the JVP-NPP government’s promises and its practices on the matter of power devolution and the restoration of the PC system. With a stalling economy, rising prices and external shocks, it is obvious that the government has all the economic matters to worry about, but that does not mean that it can ignore all the other government responsibilities. No government is put in power to solve a single problem or address a single issue. It is in the nature of governments to deal with multiple problems with varying priorities. Otherwise you could have a single cabinet minister to deal with one problem at a time. That is never going to be the case.
The economy is of course the top of mind priority for the government even as it is a top of mind concern for the people. Even on the economic front, the government is holding steady but is showing little progress. And there are other government initiatives where political accountability will call for answers: to wit, the catchall Clean Sri Lanka programme, ambitious educational reforms, contentious energy sector reforms and, yes, power devolution as well as the overpromised constitutional reforms. Not to mention the sprawling unforced errors over substandard coal imports, foreign exchange fraud, and the chronic neglect of developing the renewable energy sector. Correcting these fields of errors may require a separate ministry for each.
Devolution: Daydream or Deliverable
On the PC system and constitutional reform, there has been scant progress in spite of handsome promises. On both, the government is inadvertently deepening the holes that it had dug itself into through indifference, inaction or procrastination, or all of them and more. In the matter of devolution and provincial councils, the government can simply defuse the situation by directing the Election Commission to conduct elections at the earliest opportunity that is logistically possible. Making his statement in Jaffna, Mr. Tilvin Silva alluded to funding shortfall and legal complications as reasons for the necessity to postpone PC elections until next year. Neither reason holds water.
The funding question would seem to have been put to rest by the statement of Health Minister and Cabinet Spokesman Nalinda Jayatissa, presumably reflecting cabinet consensus, that there are no funding issues and if needed additional funds could be arranged through supplementary allocations. It is also disingenuous to cite legal complications as a reason. The so called legal complications arose because of the collective stupidity of the Sirisena-Wickremesinghe parliament that included the then miniscule NPP and the politically-lost TNA. The JVP-NPP has now ballooned from a handful MPs to a two-thirds majority and it can expedite any legislation that it wants to enable the PC elections to be held without delays.
Alternatively, the elections can be held under the old arrangement of proportional representation with assurance by political parties to honour their commitment to fielding more female candidates. Already at a gathering of all political parties, including the NPP (but not the JVP), and civil society groups, convened by People’s Action For Free & Fair Elections (PAFFREL), the political parties jointly committed to a 25% quota for women and youth under the old electoral system. The ongoing parliamentary committee exercise studying the legal matter, headed by the overstretched Foreign Minister Vijitha Herath, is also an unnecessary red herring. The Election Commission is ready to go under whatever law or electoral system that is before it. So, there is no reason to hide behind legal complications to further delay the PC elections.
Somewhat amusingly, Public and Parliamentary Affairs Minister Ananda Wijepala has trotted out the argument that the NPP government has already conducted two nationwide elections during the one and a half years it has been in office, and that unlike the Ranil Wickremesinghe government the JVP-NPP is not in the business “to delay elections for our personal benefit” – whatever that means. Unfortunately, the good minister is missing the point. The question is not how many elections can the JVP-NPP hold in how many years, but how many years do people in the provinces have to wait before they vote in another provincial election? How many more years? That really is the question.
We know the current situation in the provinces. There are provincial governments but no elected provincial councils. The government administration in every province is being run by the President of the Republic through his handpicked governors and unelected government officials. This is a travesty of democracy and the euthanizing of the PC system. Already under 13A, the office of the provincial governors has been constitutionally and legally compared to the office of the Governors of old Ceylon who represented the monarch in what was then a crown colony. The irony is that a JVP-NPP President may have inadvertently positioned himself as the monarch of all he provincially surveys, courtesy of the Thirteenth Amendment!
The JVP was in the forefront of the litigation that caused the demerger of the Northern and Eastern Provinces. If Dr. Vigneswaran’s assertion were to prove correct, a potential dissolution of the provincial system under the JVP-NPP government would be the consummation of the JVP’s original opposition to the introduction of the provincial council system itself. The whole system may not be eradicated, but it could be devoured of its democratic essence while preserving the administrative shell as the medium for the country’s president to overreach into the provinces. That would be worse than a daydream, a real nightmare.
by Rajan Philips ✍️
Features
‘Spectrum’ Art Exhibition Showcases Emerging Talent at Lionel Wendt
A new art exhibition, titled Spectrum ,will be held at the Lionel Wendt Art Centre on the 20th and 21st of June 2026, bringing together a collection of works by ten emerging artists.
Athsara Wijegunawardena
Neha Thirumavalavan
Dillai Joseph
Wasantha Siriwardena
Champika Dias
Nipun Dias
Dr. Prasanna Siriwardena
Kalhari Perera
Siromi Samarasinghe
Chandana Illankone
All ten artists have trained under the guidance of renowned Sri Lankan artist Royden Gibbs, and this exhibition marks an important point in their individual journeys.
Spectrum brings together a mix of styles, subjects and approaches, giving visitors a chance to experience a wide range of work in one place. The exhibition will include pieces in watercolors, soft pastels, oils and charcoal, reflecting both the discipline and personal direction of each artist. The work ranges from scenery and portraits to still life and studies of the human form, offering different ways of seeing and interpreting familiar subjects.
- Nipun Dias
- Wasantha Siriwardena
Although they share the same mentor, each artist presents a distinct point of view. The result is a show that feels varied yet connected, with each piece carrying its own character and intent. It is this balance that gives Spectrum its identity.
The exhibition aims to support and highlight emerging talent within Sri Lanka’s art scene, while also creating a space where artists and audiences can connect. Visitors will find work that shifts between quiet observation and more expressive pieces, making it an engaging experience for both seasoned collectors and those simply interested in art.
Spectrum is expected to draw art lovers, collectors, students and members of the wider creative community. It also offers an opportunity to discover and support new artists at an early stage in their careers.
Open to the public over two days, Spectrum invites visitors to experience a range of work in a venue that has long been part of Colombo’s cultural landscape.
Features
Rewiring Brain: Meditation to Break the Cycle of Craving
“Craving begets sorrow, craving begets fear. For him who is free from craving there is no sorrow; how can there be fear for him,” Dhammapada verse 216 states. The mental factor craving, Tanha in Pali, is central to Buddhist Teaching, as its ultimate goal is the cessation or extinction of it—tanhakkhaya. Even though Tanha is translated as craving here, it can sometimes mislead modern readers into thinking tanha only refers to extreme or physical addictions. Just as with any Pali term, it has broad meanings. Venerable Walpola Rahula describes it as “thirst” or unceasing wanting, one of the deep-rooted proclivities or latent tendencies (anusaya) of life (Rahula 1959), without which life as we know would not exist.
Even though the Buddha recognized this natural phenomenon two and a half millennia ago, it was only in the late 20th century that science took note of it and gave it a captivating term—the Hedonic Treadmill. The advantage of this empirical investigation to us Buddhists is that it provides a way to gain penetrative, experiential comprehension (anubodha) of this concept using the vernacular of this technology-savvy age—an alternative to struggling with the language of a bygone era.
These investigations have revealed that there are no hard-to-comprehend metaphysical or mysterious elements involved with this phenomenon; it is a biochemical process fundamental to sustaining life. What is more, an effort to grasp this concept would be well within the goals of Vipassana meditation described in the Sutta Pitaka, incorporating the four elements of investigation: body (kayanupassana), sensations (vedananupassana), mind (chittanupassana), and natural laws (dhammanupassana).
Vipassana and modern science
Vipassana meditation is an in-depth exploration of how humans perceive the world, gain knowledge, and interact with themselves and the environment. Knowing this with wisdom allows one to lead a harmonious way of life (samadhi), a condition conducive to curbing the “thirst” and achieving the Buddhist ideal. The goal of modern science is also to investigate life, but humanity has often used that knowledge to increase material wealth and comfort, providing only lip service to spirituality on the fringe.
An attitude that tends to ignore the consequences of wanting more and more – thirst, potentially endangering the planet. However, that does not prevent us from using scientific information as and aid or a tool to grasp Buddhist concepts. The scientific method bears parallels to the Buddhist approach: it is based on causality (paticcasamuppada), empirical verification (ehipassiko), systematic observation (meditation), and rejecting dogma and beliefs. The primary difference is simply the vocabulary used.
The process of perception: five aggregates
Our five external sense organs receive data (vedana) containing information on the environment: Eyes: receive light, Ears: receive sound, Skin: senses physical contact and temperature, Nose & Tongue: sense chemical properties of substances. The data received by the sense organs is transmitted to the brain, where it is registered as neural networks (sanna). Neural networks, which are interconnected groups of nerve cells (neurons) can be viewed as mind-readable QR codes.
The activity of the brain, or mind (mano), processes this data and converts them into actionable information (sankhara). Modern neuroscience and psychology have made great advances in understanding these processes at the molecular level. This process allows the individual to become aware of their environment, build an autobiographical memory or the notion of a self (atta), and take actions to protect and perpetuate life.
The Pali term vinnana refers to the collection of information committed to memory. Translating vinnana as “consciousness” can be confusing, as the latter often refers to all brain activities. All physical phenomena that sense organs encounter and the mental constructs (sankhara) are referred to as Rupa. This activity of mind forms the basis of all knowledge, representing the entire world as perceived by the individual. This process is what the Teaching refers to as the Five Aggregates (pancakkhanda). The critical takeaway is that the world we perceive is merely a mental construct. While an objective world exists, our sense organs have limitations in seeing it—a fact easily realized through the hundreds of illusions used for entertainment.
Evolution and emotion
The evolutionary purpose of this data processing mechanism is to enable living beings to respond to environmental factors for survival. The psychological and physiological state that arises prior to acting is called emotion. Primarily, emotions can be of three kinds: desire (loba) – seeing a new phone causes an urge to buy it, even though the current one works fine; aversion (dosha) – encountering a vicious dog triggers a “fight or flight” response; delusion (moha) or illusion – an unanswered message to a loved one triggers worry or speculation. Thus, tanha or thirst represents how we connect to the world in its entirety; it can be desire, aversion, and delusion, not merely simple greed. Consequently, these are natural phenomena beyond our immediate control, which are intended to sustain life. In other words, emotions are the forerunner to volitions or intentions, which the Teaching defines as kamma.
The biochemistry of craving
Emotions result from the interaction between the nervous system and biochemicals known as neurotransmitters and neuromodulators (e.g., dopamine, serotonin, epinephrine, GABA, glutamate, acetylcholine, and endorphins). Just as the Buddha’s simile of two bundles of bamboo supporting each other describes, these two processes are interdependent and co-arising. Every thought or emotional state corresponds to patterns of neural firing. When neurons fire, they release these chemicals into synapses, influencing how one feels and acts. This release perturbs the body’s normal balance, or homeostasis. Once an action is complete, these chemicals are reabsorbed, and the body returns to its baseline.
Return to baseline is essential for survival. For example, if we stay satisfied with just one meal forever, we could not sustain life. Nature has developed another mechanism to prevent us from being satisfied – we also habituate. In the case of dopamine, the brain adapts by reducing the response to the same stimulus. To get the same level of satisfaction with repeated experiences, the amounts of neurotransmitters needed keeps increasing. This leads to the cycle of craving and dissatisfaction—the Hedonic Treadmill. You “run” toward happiness on the treadmill, but it does not take you anywhere, leaving you in the same emotionally unsatisfactory state, wanting more and more.
Breaking the cycle
This explains why achievements and possessions do not bring permanent happiness, and lead to a cycle of struggle, addiction, crime, and other ills of society. For Buddhists, it also explains why we cling to meaningless rituals. The Dhamma captured this complex phenomenon in the Four Noble Truths: pleasant experiences are impermanent (anicca), leading to grasping (tanha) and unsatisfactoriness (dukkha). The remedy is the Eightfold Path that involves wisdom (panna), conduct (sila), and harmony (samadhi).
Neuroplasticity and the point of liberation
While we cannot stop the sense organs from receiving stimulation (vedana) and sending them to brain, the mind can be developed to prevent vedana from leading to tanha. This is the “point of liberation,” the seventh link in the paticcasamuppada formula. We may not have free will, but we have ‘Free Won’t’ or the ability to say no to the natural tendency to act upon stimuli. We can rewire our neural connections to do so. This ability can be cultivated by practice and repetition, and neuroscience refers to it as neuroplasticity—the brain’s ability to change with experience.
The natural tendency of the brain is to strengthen frequently used neural networks while weakening and eliminating lesser used networks and building new ones as needed. This is known as neural plasticity or rewiring the brain. As described in the Eight-fold Path, the way to weaken and eliminate dopamine-driven neural networks includes three aspects. First, the process leading to thirst must be understood. One must engage in sila – activities and thoughts that cultivate Metta: loving-kindness and goodwill, Karuna: compassion, Mudita: appreciative joy, and Upekkha: equanimity, emotional stability, calmness, and evenness of mind in the face of gain and loss, praise and blame, fame and disrepute, pleasure, and pain. That must be done with wisdom, ritualistic behavior does not strengthen the correct neural networks. These activities promote a “cocktail” of oxytocin, serotonin, and GABA, subduing the role of dopamine and helping us step off the Hedonic Treadmill. This leads to a tranquil state of mind and a harmonious existence – samadhi. Again, it is an interdependent, co-arising process that improves upon repetition. Using mind altering substances hijacks this process, thus the need for adhering to the Fifth Precept.
The goal of Vipassana is to understand this process and train the mind to say “no” to tanha. It is not just about sitting on a mat; it requires developing a lifestyle that maintains homeostasis or harmony, samadhi, at every moment. Pali term bhavana means the development of wisdom and insight. In modern vernacular – rewiring brain. This model must be assessed for its efficacy by the individual and realize the benefits by themselves –ehipassiko; knowledge without practice does not work. According to what the Buddha taught, that is the path to cessation or extinction of craving – tanhakkhaya, the supreme goal.
by Geewananda Gunawardana, Ph.D. ✍️
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