Features
Serious consequences of failing to implement IMF programme
By Jehan Perera
Tracing history and going back to the colonial era, President Ranil Wickremesinghe has said that despite the adverse impact of world wars and internal conflicts, Sri Lanka has steadfastly upheld its democratic value of ensuring the functioning of both the government and the opposition without interruption. The president was addressing members of the student parliament and said they might find it worthwhile to explore ways and means of sustaining this system. By way of contrast, Sri Lanka’s neighbouring countries have put their opposition parties under siege, closing down their bank accounts, imprisoning their leaders and intimidating them so much that they do not even contest the elections, though the president was too diplomatic to make these points.
In Sri Lanka, on the other hand, the opposition parties are rising in the popular estimation with the government’s popularity in the single digits, if public opinion polls are to be believed. The most visible and real symbol of a functioning democracy is its polity’s commitment to free and fair elections. There is eager anticipation of elections in Sri Lanka with presidential elections constitutionally scheduled to be held at least by October this year. In recent decades, Sri Lanka’s experience in this regard has been a checkered one but with a generally improving trend. Except for the violent election that took place in the Wayamba province in 1999 and boycott call issued by the LTTE with regard to the presidential election in 2005 backed by their guns, which cost Ranil Wickremesinghe his assured victory. Since then, elections in Sri Lanka over the past two decades have been largely free of violence.
However, there have been two areas in particular where Sri Lankan elections need to improve. The first area of improvement is the need to prevent the misuse of state resources by governments in power. The practice has been for governments to misuse the state machinery and state to engage in partisan political propaganda and to provide material resources to the electorate to win them over to their side. Election monitors have time and time again pointed out these flaws in the electoral process but have been unable to prevent them the next time around due to the high level of impunity enjoyed by those who wield governmental power.
EARLY ELECTIONS
The second area where there needs to be improvement is the irregular circumvention of elections by a variety of tactics. In 1972, for instance, the government in power gave itself an additional two years in power by bringing forth a new constitution and giving itself a full five-year term even though two years had elapsed since they won the elections. In 1981, the government held a referendum to postpone elections by six years rather than hold parliamentary elections. More recently in 2018, the government began the process of changing the electoral system pertaining to provincial councils and stopped there, putting the provincial councils into a state of limbo.
Most recently, in 2023, the present government decided to postpone local government elections citing the lack of money in the treasury due to the economic crisis. This has given rise to concern that the forthcoming presidential election due by October this year may suffer a similar fate in one way or the other. Indeed, President Wickremesinghe, various ministers of the government and the election commissioner have gone out of their way to reassure the opposition political parties and civil society that this will not be the case. But there remain concerns that the government’s poor showing in public opinion polls may induce it to find a way to scuttle the elections.
In this context, the president’s recent statement that no elections will be held until the IMF programme is completed has caused speculation to grow regarding the presidential elections. An identical story in several newspapers states that President Ranil Wickremesinghe has informed Cabinet and the Election Commission that there is no chance of holding any election until the economic reforms programme that is being carried out with the International Monetary Fund is concluded. The President has said that the economic reform process done together with the IMF was crucial for the country to progress economically, and therefore, priority should be given to the IMF programme.
The President has also said since the IMF programme is in effect until the end of July, no election will be held till such time. He has said that the presidential election will not be a hindrance to the IMF programme as the time for holding the presidential election comes constitutionally after the process of the IMF programme. According to the news reports the President has informed the Cabinet as well as the officials of the Election Commission to prepare for the presidential election first. This suggests that there will be no early parliamentary elections as lobbied for by a section within the government. The challenge will be to ensure the implementation of the IMF agreement before the presidential elections are called.
GOVERNANCE REFORMS
There are two aspects to the implementation of the IMF programme. One is to achieve macro-economic targets. On this the government has won plaudits from the IMF team who visited the country two weeks ago. Peter Breuer, the Head of the IMF Senior Mission for Sri Lanka, said that the results achieved by the reform programme implemented by Sri Lanka have yielded commendable results including rapid reduction of inflation, strengthening foreign reserves and stability of the financial system and initial signs of economic growth. He also said that Sri Lanka’s public finances have been strengthened following significant fiscal reforms. Economic performance has been strengthened by meeting all quantitative performance criteria and index targets by the end of December 2023, except for the index target of social expenditure.
However, the government has not performed well with regard to the second aspect of the IMF programme which calls on it to address governance weaknesses and corruption vulnerabilities. According to the IMF these are critical to put the economy on a path towards lasting recovery and stable and inclusive growth which benefits all in the country and not just a few. The findings of Verite Research that the government failed to meet 33 percent of the commitments due by end of February 2024 in its International Monetary Fund (IMF) programme is disturbing. Many of these commitments that are classified as ‘not met’ on IMF Tracker were designed to improve governance. These include commitments related to publishing information (transparency), and those that require the passage of governance-improving legislation.
A major part of the IMF programme is to rationalise and privatise state assets. Needless to say, there needs to be utmost transparency in this as many of the loss making state institutions are asset-rich in terms of land, buildings, machinery and financial deposits they hold. The danger exists that they could be sold for very little, which has been the practice to foreign interests and friends and family unless there is competitive bidding and transparency in the process. It is these unacceptable and immoral practices that have paved the way to the hell that the economy fell into and which has caused so much misery to the masses of people. The warnings of opposition parties that they will undo any deals that are found to be self-serving, non-transparent and not in the national interest need to be assessed in this context. There is also a need for the IMF, opposition and civil society to ensure that the IMF governance prescriptions are implemented without delay along with the macro-economic prescriptions.
Features
Trump-Xi meet more about economics rather than politics
The fact that some of the US’ topmost figures in business, such as Tesla chief Elon Musk and major US chipmaker Jensen Huang of NVIDIA fame, occupied as nearly a prominent a position as President Donald Trump at the recent ‘historic and landmark’ visit by the latter to China underscores the continuing vital importance of business in US-China ties. Business seemed to outweigh politics to a considerable degree in importance during the visit although the political dimension in US-China ties appeared to be more ‘headline grabbing’.
To be sure, the political dimension cannot be downplayed. For very good reason China could be seen as holding the power balance somewhat evenly between East and West. The international politics commentator couldn’t be seen as overstating the case if he takes the position that China could exercise substantial influence over the East currently; that is Russia and Iran, in the main. The latter powers hold the key in the Eastern hemisphere to shaping international politics in the direction of further war or of influencing it towards a measure of peace.
For example, time and again China has prevented the West from ‘having its own way’, so to speak, in the UN Security Council, for instance, in respect of the ongoing conflicts involving Russia and Iran, by way of abstaining from voting or by vetoing declarations that it sees as deleterious. That is, China has been what could be seen as a ‘moderating influence’ in international politics thus far. It has helped to keep the power balance somewhat intact between East and West.
At present a meet is ongoing between Chinese President Xi Jinping and Russian President Vladimir Putin in Beijing. This happened almost immediately after the Trump visit. Apparently, Beijing is in an effort to project itself as treating the US and Russia even-handedly while underscoring that it is no ‘special friend’ of the US or the West.
This effort at adopting a non-partisan stance on contentious questions in international politics is also seen in Beijing’s policy position on the Hormuz tangle and issues growing out of it. The Chinese authorities are quoted as saying in this regard, for instance, that China is for ‘a comprehensive and lasting ceasefire in the Middle East’.
Such a position has the effect of enhancing the perception that China is even-handed in its handling of divisive foreign policy posers. It is not openly anti-West nor is it weighing in with Iran and other Eastern actors that are opposed to the West in the West Asian theatre. A ‘comprehensive and lasting ceasefire’ implies that a solution needs to be arrived at that would be seen as fair by all quarters concerned.
On the highly sensitive Taiwan issue, President Xi was comparatively forthright during the Trump visit, but here too it was plain to see that Beijing was not intent on introducing a jarring, discordant note into the ongoing, largely cordial discussions with Washington. On the Taiwan question President Xi was quoted saying: ‘If mishandled, the two nations could collide even come into conflict.’ In other words, the US was cautioned that China’s interests need to be always borne in mind in its handling of the Taiwan issue.
The cautioning had the desired result because Trump in turn had reportedly conveyed to Taiwan that the latter’s concerns on the matter of independence had to be handled discreetly. He had told Taiwan plainly not to declare ‘independence.’
Accordingly, neither the US nor China had said or done anything that would have made either party lose face during their interaction. Apparently, both sides were sensitive to each others’ larger or national interests. And the economic interests of both powers were foremost among the latter considerations.
There is no glossing over or ignoring economic interests in the furtherance of ties between states. They are primal shaping forces of foreign policies and the fact that ‘economics drives politics’ is most apparent in US-China ties. That is, economic survival is fundamental.
Among the more memorable quotes from President Xi during the interaction, which also included US business leaders, was the following: ‘China’s doors will be open wider’ and US firms would have ‘broader prospects in the Chinese market.’
Xi went on to say that the sides had agreed to a ‘new positioning for ties’ based on ‘constructive strategic stability’. The implication here is that both sides would do well not to undermine existing, mutually beneficial economic relations in view of the wider national interests of both powers that are served by a continuation of these economic ties. That is, the way forward, in the words of the Chinese authorities, is ‘win-win cooperation.’
It is the above pronouncements by the Chinese authorities that probably led President Trump to gush that the talks were ‘very successful’ and of ‘historic and landmark’ importance. Such sentiments should only be expected of a billionaire US President, bent on economic empire-building.
One of the most important deals that were put through reportedly during the interaction was a Chinese agreement to buy some 200 Boeing jets and a ‘potential commitment to buy an additional 750 planes.’ However, details were not forthcoming on other business deals that may have been hatched.
Accordingly, from the viewpoint of the protagonists the talks went off well and the chances are that the sides would stand to gain substantially from unruffled future economic ties. However, there was no mention of whether the health of the world economy or the ongoing conflicts in West Asia were taken up for discussion.
Such neglect is regretful. Although the veritable economic power houses of the world, the US and China, are likely to thrive in the short and medium terms and their ruling strata could be expected to benefit enormously from these ongoing economic interactions the same could not be said of most of the rest of the world and its populations.
Needless to say, the ongoing oil and gas crisis, for instance, resulting from the conflict situation in West Asia, is taking a heavy toll on the majority of the world’s economies and the relevant publics. While no urgent intervention to ease the lot of the latter could be expected from the Trump administration there is much that China could do on this score.
China could use its good offices with the US to address the negative fallout on the poorer sections of the world from the present global economic crunch and urge the West to help in introducing systemic changes that could facilitate these positive outcomes. After all, China remains a socialist power.
Features
The Quiet Shift: China as America’s “+1” in a Changing World Order
“Everything ever said to me by any Chinese of any station during any visit was part of an intricate design”
— Henry Kissinger
That design may already be complete before this week’s , a meeting that could shape the future balance of global power.
The wind arrives quietly. By the time it is heard, history has already begun to turn. Across Asia, that wind is no longer distant. It carries with it the exhaustion of an old order and the uncertain birth of another. The question now is not whether the world will change. It is whether those who hold power possess the wisdom to guide that change toward something less violent than the century behind us.
Since 1945, the United States has carried the burden of a global order built with its Western allies. To its credit, the world avoided another direct world war between great powers. The conflicts remained contained in distant lands—proxy wars fought in the shadows of ideology, oil, and influence. From Latin America to Asia, the American century expanded not only through prosperity, but through intervention. Yet empires, even democratic ones, grow tired. Fatigue settles slowly into institutions, alliances, and public memory. The role of global policeman no longer inspires certainty in Washington as it once did.
The “rules-based order” now confronts its own contradiction: it was built to be universal, yet it often appeared selective. During my recent visit to , a young researcher asked me quietly, “Does the West itself still believe in the rules-based order?” The question lingered long after the conversation ended. The rising century demands a more inclusive architecture—one that recognises the reality of Asian power, especially China.
My three years of field research across South and Southeast Asia, documented in , revealed a transformation too significant to dismiss as temporary. China has moved beyond being merely a competitor to the United States. In trade, infrastructure, technology, cultural diplomacy, and economic influence, Beijing has established itself as what may be called the world’s “US +1.”
Great powers often search for such a partner. History shows this tendency clearly. When an empire becomes overextended—burdened by wars, alliances, sanctions, tariffs, and crises—it seeks another center of gravity to stabilize the system it can no longer manage alone. The United States today faces disorder stretching from Venezuela to Iran, from Ukraine to the unsettled Middle East. In this landscape, China emerges not simply as a rival, but as a state powerful enough to broker peace where Washington alone no longer can.
Drawing from the lessons of the Nixon–Mao era, warned that “” The United States and China are now engaged in a long-term economic, technological, political, and strategic competition. Managing that competition wisely may become the defining challenge of this century. In such a deeply polarized and unstable world, recognising China as a “US +1” partner is not surrender, but strategic realism.
Donald Trump understood this reality before boarding his flight to meet Xi Jinping. Their meeting inside Zhongnanhai—the guarded compound where China’s leadership governs—was never merely ceremonial. It symbolized a deeper recognition already acknowledged quietly within the itself: China is the nearest peer competitor the United States has ever confronted. Before departing Washington, Trump seemed to reassess not only China’s strength, but its unavoidable position as a “” shaping the future global balance.
Yet the significance of a Trump–Xi meeting extends beyond trade wars, tariffs, or diplomatic spectacle. It presents an opportunity to confront two crises shaping the century ahead: global energy insecurity and regional instability. Washington increasingly understands the limits of direct engagement with Tehran. Decades of pressure, sanctions, and confrontation have produced exhaustion rather than resolution. In that vacuum, Beijing now possesses leverage that Washington does not.
For China, this is an opportunity to evolve from a development partner into a security actor. Xi Jinping’s (GSI) was never designed merely as rhetoric. It was intended as the next phase of Chinese influence—transforming economic dependence into strategic trust. The geopolitical spillover from the Iranian conflict now offers Beijing a historic opening to project itself as a stabilising force in the region, not against the United States, but alongside it as a “US +1” partner.
If China succeeds in helping stabilise the Gulf and secure energy corridors vital to Asia, it will reshape perceptions of Chinese power globally. Beijing would no longer be seen only as the builder of ports, railways, and industrial zones, but as a guarantor of regional balance. This transition—from infrastructure diplomacy to security diplomacy—may become one of the defining geopolitical shifts of the coming decade.
Xi Jinping does not seek open confrontation. His strategy is older, more patient, and perhaps more formidable because of its restraint. Beijing speaks not of domination, but of a “,” advanced through three instruments of influence: the Global Development Initiative (GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI). These are not slogans alone. Across Asia, many governments increasingly trust China as a development partner more than any other power.
India, despite its ambitions, has not matched this scale of regional penetration. In both ASEAN and South Asia, China’s economic gravity is felt more deeply. Ports, railways, technology networks, and financial dependency have altered the geopolitical map quietly, without the spectacle of war.
In , I compared three inward-looking national strategies shaping Asia today: Trump’s MAGA, Modi’s emerging economic nationalism , and Xi’s strategy. Among them, China has demonstrated the greatest structural resilience. Faced with American tariffs and decoupling pressures, Beijing diversified its supply chains across Central Asia, Europe, and Southeast Asia. Rail corridors now connect Chinese industry to European markets through Eurasia. ASEAN has surpassed the United States as China’s largest trading partner, while the European Union follows closely behind. Exports to America have declined sharply, yet China continues to expand. Trump, once defined by confrontation, now arrives seeking a new “” with China—an acknowledgment that economic rivalry alone can no longer define the relationship between the world’s two largest powers.
Unlike Washington, which increasingly retreats from multilateral institutions, Beijing presents itself as the defender of multilateralism. Whether genuine or strategic matters less than perception. In geopolitics, perception often becomes reality.
What emerges, then, is not surrender between rivals, but interdependence between powers too large to isolate one another. The future may not belong to a bipolar Cold War, but to a reluctant coexistence. The United States now recognises that China possesses diversified markets and partnerships capable of reducing dependence on America. China, in turn, understands that its long march toward global primacy still requires strategic engagement with the United States.
This is where the true geopolitical shift begins.
Many analysts continue to frame China solely as a threat. Yet history rarely moves through absolutes. The next world order may not be built through confrontation alone, but through uneasy partnership. Artificial intelligence, technological supremacy, economic stability, and global governance now demand cooperation between Washington and Beijing, whether either side admits it publicly or not.
Trump will likely celebrate his personal relationship with Xi, presenting himself as the American leader capable of negotiating a “better deal” with China than his predecessors. But beneath the rhetoric lies something larger: the gradual acceptance of China’s indispensable role in shaping the future international order.
Even the question of war increasingly returns to Beijing. If Washington seeks an understanding with Tehran, China’s influence becomes unavoidable. Iran listens to Beijing in ways it no longer listens to the West. This alone signals how profoundly the balance of power has shifted. And Xi, careful as always, refuses to openly inherit the mantle of global leadership. He delays, softens, and obscures intention. It is part of a longer strategy: to rise without provoking the final resistance of a declining hegemon too early.
History rarely announces its turning point. Empires fade slowly, while new powers rise quietly beneath the noise of the old order. Washington still holds immense power, but Beijing increasingly holds the patience, reach, and strategic depth to shape what comes after.
The century ahead may not belong to one power alone, but to the uneasy balance between Washington and Beijing. And in that silence, a new world order is already taking shape.
By Asanga Abeyagoonasekera
Features
Egypt … here I come
Chit-Chat Nethali Withanage
Three months ago, 19-year-old Nethali Withanage, with Brian Kerkoven as her mentor, walked the ramp at Colombo Fashion Week. On 06 June, she’ll walk for Sri Lanka in Hurghada, Egypt, as the country’s delegate to Top Model of the World 2026._
I caught up with Nethali as she prepares to fly out, this weekend, and here’s how our chit-chat went:
1. Tell me something about yourself?
I’m someone who blends creativity with ambition. I’ve always loved expressing myself, whether it’s through fashion, styling, or the way I present myself to the world. At the same time, I’m very driven and disciplined, especially when I was working, as a student counsellor, at Campus One, at a young age, where I’ve learned how to connect with people, understand them, and communicate with confidence. I believe I’m still evolving, and that’s what excites me the most … becoming better every single day.
2. What made you decide to be a model?
Modelling felt natural to me because it combines everything I love – fashion, confidence, and storytelling without words. I realised that modelling isn’t just about appearance, it’s about presence and how you carry your energy. I wanted to be part of an industry where I could express different sides of myself, while inspiring others to feel confident in their own skin.
3. What sets you apart from other models?
I would say my ability to connect. Whether it’s with the camera, a brand, or an audience, I bring authenticity. I also have a strong background in communication and sales, which gives me an edge in understanding how to represent a brand, not just wear it. I don’t want to just model clothes, I want to bring them to life.
4. What clothing do you prefer to model?
I enjoy modelling versatile styles, but I’m especially drawn to elegant and expressive fashion pieces that tells a story. I love looks that allow me to embody confidence and femininity, whether it’s a structured outfit or something soft and flowing.
5. What is the most important aspect of modelling?
Confidence combined with professionalism. Confidence allows you to own the moment, but professionalism ensures that you respect the work, the team, and the brand you represent. Both are equally important.
6. If you could change one thing about yourself, what would it be?
I would say I’m learning to trust myself more and not overthink. I’ve realised that growth comes from embracing who you are, not constantly trying to change it. So instead of changing something, I’m focused on becoming more confident in my own voice.
7. School?
I did my O/Ls at Seventh Day Adventist High School Kandana, and, while at school, I was actively involved in creative activities. I enjoyed participating in English Day events that allowed me to express myself and interact with others. Those experiences helped me build confidence, teamwork, and communication skills, which continue to shape who I am today.
8. Happiest moment?
One of my happiest moments is realising how far I’ve come from being unsure of myself to stepping into opportunities, like modelling, and representing myself with confidence. That feeling of growth is something I truly value, and also a dream come true!
9. Your idea of perfect happiness?
Perfect happiness for me is peace of mind, being surrounded by people I love, doing what I’m passionate about, and feeling proud of who I am becoming.
10. Your ideal guy?
My ideal partner is someone who is respectful, supportive, and confident in himself. Someone who values growth, understands my ambitions, and encourages me to be the best version of myself.
11. Which living person do you most admire?
I admire strong, self-made individuals who have built their identity through hard work and resilience. People who stay true to themselves, despite challenges, inspire me, because they show that success is not just about talent, but also about strength and consistency.
12. Your most treasured possession?
My most treasured possession is my confidence. It’s something I’ve built over time, and it allows me to face challenges, take opportunities, and believe in myself, even when things are uncertain.
13. If you were marooned on a desert island, who would you like as your companion?
I would choose someone who is calm, positive, and resourceful, someone who can turn a difficult situation into an adventure. The right mindset matters more than anything.
14. Your most embarrassing moment?
I’m 19 and still haven’t faced any most embarrassing moment. But I would say I’ve had small moments where things didn’t go as planned, but I’ve learned to laugh at myself. Those moments remind me that perfection isn’t necessary; confidence is about how you recover, not how you avoid mistakes.
15. Done anything daring?
Pursuing modelling and stepping into competitions is something I consider daring. It pushed me out of my comfort zone and challenged me to grow, both personally and professionally.
16. Your ideal vacation?
My ideal vacation would be somewhere peaceful, yet beautiful, like a beach destination where I can relax, reflect, and reconnect with myself, while enjoying nature.
17. What kind of music are you into?
I choose music that matches my mood at that time, whether it’s calm and relaxing or energetic and uplifting. Music is something that helps me express emotions and stay inspired.
18. Favourite radio station?
Usually I don’t listen to radio stations but whenever I get into a car I would search for Yes FM because it has a refined balance of contemporary hits and timeless music. I appreciate how it maintains a vibrant yet sophisticated energy, keeping listeners engaged while creating a consistently uplifting atmosphere. It’s something I enjoy because it adds a sense of positivity and elegance to my day.
19. Favourite TV station?
At the moment, I don’t have a television at home, but growing up, my favourite TV station was ‘Nickelodeon’. I genuinely loved the shows and series it aired; they were fun, creative, and full of personality. It was something I always looked forward to, and those memories still bring a sense of joy and nostalgia, whenever I think about it.
20. Any major plans for the future?
My future plans are to grow in the modelling industry, work with international brands, build a strong personal brand and finish completing a Bachelor’s Degree in Business Studies. At the same time, I want to explore my creative side further, especially in fashion and business, so I can create something of my own one day.
-
Features4 days agoSri Lankan Airlines Airbus Scandal and the Death of Kapila Chandrasena and my Brother Rajeewa
-
News5 days agoLanka’s eligibility to draw next IMF tranche of USD 700 mn hinges on ‘restoration of cost-recovery pricing for electricity and fuel’
-
News4 days agoKapila Chandrasena case: GN phone records under court scrutiny
-
News4 days agoRupee slide rekindles 2022 crisis fears as inflation risks mount
-
Features1 day agoOctopus, Leech, and Snake: How Sri Lanka’s banks feast while the nation starves
-
Business4 days agoExpansion of PayPal services in Sri Lanka officially announced
-
Features6 days agoMysterious Death of United Nations Secretary General Hammarskjöld
-
News4 days agoCourt orders further arrests in alleged USD 42 Mn NDB fraud case
