The ultimate test of patriotism

Thursday 27th March, 2025

Former President Ranil Wickremesinghe has reportedly said Sri Lanka’s economy still needs intensive care, and much more remains to be done to ensure its full recovery. He has emphasised the need for the incumbent government to tread cautiously on the economic front and secure foreign investment to sustain growth momentum. He has been critical of the manner in which prospective foreign investment in the power and energy sectors is handled under the current dispensation. Pointing out that investment and technology are driving the economies of countries such as China and India, he has called for measures to secure them to enable Sri Lanka’s economy to come out of the woods.

Contrary to the incumbent administration’s contention that its immediate predecessor under Wickremesinghe’s presidential watch did precious little to straighten up the economy, Wickremesinghe had the courage to make several highly unpopular yet vital decisions to resuscitate the economy. The JVP/NPP lambasted his approach to economic crisis management, and even resorted to ageist slur, calling him a ‘seeya’ (grandpa), who was not equal to the task of putting the economy back on an even keel, but ‘seeyanomics’, as it were, helped break the back of the economic crisis so much so that the JVP/NPP administration opted to continue with the last government’s economic recovery strategy as well as the IMF bailout programme.

Wickremesinghe’s unwavering political leadership for stabilising the economy, however, did not help boost his party’s electoral performance owing to his political wrongs, which were legion; he succumbed to the arrogance of power and unflinchingly defended the corrupt. Thankfully, the JVP/NPP has disappointed its critics who expected it to upend the IMF programme, advance its outdated Marxist agenda, and plunge the country into chaos again.

The SJB is critical of the manner in which the JVP/NPP government is handling the economy, and claims that it would have done much better if it had been voted into power. But it is of the view that the country has to stick to the IMF bailout programme, albeit with some changes, which, we believe, are not in the realm of possibility because Sri Lanka lacks bargaining power. Beggars are said to be no choosers. There is reason to believe that despite its rhetoric, the SJB would have had to do exactly what the JVP/NPP is doing at present in respect of the IMF programme and economic management if it had been able to form a government last year.

In the final analysis, President Anura Kumara Dissanayake, Wickremesinghe and Opposition Leader Sajith Premadasa see eye to eye on the need to ensure the continuity of the ongoing economic bailout programme. So, the question is why they do not sink their political differences and put their shoulders to the wheel to revitalise the economy.

After all, President Dissanayake during his talkathon on the final day of the budget debate in Parliament, last week, made a very passionate appeal. He said the government and the Opposition had differences and could take on each other to settle political scores, but they had to make common cause on the economic front for the sake of the country. One could not agree with him more. Political battles must not be fought at the expense of the economy. If only the JVP/NPP had practised what it is now preaching to its political rivals when it was in opposition.

Progress has eluded this country because successive governments have played politics with economic management instead of formulating national policies and strategies and adopting a consistent approach to economic management, the way India has done; the Indian economy has doubled to over $4 trillion during the past decade, according to latest IMF data.

The most effective way to build investor confidence and attract foreign investment is for the main political parties, their leaders, and other key stakeholders, especially Dissanayake, Wickremesinghe and Premadasa, to speak with one voice in respect of economic management and investment plans and strategies. Will they do so and prove that their much-avowed love for the country is genuine and not fake?