Opinion
An alternative to IMF needed
The IMF claims success in helping poor countries to recover from economic crises. This may be true to some extent in terms of economic parameters like GDP, interest rates, revenue, debt/GDP ratio, etc. But it has, by and large, failed to bring about a positive change in the lives of poor people, particularly in Asian and African countries. For example, Sri Lanka faced an acute economic collapse and the IMF helped it to recover from the immediate contingency,
but the poor people have not benefited. Whether they would ever recover is uncertain, going by what has happened and is happening in the world. Poverty rate which was 14% before the crisis is 24.5% now and although the World Bank is all praise about the economic upturn there is no improvement in the poverty statistics or the perceptible living standards of the poor. In the world the rich are getting richer while the poor are left behind, despite the IMF.
IMF was formed in 1945 at the Bretton Wood conference and has a membership of 191 countries. The US is the biggest donor to the IMF and therefore holds the whip hand which it uses to further its own interests and also to maintain the status quo with regard to the global economic system which is in the grip of neoliberalism. The IMF cannot deviate from these neo-liberal policies which disallow government intervention and welfarism. Leading economists like Joseph Stiglitz, who was once the head of the World Bank, had severely criticized these policies.
The economic situation in African countries bears witness to the ineffectiveness of the IMF to lift the people out of poverty. The continent has suffered from neoliberal economic policies that have undermined development. The IMF continues to advocate for austerity despite mounting evidence that it has stifled economic development and human development across Africa. IMF’s insistence that countries prioritise debt repayments, rather than seeking a systemic solution to debt, is a major obstacle to spending on health, education and climate action. Globally, six billion people are now facing austerity, largely owing to the IMF’s reluctance to accept that its economic model has failed.
Even governments with a powerful democratic mandate find themselves with no other choice but to follow the IMF’s outdated advice – pursuing narrow measures of Gross Domestic Product (GDP) and austerity policies. According to the IMF’s own debt data, 19 of the region’s 35 low-income countries are already in debt distress or facing high risk of debt distress. UNCTAD recently found that the amount African governments are forced to spend on interest payments on debt is often higher than spending on either education or health (Roos Saalbrink David Archer, Rick Rowden, 2023).
Another research report says that ” Of 763 programmes between 1980 and 2015, 512 were interrupted, of which 291 did not resume – as our data from the IMF Monitor Database shows.” (Bernhard Reinsberg, et. al. 2023). The researchers say this high failure rate is due to the fact that the programmes are unimplementable by design.
What has happened in Asia is no better. Sri Lanka went bankrupt due to debt and even in India, with a very impressive GDP, 30 million have gone below the poverty line in the last 15 years. Pakistan has had 23 IMF programmes and despite all that 11 million have gone below poverty line in the recent past.
While this was going on the billionaires of the world have doubled their wealth. The new wealth produced by the world since 2020 has been USD 42 trillion. Two thirds of this huge amount of wealth has gone into the pockets of 1% of the world population which comprises the billionaires of the world. The whole of the rest of the world population, i.e. 99%, will have to do with one third of this wealth, which was largely produced by them (Andrea Barolini 28 Jun 2018).
To illustrate the inherent contradiction in IMF policies, we could consider the IMF dictum for all Third World countries ‘live within your means’ which is good advice, yet IMF’s own conditions preclude the implementation of this policy. The IMF does not allow control of imports and advocates that the free market must decide on imports. Invariably all developing countries import more than they export forcing them into ever increasing debt. If its intentions are genuine, why cannot the IMF be more flexible and allow the highly qualified economists in these countries to decide on such matters?
Another aspect of the problem is the government’s inability to regulate the dollar. For instance, if the rupee value of the dollar rises by 10%, debt obligations also would rise by 10%. Could Sri Lanka cope with such a situation? Debt servicing, starting in 2028, would entail a significant increase in exports and paradoxically imports, which also would have gone up in price, also will have to be increased to supply the necessary inputs for export production. This situation would lead to more borrowing and a vicious cycle.
In the Global South, several groups and organisations have come together reflecting the dire need to break away from the tethering neo-liberalist global economic system. They have realized that the dollar has been turned into an exploitative instrument and almost weaponised. BRICS, SCO, ASEAN, AU are fledgling and floundering as yet. They have to find common ground and iron out their differences if they are to survive. China seems to be very keen to develop an alternate currency to the dollar but India is not, however it has announced its willingness to trade in Indian rupees which virtually is a challenge to the dollar. Why cannot other countries emulate India and set up systems of exchange between each other.
The export-led economy cannot work for the benefit of the poor. It is designed to serve the interests of the rich. Free market, manipulable trade and aid, dollar dominance, export orientation, and debt are the components of the present global economic system and the IMF is its main instrument.
The Global South has no choice but to develop together, help each other, and try and create a new world order. What it must do is leave aside vexed issues, and help each other to achieve self sufficiency in essential requirements of food, medicine, textile, and renewable energy. By this means more than 75% of the battle would be won. These countries must gradually move away from an export-led economy and move towards self-sufficiency. They must realise that time is running out for them. Self-reliance of the Global South is the alternative to IMF.
N. A. de S. Amaratunga
Opinion
The policy of Sinhala Only and downgrading of English
In 1956 a Sri Lankan politician riding a great surge of populism, made a move that, at a stroke, disabled a functioning civil society operating in the English language medium in Sri Lanka. He had thrown the baby out with the bathwater.
It was done to huge, ecstatic public joy and applause at the time but in truth, this action had serious ramifications for the country, the effects have, no doubt, been endlessly mulled over ever since.
However, there is one effect/ aspect that cannot be easily dismissed – the use of legal English of an exact technical quality used for dispensing Jurisprudence (certainty and rational thought). These court certified decisions engendered confidence in law, investment and business not only here but most importantly, among the international business community.
Well qualified, rational men, Judges, thought rationally and impartially through all the aspects of a case in Law brought before them. They were expert in the use of this specialised English, with all its meanings and technicalities – but now, a type of concise English hardly understandable to the casual layman who may casually look through some court proceedings of yesteryear.
They made clear and precise rulings on matters of Sri Lankan Law. These were guiding principles for administrative practice. This body of case law knowledge has been built up over the years before Independence. This was in fact, something extremely valuable for business and everyday life. It brought confidence and trust – essential for conducting business.
English had been developed into a precise tool for analysing and understanding a problem, a matter, or a transaction. Words can have specific meanings, they were not, merely, the play- thing of those producing “fake news”. English words as used at that time, had meaning – they carried weight and meaning – the weight of the law!
Now many progressive countries around the world are embracing English for good economic and cultural reasons, but in complete contrast little Sri Lanka has gone into reverse!
A minority of the Sinhalese population, (the educated ones!) could immediately see at the time the problems that could arise by this move to down-grade English including its high-quality legal determinations. Unfortunately, seemingly, with the downgrading of English came a downgrading of the quality of inter- personal transactions.
A second failure was the failure to improve the “have nots” of the villagers by education. Knowledge and information can be considered a universal right. Leonard Woolf’s book “A village in the Jungle” makes use of this difference in education to prove a point. It makes infinitely good politics to reduce this education gap by education policies that rectify this important disadvantage normal people of Sri Lanka have.
But the yearning of educators to upgrade the education system as a whole, still remains a distant goal. Advanced English spoken language is encouraged individually but not at a state level. It has become an orphaned child. It is the elites that can read the standard classics such as Treasure Island or Sherlock Holmes and enjoy them.
But, perhaps now, with the country in the doldrums, more people will come to reflect on these failures of foresight and policy implementation. Isn’t the doldrums all the proof you need?
by Priyantha Hettige
Opinion
GOODBYE, DEAR SIR
It is with deep gratitude and profound sorrow that we remember Mr. K. L. F. Wijedasa, remarkable athletics coach whose influence reached far beyond the track. He passed away on November 4, exactly six months after his 93rd birthday, having led an exemplary and disciplined life that enabled him to enjoy such a long and meaningful innings. To those he trained, he was not only a masterful coach but a mentor, a friend, a steady father figure, and an enduring source of inspiration. His wisdom, kindness, and unwavering belief in every young athlete shaped countless lives, leaving a legacy that will continue to echo in the hearts of all who were fortunate enough to be guided by him.
I was privileged to be one of the many athletes who trained under his watchful eye from the time Mr. Wijedasa began his close association with Royal College in 1974. He was largely responsible for the golden era of athletics at Royal College from 1973 to 1980. In all but one of those years, Royal swept the board at all the leading Track & Field Championships — from the Senior and Junior Tarbat Shields to the Daily News Trophy Relay Carnival. Not only did the school dominate competitions, but it also produced star-class athletes such as sprinter Royce Koelmeyer; sprint and long & triple jump champions Godfrey Fernando and Ravi Waidyalankara; high jumper and pole vaulter Cletus Dep; Olympic 400m runner Chrisantha Ferdinando; sprinters Roshan Fernando and the Indraratne twins, Asela and Athula; and record-breaking high jumper Dr. Dharshana Wijegunasinghe, to name just a few.
Royal had won the Senior & Junior Tarbats as well as the Relay Carnival in 1973 by a whisker and was looking for a top-class coach to mould an exceptionally talented group of athletes for 1974 and beyond. This was when Mr. Wijedasa entered the scene, beginning a lifelong relationship with the athletes of Royal College from 1974 to 1987. He received excellent support from the then Principal, late Mr. L. D. H. Pieris; Vice Principal, late Mr. E. C. Gunesekera; and Masters-in-Charge Mr. Dharmasena, Mr. M. D. R. Senanayake, and Mr. V. A. B. Samarakone, with whom he maintained a strong and respectful rapport throughout his tenure.
An old boy of several schools — beginning at Kandegoda Sinhala Mixed School in his hometown, moving on to Dharmasoka Vidyalaya, Ambalangoda, Moratu Vidyalaya, and finally Ananda College — he excelled in both sports and studies. He later graduated in Geography, from the University of Peradeniya. During his undergraduate days, he distinguished himself as a sprinter, establishing a new National Record in the 100 metres in 1955. Beyond academics and sports, Mr. Wijedasa also demonstrated remarkable talent in drama.
Though proudly an Anandian, he became equally a Royalist through his deep association with Royal’s athletics from the 1970s. So strong was this bond that he eventually admitted his only son, Duminda, to Royal College. The hallmark of Mr. Wijedasa was his tireless dedication and immense patience as a mentor. Endurance and power training were among his strengths —disciplines that stood many of us in good stead long after we left school.
More than champions on the track, it is the individuals we became in later life that bear true testimony to his loving guidance. Such was his simplicity and warmth that we could visit him and his beloved wife, Ransiri, without appointment. Even long after our school days, we remained in close touch. Those living overseas never failed to visit him whenever they returned to Sri Lanka. These visits were filled with fond reminiscences of our sporting days, discussions on world affairs, and joyful moments of singing old Sinhala songs that he treasured.
It was only fitting, therefore, that on his last birthday on May 4 this year, the Old Royalists’ Athletic Club (ORAC) honoured him with a biography highlighting his immense contribution to athletics at Royal. I was deeply privileged to co-author this book together with Asoka Rodrigo, another old boy of the school.
Royal, however, was not the first school he coached. After joining the tutorial staff of his alma mater following graduation, he naturally coached Ananda College before moving on to Holy Family Convent, Bambalapitiya — where he first met the “love of his life,” Ransiri, a gifted and versatile sportswoman. She was not only a national champion in athletics but also a top netballer and basketball player in the 1960s. After his long and illustrious stint at Royal College, he went on to coach at schools such as Visakha Vidyalaya and Belvoir International.
The school arena was not his only forte. Mr. Wijedasa also produced several top national athletes, including D. K. Podimahattaya, Vijitha Wijesekera, Lionel Karunasena, Ransiri Serasinghe, Kosala Sahabandu, Gregory de Silva, Sunil Gunawardena, Prasad Perera, K. G. Badra, Surangani de Silva, Nandika de Silva, Chrisantha Ferdinando, Tamara Padmini, and Anula Costa. Apart from coaching, he was an efficient administrator as Director of Physical Education at the University of Colombo and held several senior positions in national sporting bodies. He served as President of the Amateur Athletic Association of Sri Lanka in 1994 and was also a founder and later President of the Ceylonese Track & Field Club. He served with distinction as a national selector, starter, judge, and highly qualified timekeeper.
The crowning joy of his life was seeing his legacy continue through his children and grandchildren. His son, Duminda, was a prominent athlete at Royal and later a National Squash player in the 1990s. In his later years, Mr. Wijedasa took great pride in seeing his granddaughter, Tejani, become a reputed throwing champion at Bishop’s College, where she currently serves as Games Captain. Her younger brother, too, is a promising athlete.
He is survived by his beloved wife, Ransiri, with whom he shared 57 years of a happy and devoted marriage, and by their two children, Duminda and Puranya. Duminda, married to Debbie, resides in Brisbane, Australia, with their two daughters, Deandra and Tennille. Puranya, married to Ruvindu, is blessed with three children — Madhuke, Tejani, and Dharishta.
Though he has left this world, the values he instilled, the lives he shaped, and the spirit he ignited on countless tracks and fields will live on forever — etched in the hearts of generations who were privileged to call him Sir (Coach).
NIRAJ DE MEL, Athletics Captain of Royal College 1976
Deputy Chairman, Old Royalists’ Athletics Club (ORAC)
Opinion
Why Sri Lanka needs a National Budget Performance and Evaluation Office
Sri Lanka is now grappling with the aftermath of the one of the gravest natural disasters in recent memory, as Cyclone Ditwah and the associated weather system continue to bring relentless rain, flash floods, and landslides across the country.
In view of the severe disaster situation, Speaker Jagath Wickramaratne had to amend the schedule for the Committee Stage debates on Budget 2026, which was subsequently passed by Parliament. There have been various interpretations of Budget 2026 by economists, the business community, academics, and civil society. Some analyses draw on economic expertise, others reflect social understanding, while certain groups read the budget through political ideology. But with the country now trying to manage a humanitarian and economic emergency, it is clear that fragmented interpretations will not suffice. This is a moment when Sri Lanka needs a unified, responsible, and collective “national reading” of the budget—one that rises above personal or political positions and focuses on safeguarding citizens, restoring stability, and guiding the nation toward recovery.
Budget 2026 is unique for several reasons. To understand it properly, we must “read” it through the lens of Sri Lanka’s current economic realities as well as the fiscal consolidation pathway outlined under the International Monetary Fund programme. Some argue that this Budget reflects a liberal policy orientation, citing several key allocations that support this view: strong investment in human capital, an infrastructure-led growth strategy, targeted support for private enterprise and MSMEs, and an emphasis on fiscal discipline and transparency.
Anyway, it can be argued that it is still too early to categorise the 2026 budget as a fully liberal budget approach, especially when considering the structural realities that continue to shape Sri Lanka’s economy. Still some sectors in Sri Lanka restricted private-sector space, with state dominance. And also, we can witness a weak performance-based management system with no strong KPI-linked monitoring or institutional performance cells. Moreover, the country still maintains a broad subsidy orientation, where extensive welfare transfers may constrain productivity unless they shift toward targeted and time-bound mechanisms. Even though we can see improved tax administration in the recent past, there is a need to have proper tax rationalisation, requiring significant simplification to become broad-based and globally competitive. These factors collectively indicate that, despite certain reform signals, it may be premature to label Budget 2026 as fully liberal in nature.
Overall, Sri Lanka needs to have proper monitoring mechanisms for the budget. Even if it is a liberal type, development, or any type of budget, we need to see how we can have a budget monitoring system.
Establishing a National Budget Performance and Evaluation Office
Whatever the budgets presented during the last seven decades, the implementation of budget proposals can always be mostly considered as around 30-50 %. Sri Lanka needs to have proper budget monitoring mechanisms. This is not only important for the budget but also for all other activities in Sri Lanka. Most of the countries in the world have this, and we can learn many best practices from them.
Establishing a National Budget Performance and Evaluation Office is essential for strengthening Sri Lanka’s fiscal governance and ensuring that public spending delivers measurable value. Such an office would provide an independent, data-driven mechanism to track budget implementation, monitor programme outcomes, and evaluate whether ministries achieve their intended results. Drawing from global best practices—including India’s PFMS-enabled monitoring and OECD programme-based budgeting frameworks—the office would develop clear KPIs, performance scorecards, and annual evaluation reports linked to national priorities. By integrating financial data, output metrics, and policy outcomes, this institution would enable evidence-based decision-making, improve budget credibility, reduce wastage, and foster greater transparency and accountability across the public sector. Ultimately, this would help shift Sri Lanka’s budgeting process from input-focused allocations toward performance-oriented results.
There is an urgent need for a paradigm shift in Sri Lanka’s economy, where export diversification, strengthened governance, and institutional efficiency become essential pillars of reform. Establishing a National Budget Performance and Evaluation Office is a critical step that can help the country address many long-standing challenges related to governance, fiscal discipline, and evidence-based decision-making. Such an institution would create the mechanisms required for transparency, accountability, and performance-focused budgeting. Ultimately, for Sri Lanka to gain greater global recognition and move toward a more stable, credible economic future, every stakeholder must be equipped with the right knowledge, tools, and systems that support disciplined financial management and a respected national identity.
by Prof. Nalin Abeysekera ✍️
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