Features
Beyond debts and defaults
by Uditha Devapriya
Initially advocated by the neoliberal right, the argument to default on the country’s debts is now being promoted by sections of the Left. The government has indicated that it will not listen to either camp – it transferred funds for the repayment of a USD 500 million bond, the first of two that need to be settled this year, earlier in the week – but that has not muted calls to abandon its policy of doing well by our creditors.
The neoliberal right’s arguments are predictable enough. Whereas earlier they demanded that the government go for debt restructuring to make it easier to repay bondholders and regain lost credit ratings, now they advocate the same so as to shift focus to other priorities, such as importing essential goods. To be sure, the neoliberal right is not alone in saying this: Colombo’s economic think-tanks, in general, recommend that the government exercise that option. They frequently draw a line between defaulting and going bankrupt, contending that the former is preferable and urging the government to think so as well.
Like the liberal and neoliberal right, Sri Lanka’s Left has not been uniform in its response to these issues. The Old Left, the LSSP and the Communist Party included, vehemently oppose any restructuring, a stance the Frontline Socialist Party also adheres to. On the other hand, the JVP or the NPP has failed to come up with a coherent response: while Bimal Ratnayake and Sunil Handunhetti have opposed going to the IMF, Harini Amarasuriya has argued that we need to abide by international rating agencies. It is a testament to the JVP-NPP’s want of vision that it may be one of the few parties identifying themselves with the Left which have openly, and publicly, described these agencies as independent. In this it is as confused as its attitude to China, a point I have noted before in this paper.
Not surprisingly, then, the Left’s argument to default is largely ideological. In an intriguing piece, Professor Sumanasiri Liyanage suggests that we don’t repay and that we “cut down the bigger portion of imports of consumer goods that is close to one billion dollars“, thereby saving USD five billion. Professor Liyanage warns against opting for neoliberal debt reforms, namely rescheduling, restructuring, and moratorium, noting that they are “not the answer.” Though he doesn’t specify his preferred approach, he argues that it will entail a “necessary and unavoidable” paradigm shift that will lead to a “permanent solution.”
Professor Liyanage calls all this a matter of “simple arithmetic.” As always, the truth is far more complex. Given the state of the global financial system, a default would invariably be followed by calls for restructuring. Should we opt for restructuring, economists recommend reaching a compromise between the country’s citizens and its creditors. Yet the experience of most countries that have undergone such reforms should tell us that this will entail more hardships for the people than for the debt holders.
That is why, regardless of the exploitative nature of the global financial system, we need to realise that the repercussions of a default will be felt most by the lower classes. We need to understand that they will be the first to come out to the streets. With a diminishing space for their aspirations, the middle-class will most likely follow them.
This is already happening here: the fertiliser crisis, import restrictions, and rising costs of living have heightened popular opposition to the government, and they have brought these groups together. Fuel, food, and gas shortages, not to mention the prospect of power cuts and the possibility of further downgrades by credit rating agencies, are burdening an already overburdened population. Any default-and-restructuring policy can only contribute to a further rise in protests and demonstrations.
The fundamental problem here is how mainstream economists are addressing these concerns. As Professor Liyanage, quoting Jerome Roos’s Why Not Default?, observes, neoliberal ideologues keep making two assumptions about international sovereign debt: one, that a government is a “representative” and free agent which negotiates on behalf of its people, and two, that a country constitutes a single entity.
Such assumptions gloss over the fact that societies are made up of various classes, that these classes mingle and clash with one another, and that in the event of austerity it is those who have the least resources who end up losing the most. Neoliberal economists leave out these points from their discussions, perhaps because that they believe that economics can be insulated from politics; that would explain why the more doctrinaire among them advise revisiting and re-implementing the policies of the J. R. Jayewardene regime.
What, then, would a viable Left strategy entail? Firstly, we need to acknowledge that debt restructuring would be painful, especially for those who have already been hit hard by the pandemic. Not all of us are in the same boat: a recent Oxfam report notes that two years of the pandemic have resulted in a doubling of wealth among the world’s top 10 billionaires, yet another sign of how obscenely unequal the system is. To ignore these realities and call for a default would, in the long run, be to give into a “reform programme” that brings more suffering and widens inequalities. This should be avoided at all costs.
Secondly, the State needs to prioritise relief to the masses. The Oxfam report debunks the myth that governments can’t offer such relief by printing money. The US Federal Reserve, for instance, has been printing trillions of dollars since the pandemic began, to revive the economy, and countries elsewhere have followed suit. This has had a significant impact on the poorer masses, though the record in some countries has been mixed.
To be sure, Sri Lanka’s upward-aspiring middle class may think that only Sri Lanka engages in distributing financial relief by printing money, and bemoan it even as they indirectly benefit from it. But the potential of money printing to help the masses tide over – an objective Basil Rajapaksa’s relief package seems to be zeroing in on – should not be lost sight of. Modern Monetary Theory is by no means a long term solution, less so a sustainable one, but insofar as it facilitates relief, it should not be dispensed with.
Thirdly, the government should negotiate credit lines from as many countries as it can go to. As I noted in an earlier piece, the pandemic, and the depletions of the country’s foreign reserves, has become the primary determinant of our foreign policy. From snubbing India and Japan, for instance, we are now trying to obtain credit from them. While China has kept a low profile lately, it may extend further credit as well, renegotiating what’s already due to her. We need to take advantage of these openings.
Printing money and fine-tuning foreign policy, though, are temporary solutions. They should be phased out in the long run, in favour of more radical reforms. This is the fourth step we should be taking, though it is one that is yet to be discussed and debated.
Take a very simple but radical proposition: printing money to build up local industries and promote exports. Critics of Modern Monetary Theory contend that more money leads to more inflation. They are not wrong: prices of essential goods have been escalating wildly over the last few months. Yet the real issue isn’t whether money should be printed at all, but for whom and for what it should be printed: a question neither advocates nor critics of money printing seem to be asking.
The fact of the matter is that money needs to be directed to productive investments, and the only way to do that is to prop up local industries and spur industrialisation. This is a policy few economists, from the Left or the Right, have prescribed, but it is one that one of the more brilliant among them, Howard Nicholas, has.
Howard Nicholas’s advice is simple enough. Countries that industrialised faster than others have managed to reduce trade deficits and achieve export-led growth. Vietnam is a case in point here. Though mainstream economists contend that it was its decision to liberalise trade which facilitated faster growth, it was actually its industrial policy, combined with the phased out opening up of its sectors, which did so in the long run.
Dr Nicholas’s argument is a rejoinder to advocates of free markets and of mere import substitution, which may be why he has come in for criticism from both sides. But as Dushni Weerakoon of the IPS has noted, industrialisation can and indeed should form a crucial part of the solution, provided it’s buttressed with an enlightened tariff regime.
The bottom line to all this is that defaulting is not the answer to our problems. Defaulting may be the preferred way out for market fundamentalists and even certain leftists, but it’s definitely not the way out for the country. Opting for such a strategy would mean imposing greater austerity on the masses, which this government, mindful of its electoral prospects, will want to avoid at all costs. Dushni Weerakoon’s point, in that sense, is spot on: the debt restructuring option suits countries with a reputation for defaults, like Ecuador, but not so countries like Sri Lanka. Any “permanent solution”, then, would necessarily have to focus on the longer term. Industrialisation may well point us in that direction.
The writer can be reached at udakdev1@gmail.com
There is an unending debate about the Greatest of All Time (GOAT) of the global sport of tennis. The debate is on, as to which one is the GOAT of the players of the “Big Three” era. Those three are Novak Djokovic, Rafael Nadal and Roger Federer. All three were very prominent figures in that period. Their intense rivalries pushed the sport to new heights and captivated millions of people in a global audience, thereby significantly increasing tennis’s popularity. However, of the three, Roger Federer was a rather central figure.
Federer’s list of tennis accolades is staggering, and his greatness is often reduced to headlines and statistics: 20 Grand Slam titles, including a record eight Wimbledon singles crowns, 103 Association of Tennis Professionals Tour Singles titles, and 237 consecutive weeks atop the world rankings. He is well-known for his fabulous all-court game, and he is one of only four players to have won a career Grand Slam on three different surfaces: hard, grass, and clay.
His career is marked by remarkable consistency, including reaching 10 consecutive Grand Slam finals and 23 consecutive Grand Slam semifinals. Federer’s game was often described as graceful, effortless, and artistic. His fluid movement, powerful forehand, and elegant one-handed backhand made him a joy to watch for fans worldwide. He redefined modern tennis with his blend of power and finesse. Yet for all that, beneath the elegance of his backhand and the sheen of trophies lies a deeper heritage; one that elevates him from tennis legend to a true Great Of All Time.
Federer views these achievements as milestones, not the destination. He has always emphasised relationships, gratitude, and giving back, values instilled by his South African mother, Lynette, and nurtured over a lifetime of turning success into service. His effortless finesse and mental fortitude created ballet on grass and clay; moments etched forever in sporting memory. But narrowing Federer’s story to courts and scores does him a disservice.
Federer’s South African heritage cultivated a profound connection to the continent. He holds dual Swiss and South African citizenship and has frequently returned to support earlychildhood education via the Roger Federer Foundation, impacting over two million children across Southern Africa. More than just funding, Federer has rolled up his sleeves, visiting rural schools, launching coaching clinics, and advocating for play-based learning. Philanthropy is woven into Federer’s identity just as deeply as tennis. As he once said, “greatness is not confined to silverware; it lives through the lives we touch“.
Among his lesser-known acts of compassion is one of the most profound. It was in 2005 when Federer was fast turning into a tennis sensation, that he found twin infant girls abandoned outside a health clinic during a charity trip to a remote village in South Africa. The man did not walk away. Moved by their vulnerability, he quietly ensured their care and education, funding their essentials through a foundation partner. He did this without fanfare or media attention, and no publicity followed.
Fast forward to July 11, 2025. At a gala event in Geneva celebrating Federer’s stellar career, two young women took to the stage. It was the same pair of South African twins, now in their early 20s, returning to honour the man who saved them.
Rafael Nadal
Novak Djokovic
The sisters spoke with composed gratitude: “We do not remember being abandoned as infants. But we remember being saved. And the man who saved us is sitting right here tonight.”
Then came their own act of generosity. They said, launching a scholarship fund under Roger Federer’s name, to support rural children, “It is dedicated to helping underprivileged children in rural areas gain access to sports and education, the very things Roger had given us. It is our turn to give back, just as Roger gave to us, without expecting anything in return.” A visibly emotional Federer was left speechless before he gathered himself and said in a shaky voice, “I thought I was just helping two lives.
I had no idea they would come back and inspire the world.” That moment, a twin act of kindness born and returned, was described as “grander than all the 20 Grand Slam titles… one of the most powerful moments in tennis history“. That evening rippled globally, it flew virally across social media, confirming that character can outrank championship counts.
Off the court, Federer’s family life is rich and intentional. Married since 2009 to former player Mirka Vavrinec, they have four children: twin daughters Myla Rose and Charlene Riva (born in 2009) and twin sons Leo and Lenny (born in 2014). Their household, brimming with two sets of twins, reflects unity, resilience, and love, values the Father and Mother Federer’s cherish.
If tennis is art, then Federer’s philanthropy is impact. His “Match for Africa” series: exhibition matches featuring Nadal, Murray, and Gates, has generated over 12 million US dollars to support education in Africa. Beyond big events, his foundation has supported earlychildhood programmes in six countries, deployed digital teaching tools and training tablets for educators, and engaged communities and governments to bolster preschool readiness. These are not just token gestures; they are sustained efforts that aim to change systems, not just headlines. He privately supports coaching and education in African villages: a lyrical service that mirrors his gameplay: smooth, reliable, and deeply invested.
In his understated way, Federer has consistently reinforced kindness and integrity. He funds an elderly couple every Australian Open; the parents of his first coach, late Peter Carter, covering flights, hospitality, and box seats, every year, since 2005. Federer has never forgotten the Carter family’s role in his life and career.
These gestures resonate because they are personal, respectful, and ongoing. They speak of a man who remembers where he came from, on and off the court, and who sees grand gestures in the small, consistent acts of humanity.
When discussing Federer as the GOAT, numbers will take you so far. But greatness also measures intangible things: compassion, humility, and legacy. What Federer did for those abandoned twins, and how they returned that grace, reveals more about his character than any gold trophy could. It is easy to point to “trophies won” as the final verdict. But Federer’s life story adds nuance: identity, empathy, and generosity, which truly elevate his accomplishments to a celestial level. His Wimbledon stamps, Swiss coins, and honorary degrees are symbols. The real trophy is the networks of lives he has touched: the rescued twins, African children on new educational pathways, and the families of those who supported him along the way.
Roger Federer’s journey from a junior champion to a record-breaking legend serves as a benchmark for aspiring tennis players and inspires millions around the world to aim for greatness while remaining grounded. In essence, his legacy celebrates not just a phenomenal tennis player but a true sporting icon who left an indelible mark on the game through his achievements, style, character, and humanitarian efforts.
In the court of moral measure, Federer is undisputed. His twin daughters and twin sons will grow up knowing that their father is more than a record-holder. He is a man defined by action. The twins in South Africa, now embroidering his legacy with their own generosity, complete a cycle: champions saved, and champions paid forward.
Yes, Roger Federer is the tennis GOAT. But he’s also the GOAT of genuine kindness, empathy, and impact. That, ultimately, is why the story of greatness cannot, and should not, be limited to statistics alone.
Role models are remembered, not just for what they win… but for the gratitude they inspire, the opportunities they create, and the kindness they live out.
The story of the South African abandoned twins was garnered from the News Arena Network – Geneva through News Arena India on 14th July 2025.
by Dr B. J. C. Perera ✍️
(Tennis Player)
Lakdasa Wikkramasinha
(1941-1978) has been acknowledged as one of the finest Sri Lankan poets writing in English. The Sri Lankan born Booker Prize winner Michael Ondaatje says Wikkramasinha has written “some of the most permanent and iconic poems of this country”.
In a period spanning only thirteen years before his untimely death, Wikkramasinha published six collections of his English poems (and two collections of Sinhala poems as well).
Rage and Heartbreak fulfills the pressing need for a collection of critical writings on Wikkramasinha’s poetry. Essays authored by Gamini Haththotuwegama, Lilani Jayatilaka, Annemari de Silva, Nihal Fernando, Vihanga Perera, Madri Kalugala, Chandana Dissanayake, Nipuni Ranaweera, and George Braine are followed by Indrakanthi Perera’s brief memorial.
Most authors are practicing or retired academics, mainly in English literature. Some are published poets.
Rage and Heartbreak is published by Tambapanni Academic Press and priced at Rs. 3000/.
Vihanga Perera (Ph.D., Australian National University) is an academic and researcher working at the Department of English, University of Sri Jayawardenapura. He is also a poet and novelist, an arts critic, and editor of creative work. He is a recipient of the Gratiaen Prize and the State Literary Award.
George Braine (Ph.D., The University of Texas at Austin) taught English in four countries before retiring from The Chinese University of Hong Kong. He was acquainted with Lakdasa Wikkramasinha in the 1970s.
Eight babies have been born in the UK using genetic material from three people to prevent devastating and often fatal conditions, doctors say.
The method, pioneered by UK scientists, combines the egg and sperm from a mum and dad with a second egg from a donor woman.
The technique has been legal here for a decade but we now have the first proof it is leading to children born free of incurable mitochondrial disease.
These conditions are normally passed from mother to child, starving the body of energy.
This can cause severe disability and some babies die within days of being born. Couples know they are at risk if previous children, family members or the mother has been affected.
Children born through the three-person technique inherit most of their DNA, their genetic blueprint, from their parents, but also get a tiny amount, about 0.1%, from the second woman. This is a change that is passed down the generations.
None of the families who have been through the process are speaking publicly to protect their privacy, but have issued anonymous statements through the Newcastle Fertility Centre where the procedures took place.
“After years of uncertainty this treatment gave us hope – and then it gave us our baby,” said the mother of a baby girl. “We look at them now, full of life and possibility, and we’re overwhelmed with gratitude.”
The mother of a baby boy added: “Thanks to this incredible advancement and the support we received, our little family is complete. “The emotional burden of mitochondrial disease has been lifted, and in its place is hope, joy, and deep gratitude.”
Mitochondria are tiny structures inside nearly every one of our cells. They are the reason we breathe as they use oxygen to convert food into the form of energy our bodies use as fuel.
Defective mitochondria can leave the body with insufficient energy to keep the heart beating as well as causing brain damage, seizures, blindness, muscle weakness and organ failure.
About one in 5,000 babies are born with mitochondrial disease. The team in Newcastle anticipate there is demand for 20 to 30 babies born through the three-person method each year.
Some parents have faced the agony of having multiple children die from these diseases.
Mitochondria are passed down only from mother to child. So this pioneering fertility technique uses both parents and a woman who donates her healthy mitochondria.
The science was developed more than a decade ago at Newcastle University and the Newcastle upon Tyne Hospitals NHS Foundation Trust and a specialist service opened within the NHS in 2017.
There was a case of epilepsy, which cleared up by itself and one child has an abnormal heart rhythm which is being successfully treated.
These are not thought to be connected to defective mitochondria. It is not known whether this is part of the known risks of IVF, something specific to the three-person method or something that has been detected only because the health of all babies born through this technique is monitored intensely.
Another key question hanging over the approach has been whether defective mitochondria would be transferred into the healthy embryo and what the consequences could be.
The results show that in five cases the diseased mitochondria were undetectable. In the other three, between 5% and 20% of mitochondria were defective in blood and urine samples.
This is below the 80% level thought to cause disease. It will take further work to understand why this occurred and if it can be prevented.
Prof Mary Herbert, from Newcastle University and Monash University, said: “The findings give grounds for optimism. However, research to better understand the limitations of mitochondrial donation technologies, will be essential to further improve treatment outcomes.”
The breakthrough gives hope to the Kitto family.
Kat’s youngest daughter Poppy, 14, has the disease. Her eldest Lily, 16, may pass it onto her children.
Poppy is in a wheelchair, is non-verbal and is fed through a tube.
“It’s impacted a huge part of her life,” says Kat, “we have a lovely time as she is, but there are the moments where you realize how devastating mitochondrial disease is”.
Despite decades of work there is still no cure for mitochondrial disease, but the chance to prevent it being passed on gives hope to Lily.
“It’s the future generations like myself, or my children, or my cousins, who can have that outlook of a normal life,” she says.
The UK not only developed the science of three-person babies, but it also became the first country in the world to introduce laws to allow their creation after a vote in Parliament in 2015.
There was controversy as mitochondria have DNA of their own, which controls how they function.
It means the children have inherited DNA from their parents and around 0.1% from the donor woman.
Any girls born through this technique would pass this onto their own children, so it is a permanent alteration of human genetic inheritance.
This was a step too far for some when the technology was debated, raising fears it would open the doors to genetically-modified “designer” babies.
Prof Sir Doug Turnbull, from Newcastle University, told me: “I think this is the only place in the world this could have happened, there’s been first class science to get us to where we are, there been legislation to allow it to move into clinical treatment, the NHS to help support it and now we’ve got eight children that seem to free of mitochondrial disease, what a wonderful result.”
Liz Curtis, the founder of the Lily Foundation charity said: “After years of waiting, we now know that eight babies have been born using this technique, all showing no signs of mito.
“For many affected families, it’s the first real hope of breaking the cycle of this inherited condition.”
[BBC]
India’s ban on Jane Street raises concerns over regulator role
Naval and fishing communities are advised not to venture into the sea areas extending from Puttalam to Pottuvil via Colombo, Galle Hambantota for next 24 hours
Lyles and Bol seek third successive London victories
UAE likely to host Afghanistan-Bangladesh T20Is in October
Top policeman shakes South Africa with explosive allegations about his boss
Three killed in explosion at Los Angeles police training facility
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
Business6 days agoSLIC Life among Asia’s Best: Finalist in 3 key categories at 10th Trusted Life Awards
-
Features6 days agoAfghanistan:Broken promises, burning nation
-
News7 days agoUtilize capital allocated by the government effectively to reach targeted economic development goals – President
-
Editorial6 days agoNavigating tariff shocks
-
Opinion4 days ago‘Daily shooting of wild elephants’ in Sri Lanka? Govt. gives out guns
-
News6 days agoCardinal honoured for national contributions
-
News6 days agoEnvironmentalists welcome presidential probe into X-Press Pearl disaster
-
Features6 days agoHow one man’s call to action could save Sri Lanka’s vanishing wings