Connect with us

Editorial

Celebration of debt

Published

on

Wednesday 22nd March, 2023

The SLPP-UNP administration is cock-a-hoop at the unlocking of an IMF bailout package. What is the world coming to when a government which has bankrupted a country, defaulted on debt and visited untold miseries on more than 22 million people, paints the town red after obtaining another loan on constricting conditions?

At the height of Eelam War IV, Lakshman Kiriella, who was a UNP MP at the time, audaciously claimed that onema goenkuta yuddha karanna puluwan (‘any fool can fight a war’). Similarly, one may say ‘onema goenkuta loan ganna puluwan (’any fool can obtain loans’. The government has been able to secure the IMF bailout package because it readily agreed to all loan conditions, some of which have not been made public yet, according to the Opposition. No less a person than ex-Chief Economist and Senior Vice President of the World Bank, and Nobel Prize winner, Joseph Stiglitz, has inveighed against the IMF for causing riots in the countries that have had to follow its programmes. In Sri Lanka, too, a perfect storm is brewing on the horizon with workers taking to the streets in large numbers. However, it is our failed, corrupt leaders who should be blamed for our predicament.

Ironically, the IMF happened to announce its decision to release Sri Lanka’s credit facility, on the eve of the World Puppetry Day! The grandees of the Rajapaksa-Wickremesinghe regime claim to be managing the economy themselves but they are only a set of puppets controlled by the IMF. They have to do as the IMF says, and it does not require much grey matter to do so. But care will have to be taken to ensure that they will not help themselves to the dollars to flow in. It behoves the IMF, and the nations that have been considerate enough to part with substantial amounts of their citizens’ money to help ameliorate the suffering of Sri Lankans to ensure that the government of Sri Lanka handles financial aid in a transparent manner.

It’s one thing to obtain an extended credit facility, but it’s quite another to put an ailing economy back on an even keel, and repay loans that have been defaulted on. That the IMF has agreed to provide assistance is no guarantee that Sri Lanka will achieve economic recovery. There are countries that have failed to straighten up their economies fast despite IMF help, Greece being a case in point.

Greece is vastly different from Sri Lanka in that its bailouts came from a powerful troika—the European Commission, the European Central Bank and the IMF. Still, it has been struggling to achieve realistic primary surpluses and return to investment grade. Needless to say, Sri Lanka’s task will be even more difficult, given the fact that a failed, corrupt government continues to be in power.

The failed politicians who bankrupted the economy by mismanaging it, indulging in waste and corruption and stealing public funds, are still at the levers of power. They must be salivating at the prospect of being able to line their pockets again when forex begins to flow in. Doomed will be the economy if it continues to be in the clutches of these failed, corrupt elements who have not mended their ways and are all out to gratify their insatiable appetite for power and public funds.

Now that the IMF bailout has become a reality, the people must be given an opportunity to exercise their franchise and indicate whether they have faith in the current regime, which has inflicted so much suffering on them and ruined the economy. Hence the need for the local government polls to be held without further delay. There is a massive build-up of public anger in the polity and it has to be defused if the country is to be prevented from being plunged into chaos again. Expenditure on an election is a worthwhile investment in that it helps make the irate public simmer down and bring about political stability, which is a prerequisite for economic recovery.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Editorial

Justice, hypocrisy and politics

Published

on

Saturday 27th June, 2026

Governments of all political hues in Sri Lanka usually do not uphold the foundational legal principle of the presumption of innocence when their political rivals happen to be arrested. The JVP-NPP administration has failed to be different despite its election pledge to usher in a new political culture. Its politicians and propagandists ruthlessly vilify their political opponents who are taken into custody. They apparently consider their rivals held on remand guilty until proven innocent.

The inversion of the presumption of innocence could have disastrous consequences, as evident from a large number of summary executions and political assassinations during the past armed conflicts in this country. The SLFP, the UNP and the JVP have committed the sin of physically eliminating their political opponents.

The current SLPP leaders, while they were in the SLFP-led UPFA government from 2010 to 2015, turned a parliamentary select committee into a kangaroo court against a Chief Justice, and hounded her out of office. The UNP also launched witch-hunts against upright public officials and judges and treated suspects as convicts. The JVP-led NPP has prejudged the guilt of three suspects, including former Justice Minister Wijeyadasa Rajapakshe’s son, Rakitha, and SJB organiser for Horana Charith Abeysinghe, arrested on Thursday on suspicion of seeking a bribe from the wife of a drug dealer in custody.

There is no gainsaying that the law must apply to everyone equally, and all allegations of transgressions must be probed. So, nobody should protest against the arrest of the aforementioned trio unless their legitimate rights are violated while in custody. If they are found guilty after a fair trial, stringent punishment must be meted out to them. This task is best left to learned judges. The government must not seek to gain political mileage out of their arrests. What one gathers from various statements the JVP/NPP politicians, including ministers, have been making about Rajapakshe and Abeysinghe is that the government is labouring under the misconception that they should be considered guilty simply because they have been arrested.

The SJB has suspended Abeysinghe’s party membership and launched a disciplinary inquiry. Such action is welcome. However, Abeysinghe should be given an opportunity to tell his side of the story and defend himself. The principle of natural justice must be upheld. That is how such matters are handled in the civilised world.

JVP/NPP politicians and propagandists continue to blame the SJB for having individuals with underworld links within its ranks. It should put its own house in order before telling other political parties how to deal with their members facing allegations.

Former Energy Minister Kumara Jayakody has been indicted for corruption before the Colombo High Court. The JVP/NPP unashamedly defended him to the hilt when the Opposition moved a motion of no confidence against him in Parliament. He stepped down when it became too embarrassing for the government to keep him in the Cabinet. What action has the JVP/NPP taken against him over charges of corruption? Has it at least held a disciplinary inquiry against him? Why hasn’t it suspended his party membership?

Continue Reading

Editorial

Falling oil prices and fallen heroes

Published

on

Friday 26th June, 2026

The whole world is enjoying the benefits of the US-Iran peace deal. Vessel traffic has more than doubled via the Hormuz Strait over the past 36 hours or so, bringing oil prices down steeply, according to media reports. Predictions that oil prices would not return to the pre-conflict levels in the foreseeable future have gone wrong.

World oil prices have come down almost to the pre-Iran war levels, with the global benchmark Brent crude dropping below USD 72.48 a barrel, described as the price it was at the day before the launch of the US-Israel attacks on Iran on 28 Feb., and settling at USD 72.63 per barrel. The US benchmark West Texas Intermediate (WTI) fell below USD 70 per barrel. These are very positive signs. Oil price decreases have stood all economies in good stead.

Some countries, such as the US, Australia and Pakistan, have opted for partial pass-throughs causing pump prices to drop, much to the relief of consumers who were reeling from the inflated fuel costs for more than three months. They have managed to cool inflation to some extent. But Sri Lankans are not that lucky. At the time of going to press, the JVP-NPP government had not decided to lower fuel prices; it was only trotting out various excuses for the so-called lag phase while pressure was mounting on it to reduce fuel prices at least partially. Sri Lanka’s fuel pricing has shown a rockets-and-feathers pattern under successive governments.

The JVP-NPP government did not scruple to opt for an immediate asymmetric cost pass-through when world oil prices increased. It allegedly resorted to price gouging by revaluing oil inventories, procured at lower costs, at prevailing market prices. When the Iran war erupted in late February, the government declared that the country’s fuel stocks were sufficient for several months, but it increased fuel prices immediately afterwards in keeping with global oil price hikes. Thus, it gets the best of both worlds by making fuel prices cost-reflective only when world oil prices rise. It is continuing the policies of the SLPP-UNP government, which it condemned for exploiting the public.

During their opposition days, the JVP/NPP leaders claimed that a government that increased local fuel prices whenever world oil prices rose was not worth its salt; it was a simple task that even a Pettah trader was equal to, they argued. They are now doing exactly what they flayed the previous governments for.

The Opposition has accused the government of keeping fuel prices unconscionably high to recover the staggering losses caused by the coal procurement scam, which has made the diesel-fired power plants operate overtime to compensate for a generation loss at Norochcholai. The Ceylon Petroleum Corporation has admitted that it had to buy some diesel shipments at prices as high as USD 286 per barrel to prevent supply disruptions. What has driven the demand for diesel high is the country’s overdependence on diesel-fired power plants to avoid power cuts.

Meanwhile, private bus operators, who secure fare hikes whenever diesel prices increase significantly, have argued that the operational and regulatory framework involving them and the National Transport Commission does not require them to lower bus fares when diesel prices decrease. If so, the government ought to introduce new laws and regulations to ensure that bus fares reflect diesel price decreases to prevent asymmetric pricing, for fuel is a major cost input in the transport sector.

If the JVP/NPP leaders were in the Opposition today, they would take to the streets demanding fuel price reductions. While out of power, they promised to champion the cause of the poor and resist injustice with might and main, just like Robin Hood and his Merry Men, but once in power, they are accused of behaving like Prince John and Sheriff of Nottingham; they are increasing taxes and enforcing compliance ruthlessly, besides jacking up tariffs. Such a hero-to-villain transformation usually carries significant political costs. No wonder the government is reluctant to face the Provincial Council elections.

Continue Reading

Editorial

Indelible ink and tainted records

Published

on

Thursday 25th June, 2026

The government has decided to scrap the long-held legal requirement to mark voters’ fingers with indelible ink at polling stations. It is in overdrive to introduce necessary legal amendments, we are told. The reasons given for its decision is that the practice of using indelible ink causes “operational inefficiencies” and “significant additional costs”. The Election Commission has claimed that the scrapping of the indelible ink requirement is its brainchild.

The JVP-NPP government is busy amending election laws and working on a new electoral system while doing everything in its power to postpone the Provincial Council (PC) elections further. If only the election monitors had continued to pressure the government to hold the PC polls rather than focusing on relatively inconsequential matters.

The use of indelible ink is not a silver bullet capable of preventing electoral malpractices, and therefore one can argue that its discontinuation may not render the electoral system any more vulnerable to practices, such as multiple voting. But whether it is prudent to do away with such safeguards against election malpractices, relying solely on the voter identification requirement is a moot point, given the fact that none of the main political parties are respecters of people’s franchise.

The UNP resorted to election malpractices and unleashed barbaric violence to retain its hold on power in the 1980s, when it used a heavily rigged referendum to make a general election disappear. The SJB, an offshoot of the UNP, is widely viewed as sharing the latter’s political DNA. The SLFP and its allies also rigged elections. In 1999, they chased away polling agents and stuffed ballot boxes in full view of the police to win the North Western PC polls. Some of the SLFP organisers responsible for violating election laws in that despicable manner are currently in the SLPP. The TNA fully endorsed the election boycott ordered by the LTTE in 2005 and even announced it. The JVP employed brutal methods such as shooting, beheading and quartering as part of its campaign to sabotage elections in the late 1980s. What guarantee is there that such political parties are any different from the proverbial cat that calmly held a lamp on a dining table only to revert to its old ways at the sight of a mouse?

As for the legal requirement of national identity cards (NICs) and other proofs of identity for voting, one may recall that the JVP seized the NICs of thousands of people during its reign of terror in the late 1980s. Some of the current JVP leaders have declared that they will not let go of power. They stand accused of working towards a one-party rule.

The Cabinet of Ministers is reported to have decided to remove provisions related to the use of indelible ink from election laws, while retaining voter identification requirements. Accordingly, the Presidential Elections Act, the Parliamentary Elections Act, the Provincial Council Elections Act, the Local Authorities Elections Ordinance, etc., are to be amended. One can only hope that the government will not turn amending election laws into a mega political project and use it as a pretext to postpone elections it is reluctant to face.

Most of all, a watchful eye needs to be kept on the amendments to be introduced, for there is no guarantee that the amendment Bills will not be stuffed with sections without judicial sanction to further the interests of the government. It has been revealed that when the Parliamentary Election Act of 1981 was amended in 1988, the words, “any member” (of a political party) were surreptitiously inserted thereinto after ratification to provide for the appointment of persons of party leaders choice to fill National List vacancies. In 2017, during the UNP-led Yahapalana government, several sections were incorporated into the Provincial Council Elections amendment Bill arbitrarily at the committee stage to provide for postponing the PC polls indefinitely. Controversy surrounds the manner in which the Online Safety Bill was “passed” in 2024. It was declared ratified amidst a noisy protest in the House.

Indelible ink is used by the countries in this part of the world as an antidote to multiple voting. Other democracies, especially in the West, have no need for it as they have reliable voter identification systems, which are however not totally foolproof. It is not prudent to presume that the franchise and the electoral process are invulnerable in this country, given the tainted records of the political parties that remain unremorseful. Hence, it is imperative that all safeguards against election malpractices be retained and strengthened.

Continue Reading

Trending