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Editorial

The way the papadam crumbles

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When the five days long stretch of holidays ended last week and the Colombo bourse reopened for trading on Tuesday, the market surged 6.71 percent (633.69 points up) on the broad All Share Price Index (ASPI) while the Standard and Poor SL 20 index covering the 20 largest and more liquid companies quoted on the Colombo Stock Exchange (CSE) leaped 10.29 percent (279.57 points). The ASPI surge was the second highest single day gain since the civil war ended in 2009. Furthermore, the ASPI crossed what market analysts call the 10,000 point “resistance level” for the first time since September 15, 2022, with the day’s market turnover at Rs. 7.42 billion being the highest daily turnover for the year.

President Ranil Wickremesinghe had good reason to celebrate the market reaction to the ongoing debt restructuring and optimization efforts, both foreign and domestic, which had comfortably cleared the parliamentary hurdle the previous Saturday. This was the first time the House had ever sat on a Saturday. A run on the banks, feared by some was attributed to June 30 being declared a special bank holiday to neatly slot into the weekend and two public holidays as a precautionary measure against such an eventuality. This may have been unnecessary, analysts opined after the event. However that be, the performance of financial market including bills and bonds once the total picture was unveiled leaves room for satisfaction. Fears of members of the Employees Provident Fund (EPF), long a captive lender to government, taking a blow in the short to medium term have also receded.

While the country situation has improved immeasurably since last year when both President Gotabaya and Prime Minister Mahinda Rajapaksa vacated office – the president can take most of the credit for that – acute hardship especially on the cost of living front is very much with us. Even the middle class is in a tight bind and the plight of the poor, among them daily wage earners, is almost unimaginable. True, there are occasional favourable newsbytes like a decline in inflation promised to recede further during the course of this year. But anybody shopping for essential groceries are all too aware of prevailing reality.

The rupee strengthened against the dollar and other hard currencies but inevitable market fluctuations remain a fact of life. Cooking gas prices were lowered a few days ago, motor vehicle fuel prices were lowered but since adjusted upward at least where the high demand 92 octane product was concerned. The lower end of the spectrum of electricity consumers will get some much needed relief this month. Taxes have been doubled and prices of some previously unavailable goods have doubled and tripled but the worst fears have not materialized.

We run today a news story about Sri Lankan’s “jumping ship,” leaving the country in droves in a process that began to accelerate in the middle of last year. According to data maintained at the Sri Lanka Foreign Employment Bureau (SLFEB), 122,000 Lankans left the country for work in 2021. This jumped to 311,000 last year. In the first five months of 2023, as many as 122,000 foreign job seekers – same as in the whole of 2021 – had left. Officials admit that these figures may be under-stating reality as many people leaving for Middle Eastern jobs and employment elsewhere in Asia leave on tourist visas and are not registered at the SLFEB. The losses include skilled workers and professionals.

As Central Bank Governor Nandalal Weerasinghe, recalled from retirement in Australia, has said in an interview we run today on the macro-economic picture (see page 11) that the more difficult part of salvaging Sri Lanka’s economy will be the restructure of domestic debt while navigating a political minefield. He is quoted saying: “This is the most challenging part of debt restructuring. It is very politically sensitive, socially sensitive and also there is some impact on domestic (bond) holders,” The process of doing this difficult job has already begun and it must be unequivocally said that Sri Lanka is fortunate that an apolitical professional central banker is at the helm of driving it forward. Undoubtedly it will be no smooth ride and obstacles will surely surface along the way. How well this process will be navigated is an open question with President Wickremesinghe now making fairly clear that he is looking for a second term, this time elected by the people, come November 2024. This would entail sometimes taking decisions aimed at winning votes subordinating the national interest. Depending entirely on what the situation was at the height of the aragalaya, and what it is when people next go to the polls will not be enough.

Whether the government will press on with last week’s attempt via an SLPP Private Member to reconvene local bodies whose tenure has ended remains to be seen. This has revolted most Lankans already seething at their being denied these elections after nominations closed on the excuse there was no money to run them. It must be said in fairness to the president that he may have nothing whatever to do with this attempt to reconvene local bodies which may be a wholly an SLPP affair, allegedly directed by Basil Rajapaksa, that party’s national organizer. Members of local bodies are useful storm troops at election time and this most likely is what’s behind that move. But is the SLPP thinking of running its own candidate at the next presidential election rather than backing RW who its MP’s elected to the presidency in July 2022? However several SLPP MPs have already pledged allegiance to Wickremesinghe.



Editorial

A suspicious death, many questions

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Wednesday 6th May, 2026

The tragic death of Assistant Director of the External Resources Department of the Ministry of Finance, Ranga Rajapaksha, 50, has given rise to doubts, suspicions and various conspiracy theories. It has become an issue reminiscent of the complex plot twists and tropes found in classic whodunits such as Agatha Christie’s Murder on the Orient Express and modern murder mysteries like Knives Out. Not even a postmortem examination has helped put the matter to rest. Two schools of thought have emerged about Rajapaksha’s death. One asserts that he committed suicide after being suspended over the diversion of USD 2.5 million from the Treasury to a rogue account, and the other insists that foul play cannot be ruled out.

No sooner had Rajapaksha been found dead, on 30 April, than a four-member panel of forensic experts was appointed to conduct a postmortem examination, and its report was submitted fast. The experts reportedly concluded that the victim had committed suicide. But their conclusion has been challenged in some quarters.

Prominent Opposition politicians and legal experts are among those who argue that Rajapaksha’s death was not properly probed, and the postmortem report is therefore not acceptable. They have gone to the extent of alleging that Rajapaksha’s death was part of a grand cover-up, the implication being that they suspect murder. Some of them have claimed that Rajapaksha, who was reportedly the first to complain of the fund diversion at issue, faced the same fate as Dan Priyasad, who made a formal complaint of the questionable release of red-flagged freight containers without mandatory Customs inspection from the Colombo Port. Priyasad was shot dead in 2025.

As for Rajapaksha’s death, there is no evidence to prove the allegation of foul play, but doubts and suspicions being expressed about it could have a corrosive effect on the integrity of the legal and judicial processes, and should therefore be cleared forthwith. After all, anything is possible in this country, where governments have earned notoriety for subverting the legal and judicial processes to protect their political interests.

There have been allegations that narcotics samples sent to the Government Analyst’s Department for testing were replaced with kurakkan flour. The JVP/NPP politicians are among those who have questioned the validity of a DNA test that revealed that Sarah Jasmine, the widow of Muhammadu Hastun, who carried out the Katuwapitiya Church massacre, in 2019, had been among the National Thowheed Jamaath members killed in a suicide bomb blast in Sainthamarathu a few days after the Easter Sunday terror attacks. So, the government cannot fault those who have refused to accept the official version of Rajapaksha’s death.

In an article published on the opposite page today, Prof. Susirith Mendis has mentioned several instances where JMO reports were found to have been erroneous or even falsified. Arguing that postmortem examinations are prone to error, negligence and falsification, Prof. Mendis mentions a fourth possibility, a legitimate academically defensible difference of opinion and points out that neither medicine nor forensics is an exact science. He says that whether the four-member expert panel looked into all aspects of the death of Rajapaksha is a moot point.

Some legal experts have called for a psychological autopsy to find out Rajapaksha’s mental state at the time of his death. They are right in having asked for an investigation into the victim’s life, behaviour and mindset in the period leading up to his death, as it is alleged that he may have been driven to suicide. Psychological autopsies are common in other countries, where they are conducted by forensic experts, clinicians and legal authorities. They may not provide absolute proof but can help courts, investigators and victim families understand what may have happened.

Given the serious doubts and suspicions expressed by experts, politicians and others about Rajapaksha’s death, the need for a fresh postmortem examination cannot be overstated.

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Editorial

A one-man show?

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Tuesday 5th May, 2026

The JVP-NPP government turned its recent May Day rallies into a propaganda counteroffensive against the Opposition, which has effectively targeted its good governance credentials. The ruling party leaders, including President Anura Kumara Dissanayake, went ballistic, condemning their rivals as utterly corrupt politicians. Claiming that 2026 would be remembered as the year when the corrupt and thieves were sent to jail, President Dissanayake said 15 high-profile cases would come up in the current month itself.

The Executive President can have himself briefed on cases to be filed and the progress therein, but it is unbecoming of him or her to leverage privileged access to such information for political expediency. Lashing out at President Dissanayake for having told his supporters, at a public rally, that they will be able to hail a judgement to be delivered in a corruption case later this month, the Joint Opposition yesterday said at a media briefing that by saying so, the President had undermined the integrity of the judiciary. Former Minister of Justice and Constitutional Affairs Prof. G. L. Peiris told the media yesterday that by claiming to have prior knowledge of the judgement to be delivered on 25 May, the President had assailed the very foundation of the Constitution. One cannot but agree with Prof. Peiris that in the civilised world, judicial decisions are not meant to entertain a third party, and the President’s statement at issue is tantamount to exerting political pressure on the judiciary. Prof. Peiris said the Opposition would make representations to the Chief Justice on the matter. The Bar Association of Sri Lanka must also take it up.

The political undertone of the aforementioned presidential declaration is disturbing, for it betrays a vested interest in the cases the President has referred to, and it is therefore only natural that he is seen to be ramping up pressure on the judiciary to be mindful of the government’s desire to have its political opponents incarcerated for corruption somehow or other. When he insists that the government politicians are not corrupt, and corruption cases would come up against their Opposition counterparts, the subtext of his statement is that he believes that the Opposition members concerned deserve punishment and expects them to be jailed. This can be considered a thinly veiled message intended to influence the judiciary.

The JVP/NPP came to power partly resorting to a false dichotomy. It divided politicians into two broad categories––clean individuals who supported it and others it portrayed as deserving imprisonment for corruption. One may argue that the government’s vested interest in prosecuting its political opponents, and its public declarations that they must be jailed, hang over the judiciary like the sword of Damocles.

The presidential declarations with the potential to erode public trust in the judiciary should be viewed against the backdrop of a controversial claim made by a Minister that the JVP-NPP government would devolve judicial powers to some committees to be set up at the village level. Is the JVP/NPP working according to a plan to undermine the judiciary and reduce it to a mere appendage of the government?

The JVP was critical of the Executive Presidency, while out of power, and even launched aggressive campaigns, seeking its abolition. The JVP/NPP promised to introduce a new Constitution, inter alia, “abolishing the executive presidency and appointing a president without executive powers by the Parliament” (A Thriving Nation: A Beautiful Life, NPP Election Manifesto, p. 109). Today, the JVP/NPP is silent on this solemn pledge which enabled it to garner favour with the public to win elections, and President Dissanayake is accused of undermining the cherished constitutional doctrine of the separation of powers. Worse, JVP General Secretary Tilvin Silva has declared that the incumbent government will be in power indefinitely. Senior public administrators have protested against a government move to plant JVP cadres in the District and Divisional Secretariats on the pretext of implementing the Clean Sri Lanka programme. One can only hope that the unfolding events are not ominous signs of an Orwellian nightmare.

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Editorial

Deliver or perish

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Monday 4th May, 2026

Rice farmers are in a paddy. They are complaining that they have been left without fertilisers for the current cultivation season. The government has reportedly announced that it will not be able to meet the paddy farmers’ fertiliser requirements fully due to the current global supply disruptions. It has thus contradicted itself. Previously, it said there were adequate fertiliser stocks in the country, and there would be no shortages. It should not have given such an assurance amidst a global fertiliser crisis.

The West Asia conflict, especially the closure of the Hormuz Strait, has adversely impacted the global fertiliser supply. The Persian Gulf is a major hub of global fertiliser production and exports. Iran, Qatar, Saudi Arabia and Oman are among the world’s leading exporters of nitrogen fertilisers, including urea and ammonia, amounting to 30-35 percent of global urea exports and around 20-30 percent of ammonia exports, according to the Food and Agriculture Organization (FAO) of the UN. The FAO has said that overall, up to 30 percent of global fertiliser exports pass through the Hormuz Strait, the closure of which has disrupted the global fertiliser supply chains. Production cuts and shipping constraints have stalled an estimated 3-4 million tonnes for fertiliser trade per month, and the global fertiliser prices could average 15-20 percent higher during the first half of 2026 if the present crisis continues. Even the American Farm Bureau Federation has complained of fertiliser woes. It has written to President Donald Trump and the Congressional leaders, emphasising the severe economic pressures facing America’s farmers and ranchers. Falling crop prices, skyrocketing expenses, etc., due to rising fertiliser prices are creating conditions that are too much for farm families to bear, it has pointed out.

Anger blinds people to reason. It is therefore possible for politicians and political parties to weaponise farmers’ woes, food shortages and hunger to unsettle, if not topple, governments that fail to ensure an uninterrupted agrochemicals and food supplies even during crises. The fate of the SLFP-led United Front (UF) government in the 1970s is a case in point.

The early 1970s saw a severe world grain shortage. A run of poor harvests in the food producing regions, and a rising demand left many countries with no alternative but to adopt stringent measures to face the situation. An oil crisis in the early 1970s drove up the cost of fuel, fertilisers, and transport, increasing the cost of food production and distribution. Low global grain reserves aggravated the situation, and Sri Lanka was among the worst hit. Reeling from the food crisis, with food import bills increasing, the countries in the Global North scrambled to obtain supplies and remained focused on increasing domestic agricultural production, food security planning and seeking international cooperation to maintain buffer stocks. They had to ration some imported food items that were in short supply.

The UF government became hugely unpopular due to the extreme measures it adopted to curtail hoarding and increase domestic food production through import restrictions. It suffered a humiliating defeat in the 1977 general election. One may recall that the reduction of rice subsidy almost brought down a UNP government in 1953. Sri Lanka was experiencing the ill-effects of a severe grain shortage in Asia in the early 1950s. It was among the former colonies that had prioritised cash crops over subsistence farming and found rice production insufficient for rapidly growing populations. But those who were opposing the then UNP government’s decision to curtail the rice subsidy and increase rice prices ignored the aforementioned aspects of the problem, and organised public protests, triggering the 1953 hartal, which resulted in several deaths of protesters and the resignation of Prime Minister Dudley Senanayake. The then Opposition effectively harnessed public anger against that beleaguered government to engineer a regime change.

Sri Lankans tend to expect their governments to act as beneficent agencies. This mindset has arisen from decades of patronage-based politics, promoted by political parties, including the JVP. So, it is therefore only natural that when a government fails to deliver even during crises, it faces public anger.

If the current fertiliser shortage persists, it could lead to an ironical turn of events, with the farming community having to adopt biological soil amendments, such as compost, farmyard manure, etc., as they did during the Gotabaya Rajapaksa presidency for want of a better alternative. Gotabaya’s ill-planned organic farming experiment created a situation where the JVP was at the forefront of farmers’ protests, demanding fertilisers. Some JVP seniors were seen clutching clumps of withering paddy seedlings and urging the SLPP government to make fertilisers available. They made the most of farmers’ resentment and gained a turbo boost for their political campaigns to win elections. Today, the boot is on the other foot.

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