Outgoing Treasury chief Mahinda Siriwardana has appealed to the public not to be deceived by various interested parties responsible for the worst post-independence economic crisis. Declaring that the country had lost its economic sovereignty, Siriwardana emphasised that the situation remained fragile as the country was moving on what he called a narrow path of recovery with very limited options available to maneuver. Warning of catastrophic consequences if the country failed to continue on the IMF track, whatever the political compulsions were, Siriwardana urged the public to support it to regain lost economic sovereignty.

There had been several books on ‘Aragalaya’ that forced President Gotabaya Rajapaksa to give up the presidency in July 2022. Prolific writer Sena Thoradeniya (Galle Face Protest: Systems Change or Anarchy?) and National Freedom Front leader Wimal Weerawansa dealt with ‘Aragalaya’ (Nine: The Hidden Story) in April and October 2023. The writers alleged an external hand in the high profile protest campaign with the focus on the US covert intervention. They portrayed US Ambassador Julie Chung as the villain and one of the major players in the conspiracy.

‘Aragalaya’ time Speaker Mahinda Abeywardena gave a new twist to the plot when he declared in Parliament direct foreign intervention in President Rajapaksa’s ouster, though the ousted leader in his memoirs ‘Conspiracy to oust me from presidency,’ refrained from making direct allegation against the US.

Having perused exposes by Thoradeniya, Weerawansa and Rajapaksa, the writer believes ‘Sri Lanka’s Economic Revival: Reflections on the Journey from Crisis to Recovery,’ authored by outgoing Secretary to the Treasury and Finance, Planning and Economic Development Ministry Mahinda Siriwardana is a must read. It will also be available in Sinhala in the near future.

Siriwardana’s narrative of the circumstances leading to the public protest campaign is explosive. The Treasury Chief built his case on the basis of a series of speeches/power-point presentations delivered during the volatile 2022 to 2025 period. The first speech was delivered on June 24, 2022 at the Royal Colombo Golf Club amidst the ‘Aragalaya’ build-up for the final push, and the final on February 25, 2025 at Shangri-La, Colombo.

In 34 speeches/power-point presentations, Siriwardana cautiously examined how the Central Bank leadership, as well as the so-called economic leadership of the Pohottuwa (Sri Lanka Podujana Peramuna) administration, during the 2019-2022 period, deliberately deceived President Gotabaya Rajapaksa. The author authoritatively asserted that ‘Aragalaya’ could have been thwarted and Gotabaya Rajapaksa’s presidency saved if not for the utterly wrong advice given to him.

The treacherous actions/failures of the Central Bank and the Monetary Board should be examined taking into consideration the massive borrowings over the past several decades and minimal taxing, ridiculously shortsighted policies, Covid-19 pandemic and the Russia-Ukraine war.

In a key note speech delivered at ‘ICC Sri Lanka workshop on trade finance’ at the Colombo Ramada, on February 17, 2024, Siriwardana dropped a bombshell. The soft spoken Finance Secretary didn’t mince his words when he declared the economy collapsed because the then President was given wrong advice on managing the economy. The author hinted at possible conspiracy at the highest level by asserting that it was not a case of providing wrong data to the President but misguiding him on the overall course of economic policy.

Siriwardana, who had been a Deputy Governor of the Central Bank at the time he first issued a warning to the Monetary Board, found fault with those who proposed home-grown solutions to the developing crisis for the eventual collapse of the economy. President Rajapaksa, according to Siriwardana, had been deprived of an opportunity to hear whatever views expressed, contrary to the home-grown solution touted as the panacea for Sri Lanka’s ills.

In the same speech, Siriwardana alleged that those who had propagated home-grown solutions at the expense of economic, political and social stability of post-war Sri Lanka, out of hand rejected assessments provided by international credit rating agencies.

In his preface, Siriwardana, without hesitation whatsoever emphasised that (1) the economic crisis was man-made (2) it could have been prevented or at least the impact mitigated (3) decision makers within the Central Bank and the government turned down timely recommendation for an early engagement with the International Monetary Fund (IMF). The Treasury chief asserted that President Gotabaya Rajapaksa hadn’t been in a position either to receive proper briefing on the developing situation and, therefore, wasn’t able to take remedial measures.

Prime Minister Mahinda Rajapaksa had served as the Finance Minister till July 2021. Basil Rajapaksa was brought in as the Finance Minister in July 2021 while Dr. P. B. Jayasundera served as Secretary to President Rajapaksa. Prof. W.D. Lakshman had been the SLPP’s choice as the Governor but was unceremoniously removed in early September 2021 and replaced with Ajith Nivaard Cabraal. At the time of the new appointment, Cabraal, who had served as Governor, Central Bank, during previous instances, was the State Finance Minister. S.R. Attygalle had been the Secretary to the Treasury.

A letter too late

Delivering the inaugural Prof. K. Dharmasena memorial lecture at the University of Kelaniya on January 30, 2024, Siriwardana explained how President Gotabaya Rajapaksa, in a letter dated March 18, 2022 sought immediate IMF engagement. However, by then the irreversible damage had been done and the The President found himself in a very dicey situation. Obviously the President felt deeply letdown by the developing situation and the realisation that his own team caused irrevocable damage to the post-war economy must have come as quite a shock to the wartime Defence Secretary.

In a no holds barred attack on the Monetary Board of the Central Bank, Siriwardana emphasised in spite of him personally briefing the Monetary Board in mid-2021 of the growing danger in allowing the government to continue on the wrong path, the powers that be disregarded the advice. Having decided not to seek IMF engagement in mid-2020, the government continued to depend on a nonexistent home-grown solution until the country ran out of foreign exchange.

By the time President Rajapaksa realised his folly, it was too late. The President had no option but to bring back retired Senior Deputy Governor Dr. Nandalal Weerasinghe as the Governor of the Central Bank and appoint Siriwardana as the Secretary to the Treasury and Finance, Planning and Economic Development Ministry. Their simultaneous appointments in early April 2022 paved the way for UNP leader Ranil Wickremesinghe’s entry as Prime Minister a couple of weeks later.

At the time of Dr. Weerasinghe’s retirement, he had been holding the position of Senior Deputy Governor which is the No 2 position in the management. Dr. Weerasinghe was supposed to retire on 18 January 2021 at the age of 60. But the top banker had stipulated three months leave and some other leave prior to retirement. Therefore, his retirement took effect at the end of September 2020. Although Deputy Governors are invited to serve until the end of retirement age by the Monetary Board, the then Monetary Board, chaired by Prof W.D. Laxman, in his capacity as the Governor of the Central Bank, ex-officio member Finance Secretary S.R. Arttygalla and appointed member Samantha Kumarasinghe had disagreed. Therefore Dr. Weerasinghe and other Deputy Governor H.A. Karunaratne wasn’t invited to serve that three-month period.

Dr. Weerasinghe and Karunaratne earned the wrath of the establishment by warning the powers that be of the government’s economic strategy. Ironically the same government had to invite Dr. Weerasinghe to take the Governor position in April 2022. But by then the national economy had suffered irreversible damage and the country was in an utterly helpless situation.

Dr. Weerasinghe and Siriwardana and Ranil Wickremesinghe as the Prime Minister (May to July 2022) and President (July 2022 to Sept 2024) spearheaded Sri Lanka’s recovery efforts. Whatever the criticism directed at Wickremesinghe over the years, resolute political leadership given by him during volatile periods should be appreciated, regardless of political differences.

The Chief Guest at Siriwardana’s April 08, 2025 book launch at the Galle Face Hotel was none other than President Anura Kumara Dissanayake, one of the two main beneficiaries of ‘Aragalaya.’ Had the Monetary Board acted on concerns raised by Dr. Weerasinghe and Siriwardana and taken remedial measures at an early stage as repeatedly stressed by the author, economic ruin could have been averted The other main beneficiary is Ranil Wickremesinghe, leader of the UNP. The truth is Wickremesinghe who had even failed to retain his Colombo district seat at the 2020 parliamentary election ended up being elected by Parliament as President in July 2022, thanks to the SLPP’s generosity.

Anura Kumara Dissanayake, leader of two registered political parties namely the JVP and NPP, received such a boost via ‘Aragalaya’ he secured a staggering 5.7 mn votes at the 2024 presidential election. At the previous presidential election conducted in 2019, Dissanayake secured a distant third position with just 418,553 votes. His percentage was pathetic. Just 3.16% whereas Gotabaya Rajapaksa obtained a staggering 6.9 mn votes which amounted to 52.25% of the total accepted votes.

Dr. Coomaraswamy’s take on developments

Both Siriwardana and Dr. Indrajith Coomaraswamy, in his incisive foreword commended successive Presidents Gotabaya Rajapaksa, Ranil Wickremesinghe and incumbent Anura Kumara Dissanayake for what they have done post- ‘Aragalaya’ period.

Both lauded President Dissanayake for continuing with the IMF-led programme, the 17th since 1965. Siriwardana earned Dr. Coomaraswamy’s appreciation for his role in spearheading the efforts to secure parliamentary approval for the Public Financial Management Act (PFMA). Dr. Coomaraswamy who received the appointment as Governor of the Central Bank in June 2016, at the height of the Treasury bond controversy, commended Dr. Weerasinghe’s role in ensuring the enactment of Central Bank of Sri Lanka Act (CBA).

Siriwardana meticulously explained the arduous road the country had to take after key economic decision makers of Pohottuwa hastily vacated their offices by late March/early April 2022.

Siriwardana lamented the absence of a mechanism in case the Central Bank and the Monetary Board disregarded well founded concerns raised by a senior officer. The Supreme Court ruling (SC FR No 195/2022) harshly dealt with the irresponsible lot. Siriwardana’s assessments are compatible with the landmark Supreme Court judgment. Against the backdrop of the politically devastating judgment, Siriwardana examined the absurdity in propagating home-grown solutions disregarding time-tested globally accepted strategies to overcome daunting economic challenges.

Perhaps political parties should make Siriwardana’s book available to at least their members in Parliament. A Sinhala version of Siriwardana’s narrative would definitely help to educate the members of the legislature as part of the overall efforts to educate the Parliament of the dangers on the economic front.

Siriwardana dealt with a number of contentious issues that had been raised by various interested parties seeking to exploit the situation to their advantage. One such issue had been the declaration of debt standstill in April 2022 by Dr. Weerasinghe.

Some of those responsible for the worst post-independence crisis experienced by the country alleged that President Rajapaksa’s administration caused the economic meltdown by unilateral declaration of debt standstill. Siriwardana explained the desperate situation the country was in at the time of the announcement. Liquid and usable reserves had been low as USD 24 mn and the country lacked the wherewithal to meet mandatory debt service requirements. The debt standstill allowed the government to free available foreign currency to pay for critically required imports.

Siriwardana confidently described debt standstill as the first step in the economic recovery process. Political parties represented in Parliament should pay attention to Siriwardana’s assertions. The book launched on April 08, 2025, exactly three years after Siriwardana assumed the responsibilities as the Secretary to the Treasury and Finance, Planning and Economic Development Ministry didn’t receive the deserved attention. Political parties that issue statements at the drop of a hat and call special media briefings to explain their stand remained tight-lipped. Siriwardana’s narrative had been as devastating as the Supreme Court judgment on the ruination of the national economy.

The court found fault with the Rajapaksa brothers, Mahinda, Gotabaya and Basil, Ajith Nivard Cabraal, Prof. W.D. Lakshman, S.R. Attygalle, Dr. P.B. Jayasundara and members of the Monetary Board.

The apex court in its November 2023 judgment rejected their efforts to justify failure to take remedial measures on policy decisions.

Actually, the 10th Parliament should appoint an all-party committee to study the Supreme Court judgment and Siriwardana’s narrative. Whatever the differences over other matters, political parties must ensure that they do not undermine the ongoing IMF-led programme under any circumstances. Major trade unions only concerned about their membership should be briefed of the Supreme Court judgment and Siriwardana’s assessments.

A frightening picture

Appearing before the Committee on Public Finance (COPF) on July 23, 2024, Siriwardana painted a frightening picture of the irresponsible conduct of those who exercised political power. The outspoken official warned Parliament that unlike in the past the current crisis was so severe the country needed a special mechanism to prevent political parties from repeating what he called policy errors of the past. Declaring that those who had been in power always returned to their old ways after adhering to the IMF conditions initially, Siriwardana acknowledged that even now there was no guarantee that the political party system wouldn’t breach the understanding with the IMF.

That is a very serious statement to make and underscored the pathetic situation faced by the country. Referring to the Economic Transformation Bill and other Bills enacted to ensure overall financial discipline, Siriwardana discussed ways and means to proceed with the IMF-led four-year project meant to stabilise the country.

The tax policy is a case in point. Our parliamentarians should know tax policy is no longer in their hands. Instead decisions are taken by the Treasury in consultation with the IMF in line with the Extended Fund Facility (EFF) programme worth USD 3 bn.

Siriwardana, in the 13th chapter, explained how some of those responsible for economic ruination of the country sought political advantage at the expense of the ongoing EFF programme. The author asserted that had they acted responsibly at the time they were entrusted with the task of taking decisions on behalf of the country Sri Lanka wouldn’t have been in current predicament.

Siriwardana will retire at the end of this month. He’ll be assuming duties as an Alternate Executive Director at the Asian Development Bank (ADB), representing Sri Lanka and six other countries. President Dissanayake and his NPP government should ensure that a suitable person capable of handling the tough job is chosen. Siriwardana should make available the Sinhala version of his shocking book as soon as possible for all parliamentarians to understand the gravity of the situation. The responsibility in making suitable appointments lies with the executive and the Constitutional Council depending on the vacancy/appointment. As Siriwardana lucidly explained President Gotabaya Rajapaksa’s downfall was caused by persons appointed by his own administration at the behest of various parties.

Siriwardana’s ‘Sri Lanka’s Economic Revival: Reflections on the Journey from Crisis to Recovery’ is the story of deterioration of governance and accountability. How the war-winning Mahinda Rajapaksa administration allowed economic ruin by pursuing absolutely foolish nonexistent home-grown solutions to a developing economic crisis hitherto not seen. Siriwardana’s take on ‘Aragalaya’ is clear. Whatever the accusations directed at external powers engineering President Gotabaya Rajapakasa’s downfall, that despicable project couldn’t have been brought to a successful conclusion without the Central Bank and Monetary Board creating an environment conducive for ‘Aragalaya.’

Make no mistake, the NPP won’t bother to investigate the alleged conspiracies as they were the main beneficiaries of the high profile project. Let me end this comment with what the outgoing Treasury chief said about the steady decline in revenue collection and the response of our irresponsible Parliament whoever exercised political power. Alleging that revenue collection declined from a healthy 20% of GDP to record low of 8.3% of GDP in 2021, successive governments simply borrowed to cover the shortfall in revenue deficit. The bottom line is the author blamed the Parliament for the ruination of the national economy.

Instead of accepting everything said by the outgoing Treasury Secretary as being the gospel truth we also call upon our readers to delve into Confessions of an Economic Hit Man, which is a semi-autobiographical book written by American essayist John Perkins.

By Shamindra Ferdinando

Drone technology as new warfare:

Over the past several years, drone technology has revolutionised the face of warfare. Once regarded as primarily reconnaissance systems, drones have been reengineered into sophisticated combat Arms capable of precision attacks, intelligence gathering, and surveillance spied in never-before ways. Their coming signals an end to the age of traditional war tactics, ushering with it the dawn of a new era of automation, less human interference, and strategic advantage that redefines warfare encounters.

Drones in the present context are user-friendly and cheaper to buy. Drones that are used to transport goods can vary in price Professional/Industrial Drones in the range of $3,500 – $50,000+ in the USA. In the US, Alphabet-owned drone company Wing and Walmart are expanding their drone delivery partnership to five new U.S. cities: Atlanta, Charlotte, Houston, Orlando, and Tampa. This expansion will allow customers in these areas to receive online orders via drone delivery. Currently, the service operates at around 15 Walmart stores in northwest Arkansas and the Dallas-Fort Worth area, and the new rollout will add approximately 100 more stores to the programme. Despite being used as a social welfare service object, drones can be used in warfare, as in the case of Ukraine and Soviet Russia war. This capability has a danger that the governments should take into consideration, as terrorist groups can operate drones to make large scale destruction to infrastructure and social life.

The evolution of drones in Warfare

Initially meant for spy operations, drones have developed at a rapid rate. It was the period around the early 2000s that saw military soldiers embracing armed drones for operations, enabling precision bombing with minimal collateral damage. The most frequent examples include the use of Predator and Reaper drones by US military forces in counterterrorism operations, where they have been in use in taking out high-priority targets without exposing soldiers to danger.

Outside of airstrikes, drones have assumed numerous other roles in modern warfare, including electronic warfare, logistics, and battlefield communications. The ability to use them autonomously or remotely places them as a multi-purpose tool within offense as well as defence strategies.

Strategic advantages of drone warfare

One of the most important strengths of drones is that they can minimise human casualties. Deploying unmanned aerial vehicles (UAVs) on battlefields, military soldiers are able to conduct missions without more risk to soldiers. It enhances operational effectiveness while coping with ethical concerns pertaining to direct human involvement in war.

Drones also provide cheaper alternatives to traditional military assets like fighter planes and soldiers. Being more economical to produce and maintain, they can be afforded by nations that desire an upgrade in their armed forces without having to spend much money.

Second, the ability to field swarms of drones—coordinated entities that make coordinated movements together—literally unleashes new tactical capabilities. Drone swarms are capable of saturating an adversary’s defences, strike simultaneously, and create strategic diversions, again showing the revolutionary capability of this technology in today’s war.

Ethical and Legal Implications

Though being beneficial, drones present ethical and legal issues, most notably autonomous targeting. The employment of artificial intelligence (AI) in the operation of drones creates controversies over accountability and decision-making in military operations. There are questions on who is responsible in instances of accidental targeting of civilians or unauthorised attacks.

International law cannot keep pace with the rate with which drone technology is developing. The absence of universally accepted laws governing their use is generating uncertainty in war policies. Others argue that drones would lower the cost of war, allowing nations to go to war with minimal political and human costs.

The future of drone warfare:

As technology progresses, drones are expected to become even more autonomous, precise, and adaptable. Advances in AI, machine learning, and robotics will have drones that can scan and process complex situations in real-time and perform operations with minimal or no human intervention.

While drones do possess certain undeniable military benefits, they also tend to conflict with conventional understandings of warfare, ethics, and global security. As states increasingly incorporate drones into their armed forces, it is imperative to set specific regulations and ethical standards that balance military prowess with humanitarian concerns.

Governments should take proactive measures

As there are several technologies on the market that can detect, jam, or disable drones, particularly in sensitive or restricted areas such as airports, military bases, or government buildings, the government should use them before any terrorist activity takes place. These technologies are largely adopted by law enforcement, defence organisations, and infrastructure owners concerned about security, privacy, or airspace invasion.

Detection is the very first step in all drone counteroperations. I wonder whether the radar systems in place in Colombo are capable of detecting drones. Radar devices, radio frequency (RF) scanners, acoustic sensors, and infrared or optical cameras can be utilized to detect and recognise airborne drones. Such technologies may detect the flight of drones, intercept signal communication between the drone and operator, or visually recognise an unauthorized drone.

Once a drone is detected, there are several non-lethal methods available to disable its operation. RF jammers would interfere with the control signals and bring drones down or return them to their origin. GPS jammers or spoofers would mislead or divert the navigation system of the drone. In some cases, advanced technology can hijack the control protocols of the drone, remotely controlling the drone and landing it safely. However, one must remember that these signal interference methods are typically illegal for civilian use in the majority of countries, including the U.S., due to communications and airspace control by the government.

Where disruption is not possible or effective, stronger countermeasures may be utilized. These might include directed energy devices such as microwaves or lasers, which can take the electronics of a drone out of action. Physical capture techniques such as net-firing drones, anti-drone rifles, or even trained birds of prey have been employed in certain situations, although the latter is less utilised today. These methods can prove to be effective but also risk damaging property or innocent bystanders, especially in an urban setting.

As most of these technologies are tightly controlled the government should introduce strict measures and restrictions on the use of these technologies and the use of drones. In countries like the United States, only licensed government agencies can use jamming or destructive anti-drone tech. For civilians or businesses looking to protect private property, passive detection gear is typically the only legally obtainable option, and anything must be done within the domestic aviation and telecommunications regulations.

As we discussed, drone technology has initiated a new chapter in warfare, revolutionising war fighting with precision, affordability, and flexibility. Whilst its strategic advantages are apparent, questions about ethical, legal, and security implications remain unsettled. Policy makers, as well as military commanders, must strike a balance between innovation and duty so that drone warfare remains in consonance with international norms and humanitarian values.

One of the major objectives of this article is to bring to the notice of the government the growing threat from drones, particularly now at this juncture in the world and national context where the acts of sabotage by terrorist groups are getting advanced and unpredictable. Drone technology that began to be utilized only for the purposes of hobby or commercial development has, today, evolved into machines that are easily weaponized or employed to bring destruction upon target objects. The ease of availability, movement, and unobtrusiveness of drones make them a perfect device to launch attacks on key infrastructure, government headquarters, or civilian populations. The article aims to raise awareness of this new threat and to highlight the need for urgent and immediate action by government authorities to establish regulation guidelines, invest in anti-drone systems, and ensure the security and safety of the country’s national airspace and public life.

The lights are out in the factory,

Human activity is petering out…

Solemn workers are heading home,

To dying hearths and mourning wives,

Today being their last day at work,

But the flabby Captain of Business,

Who thus far called the shots,

Is making good his escape,

Amid the Law’s shrill silence,

His sleek taxi roaring airport-bound,

But the weight on his conscience,

Is as cumbrous as his mounting luggage.

By Lynn Ockersz