Sugath Kulatunga

A witty decoding of the acronym NATO is ‘’no action talk only’. In our country there is not even talk on some critical and palpable issues which are writ large. A few weeks back a think tank of the Peradeniya University pointed out that with an expected annualised export income of $ 16.3 billion in 2022 ($ 13.3 billion in merchandise exports and $ 3 billion in services exports) the country is being deprived of a staggering $ 6.8 billion in 2022 alone on the non-remittance of the total value of exports by exporters.

Governor Central Bank has appealed to exporters to repatriate export proceeds in full within the stipulated period. How very considerate. It cannot be ignored that out of the export earnings held back the country has paid for the import of the raw materials and the poor workers have also contributed in sweat and tears to the total value of exports. The Minister of Justice claims that a new Foreign Exchange Act is the solution to ensure that exporters adhere to the rules.

The Government believes that it is through a political solution that an economic solution could be found and spent a great deal of time and energy in enacting the 21^st Amendment to the Constitution which inter alia has created a National Council to recommend economic solutions when the need is for a professional planning unit. The Parliament is yet to agree on the appointed members of the new Constitutional Council which is the other major proposal of the 21st Amendment. Meanwhile the opposition is clamoring for the local government election declaring that a change of government is the solution to all problems despite local govt elections do not automatically change the government.

Meanwhile the rupee has been devalued, the cost of living has rocketed up and the economy is in a free fall. There is hunger and malnutrition. The country is facing another imminent social upheaval the consequences will be disastrous.

The President wants to introduce laws to ensure food security. The Minster of Justice wants to bring in a new Exchange Control Act. At the same time the country declares it is bankrupt and goes with the begging bowl to the IMF for a mere 2.9 billion dollars when there is an estimated 6.8 billion dollars due from exporters to be brought back to the country during this year only.

Yet, neither the economic pundits, the so-called think tanks, academics, media nor the politicians even talk about this staggering amount of dollars legally due to the country. We are not even NATO.

Sugath Kulatunga