Sunil Kumar

It appears Somewhat compelling and perhaps belated that former President Ranil Wickremesinghe has urged the SJB-led Opposition to act responsibly and help ensure the continuity of the IMF bailout program for which all Sri Lankans need to be totally indebted for at a time it was needed most when the country was headed for dire straits on the verge of collapse, which has enabled the economy to regain some stability. Something he was solely responsible for creating in a brilliantly composed mindset and a phase in the country’s history which was unprecedented. 

Thanking the NPP government for having kept the IMF program on course was in all probability in perfect order albeit the realization it was he who originated it a heavy hearted one where he was no longer part of the Administration.

Ranil Wickremesinghe’s exhortation to the Opposition and unsolicited advice to the Government are timely and not entirely devoid of politics as the political intonations are perfectly visible. 

He is obviously seeking the credit for what the country has achieved through the ongoing IMF program, which got underway in earnest under his presidency but now taken to a higher level  under the new presidency.

In fact, it is doubtful whether any other President would have had the courage to make a host of seemingly unpopular yet essential decisions to address the economic crisis amidst a barrage of opposition for which a heavy price was undoubtedly paid albeit with favourable results. In so doing Mr.Wickremesinghe is not without a moral right to ask the Government and the Opposition to act prudently and help the country make the most of the IMF program where hopefully it will augur well in the best interests of Sri Lanka.

There are signs already that it is, given the state of the country today as life returns to a degree of normalcy already and people are breathing easier on many domestic issues and their existences in a Country which was embroiled in huge impasses not too long ago.While not completely out of the woods yet the prospect of better days ahead are quite promising as long as the present Administration stays a firm course that will not bent or digress under pressure from undesirable sources .

It is hoped indeed that the Opposition and the Government will heed Mr. Wickremesinghe’s advice and act accordingly.

Somewhat bewilderingly the SJB has chosen to “play to the gallery”, asking the Government to renegotiate the IMF program.

Bearing in mind that It could not even sort out an internal dispute over its National List appointments, and one of its constituents resorting to legal action this seems somewhat fickle and feeble minded to say the least. So how can such a political party claim to be able to make the IMF bend to its will? One ponders over what the objective might be beyond a self centred quest for worthless recognition at a time when the greater priorities towards collective national needs by far outweigh individuality.

While the IMF program is no economic panacea it will surely help Sri Lanka gain economic stability in the short-term as cited by the scribe who inspired this concept it has already yielded some tangible results. However, much more remains to be done to ensure Sri Lanka’s long-term economic well being, and it is up to the current hierarchy as well as future governments to develop the economy and achieve debt sustainability.

Nobody likes IMF bailout conditions, which can be extremely harsh, but they are a pre-requisite for a bankrupt country’s economic recovery. If Sri Lanka managed its economy properly, it would not have had to ask for IMF help, which comes with constricting conditions. However, what the IMF has prescribed is what Sri Lanka should have done on its own a long time ago.

When a country spends more than it earns and goes on borrowing recklessly from external sources to meet its revenue shortfall, it runs the risk of facing an economic crisis. The Mahinda Rajapaksa government indulged in wasteful expenditure; it spent a great deal of borrowed money on utopian projects. The UNP-led Yahapalana government also borrowed heavily. The JVP backed that administration to the hilt. The Gotabaya Rajapaksa administration, in its wisdom, slashed taxes and tariffs, oblivious to the disastrous consequences of its harebrained action. The Covid -19 pandemic came, necessitating prolonged lock downs, which took a heavy toll on the economy.The Nation was in a shambles. The rest is history.

Sri Lanka found herself in dire straits having ruined the economy and ended up at the bottom of an economic pit. Thankfully, in answer to its pitiable pleas, the IMF threw a lifeline, which has enabled it to come halfway up. Needless to say, nothing will be more obsolete and vague than for it to let go of that lifeline which is wisely said indeed as once again reiterating to the scribe referred to previously the concept outlined is fully endorsed in all conventional wisdom.