“Catch 22” Position – Sri Lanka
By Lal Keerthie Fernando –September 4, 2016
Lal Keerthie Fernando
To pronounce indictment on Yahapalanaya as being not up to the mark leads to more concern: What have Sri Lanka instead? Sri Lanka is faced with a situation lacking economic performance. This is what we read. However, its ability to coordinate, what is available; human resources, capital, labour and organisational availability is proceeding well. This does not mean investments in real terms are not taking place. Although, the government is able to borrow, it deliberately shows its lack of interest in doing so. It has two options as has always been. Go in for supplementary estimates in Parliament and ask for more or equally keep printing money. It has been prudent enough not to do so but have permitted the financial sector to borrow on their behalf.
Yearly statements of accounts of these sectors show, far positive results. Certainly, the banks are not printing their own money, hence, business is good. High prices also means higher profits. Banks, co-ordination of investment activities and capital, linking well with various Provincial Chambers of Commerce ought to remain a priority, instead, offering cheap credit, earmarked for increase in consumer spending. Savings don’t seem to give better interests encouraging further saving in today. Banks are moving in, one after another to the Provinces and other Regions. It’s a good sign too. European economies thrive well as regional banking performances are development orientated and doing well. Activation in virgin territory is guidance, there is no room for complacency. All these fiscal and monetary regulatives have remained well exposed for betterment.
When Yahalpalanaya took over, the President, CBK and the Prime Minister had a far more priority which was the enrichment of the rule of law. Economic deliverance was part and parcel of wider good governance. They never envisaged the roots of corruption to be so deep that covered a wider area in governance. Amounts involved staggering with the law thrown overboard. Prime Minister as a lawyer himself, recently informed law enforcing personnel and bodies, “that they should be 200% certain and not 100% , leading to arrest and indictment of persons, involved in corruption”. This is precisely the situation in the country.
