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Wednesday, 25 October 2017 01:18 - - {{hitsCtrl.values.hits}}
State Minister of Finance Eran Wickramaratne – Pic by Ruwan Walpola
By Himal Kotelawala
State Minister of Finance Eran Wickramaratne yesterday called for the establishment of a meritocracy built on the principles of good governance through the assistance of various actors, including the private sector.
One aspect of the proposed new Constitution, he said, was to create a culture where State sector appointments are made according to merit and not at the whim of politicians.
“Politicians can continue to nominate people, but we must take away their right to make the appointment on their own,” he said, adding that every nominee must be vetted for suitability.
The State Minister made these remarks in a keynote address delivered at the Institute of Supply and Materials Management (ISMM)’s Full Day International Seminar held in Colombo yesterday marking the institute’s 45th anniversary.
Wickramaratne said it was discouraging when private sector businessmen claimed that it did matter if there was some corruption as long as the system worked efficiently.
“The private sector must resolve to deal with these challenges comprehensively. We need to create a meritocracy,” he reiterated.
Establishing good governance requires the participation of the private sector, as for every bribe taker, there is a bribe giver. Speaking as someone who has been in the private sector for over 25 years, Wickramaratne said that if everyone waited for governments to deliver, as they had been for the past 70 years, “we will be waiting another 70 years”.
The State Minister also spoke of a cultural shift taking place, where Government Ministers were now forced to step down from office as a result of ongoing investigations.
Referring to criticisms on bond auctions and hedging, Wickramaratne said that while those who had trespassed the law must pay for their crimes, particularly if they had robbed the public, the two mechanisms needn’t be done away with.
“We don’t throw the baby out with the bathwater,” he said.
Hedging is an important concept, the State Minister said, that can save the State a substantial amount of money while bringing a sense of certainty to business. Furthermore, auctions are preferable to private placements, he said, adding that professionals ought to be careful when such issues are taken up for debate.
