When the mighty fall, the rats hide: Ex-President’s economic team failed to ignite economy

Only a politician with nothing to lose would take on the mantle to succeed Gotabaya from now on

It was virtually an impossible task until last week to force a sitting Executive President of Sri Lanka to resign, especially with all the powers Gotabaya Rajapaksa got himself by bringing in the 20th Amendment. The failure of Gotabaya Rajapaksa was because he used to think he was very successful, powerful and important and was egged on by his advisers. 

Those Basils, Jayasundaras, and Attygalles who advised him to make himself an uncrowned king by pushing the 20th Amendment must surely take the responsibility for ushering in the greatest economic debacle since our independence. Rajapaksa also surrounded himself with leaders of big business; they too must take responsibility for the debacle. 

The country’s economy is now virtually screwed for a long time. Gotabaya’s resignation gives the country some stability. However, those who come next to take over have a herculean task. Only a politician with nothing to lose or brave would take on the mantle to succeed Gotabaya from now on. Even Ranil Wickremesinghe who is now the acting President could not fix fuel and gas shortages, despite people saying he had the best international connections. Health unions are warning of shortages of medicine. The ex-president’s Advisory Group on Multilateral Engagement and Debt Sustainability composed of economic and financial experts have also failed the people. 

The thousands of Sri Lankans, who had poured into the capital and stormed his office and residence to literally drive him away, will soon be back to chase the next lot out of office if their problems are not sorted by the end of the month. Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayake, one of the key people responsible for leading the protests, knows what the outcome will be if they take on the responsibility of forming a government. He is demanding an election given that they feel they have double the support of Premadasa on the streets. Even though an election will cost the country Rs. 15 billion. That is perhaps the best thing that can happen to the country. 

The country desperately needs a credible government that enjoys legitimacy in the eyes of the people. Forming one now with the current bunch of leaders who have shown no iota of decency or maturity other than trying to grab power by instigating the mobs will be a herculean task. The entire Parliament has lost its credibility. Only an election will resolve it. The immediate challenge in hand is to elect a President. It is not unclear whether parliamentarians will be able to elect someone who can not only garner the support of the majority of lawmakers but also command respect and legitimacy in the eyes of the people. 

Given that the SLPP still enjoys majority support in Parliament, it appears impossible for Parliament to establish a government that enjoys credibility and legitimacy. But until the election is held most likely in March 2023, the country must function to deliver the essential services, we cannot allow the public to suffer more and more. The country desperately needs political stability to resolve the economic crisis; every day of delay in establishing some stability will cost the country several million dollars. So it must be fixed very fast, for the sake of the struggling masses.