Colombo, November 8: The country suffered due to politicised economic decisions taken by former President Gotabaya Rajapaksa’s Government and the Anura Kumara Government will not make the same mistakes because Sri Lanka will not survive another crisis, Eran Wickramaratne says.
Contesting from the SJB for the Colombo district and expecting to solve burning issues like housing and transportation problems in the district, Wickramaratne says that the National People’s Power (NPP) Government should carefully take decisions to restore the country’s economic stability as it lacks a proper way forward.
“Since President Anura Kumara Dissanayake’s Government is no different that of previous Governments, this Government can follow the Samagi Jana Balawegaya’s (SJB’s) Blueprint 3.0 which provides a strategic plan to rebuild the economy through inclusive growth,” he told the Daily FT.
Referring to NPP’s promises on taking initiatives against corruption and corrupt politicians, he says an important anti-corruption measure will be introducing the Stolen Assets Recovery Act, which will help to recover stolen assets which are hidden abroad.
“Not only would this help to recover stolen assets, it would also be a strong deterrent against corruption,” he stresses.
The former State Minister of Finance and also the former Deputy Minister of Investment Promotions and Highways, Wickramaratne recommends the Government to develop exports while bringing business-friendly policies to stimulate entrepreneurship and industrial development.
Wickramaratne, who is one of the seasoned politicians of the SJB, is of the view that President Anura Kumara was able to garner 42.31% votes mainly because of his personality and charisma, but at the forthcoming elections the NPP will not be able to secure its vote base as that the NPP is filled with JVP candidates that people are unfamiliar with.
Following are excerpts of the interview:
Q: How do you predict the future of the SJB as people have rejected many of the senior politicians of the party?
A: The SJB is the biggest political party in the country. It is bigger in the number of voters and supporters than the SLFP, UNP, SLPP, JVP or any other party. It is only at the general election that we will see who will be accepted and rejected by the people.
Q: How confident are you that you can secure a considerable number of seats at the forthcoming elections?
A: I am confident that the SJB will secure a large number of seats and form a Government with other parties in the coalition. In the last Presidential Election, the newly elected President secured a majority, thanks to former SLPP voters but some of those voters will not vote for the NPP in a parliamentary election. The local constituency considerations will also play a part when voting. If the SJB voters turn up at the polls in large numbers, we will secure a majority.
Q: All the parties have fielded many young contestants, who have no past track record of serving people and experience in politics. As seasoned politicians, how do you see this trend, and do you think that they can deliver well if they are elected to the Parliament?
A: The ideal candidate for a legislature should be of a good character, experienced and educated. Age is not the determinant but whether the person is fit and proper is also important. The young candidates who fit these criteria must get preference in the system.
Q: Colombo district has turned into a hot bed with several young and seasoned politicians contesting there. What are the main issues that you are looking at to solve, if you are elected?
A: The first is housing. Even in 2024, there are people in the Colombo District without access to proper housing. A house is not just about shelter. It transforms the lives of individuals and families. For example, a house with electricity contributes more to a child’s education than a tuition class ever could.
Secondly, I would focus on improving public transportation. Colombo is home to the largest share of the national labour force, but the labour force participation rate among females is only 32.1%. One reason for this is that women who don’t own vehicles are subjected to harassment on the streets and in buses. This restricts their mobility, depriving them of the opportunity to fully participate in the economy. Therefore, safe and comfortable public transportation is essential in unlocking the potential of the female labour force and the growth of the economy.
Q: Why do you think people of Colombo should vote for you and why are your plans different from the other contestants in Colombo?
A: I did not enter politics as a career politician. I am an economist and a banker. I served as the Vice President of Citibank and the CEO of NDB Bank. I was also the founder Chairman of the Information and Communication Technology Agency (ICTA). I am among a handful of Parliamentarians in Sri Lanka’s history, from a corporate background. In the corporate world, unlike in the state sector, efficiency and capability are paramount. I have brought those values to my political life, to go beyond mere rhetoric to tangible action.
When I was the State Minister of Finance from 2017 to 2019, Sri Lanka achieved a primary budget surplus twice. Such a surplus has been achieved only five times since independence. I played a key role in implementing a progressive, simplified tax system through a new Inland Revenue Act, which successfully doubled the number of registered taxpayers and substantially increased government revenue. We introduced the fuel price formula to ensure that local fuel prices were tied to international oil price fluctuations and not politics. I also expanded the higher education loan scheme to include University Grants Commission (UGC) – approved private universities, with no repayment required until graduates secured employment, which benefited many people without placing an undue burden on the state.
In the last Parliament, as an Opposition MP, I contributed through Private Member’s Bills. After the sugar scam, where the Finance Minister arbitrarily changed the Special Commodity Levy to benefit certain importers, I introduced a Private Member’s Bill to prevent tax changes without parliamentary approval.
I also presented a Private Member’s Bill to make the asset declarations of public representatives available to the voting public. Just a few months later, the Anti-Corruption Act of 2023 enshrined this in law. This is why, before last month’s election, the asset declarations of presidential candidates were publicised.
I also value integrity. That’s why I resigned from COPE when MPs with allegations of corruption were being appointed to COPE. Thereafter, several other members also resigned. While I was a member of COPE, I advocated enhanced powers for COPE to direct investigations and refer corruption cases directly to the Attorney General.
These are the reasons I believe the voters of Colombo District should support me.
Q: There are accusations that the SJB is giving step-motherly treatments for some of the capable and good looking SJB female politicians and also being pushed to back seats. What is your comment on this?
A: Everybody is entitled to their opinion. The SJB had two female MPs – Rohini Kaviratne and Thalatha Athukorale. Rohini’s contribution in the chamber and in Parliamentary Committees was outstanding. The SJB has many capable women contesting in many districts. Our party is committed to increasing women’s participation in parliament.
Q: How do you comment about the present Anura Kumara Government and how do you view the ways that they have taken action against corruption so far?
A: The Government has talked a lot about taking action against corruption, but has not actually taken any such action. Rhetoric is easy, but I urge the President and the Government to follow through on those words, with actions.
A good first step would be to introduce a Hong Kong style independent prosecution office, which has played a key role in making Hong Kong one of the least corrupt places globally. The Attorney General, who is in charge of prosecutions in Sri Lanka, is the legal advisor to the government. Therefore, when charges need to be brought against a member of the Government, the AG has a conflict of interest. An independent office would address this problem.
Another important anti-corruption measure is to introduce a Stolen Assets Recovery Act. That will help recover stolen assets which are hidden abroad. Not only would this help recover the stolen assets, it would also be a strong deterrent against corruption.
Q: Some political critics and politicians claim that SJB leader Sajith Premadasa and also UNP leader Ranil Wickremesinghe should step down from party politics as they have failed repeatedly and it should be handed over to a new hand. What is your view?
A: Former President Wickremesinghe has held executive office multiple times, as the Prime Minister four times and as the President once. SJB Leader Premadasa has never held these executive offices. Ranil has lost 15 or more elections as the UNP Leader. Sajith has lost only two as SJB Leader. Therefore, the comparison is not relevant. Internal democratic processes must be developed in all political parties.
Q: It was said that there are many divisions in the SJB due to unwanted interventions by some people of the SJB. Is it true?
A: We must not confuse different opinions. Every party has differences in their opinions. In fact, in a democratic party, it is important to have them. That way, all opinions can be considered by the leadership when reaching a decision. However, these differences of opinion don’t necessarily lead to division.
Q: President Anura Kumara has promised to grant the proposed salary hikes to the state sector employees from next year. How feasible is it?
A: President Anura Kumara is no different to most Presidential candidates of the past. His political campaign was driven by promises. Salary increments should be based on finances and economics. They must not be political decisions. We all suffered due to the politicised economic decisions taken by the Gotabaya Rajapaksa Government. I hope that the Anura Kumara Government does not make the same mistakes because Sri Lanka will not survive another crisis.
Q: What more does the present Government do to recover from the economic crisis?
A: The government needs to follow the SJB’s Blueprint 3.0 which provides a strategic plan to rebuild the economy through inclusive growth. It lays out how to secure a prosperous future for all, upon the principles of a social market economy model.
The Government must focus on creating wealth among the people by reforming the economy to make it more competitive and globally connected. It also needs to ensure economic justice and equity through a strong social safety net with targeted subsidies to protect the vulnerable, without creating a spirit of dependence on government.
Sri Lanka’s economy has been protectionist for too long. The Government must develop exports. It also needs to bring business-friendly policies to stimulate entrepreneurship and industrial development, while foreign investments are attracted through investor friendly policies and systems.
All this has been specified in Blueprint 3.0 and the Government can follow that if it is genuinely interested in recovery and development.
Q: What is the main expectation of the SJB in the forthcoming general election?
A: We are aiming to secure the majority in Parliament. The 57% of voters who didn’t vote for the President will not be voting for the NPP either. We will secure a large share of those voters. Even the 42.31% that did vote for the President were mainly drawn to his personality and charisma. But the president is not on the ballot this time and the NPP is filled with JVP candidates that people are unfamiliar with. So, many of these voters are unlikely to vote for the NPP given its tilt to JVP cadres. It is the combination of those two factors and a high turnout at the polls that will give us the majority.
Q: Are you satisfied with the service that you did to your voters so far and what more do you expect to do this time?
A: My service, as I mentioned above, has been mainly through legislative actions in the parliament and through policies, during my time as the State Minister. This is more meaningful and substantive than building a road or a drain in an area, as it involves the national economy and benefits a much larger number of people.
I will continue to focus on matters of national importance. A few of those are increasing Government investment in higher education to 3% of GDP, facilitating world renowned universities to establish campuses in Sri Lanka, transforming State-Owned Enterprises to better serve the public interest, strengthening the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), creating a central revenue collection authority to reduce corruption and increase government revenue, creating a land bank to improve land access for businesses and investors and incentivising Sri Lankans living overseas to invest in Sri Lanka by granting dual citizenship or permanent residency.
Q: You have requested the President an extension to the parate law, which has the deadline till December 15. Why?
A: Today, thousands of those in the Small and Medium Enterprises (SMEs) sector are in trouble. There is a huge contribution to the GDP from the SME sector. But today they are facing many challenges to survive mainly because those companies have made bad decisions and choices, for which they must take the responsibility at this point. On the other hand, the banks also have the responsibility to protect their depositors when they give loans to SMEs. Second reason why some companies are in trouble is not due to their mismanagement but due to exogenous factors like COVID – 19 or certain policies of the former Governments that were wrong or suddenly imposed on businesses. These SMEs need stable environments to perform well.
As we all know, certain policies taken by former Governments were seriously wrong and we can’t expect the businesses to take the sole responsibility. Therefore, I was advocating that the businesses who have been affected by those circumstances be given some time to come out of their present crisis. One of the things I am advocating is to consider extending the window given for the parate execution. The period of extension will leave to the Government to decide.
Q: Due to severe economic downfalls since 2019, the SMEs sector is still facing several critical challenges, where over 125 people have ended their lives due to unbearable financial burdens. What do you recommend this Government to do to bring up the sector which is the backbone of the country?
A: There are several recommendations. One of the main suggestions is to facilitate the SME sector to find capitals. We have to figure out ways to attract more capitals. Another factor is providing them with infrastructure. The Government has a lot of assets, mainly lands. Providing some of these SMEs lands and buildings is also indirectly providing capitals. We have zones only for Board of Investment (BOI) approved local and foreign companies. There, they are provided with certain infrastructure facilities to make their businesses easy. I believe that the SMEs sector also needs capitals and infrastructure facilities only for those SMEs which lack these resources. I suggest the Government to establish zones for SMEs.
The SMEs are generally involved in their businesses within the country. But there are some SMEs which are engaged in products and services and their businesses can be taken overseas as they need niche markets for their products. Big companies can find their markets internationally as they have resources but not the small SMEs. This is another area that they need Government intervention. These are supply chain related businesses and the Government can actively encourage them to connect with supply chain businesses.
On the other hand, they also need support to find avenues for training. Some SMEs have creativity and they need to be provided the environment to succeed. Others who have capitals but they don’t have training to succeed. Therefore, the Government needs to facilitate these SMEs to thrive, letting them finally contribute to the country’s economy.
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