Finance Minister Mangala Samaraweera has slammed the ‘Economic Blue Print’ announced by the Sri Lanka Podujana Peramuna (SLPP) Presidential hopeful Gotabaya Rajapaksa saying it is anything but a plan that sets Sri Lanka on a Vipath Maga – a road to sorrow – returning to the era of debt-fueled crony capitalism.
Samaraweera issuing a statement said that the 82 slides, released on Sunday, pump aspiration and dump implementation and that it has taken the sensible strategy of Vision 2025 and fused it with toxic Rajapaksa kleptocracy.
“A blue print is supposed to be a roadmap for how to achieve an objective. The slide-deck dreams many dreams. But there is precious little that can be actioned. It is, at best, a blue print for building castles in the air; at worst, a blue print for disaster,” the Minister said.
He has also expressed worry over the fact that Rajapaksa has taken the sensible strategy of Vision 2025 and fused it with toxic Rajapaksa kleptocracy.
“In reality, the ‘blue print’ sets Sri Lanka on a Vipath Maga – a road to sorrow – returning to the era of debt-fueled crony capitalism. The fact that one of the sessions was chaired by a person arrested for financial fraud and indicted by the Attorney-General demonstrates the calibre of advisors preparing these documents,” Samaraweera said.
He said the only surprise for him was seeing captains of industry listening avidly to Gotabaya’s speech.
"For it was only a few years ago that, in hushed whispers and fitfully looking over their shoulders, many complained discreetly about having to cut deals and grease one of four gilded palms at 5 star to get anything done. Perhaps they think that attending such an event is an act of ‘strategic promiscuity’ – buying insurance should the worst occur," he said.
The Minister further noted that insurance is no safety net and the sugar high of the post-war years cannot return.
He said that the previous regime borrowed so much during their tenure that Sri Lanka’s credit card is maxed out. The Minister said that any attempt to load further debt, or to destabilize the economy, will mean that financial markets will withdraw credit and increase interest rates.
“But that does not worry the organizers of Vipath Maga. Their economic plan is simple: a return to the dictatorial kleptocracy of the ancien régime. In fact, the Vipath Maga presentation shows that no lessons have been learnt from the mistakes of the past. There is no reassurance there won’t be even more Hambantota Ports and Airports, Lotus Towers and Cricket Stadia. Not to mention pumping and dumping the stock-market, artificially over-valuing the rupee (in the process destroying export competitiveness) and making a profitable airline loss-making because the CEO did his job,” Samaraweera added.