Cleaning the economy! - Doom & Boom Economy

Explaining its economic policy, the joint Opposition yesterday sought to reassure voters of prosperity won through an end to corruption and equitable economic policies while insisting the current development drive would be revamped to offer protection from a debt trap.

Common opposition candidate Maithripala Sirisena, who addressed a large gathering of intellectuals and professionals in Kotte, advocated ending corruption and nepotism while giving teeth to entities such as the Bribery and Corruption Commission.

Sirisena, together with Jathika Hela Urumaya (JHU) MP Champika Ranawaka, former Fisheries and Aquatic Resources Minister Dr. Rajitha Senaratne and United National Party (UNP) MP Dr. Harsha de Silva spoke extensively about the corruption allegedly permitted to grow by the Government under President Mahinda Rajapaksa.

“We will follow the law. It is time we gave the justice system its independence back. We prosecute corrupt politicians shielded by this Government,” insisted Sirisena, who called for the people to take the first step in good governance and vote for him on 8 January.

“The Rajapaksa Government can see defeat. That is why they are making false statements about fixing the vote. I can tell you with all my decades of experience in politics I still have trust in the Elections Commissioner and the Department of Elections. If governments could be saved by corruption then no Government would have changed in this country,” he told the packed room.

Ranawaka also launched his latest book ‘Doom-Boom Economy’, which analyses statistics by government institutions and presents analysis by economic experts including the International Monetary Fund (IMF).

Drawing extensively from his experience as a Cabinet minister in the Government, he charged that the Norochcholai coal power plant agreement which was initially signed by former President Chandrika Kumaratunga’s government for $ 300 million was re-signed by President Rajapaksa for $ 455 million.

Ranawaka also detailed how the Finance Ministry is making Sri Lanka’s debt shrink by moving borrowings outside of the consolidated fund and into the books of State institutions and banks.

“On the surface it seems like Sri Lanka is a prosperous country. But the statistics need another look. Poverty is low because of the pension fund, not because of Divi Neguma or any of these other policies implemented by the Government. Unemployment is low because thousands are migrant workers. Despite much publicity on GDP growth and per capita income the Census and Statistics Department itself says 20% of households in Sri Lanka live on Rs. 10,245 a month.”

Both Ranawaka and Dr. de Silva dwelt extensively on the alleged inflation of costs for mega development projects, insisting corruption was driving up expenses on a level Sri Lanka could not afford. “In the old days we used to say this was a 10% Government but I can now see it’s a 2000% Government,” Ranawaka quipped.

During his turn, Dr. de Silva called for the bridging of income disparity through equitable taxation. He detailed the extensive taxation on essential food items and linked it to the lower percentage of income tax levied by the Government.

“Indirect taxes make up 81% of Government revenue. The rich are not taxed in this country. The prosperity the Government talks about is not reflected in our households. The people’s income is reducing with the lowest 10% spending 153 times their monthly income on food alone. This has resulted in a highly indebted society,” Dr. de Silva noted.