Economic crisis; beyond politicians now

The All Party Conference (APC) summoned by President Gotabaya Rajapaksa displayed the desperation written all over his Government as the economy plunged into free fall. It was forced to meet Opposition parties, exposing the fact that the once cock-a-hoop boast of a two-thirds majority and a whopping popular mandate have evaporated. Disintegrating with dissension and imploding with defections, political instability is about the worst thing that could happen to a country on the brink of an economic catastrophe. But why an APC bypassing Parliament?

The Government deserves the roasting it is getting but the crisis has gone beyond redemption by politicians. Only one worthwhile contribution was made at the APC and the Finance Minister even refused to give a report by the International Monetary Fund (IMF) saying it is a draft when the IMF released the full report two days later.

The IMF has long asked for a team of experts it can deal with to help Sri Lanka. The Government unleashed a cruel joke on the public with the appointment of a ridiculous Ministerial Economic Council and when they found it was not funny, appointed a committee of rich businessmen loyal to it. Far too beholden to the Government for the big bucks they have made, they have only asked that international experts be found.

Like the Bourbons, the Government has learnt nothing. Seriously out of sync with economic reality and having disregarded how things were successfully done in the past in such situations, it refused to search for independent local experts locally and around the world who are familiar with negotiating with the IMF. It will now have to hire foreign experts in law and financial services to negotiate on its behalf.

The fees for their services will be sky high and it is the people on the streets waiting for gas, petrol and food items who will have to foot that bill and pay for the sins of the politicians and their advisers.