SL in need of institutional reforms to achieve long-term debt sustainability: Prof. Hanke

Jayantha Saturday, 11 March 2023 08:42 AM

True. IMF too is responsible for current situation. When they give loans like this the corrupted politicians and top officers will enjoy the benefits for about a year or two and then again economy collpases. IMF does not help the economy at all just more debt with commission for both politicos and imf negotiators.

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Chandrapala Saturday, 11 March 2023 09:04 AM

You hit the nail on head! All institutions need restructured starting from parliament There no reason at all for a small country like our to have 225 representatives and heaps of ministers! CEB CPC SLPA too are in the same boat!!

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Dee Saturday, 11 March 2023 09:05 AM

This 'institutional reform' can never be achieved with a socialist mindset! Never!

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Vernon Saturday, 11 March 2023 09:15 AM

This is what we all in SL wants, a System Change for which purpose Aragalaya was initiated. If not changing individuals or political party, will not be sufficient.

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Jude Saturday, 11 March 2023 09:27 AM

$2.9 billion bailout money NOT GONNA solve Even HALF of SL financial woes !!

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Jude Saturday, 11 March 2023 09:37 AM

SL don't deserve The bail out money!! The current regime's human Rights situation appalling, oppression of opposition happening daily basis!! No proper planning to reduce The spiral inflation!!

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Reformist Saturday, 11 March 2023 10:10 AM

This is why IMF should NOT give anything to a corrupt and incompetent country's rulers. IMF should first ask for all these reforms including significant reduction of MPs, reforms to electoral process, to public service, very very strong anti corruption laws, significant reforms to SL judicial and courts systems and tangible and implementable reforms to governance and accountability. IMF agreement should only presented to IMF board after all these, not before. Providing the loan instalments must also be subject to an on going basis. Otherwise, this country will never change. You are absolutely correct. Just look at the calibre of clowns in the Parliament and appointed Ministers who have even asked bribes from other countries who came to help this pathetic country. Have you ever heard of a country where bribe seekers have been appointed as a Minister instead of sending them to jail?

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Ranjit Perera Saturday, 11 March 2023 10:11 AM

He is right the way out of this situation not only institutional reforms but also the mannerism of governess of this land where rulers of this land are subjected to rule of law and are responsible and accountable of their actions. I don’t see latter is happening and stress is on reforms only. People need to pay sacrifices and put in a lot of hard work and demand untiringly honesty and transparency from politicians and public servants and businesses leadership who are responsible for delivering goods to them. Otherwise all these institutional changes results are half cooked and average citizen of this land is at receiving end and the rest in particular politicians will take the of cover of parliamentary and executive privileges.

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Patriot Saturday, 11 March 2023 11:38 AM

What IMF is providing to Sri Lanka is not their own money, but part of the money which has been siphoned out of Sri Lanka by Sri Lankan politicians since 75 years to US, European, Asian, African, ME. Countries. This is the reason Sri Lanka (politicians) does not honor to IMF terms and conditions and today we are bankrupt officially.

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johan Saturday, 11 March 2023 11:42 AM

According to latest statistics Corruption and Fraud overflows without boundaries ,in 1500 state institutions in addition to the Cabinet,Tender Board,Presdient's office and Ministry of finance. First loopholes should be arrested before funding to help suffering masses.Now RW says to bring the looters to book UN charter should be followed.Why he can't install local mechanism with IMF supervison

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Bandula Saturday, 11 March 2023 12:58 PM

What he fails to observe is that this time the situation is significantly different to the prior occassions. We are bankrupt and the IMF's conditions very different. In fact pre-conditions have to be met before finalising the agreement, not promised to be fulfilled later like previous times. Genuine reform is very much on the agenda, and the good news is that we dont have much of a choice. Our biggest risk is change of direction. We saw what it did in 2019 when the IMF agreement was unilaterally abrogated. Had we stuck to the then agreement we would have been in a very differenr position, certainly not on out knees. But every cloud has a silver lining, and ours is that the dire situation that we have fallen into now could take us to even a better place this around.

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Fahim Saturday, 11 March 2023 12:59 PM

Completely true, there will not be any changes unless corruption has been eliminated rule of low will apply to same for all individual

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Lanka Saturday, 11 March 2023 01:50 PM

Do you mean that we needs an institution reform in politics? Or finance.. Both are intertwined today . You have to say that we need clean and gred politics now in Sri Lanka ....that cleans all fraud and corruption and that cleans all of our looters of public money and that cleans all corrupted civil servants..

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Fred Saturday, 11 March 2023 03:25 PM

What about the $36 billion held overseas by exporters as per newspaper reports.Can they not bring it back to help the country to get over the current exchange crisis and even themselves in the long term

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Good luck if you can change Saturday, 11 March 2023 04:07 PM

Institutional Reform is a long call. It is the staff at the institution who have to reform to achieve this target. If the staff themselves are not ready for reform, do you think that the institution will limp on one leg to reach the goal? Prof. Hank is too polite to mention that our culture and our life style has to change. In our society, a sincere worker is looked down as a joke and loser. Politicians forcefully took away the powers of Public servant, Today public servants have lost motive to perform an honest job. What is the incentive for them to act otherwise? Even the garbage collector demands bribe to remove garbage; his supervisor comes for a share in the evening. Everyone at his level demand something to perform his duty for which he is paid. Even women are no exception. It is the jungle rule with beast eating beast. In our society, it is man eating man. Do you think you can change? Good luck to you!

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Ganesh Saturday, 11 March 2023 05:58 PM

People want system change, but will always be the first to jump a queue, cut across lanes while driving, throw rubbish and spit on the road. Will happily bribe someone to get the job done. If we do this how can you expect politicians to be honest and do good for the country. Just my take on it.

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Gampaha Darane Saturday, 11 March 2023 06:17 PM

As a country SL need an urgent and adequate bailout to jump out of this mess. Nontheless, the democracy needed to be re-established, as the first and the foremost step as a prime pre-requisite.

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SK Kumara Saturday, 11 March 2023 09:49 PM

Reading most of the comments here I have to agree with the opinions of vast majority. It seems many has grasped much of the real situation and already agrees with professor and the prerequisites of the IMF. Bailout us now we'll settle the required conditions later will not work this time. Institutional reforms including military spending, freedom of speed HR and changes to political culture is absolutely necessary. These changes have not taken place to even consider a bailout on the 20th.

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Cassim Zarook Saturday, 11 March 2023 10:12 PM

It had been my long cry, we need not regime change, but system change. Our lunatic presidential system, maddening electoral system, nominated MP system, win you win - lose also you win and hit the Jackpot system, Provincial Council system must go - go. We need a system based on Meritocracy, Transparency, and accountability.

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Rob Saturday, 11 March 2023 11:08 PM

Institutional Reforms is excellent if proper macanisam work in a way to get all who commite crime financial bribery mismanagement manufacturing any kind of elegal activities from shipping ports to air ports imports to exports reforms like xi jinping did officials are so frighten even to think never waited for world bank IMF for reforms ....

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Mandayan Sunday, 12 March 2023 02:44 AM

The Portuguese was a very powerful colonial power in South East Asia. They lost it when they allowed their priests to go wild beyond the limit. Dutch softened it and the British separated it from administration and because of it ran an Empire. Sri Lanka has to learn a lesson from it and if not the country will NEVER progress.

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Neil Sunday, 12 March 2023 04:38 AM

Accountability and honesty are not in Sri Lankan vocabulary since 1977. IMF loan will only increase the debt by another US$2.9b.

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Richard McNeil Sunday, 12 March 2023 06:42 AM

Great article and great comments. Let’s hope that they filter down to the masses. Cultural change first. A big ask here in SL! It won’t happen over night, but change is a MUST if things are going to improve for all. Do we start from the top or from the ground up? Get angry either ways way!

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Punchi Sunday, 12 March 2023 08:11 AM

Growing up on two occasions I was told by fellow Sinhala patriots that Tamils have to be employed in Integrity and financially sensitive positions because they are less prone to corruption. One such occasion when discussing a Tamil employed as a union negotiator. The other on a Tamil working in the customs service. We by marginalizing a section of our hardworking and trustworthy community have created a situation where corruption, plundering and thieving is bleeding our failed paradise.

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