{"id":40700,"date":"2015-04-18T18:47:26","date_gmt":"2015-04-18T22:47:26","guid":{"rendered":"http:\/\/dbsjeyaraj.com\/dbsj\/?p=40700"},"modified":"2015-04-18T18:47:26","modified_gmt":"2015-04-18T22:47:26","slug":"unp-performance-found-wanting-as-govt-takes-stock-after-being-in-power-for-100-days","status":"publish","type":"post","link":"https:\/\/dbsjeyaraj.com\/dbsj\/?p=40700","title":{"rendered":"UNP Performance Found Wanting as Govt Takes Stock After Being in Power for 100 days"},"content":{"rendered":"

By<\/p>\n

C.A.Chandraprema<\/strong><\/p>\n

T<\/strong>he first 100 days is now officially over. The UNP too should take stock of their performance in running the country. For some reason the UNP seems unable to handle the simplest of situations. Take that embarrassing episode of some 130 workers who had their services terminated in the Highways Ministry. One would think that if 130 workers had to be retrenched, they could be shifted around elsewhere and the matter settled. <\/p>\n

Instead what we saw were the sacked workers camping outside the ministry and during the two days of New Year celebrations there was a procession of SLFP local government representatives, provincial councillors, and parliamentarians bringing them kiribath and sweetmeats for the New Year and giving voice cuts in front of the ministry gate. The predicament of these workers seemed to symbolize everything that was wrong with the present government.<\/p>\n

Ultimately President Sirisena had to turn up at the location and promise them that all of them would be given jobs. But they continue to remain there until they get their letters of appointment. In the meantime, the government has got an incredible amount of bad publicity over a relatively minor matter. The question that the UNP should be asking themselves is if they can\u2019t handle a matter involving just 130 workers, how are they going to handle bigger issues?<\/p>\n

<\/p>\n

There are other causes for concern as well. For the first time in history, the stock market has actually declined after a UNP government took power. Over Rs. 300 billion in market capitalization has been wiped out during the UNP\u2019s first 100 days. This is 300 billion in near liquid cash that was in the possession of a significant number of people. This is a very unusual experience. In 2001, when the UNP took over after seven years of gross economic mismanagement by Chandrika Kumaratunga, they were unable to immediately resurrect the comatose stock market. But the market did not decline after the UNP took over. It just remained flat for about two years until things started to pick up towards the end of 2003 with the promise of a large influx of foreign aid money. But now for the first time we have a stock market that has declined after the UNP took over. Of course, things would have been much worse if it was not the UNP that took charge when the Rajapaksa government fell. Yet the decline that has taken place should provide much food for thought for the UNP hierarchy.<\/p>\n

The mini budget presented by the UNP may have won them some friends in terms of increased spending but it has been an unmitigated fiasco in terms of income generation. It now turns out that the UNP will not get most of the projected income. The tax on alcohol producers was stopped by courts and it appears that the super gains tax on which the government was depending most will never yield a cent. The legislation has not yet been presented to parliament and even if it was, the possibility is that it will meet the same fate as the tax on alcohol producers. Given the fact that the main problem that the present government has is in raising money, one finds it hard to imagine how they could lose a vote in parliament to raise the borrowing threshold by Rs. 400 billion. How can the government get only 31 votes when there are 77 ministers and deputy ministers? Then there was the sovereign bond issue that was abandoned in February and never revived not to speak of the fiasco where the IMF refused to bail out the government and instead gave them lectures on what to do if they can\u2019t meet their revenue targets.<\/p>\n

Nivard Cabraal was the Governor of the Central Bank for nine years and the opponents of the Rajapaksa government habitually leveled various allegations against him. But Arjuna Mahendran who replaced Cabraal and served for as many days as governor as Cabraal\u2019s years, has made it to the bribery commission before Cabraal! That will be a record hard to beat. The UNP has got themselves into a trap by placing too much emphasis on the price reductions they made in the mini budget. This has locked them into a time frame. They will have to have the election before the prices go up. If they fail to force President Sirisena to dissolve parliament by the end of this month or soon thereafter, they may not be able to have the poll before prices start going up. That brings us to the whole question whether the UNP will be able to get the president to dissolve parliament in time to be able to reap the benefit of the price reductions they made literally at the cost of putting their political lives on the line.<\/p>\n

If parliament is not dissolved before the economic fallout hits, those who stand to lose will not be just the UNP but also the Sirisena faction of the SLFP while the MR faction of the SLFP will benefit enormously. Any decision to postpone the election will be only because individuals like Champika Ranwaka will be left without a party to contest from if parliament is suddenly dissolved. Such individuals in the MS camp probably think that they can dig something up to discredit MR if they are able to buy some time. However it is extremely doubtful whether anything they may be able to dig up will help them to stem the MR wave at this stage. People attend MR\u2019s meetings even without his presence. <\/p>\n

Perhaps what some people do not realize is that the demand for MR will not diminish whatever his opponents do because those demanding his leadership are looking at the next parliamentary election irrespective of when it is held. In any event, the parliamentary election can be postponed only by several months at the very most. Whether the parliamentary election is held a month from now or ten months from now, the basic problem that every SLFPer has, will have no solution unless Mahinda comes into the scene. Those who seek to postpone the election in the hope that they would be able to buy time to deal with the Mahinda wave apparently do not realize that the economic crisis that will hit the country during that interval, will only drive more and more people into joining the MR camp. Besides there is the practical issue of how long the leaders of the SLFP will be able to avoid holding gatherings of party members for fear of being hooted at. Such a situation cannot last a whole year under any circumstances.<\/p>\n

Courtesy:Sunday Island<\/em><\/p>\n

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By C.A.Chandraprema The first 100 days is now officially over. The UNP too should take stock of their performance in running the country. For some reason the UNP seems unable to handle the simplest of situations. Take that embarrassing episode of some 130 workers who had their services terminated in the Highways Ministry. One would …<\/p>\n

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