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Thursday, 22 April 2010

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A fresh opportunity

With the conclusion of the re-poll in two electoral divisions the curtain finally came down yesterday on the April 8 General Election and hopefully the glut of elections which began with the elections to the Eastern Provincial councils in May 2008. Both the voters and the candidates elected can now breathe a huge sigh of relief - the former for the peace of mind from the cantankerous politicians and the latter for emerging victors from a bruising campaign.

As expected the UPFA juggernaut steamrolled over the Opposition obtaining 144 seats (National List nominees included). This is the largest ever Parliamentary representation by a single party in the history of our legislature. What is more astounding is that this was obtained under the PR system which according to pundits is a bulwark against absolute majorities. This should be compared with the 138 seats obtained by the UNP in the 1977 landslide under the first past the post system which itself speaks of the magnitude of the victory.

The UNP came a distant second with only 60 seats, the DNA seven and ITAK 14. The Government fell short by a mere six seats from the coveted two thirds majority. One could say the results is a reflection of the electorate's choice. On the one hand while not allowing the main Opposition the necessary leverage to rock boat and block Parliamentary initiatives for the country's forward march the electorate also has left that little leeway for the Opposition to seize the opportunity to arrive at consensus with the Government on vital issues affecting the nation.

We say this because the Government will in certain instances need to obtain a two thirds majority to implement vital policies that affect the nation. The electorate has stopped just short of gifting this to the Government perhaps to see how the Opposition would respond to the important initiatives on the country's behalf. In short it is a test for Opposition Leader Ranil Wickremesinghe and perhaps on his reaction will lie his party's future which already looks pretty bleak.

The results indicate that the electorate has given the UNP Leader the opportunity to be a statesman. It is hoped he will seize this opportunity for the sake of the country. There is now no reason to attack on the Government on issues such as handling of the war etc. Mundane issues that could be settled amicably should also not be brought to the fore. The country which has emerged from a three decades of bloody war that has sapped its energy cannot afford such luxuries. It is the time to combine all resources that the country could muster to see it emerge as Asia's wonder as desired by President Mahinda Rajapaksa. Petty politics and other differences must necessarily take a back seat.

This we hope the UNP Leader would take cognizance of and respond to the mandate given by the people to lend its support to the Government at a time the country is at crossroads after seeing the back of three decades of war. The meeting between President Rajapaksa and the Opposition Leader the other day is a propitious sign for a fresh beginning. The meeting was said to be an extremely cordial one which is a positive sign. This is more so due to the fall out of the high octane election campaigns since the beginning of the Eastern Province poll that may have engendered bitterness and rancour among the protagonists.

Now that the dust has settled it is time that all that was said during the campaigns be relegated to the past and the two major parties join hands to undertake the daunting task of nation building and national reconciliation.

Certainly no body can deny that the grand old party has done much for the country's evolution since independence and could provide valuable inputs and assistance to take the country forward from this point onwards. What is needed however is goodwill, rapport, mutual understanding between the leaders so that they could come to an understanding to cooperate on the vital issues affecting the country's future.

This will not pose much difficulty since both parties are now almost on even keel with regard to economic policies and thinking on many other important policies unlike in the past. What is needed is the will to unite for the country's sake.

Emphatic win

Significantly, these are the first election since 1978, when the Constitution was amended and the proportional representation system was introduced, in which an alliance has not only won a clear majority but come close to the two-thirds majority required for passing amendments to the Constitution.

Full Story

Doubling per capita income in next seven years (Part II):

Towards a strong sustained growth

A stable economic environment is an absolute necessity for private investment. There is no agreement among economists and policy makers on what stability is, since some countries have been able to achieve high growth along with high inflation.

Full Story

Monetary policy in developing countries

Short-term capital flows may be very volatile; they react quickly to sudden changes in investors’ moods, external events, and to perceptions of governments’ macroeconomic policy decisions.

Full Story

 

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