Enter Basil Rajapaksa, the SLPP’s protagonist

The trio who controlled the administration even prior to 8 July

Basil Rajapaksa, who celebrated his 70th birthday few weeks ago, became the fourth Rajapaksa brother after President Gotabaya, PM Mahinda and Agricultural Minister Chamal to enter the Cabinet. With the entry of Basil into the Cabinet, there are now as many as seven family members in the Government. 

This is certainly a first for South Asia. But not new to Sri Lanka. The UPFA led by Chandrika Bandaranaike had her mother Sirimavo as Prime Minister and her brother Anura as a Minister in the same Government. Her sister Sunethra stayed out of politics.

Mahinda Rajapaksa has now been given a new portfolio of economic policy and plan implementation. A portfolio that will look at policy formulation. It is a clear sign that Mahinda Rajapaksa is taking a back seat, allowing his younger brother Basil, who is largely credited for resurrecting the Rajapaksa fortunes after their defeat in 2015, to take the lead. Basil will now have to perform an economic miracle. Given that there is a dangling carrot in front of him: The presidency in 2024. 

Performance

The Government of late has got criticised on several fronts for sluggish economic performance, rapidly dwindling foreign reserves, corruption allegations, a huge build-up external debt portfolio and its handling of the COVID-19 pandemic. 

Basil is certainly an important cog in the current lacklustre Government for the Government to amend the Constitution as stated by JVP MP Vijitha Herath – that Sri Lanka’s Constitution was amended to benefit one individual alone, who is Basil Rajapaksa, a dual citizen of Sri Lanka and the United States. 

Basil, like his brother Gotabaya, was educated at Ananda College and lived for a while in the United States. He had long been speculated to enter the House even before UNP Leader Ranil Wickremesinghe entered Parliament on the National List, with backbencher MPs of the Government going on record that he would have even prevented the recent fuel price hike, among other issues and would reduce the fuel prices once appointed.

Basil after he was appointed said: “Our priority is to serve the people. We have identified all the key priorities and requirements of the general public. However, at times we will have to take certain unpopular decisions, just like how a father would for the betterment of his children and family. But these out-of-favour decisions are taken with so much honesty and consideration for the betterment of the entire nation. Therefore, I urge you all to support our efforts in these trying times.”

He certainly deserves to be a minister and a parliamentarian given his contribution to the SLPP.

Future

The pandemic has put a lot of pressure on the administration. The private sector is also not without its fair share of problems – the second largest private sector bank saw three Chairmen in three months, with the Finance Ministry pushing hard to establish its footprint firmly in the bank. Also institutions under the Finance Ministry are allegedly engaging in pump and dump deals. 

Basil as the new head of the Finance Ministry certainly has a lot of cleaning up to do in the financial sector to reenergise the besieged and embattled financial sector that faces a tough road ahead. Against these realities, the financial sector would face, in the next few years, a serious challenge in raising sufficient USD at reasonable price. 

Therefore, he certainly needs fresh ideas and fresh people, because striking the right balance between health and safety and economic sustainability is a must for the Government amidst the pandemic. The Government, together with the private sector would need to work together to get out of this unprecedented economic crisis.