Financial Times

When will they ever learn?
Crisis, chaos and turmoil were some of the words used to describe the political developments of last week when President Chandrika Kumaratunga suddenly sacked three key cabinet ministers, prorogued parliament and declared a state of emergency. In a sense, this country has been living in a permanent crisis for the last 20 years and has had to go through chaos and turmoil so often that such a state of affairs can be considered almost normal.

One certain fallout of the uncertainty caused by the present crisis is that work will get disrupted as people spend time speculating about the latest developments. Ministers will be preoccupied with politics and in posturing for the media while productivity will suffer in the state and private sectors.

The negative fallout might not be as bad as it initially appeared with both the president and prime minister making reassuring noises, especially that the peace process, the country's main concern, will not get affected.

The president's address to the nation soon after her move seemed to be a measured one that sought to calm fears of a confrontation that could jeopardise the peace process, while the prime minister's statements, both in Washington and on his return, were also reassuring for a nation alarmed by the sudden turn of events.

The stock market lost many of the gains of the past few months in two days of sharp falls triggered by panic selling but rowed back on Friday after Kumaratunga withdrew the state of emergency.

The Colombo bourse may not be a proper reflection of the economy, as firms operating in many important economic sectors are not listed, and the market itself, being small and illiquid, is widely considered to be subject to manipulation by a few wealthy investors. But the stock market is one barometer of investor confidence.

A crisis such as this should on the other hand be turned into an opportunity. The business community, as represented by the Joint Business Forum or J-Biz, needs to re-activate itself and be more assertive. Too often business leaders in this country are seen as followers and not leaders with the right vision and confidence to articulate the views of those they represent and ensure desired results.

This is the time for an organisation such as J-Biz to put pressure on both national leaders to work together for the greater good of the country and cast aside petty politics. After all, it is the business community that is the main source of funds for politicians and political parties, as demonstrated by the recent round of fund-raising dinners hosted by President Kumaratunga.

It would indeed be tragic for the country if, having come this far, all the gains of the past few months are lost because of the inability of two leaders to work together setting aside their political differences. Both leaders are guilty of letting their power struggle affect national leadership and damage business prospects.

However, if the UNF government tries to overturn President Kumaratunga's decisions, the two sides are clearly headed for a confrontation. It is the country at large that stands to lose from such a confrontation.

The need of the hour is for the two leaders to demonstrate statesmanship and work together towards peace and economic prosperity either in a more workable co-habitation arrangement or in a national government where the portfolios are shared.

That was the mandate given by the electorate at the last general election when the UNP-led coalition was voted into power while the SLFP's Kumaratunga remained president, in what one editorial writer at the time called a shotgun marriage. The only beneficiary from discord between the two main national political leaders would be the LTTE.

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