‘SL needs to think beyond Wikipedia, WB concepts of social safety nets’

Sri Lanka needs to think beyond the Wikipedia and World Bank concepts of social safety nets as all past norms must be critically reviewed and revamped to meet these appalling new circumstances, Former Central Banker and economist Dr. Anila Dias Bandaranaike said.

The World Bank also states that social safety net programs protect families from the impact of economic shocks, natural disasters and other crises.

“Sri Lanka has had such social safety nets funded by several donors including the World Food Program, UNICEF and many others for several years. Nevertheless, Sri Lanka has never put in place a system that we could manage on our own; instead we always depend on others to support us. Today Sri Lanka is at its most destitute economic level in post-independence history,” Dr. Bandaranaike told a webinar hosted by the Central Bank.

She noted that the government has no money, neither rupees nor dollars. “Most people are without livelihood and means of income while skyrocketing inflation is leading to unbearable costs of living. Most likely we will have to face further economic deterioration before things can get better.”

She said social safety net programs have failed to protect from these economic shocks or have not been able to achieve the objectives of the programme rolled out. Instead the economy is burdened with high public expenditure with little or no return in terms of outcome. Dr. Bandaranaike stressed the need not to neglect the most vulnerable segment of the society and emphasised the need to seek donor assistance from friendly organizations such as the World Bank and the World Food Program.

“Nevertheless we need to set an exit mechanism to ensure that this is transitional and over time these people are given a fishing rod to catch their own fish ,” Dr. Bandaranaike added. She stressed that donor agencies too would be happy with that kind of approach.