New Master

Sri Lanka's treasury secretary on Thursday vowed to translate president Mahinda Rajapakse's subsidy-laden manifesto into economic jargon, though analysts warn that it could undo fiscal discipline and scare off investors. Sri Lanka's treasury secretary on Thursday vowed to translate president Mahinda Rajapakse's subsidy-laden manifesto into economic jargon, though analysts warn that it could undo fiscal discipline and scare off investors. "We now have a new government and a new president. We should all unite to make it (the manifesto) a reality," P B Jayasundara told his staff during a ceremony to welcome deputy finance minister Ranjith Siyambalapitiya.

Rajapakse, 60, scraped through last Thursday's poll, promising to dish out US$ 50 million worth of subsidies ranging from milk powder to fertiliser.
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Cabinet spokesman Nimal Siripala de Silva confirmed that the fertiliser subsidy – costing some Rs. 12 billion – will be included when a fresh budget is presented on Dec. 8.

Jayasundara and his team are now working around the clock to find creative ways to pay for such 'sweetners'.
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Siyambalapitiya, who's on his second term as a deputy finance minister, is expected to present the budget next month, as Rajapaks