Murtaza Jafferjee

Sri Lanka needs to resolve the elite bargaining problem in order to achieve debt sustainability and to chart on a sustainable growth path.

Advocata Institute Chairman Murtaza Jafferjee reiterated that the problem in Sri Lanka is that it has what is called the elite capture.

“This country is run for the benefit of 1000 people, not necessarily for the benefit of all people. You have to do changes,” Advocata Institute Chairman Murtaza Jafferjee said.

He noted that this elite class has power and influence to drive decision making over the economy and society, which may include business leaders, political establishments, military commanders, union leaders and so on.
“The power stems from elite bargaining. It’s a shared commitment, not a legally binding document,” he added.
For example, he illustrated that the poor pay 30 percent more for construction materials because protected individuals are making massive profits at the public’s expense.

 “The elite must decide to develop the country. It’s either to grow the pie or redistribute the pie,” he added.