Sri Lankan govt. to focus on fiscal consolidation,trade,disaster management and accountability
The government of Sri Lanka has reportedly pledged to look at a more proactive reform process to mitigate risks in order to speed up economic progress. The four key areas the government plans to focus on are fiscal consolidation, trade, disaster management and accountability.
Deputy Minister of Policy Planning and Economic Development Harsha De Silva has made this pledge at the launch of the Sri Lanka Development Update focusing on ‘Managing Risks and Creating Opportunities for Sustained Growth’ organised by the World Bank.
World Bank Senior Country Economist Ralph Van Doorn, has reportedly noted how Sri Lanka’s economic performance on a large scale was satisfactory.
He has commended the government’s efforts to reform existing procedures like the renewal of the Inland Revenue Act and the VAT reforms.
However, he has noted at the gathering that many more reforms were needed, especially in terms of fiscal policy, trade policy, natural disaster management, transparency and accountability if the country was to achieve its ‘Vision 2025’.
The Deputy Minister has responded that the government was planning to bring more reforms pertaining to these key areas.
In relation to fiscal consolidation policy, De Silva has stated how they were rationalising expenditure.
In relation to policies reforming trade, the Deputy Minister has expressed how it entailed both imports and exports and how the Government’s efforts in imposing para-tariffs and reduced duty rates were to develop this sector.
“A draft policy is in progress, it needs a few minor adjustments and will be released,” De Silva has said. The Deputy Minister has further highlighted how the government’s main focus was on increasing the share of global trade.
The initiative by the Sri Lankan government to focus on fiscal consolidation, trade, disaster management and accountability for sustained economic growth would definitely make the country’s economy very conducive for investments opportunities. The move would in fact result in the expansion of existing investment opportunities covering many sectors as well.
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