Two leaders of two political parties today have merged their thinking into one policy
Finance Minister Ravi Karunanayake stated that two leaders - President MaithripalaSirisena and Prime Minister RanilWickramasingha of two political parties have merged their thinking today into one policy in order to develop the country. That policy is driven today by a strong National government. All communities had contributed for the creation of a national government within a united and unity of Sri Lanka.He made this statement while delivering the founders day oration of the Institute of Certified Management Accountants of Sri Lanka (CMA)on ‘National Government towards a National Economy’ at the HNB Auditorium on 3rd June 2016.
It was a very special event for him because he is a Fellow Member of the Institute of Certified Management Accountants of Sri Lanka and also a Patron of CMA.It was also his pleasure to join this forum with the experience of Management Accountant for long period.
Prof. Lakshman R. Watawala, Founder President CMA, delivered the inaugural address at the function. CMA members, training partners, educational institutes, academics from state universities, ministry officials and other special invitees from the public and private sector were attended the function.
Hon. Minister further stated that the topic on “National Government towards a National Economy” given him to discuss this occasion is very relevant today because it helps us to come forward with better thinking. Economic development is valid not only to the present situation but also to the future prosperity of Sri Lanka. We have to manage all part of Accounting and Management on the basis of Good Governance. In previous decades Sri Lanka has gone through economical turbulences and changes are taken place from 8th of January 2015. All communities have contributed to create good governance which is useful to Sri Lanka.
As highlighted by the Hon. Minister, Governments have been changed different times most probably in five years time and there may be big comments but no answers. That is why today the consideration should be given to the national economy. 5th November 2015 Prime Minister introduced five point plans and with that we will be able to see consolidated and integrated Sri Lankan economy in the long run. In order to increase revenue, national thinking has to come forward and major economic projects have to be put into place. In this case corporate plan, five year or ten year plan has no more relevant. What we have to look into is very constant basis changes. That is why the economic aspect of national development is very important to the country. Today revenue of Sri Lanka is 10 - 12 per cent and it may be increased by 13.8 per cent. This is good starting point and it will be 17 - 19 per cent in the long run.
Addressing further Minister stated that why we are looking for national government towards a national economy because it needs consistent and consolidated environment to attract investors. Otherwise they are unable to look into the future with sense of confidence. Minister also said that in the 100 days period he was able to obtain 1.9 billion dollars in support of this development program. He also stated that these are the areas that we are trying today with the mandate given to us to put solid foundation and we ensure strong strategic plan put forward.
Coming to the area of education, Minister stated that we are basically paying our attention towards younger generation and trying them to engage in development activities.If they go out they can earn 400 dollars but we want them to retain here. This is also a part of national economy.
Further Minister stated that CMA Accountants have now received international recognition from the International Federation of Accountants (IFAC) and he ensured that they are given recognition by the Government institutions to recruit them for vacancies for Accountants in the Government Sector.
Paying attention to the national planning, Minister stated that this is also one area that we have to see. Most of our activities are not value added and the reason is lack of national planning. We are not being able to cost benefit analysis for jobs and to calculate Internal Rate of Return or Return on Investment. Today national planning come under the Prime Minister and ad hoc activities are taken into consideration. In planning activities Prime Minister, Finance Minister and Foreign Minister and other relevant Ministers sitting together and taking decisions.
Mentioning important facts related to the national economy in Sri Lanka. Hon. Minister wound up his speech thanking to Professor Laksman R. Watawala giving him opportunity to discuss timely relevant topic like that.
CMA was launched in June 2000 with the technical support of CMACanada and the financial sponsorship of the Canadian International Development Agency (CIDA). The Institute of Certified Management Accountants (CMA) of Sri Lanka was incorporated in April 2009 as the National Professional Management Accounting Institution in Sri Lanka by Parliament Act No.23 of 2009 under the Ministry of Cooperatives and Internal Trade. At the moment CMA has membership of 2500 and a total student population of 15000. CMA is a member of the South Asian Federation of Accountants (SAFA) and joins the fraternity of Professional Accounting bodies in India, Pakistan, Bangladesh, Sri Lanka and Nepal. CMA is a Member of the International Federation of Accountants (IFAC). IFAC is the global body for the accountancy profession dedicated to serving the Public Interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of over 175 Members and Associates and associated in 130 countries and jurisdictions, representing three million Accountants in public practice, industry and commerce, government service and education.