SL’s Unity Govt. poised to leapfrog economyFin.Min. to WB
We are celebrating 70 years of Parliamentary democracy in Sri Lanka this year and the economy will be revitalised on the strong pillars of reconciliation and democracy, with far reaching reforms
Sri Lanka’s new Unity Government is poised to leapfrog the economy after long years of conflict and political instability, Minister of Finance and Mass Media Mangala S a m a r awe e r a said in Washington, during a current visit connected to the World Bank (WB)/IMF annual conference.
According to a media release issued by the ministry on Friday, the Minister told WB Vice President (VP) Annette Dixon, during one of several meetings outside the WB/IMF conference, that the authorities have been addressing key democratisation issues with democratic institutions that maintain checks and balances which are becoming deeply rooted.
“We are celebrating 70 years of Parliamentary democracy in Sri Lanka this year and the economy will be revitalised on the strong pillars of reconciliation and democracy, with far reaching reforms,” the Minister has emphasized.
Ms Dixon has been in the current position since December 2014, in managing the WB’s engagement in South Asia to end extreme poverty and boost shared prosperity. She is also mandated to lead relations with eight countries including India, the institution’s biggest client.
Minister Samaraweera also briefed Ms Dixon on Sri Lanka’s current political and economic dynamics including the recently announced policy plan for the next eight years titled “V2025 - A Country Enriched”.
With that in mind, Mr Samaraweera said his maiden Budget Proposals for 2018 will be presented to Parliament on Nov.9.
The media release quoted the minister as saying the Govt is undertaking a comprehensive reforms agenda in the Legal system, with the new Inland Revenue Act introduced last month.
“Currently, we are evaluating the Customs Ordinance of 1869, as well as the Excise Ordinance of 1912. Also, extensive reforms are needed in our Labour, Housing and Land Laws,” he has said.
Mr Samaraweera also noted that Govt intends to dispose of non-strategic and underutilised State assets, including Stateowned enterprises.
In response, the WB VP said several options have been tabled following a Prime- Ministerial level meeting in March 2017. "Both the Govt and the WB should work together to device a comprehensive plan for the betterment of the Sri Lankan economy," she said.