Accelerating economic growth and enhancing prosperity for Sri Lankans
The Pathfinder Foundation (PF) has embarked upon a process to develop a ‘Blueprint’ for accelerating economic growth and development through a coherent strategy and reform programme. The primary rationale is to bring to the attention of politicians the need for introducing a reform agenda in their forthcoming Presidential and Parliamentary election Manifestos. In this connection, the Pathfinder Foundation is planning to hand over the final blueprint to the leadership of all the political parties currently represented in Parliament so that it can inform their deliberations in preparation for their manifestos in the lead-up to the elections anticipated early next year. There will also be outreach to policy-makers, leading professionals, business associations, civil society organizations and other concerned citizens through a series of public workshops, contributions in the press/media and content on the Pathfinder Foundation website. A novel concept of discussing the blueprint with focus groups within relevant stakeholders is to be introduced to enhance the level of participation in the discourse on sound economic strategies and reforms. A key message to be transmitted will be that good economics is usually good politics, especially in the medium-term. In this respect, it will be highlighted that the window of opportunity created by a new electoral cycle should be seized.
The current strategies adopted by the authorities have been successful in stabilizing the economy with inflation in the mid-single digits; the current account of the balance of payments improving; and external reserves exceeding US$9 billion. However, it has also become increasingly clear the economy’s growth framework needs to be strengthened if the target of 8 per cent sustained growth is to be met in a manner that brings about the transformation of the people’s lives. The Pathfinder Foundation blueprint is intended to assist in developing a new wave of reforms to achieve this objective; and to encourage all stakeholders to campaign for such reforms. A particular focus would be to promote sustainable and inclusive growth, especially in the conflict-affected and other lagging areas.
The blueprint will be based on over 50 studies commissioned by the Pathfinder Foundation in the past with special emphasis on studies it has undertaken in 2014 covering economic issues such as: export development and diversification; strengthening the conducive climate for foreign and local investment; watering the North Central and Northern provinces; promoting microfinance to empower conflict affected communities; increasing living standards of plantation communities; addressing macroeconomic adjustments and prospects for improving efficiency and productivity of state owned enterprises.
These studies have benefited from lively public workshops which have been held (or are about to be held) on each of them. The analysis, diagnostics and recommendations which emerge from this process will form the basis of the blueprint. There will also be recourse to other relevant material. The preparation of the blueprint has already been commissioned to the well-known Sri Lankan economist Dr. Sirimal Abeyratne, Professor of Economics from the University of Colombo.
As an independent non-partisan think-tank the Pathfinder Foundation seeks to promote a lively discussion on the way ahead for accelerating the development of this country in order to build consensus among politicians and the general public regarding a commonly accepted package of economic reforms.