Sri Lanka’s roadmap for economic stabilisation unveils soon
Sri Lanka’s roadmap with guidelines and work plan along with a new development strategy for short medium and long term periods to achieve economic stabilisation and recovery from the present fiscal crisis is to be unveiled in the coming weeks.
A group of top government officials and senior economic consultants is working on developing the roadmap according to the timelines to release the best final report relating to the country’s long term national economic policy.
According to Presidential Secretariat sources, it will also introduce a new social market economic system with a strong safety net for the poor, underprivileged and vulnerable groups while strengthening small and medium entrepreneurs.
This National Economic Policy will be formulated in accordance with the vision of President Ranil Wickremesinghe with the endorsement of Parliament to make it stable and unchanged for the next 25 years. .
The main aim of the national policy is to create a surplus in the primary budget by the year 2025 and raise the economic growth rate to a stable stage.
Currently, public debt is 140 per cent of GDP and the government’s plan is to bring it down to less than 100 per cent by the year 2032.
It includes development policy operations, which provide direct budget support to successive governments for policy and institutional reforms aimed at achieving specific development results.
These operations are aimed at transforming economic governance, enhancing growth and competitiveness and protecting the poor and vulnerable to provide rapid financial assistance to allow Sri Lanka to deal with actual or anticipated development financing requirements.
It will be enhancing oversights of State-Owned Enterprises (SOEs), reducing the anti-export bias of national tariff policy eliminating barriers to foreign investment, making energy and transport sector less dependent on imported fuels and more climate-friendly, and strengthening social protection institutions and delivery systems.
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