Friday Nov 15, 2024
Friday Nov 15, 2024
Friday, 17 July 2020 00:00 - - {{hitsCtrl.values.hits}}
By Asiri Fernando
The United National Party (UNP) yesterday placed emphasis on reviving the COVID-19-hit economy as they launched the party manifesto for the upcoming General Election, pledging to establish an Enterprise Support Scheme, set up new investment zones, and protect businesses from virus-related bankruptcies.
Speaking at the manifesto launch, UNP Leader Ranil Wickremesinghe stated that Sri Lanka needed to manage the COVID-19 virus while reviving its economy quickly.
He also claimed the UNP has the capacity to attract $ 6 billion in funds to assist in this process, and outlined a slew of plans to assist local industries.
“Today we have two main issues to deal with, that is to control the coronavirus and revive the economy. The current Government has failed to do both. We plan to support our export industries to secure orders, rebuild the tourism sector, and we haven’t forgotten the SMEs and small enterprises,” Wickremesinghe said.
According to the UNP manifesto, a future UNP Government, if elected, pledges to support export industries to recover and regain markets and rebuild the tourism sector. The UNP plans to establish an Enterprise Finance Fund (EFN) which will introduce a Business Support Scheme, SME Support Scheme and Export Support Scheme, utilising financing from IFC Private Sector Financing facilities, including the Global Trade Liquidity Program and the Critical Finance Program, the ADB’s $ 20 billion COVID-19 Response, and other similar schemes, together with the Government Business Support Scheme to assist the private sector.
“Micro, small and medium enterprises as well as the self-employed segment in the country will be empowered through these funds and related plans,” the manifesto stated. While supporting export industries, the proposed EFN will assist them with a special package to regain overseas markets, including assistance to meet the new conditions specified in the buyers’ contracts and grants for finding new markets. A second package aimed at tourism sector hotels, home stays, restaurants and the self-employed, is said to include loan relief grants to re-enter tourist markets and offer packages. Assistance for re-training and upgrading staff in the tourism sector is also promised.
The UNP manifesto proposes new laws will be introduced to help protect businesses from bankruptcy due to the lockdown caused by COVID-19, and promises a safety net for Banks with refinancing and similar schemes. Wickremesinghe said that a UNP Government will establish two new tourist zones; however, he did not elaborate on the plans, and the manifesto has not given any details of the proposed zones. He claimed that the UNP will continue to make the national economy internationally competitive, and stated that the party aims to enact plans to improve export product quality and target strategic markets.
The Manifesto calls for “Bingiriya 2” and the “Ruhunu Free Trade Zones” to be established to generate new employment and revenue for the country. “We plan to allocate some of these zones exclusively to countries engaged in large-scale manufacturing like Japan, India, and China,” Wickremesinghe stated, hinting at exploring the possibility of technology transfer to Sri Lanka which will aid long-term industrial growth.
Emphasising on encouraging export industries, the UNP Leader pointed to plans in the manifesto to assist the industry to regain and thrive. “The import restrictions imposed by the incumbent Government has resulted in manufacturers, including exporters, facing many difficulties in procuring the raw materials required for their production process. We will change this situation,” the manifesto read.
The former Prime Minister stressed that a UNP Government will uphold the democratic gains such as the independent institutions including the Elections Commission, Police Commission, Public Administration Commission, and the Human Rights Commission, introduced by the 19th Amendment. “The UNP will safeguard these democratic advances. We will not in any way permit a constitutional amendment that would get rid of these independent commissions. We will continue to strive for the abolition of executive powers of the Presidency,” the manifesto stated.
The UNP plans on restructuring the public administration system, which is to be managed by an organisation consisting of the Public Services Commission, Technical Specialists, Advisors and the Executive Officers of statutory boards. The manifesto calls for the management of armed forces to be assigned to professional military officers, and the functions of the Police force to be carried out by Police personnel, who will be appointed by the independent Police Commission.
Wickremesinghe stressed that the public, especially the youth, have lost confidence in Parliament and that needs to be rectified. The UNP manifesto plans for a Parliamentary Standards Act to be introduced to ensure that Members of Parliament and Ministers are governed by a Parliamentary code of ethics. The document also calls for the abolishment of the preferential voting system.
Wickremesinghe said that the UNP was prepared to make policies which were future-proof, opining that population in the Indian Ocean Region (IOR) and South East Asia will increase by 500 million by 2050. “Looking to the future, the IOR and South East Asian Regional population will grow by 500 million, they will need to be fed, we (a UNP Govt.) aim to help SMEs who grow export crops and the fisheries industry, to export to meet the need,” he said. Wickremesinghe also stressed on the need to improve supply chain management and logistics, especially for export goods and food items.
“We have to build a united, like-minded and peaceful nation in order to preserve the Sri Lankan identity. The need of the hour is a country that has discarded the divisions of the past” the UNP manifesto stated.
