SL a role model in managing post-conflict challenges: PB
Thursday, 11 July 2013 02:56
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Finance Secretary Dr. P.B. Jayasundera yesterday described Sri Lanka as a role model for the world in managing post-conflict challenges, given the success in various front in a relatively short span of time amidst constraints.
“The progress we have made during a short time-span of three years reflects a country that is a role model in the management of post-conflict challenges in comparison to a similar situation elsewhere, considering the complexities that were associated, the resource constraints and short term capacity limits, while on the other hand the Government itself was engaged in fiscal management towards lowering the deficit, annually,” Dr. Jayasundera told a private sector audience converged at the Ceylon Chamber of Commerce 2013 Economic Summit yesterday.
In his view, Sri Lanka is a country packed with opportunities in the backdrop of restored security, peace and stability to exploit all what he described as “lost” due to experimenting policy strategies – shifting from one extreme to another during post-independence and lost over a costly 30 year terrorist led conflict during the post 1977 open economy period.
“All what we need to do is to improve on what we have built over the last seven years within a policy framework that recognised the role of the State and the private sector, and move ahead,” Finance Secretary said.
In his keynote Finance Secretary also recalled that Sri Lanka suffered severe infrastructure deficits by 2005 particularly in power supply, port and airport facilities and in terms of the road network.
“We lacked them not simply because we didn’t have the required resources, but moreover since we lacked a long term vision, and the determination and the boldness required in taking decisions. The first was the commitment to maintain a high public investment of around 6% of GDP on a sustainable basis without compromising fiscal adjustments towards lower deficits,” Dr. Jayasundera said.
The Government, he said, recognised that compromising public investment is equivalent to compromising development and is an opportunity denial to the private sector.
“This enabled the Government to accommodate a comprehensive infrastructure program consisting of developing power generation and distribution, ports and airports, multi-purpose irrigation schemes, water supply and waste management, urban development, highway network, educational and health facilities in the National Budget,” Dr. Jayasundera said.
According to him, the completion of the Southern Expressway along with the construction of the airport expressway would be ready by next month. This, he said, has enabled to offer the Northern Expressway construction by Foreign Direct Investments exceeding US$ 1,500 m.
“The Government hopes to have this (Northern) Expressway connecting Kandy, Kurunegala and Dambulla to the north and east by 2016. This expressway network, which aims at connecting all ports and the two airports in the country, is conducive to promote regional growth centres targeting agriculture, manufacturing, tourism resources and financial services towards creating an export economy with high value creation in the domestic economy to transform a one-time primary commodity producing export economy to a modern economy,” Dr. Jayasundera told the Ceylon Chamber Economic Summit.
