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Sri Lanka President, PM launches economic vision of equal opportunity

Sep 04, 2017 18:45 PM GMT+0530 | 2 Comment(s)

  

ECONOMYNEXT - Sri Lanka's President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe has launched a policy document for until 2025 with a more detailed three year plan.

"The gist of the argument is that for us to achieve our vision, we have to make Sri Lanka the hub of the Indian Ocean by creating a 'knowledge based highly competitive social market economy'," Deputy Economic Policy Minister Harsha de Silva said.

The so-called 'V2025' document called 'Country Enriched' envisages a peaceful nation where everyone has an "equal opportunity at prosperity", he said.

Sri Lanka's United National Party came to power promising to set up a social market economy, but in the first year it started slapping price controls.

The administration pursued a policy of unsound money, printing more than 200 billion rupees, releasing equal amount of locked up liquidity, busting the currency from 131 to 152 destroying real wages or workers and lifetime savings and putting foreign investors in bonds into flight.

A massive corruption scandal involving rigged bond auctions also rocked the administration.

However the central bank is now with a safe pair of hands. Meanwhile price controls are being taken off. Some food taxes have also been taken off, giving an opportunities for the less affluent to feed themselves at prices close to those enjoyed in South and East Asia.

More trade liberalization is also planned, but the administration faces challenges from vested interests that have enjoyed high prices and excessive profits from import duty protection. (Colombo/Sept04/2017)
 


 

2 Comments

  1. DS Wijesinghe September 06, 01:20 AM

    Investors in CSE are so confident of the ability of these 2 to deliver what they promise, so much so the CSE has crashed almost 30 points down as of 1.30 afternoon, the 1st trading day after these 2 unveiled their master plan. First it was a new country in 100 days, then it was the 60 month plan(till 2020) And now plan till 2025. Have the people given these 2 a mandate to rule till 2025?

  2. sacre blieu September 05, 07:39 AM

    Glossing over a few achievements, when the public perceives and is widely discussed that fraud, bribery ad corruption is taking place. Condemning the former regime of the Rajapakses' when cornered is a cheap attempt to bi-pass the facts, because we voted you in as we , not only know but a good many were made victims and even were subject to severe humiliation at the hands of their hired goons. WE have an un-impacting leadership and with many cracks appearing. These distractions of political shows will not solve the problems and the voters never wanted this choice. Even the Kataragama Gods are been humiliated and place of worship have become a haven for those who want to whitewash their images, and look more like palaces than an atmosphere for solemn and spiritual attainment. Whatever the denial, some have amassed wealth that would even find the deities in a state of embarrassment. You are not only reducing the debt but also adding more to it by your own shoddy acts.

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