Governance

Driving Policy Action in Sri Lanka from Economic Crisis to Recovery

The Institute of Policy Studies of Sri Lanka (IPS) held a seminar on 25 October 2022 to coincide with the release of the Institute’s annual flagship report, Sri Lanka: State of the Economy 2022, on the theme Driving Policy Action from Crisis to Recovery. Dr Nandalal Weerasinghe, Governor, Central Bank of Sri Lanka and Mr K M Mahinda Siriwardana, Secretary to the Treasury/Ministry of Finance, Economic Stabilisation and National Policies, delivered the keynote addresses. Dr Dushni Weerakoon, Executive Director, IPS, made a presentation to mark the release of the Sri Lanka: State of the Economy 2022 report. Mr R H W A Kumarasiri, Director-General, Department of National Planning and Mr E A Rathnaseela, Addl. Director-General, Department of National Planning chaired/moderated a session on ‘Policy Action for Shared Sustainable Growth: A National Policy Framework’. Under this theme, senior IPS researchers Dr Nisha Arunatilake, Director of Research, Dr Ganga Tilakaratna, Research Fellow and Dr Manoj Thibbotuwawa, Research Fellow, made presentations.

A Fiscal Council for Sri Lanka: Pathway to Regaining Fiscal Credibility

Sri Lanka was once considered a development success story. But within the last few decades, this legacy was lost to governance failures and economic mismanagement. In recent years, the country has been characterised by a glaring lack of fiscal discipline reflected in the inability to raise sufficient revenue even to cover current spending. In this context, institutions have a major role to play in ensuring that governments do not fail. Effective institutions can (1) assure the provision of quality services which is essential for eradicating poverty and promote shared prosperity; (2) guarantee high-quality public spending and minimise corruption; and (3) ensure that all citizens benefit from economic growth and that development is not lop-sided. With this understanding, this blog discusses how a Fiscal Council (FC) can help Sri Lanka regain fiscal credibility and improve its overall economic performance.

Sri Lanka’s Post-COVID-19 Recovery: The Need for Inclusive Economic Growth

High levels of inequality impede sustainable growth and development of a country. Sri Lanka made impressive strides to reach an upper middle-income country (UMIC) status in July 2019, only to slip back a year later. The COVID-19 crisis, amid growing inequities, is likely to make the task of regaining UMIC status even harder. This blog highlights the main sectors and social groups that are adversely affected, and explains the need for inclusive economic growth (IEG) post-COVID-19 for Sri Lanka to emerge as a peaceful and developed country.

Technology and Economic Transformation: Is Sri Lanka Prepared to Ride the 4IR Wave?

Sri Lanka boasts of a relatively high literacy rate of 92 per cent amongst its population. However, its computer literacy rate is a meagre 27.5 per cent. In the context of the of the Fourth Industrial Revolution (4IR), if Sri Lanka is to circumvent the middle income trap and achieve high income status, its economic transformation has to be driven by technology and innovation. This blog briefly discusses some salient points on this matter, with a particular focus on those highlighted at IPS’ New Thinkers’ Symposium.

National Medicinal Drug Regulatory Authority Bill and the Medicinal Drug Policy of Sri Lanka: Some Challenges

In this article, G D Dayaratne takes a look at the challenges in effectively implementing the National Medicinal Drugs Regulatory Authority Bill, which was passed in Parliament with amendments on 6th March 2015.

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