Regulations – broadly understood in the sense of laws, regulations, orders and rules of all levels of government – have a key role to play in promoting economic growth and development. They are tools of addressing market failures, as well as equity failures, when economic growth fails to trickle down to the poor.
However, even as this country has moved along the path of economic reforms, priority has not been given to implementing a well-structured, “independent” regulatory mechanism in the country. Regulations have often been implemented that had unintended adverse impacts, did not realize the anticipated benefits, or that became unnecessarily burdensome.
This working paper describes an international best practice tool for addressing such regulatory failures – Regulatory Impact Assessment (RIA). It goes on to set out a suitable framework to implement RIA in Sri Lanka , taking account of the specific local context.
by Research Team led by Malathy-Knight John