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| Tuesday, 24 June 2003 |
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by Ravi Ladduwahetty Finance Minister K. N. Choksy yesterday, responded to critics by saying that the large quantum of financial assistance to the tune of US$ 4.5 million received at the Tokyo donor conference was extremely beneficial with the repayment periods being spread long-term as far as 30 to 40 years. Criticism has been levied that the country is committed to repay these monies to the donors. An important beneficial factor is that the criticism overlooks that we have at our disposal large sums of money to accelerate the Regaining Sri Lanka Programme, Minister Choksy told the National Conference on " Financial Management Reforms in the Public Sector for Good Governance" organised by the Institute of Public Finance and Development Accountancy at the Galadari Hotel last night. He said that the Regaining Sri Lanka Programme would involve the implementation of several large projects, some of a larger magnitude, which would commence almost immediately. Modernisation of the infrastructure would also attract the private and public sectors in the industrial and service sectors. The greater availability of such products and services will curb inflation and provide further employment opportunities. These are the tangible benefits flowing to our people from the Government's success at the conference, he said. Commenting on the implementation of these projects, he said that the planning of each project will require close supervision and the control of finances and the country should derive the benefits of these funds. He stressed the need for the benefits reaching the grassroots. The Minister said that a proposed Financial Services Authority would be established as an apex body which will oversee financial administration and accountability in the public sector. This march forward will require the Institute of Public Finance to motivate its members to move away from the old traditional role of public accountants and divert their contribution into Development Accountancy. Therefore, the theme of the conference is very appropriate, he said. He said that the legal framework for the implementation of the Financial Sector Reforms has made headway through Parliament and that Monetary Laws and Revenue Laws have been updated to ensure due fiscal responsibility. The Fiscal Responsibility (Management) Law is a unique piece of legislation which commits the Government to statutory targets in relation to the GDP annually, regulating the annual targeted decrease in the Budget deficit and also restricts Government borrowings. The objective of the law is to instil monetary discipline both in the Government and the public sector and also build private sector confidence in the Government's economic development programme over a period of several years, he said. Treasury Secretary Charitha Ratwatte said that the need to utilise the funding which the donors provided at the Tokyo conference was paramount as the Government was accountable for these funds. It is the taxpayers' money of these countries which were pledged at the donor conference, he said. He said that the economic revival was evident in Sri Lanka with the booming of the Colombo Stock Exchange and also increases in tourist arrivals and foreign remittances. But, this is not the time to relax and the Government is very keen to practise financial discipline to curb waste and corruption, he said. |
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