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| Tuesday, 6 July 2004 |
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Editorial | |
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| Please forward your comments to the Editor, Daily News. Email : [email protected] Snail mail : Daily News, 35, D.R. Wijewardene Mawatha, Colombo, Sri Lanka. Telephone : 94 11 2429429 / 94 11 2421181 Fax : 94 11 2429210 Hope-inspiring economy Sri Lanka's economic performance during the first quarter of this year has been so impressive that it has drawn accolades from this country's donor community, including the IMF. This vital point was made by Finance Minister Dr. Sarath Amunugama when he introduced the UPFA Government's economic policy to the public. Of principal interest to the IMF was the Government's poverty alleviation strategy, with which it was impressed. It is on the economic frontier that a government would make or mar its future and the Government's performance in this area so far has been substantial enough to draw warm support from our aid donors, which translates into a strong vote of confidence in Sri Lanka from the world community. Minister Amunugama's reference to the observations made by the Singaporean Prime Minister, during his Sri Lanka visit, points to what is lacking in our war against want. He said that Premier Goh Chok Tong was hugely impressed by the growth potential possessed by us and that if Singapore too was blessed with our assets, the latter would be even farther ahead in the league of highly developed countries. Minister Amunugama then went on to explain what Lanka lacks: "What Sri Lanka needs is good management and the Government would address this issue seriously". The Government has done well to give its economic policy platform a distinctly pro-poor bent and we hope this dimension would be sustained in the days ahead. Agriculture, fisheries, small and medium-scale enterprises, for instance, have been earmarked for development and these sectors will naturally have a tremendous, positive impact on the living conditions of the majority of the people. It is this pro-poor dimension which was lacking in the UNF government's development plans and we are glad that pro-poor growth is now receiving the attention it deserves. However, much will depend on how the development process would be managed and here is indeed where the expertise of the Government would be tested. Producing the relevant development and managerial expertise is, without doubt, a crucial challenge we cannot afford to overlook. Meanwhile, the Government could congratulate itself on producing some impressive economic indices during its first few months in office. A glance at yesterday's HNB Stockbrokers' Weekly Market Review, would reveal a steady picking up of the shares market and increasing investor confidence in Sri Lanka. This gives the lie to opposition claims that the economy is heading for crisis and that it very soon could be in a shambles. Very favourable economic indices have been recorded against key players in the economy, such as, Caltex, Hayleys, the National Savings Bank, and the Commercial Bank of Sri Lanka. Trading in the Colombo bourse was, generally speaking, robust and healthy. However, the pertinent point was raised by the reviewers that future economic growth would depend on the acceleration of the peace process. For instance, if the promised donor assistance 4.5 billion US dollars is ploughed into the growth process, the hoped for infrastructure development could be vastly speeded-up, adding to our capacity to keep the development process ticking. |
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