President and Finance Minister Anura Kumara Dissanayake’s first Budget marks a decisive step in Sri Lankas economic journey. It demonstrates a true consensus across Governments over time on the fundamental principles of Sri Lanka’s economic policy. The market is given the primary role in the economy, with the Government playing the important role of regulator and intervening in the market when required, a spokesman for the Chamber Of Young Lankan Entrepreneurs (COYLE) said.
The fiscal prudence in the Budget also reflects the Government’s commitment to pursuing responsible macroeconomic policy. A responsible macroeconomics policy will help ensure economic stability over the coming years.
These fundamental principles and macroeconomic framework provide businesses and investors with the confidence to invest, he said adding, “We also welcome the Budget’s focus on productivity growth. Sri Lanka’s medium-to-long term prosperity will be determined by our ability to improve productivity. The focus on exports, digitisation, infrastructure and human capital development will help effectively unlock our growth potential. The commitment to streamline State expenditure, rationalising Government agencies and creating a state-owned enterprise holding company will also enable greater investment and more efficient resource allocation to high-productivity sectors. We look forward to the Government’s public-private partnership initiatives, especially those that improve the efficiency of state-owned enterprises and develop critical infrastructure”.
The Budget is also clear that national unity is a pre-condition for economic development. “Religion, race, gender, class and age no longer divide us. That is one thing I can promise about the people of Sri Lanka: The people will never again be divided against each other,” the President said in his Budget speech.
Perhaps more than anything else, this Budget demonstrates a seriousness of purpose to understand and address the barriers that have held us back. This is not a Budget for the gallery, but a Budget that seeks to build the country’s economic foundations. COYLE fully supports this strategic vision for economic stability and growth.
We believe that collaboration between the private sector and policymakers is essential to ensure effective execution. We accept the President’s invitation and are committed to working alongside the Government and other stakeholders to effectively and speedily implement these Budget initiatives,” the spokesman said.
