FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» In STOCK MARKET despite all odds, there is always hope. Never ever give in nor give up.
by atuts Yesterday at 2:14 pm

» The war in Ukraine is no longer shocking the wheat market
by ResearchMan Sat Jul 02, 2022 2:10 pm

» India raises import tax on gold to support rupee and amid trade deficit
by ResearchMan Sat Jul 02, 2022 2:09 pm

» When will supply chain disruptions ease?
by ResearchMan Sat Jul 02, 2022 9:57 am

» KHL Massive forex gains close to 6 billions
by rajini Fri Jul 01, 2022 10:54 pm

» Tourism in Sri Lanka: One step forward, two steps back
by rajini Fri Jul 01, 2022 9:21 pm

» Expolanka to continue its winning streak
by samaritan Fri Jul 01, 2022 4:12 pm

» Govt gets its priorities wrong
by samaritan Fri Jul 01, 2022 10:25 am

» Ambassador assures U.S. support to Sri Lanka to find solutions to economic issues
by samaritan Fri Jul 01, 2022 10:16 am

» IMF-Sri Lanka bailout talks end without a deal
by ChooBoy Fri Jul 01, 2022 9:16 am

» Sri Lanka Breaks Into Hyperinflation Zone Amid Dollar Crunch
by CHRONICLE™ Fri Jul 01, 2022 8:11 am

» Sri Lanka needs to do more on debt restructuring before a bailout package is finalised, says IMF
by CHRONICLE™ Fri Jul 01, 2022 8:06 am

» Global COVID cases rise as BA.4 and BA.5 expand
by samaritan Fri Jul 01, 2022 7:04 am

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by Gowri123 Wed Jun 29, 2022 4:38 pm

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Wed Jun 29, 2022 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Wed Jun 29, 2022 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Wed Jun 29, 2022 2:30 am

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 1:07 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Treasury’s blame game backfires

Treasury’s blame game backfires

Go down  Message [Page 1 of 1]

1Treasury’s blame game backfires Empty Treasury’s blame game backfires Sat Jun 02, 2012 11:39 pm

CSE.SAS

CSE.SAS
Global Moderator

By Duruthu Edirimuni Chandrasekera
Questions are being raised on the hypocrisy of Treasury Secretary Dr. P.B. Jayasundera calling on the government to rid state institutions of political appointees, saying that they need to be replaced with competent professionals.

Interestingly, two days after publicly condemning political appointments to high posts following Dr. Nalaka Godahewa's resignation Dr. Jayasundera appointed Neil Rupasinghe, who was the former Gampaha district UPFA MP into Sri Lanka Tourism Convention Bureau as Chairman.

“Dr. Jayasundera is the only secretary under whom two professional chairpersons have resigned during the last two years - first being Jayampathi Bandaranayake who assumed duties at Chairman BOI in June 2010 and resigned without giving any reasons,” a critic said, noting that Dr. Nalaka Godahewa resigned from three state tourism agencies recently.

He noted that Dr. Jayasundera's comment on outdated institutional setting in investment promotion agencies and inadequate professional skills at a recent event is also a strange claim as all these promotional agencies report to Dr Jayasundera directly or indirectly.

“The line agencies such as the Board of Investment (BOI), Tourism authorities, etc., fall under the Economic Ministry under Dr. Jayasundera as the Ministry Secretary and the Treasury Secretary. It was understood that the Government decided to consolidate these agencies under the Economic Development Ministry soon after the war to create a coordinated effort, but after three years they say that has not happened," he noted.

Some agencies complain that the interference from the Treasury is the cause for their ineffectiveness. Dr Jayasundera seems to be in bad terms with most of the agencies chairmen and their boards and they complain that their hands are tied and they’re unable to operate.

A source close to the Treasury said that the country had so much hope after the war and an economic boom was expected, but there aren't correct policies to usher in that boom. However the Customs, the Inland Revenue, etc., all which are under the Treasury still stays stagnant from times past.

No foresight
He pointed out that Dr. Jayasundera was the secretary to the Ministry of Finance and Head of Treasury for almost 18 years. “He has been the all powerful dual secretary of Ministry of Finance and Ministry of Economic Development for the last three years. Why didn’t he bring legislation and simplified the approval process?” he questioned, noting that the then Treasury Secretary R. Paskaralingam in the late 80’s set up the BOI, Urban Development Authority, etc., to meet the needs at that time with required powers.

He argued that if those powers have got diluted Dr. Jayasundera should have given the correct advice to the government to get the institutional arrangement back on track by bringing right legislation.
Price controls on some selected commodities such as milk, poultry, and cement, etc., instead of using pricing formula and regulatory supervision was also shown by Dr. Jayasundera as an impediment to economic recovery, but critics point out that Dr. Jayasundera should advice the cabinet on these matters, noting that it's he who prepares annual budgets for the country.

An absence of coordinated promotional effort by BOI, Tourism Authorities, EDB, Tea Board and Foreign Employment Bureau (FEB) due to highly compartmentalized operations and bureaucracy was also highlighted as hurdles by Dr. Jayasundera for the country’s economic growth.

“The BOI and the Tourism Authorities are directly under the Ministry of Economic Development. As Secretary to the Ministry of Finance Dr. Jayasundera has some influence over the Tea Board and FEB. SriLankan Airlines which can contribute significantly to country promotions is directly under Treasury, but Dr. Jayasundera hasn’t done anything to bring in a coordinated effort,” a BOI source said, adding that there's no point in indulging in a blame game without doing one's job.
http://www.sundaytimes.lk/120603/BusinessTimes/bt36.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum