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.

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


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» DIPD/HAYC/HAYL
by Eranga87 Today at 1:54 am

» CSE - The World's best performer!
by madukp Today at 1:31 am

» IS it right time to stick to warren buffett's most famous saying ???
by kasun_gimhana Today at 12:36 am

» TRUE VALUE OF LANKA ALUMINUM INDUSTRY (LALU)
by Wolf86 Yesterday at 10:33 pm

» EBCR group of companies
by Wolf86 Yesterday at 10:30 pm

» GLAS will be winner with Super Gain.
by Promoney Yesterday at 7:29 pm

» Daily Foreign Transactions
by Pradeep90 Yesterday at 6:58 pm

» Use the Ten Principles of Value Investing to spot value stocks in the oversold market
by EquityChamp Yesterday at 5:44 pm

» HATTON NATIONAL BANK PLC
by ADVENTUS Yesterday at 4:22 pm

» Investor sentiment - will there ever be a recovery?
by xhunter Yesterday at 4:19 pm

» The strong learn to hang in there and keep bouncing back until they win. Stock market for beginners
by Asoka Samarakone Yesterday at 4:04 pm

» Everybody talks about huge selling. That means there are buyers in the market to buy these shares. Stock market for beginners
by samaritan Yesterday at 4:00 pm

» SHOESHINE BOYS!
by Bakkabwoi Yesterday at 2:36 pm

» CSE - Market status
by stockie Yesterday at 1:06 pm

» Guardian Investment Trust (GUAR) could Sky Rocket
by RJ1010 Yesterday at 9:41 am

» CB to continue the current accommodative monetary policy stance
by samaritan Yesterday at 9:18 am

» PANASIAN POWER PLC (PAP.N0000)
by vijay singh Yesterday at 2:26 am

» Maharaja's Advice
by madukp Yesterday at 1:17 am

» Millennial Capital Youtube Channel
by MillennialC Wed Mar 03, 2021 11:54 pm

» Personal Loans in Sri Lanka from Hatton National Bank
by onenine87 Wed Mar 03, 2021 8:34 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


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