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

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Bank run leading the way in 2024
by bkasun Today at 3:21 pm

» ACCESS ENGINEERING PLC (AEL) Will pass IPO Price of Rs 25 ?????
by blindhog Thu Apr 11, 2024 10:44 am

» ASPI: Undoing GR/Covid19!
by DeepFreakingValue Thu Apr 11, 2024 10:25 am

» Learn CSE Rules and Regulations with the help of AI Assistant
by ChatGPT Tue Apr 09, 2024 7:47 am

» Top AI tools in Sri Lanka
by ChatGPT Tue Apr 09, 2024 7:21 am

» HDFC- Best ever profit reported in 2023
by ApolloCSE Mon Apr 08, 2024 12:43 pm

» WAPO 200% UP
by LAMDA Sun Apr 07, 2024 10:41 pm

» KEGALLE PLANTATIONS PLC (KGAL.N0000)
by DeepFreakingValue Fri Apr 05, 2024 2:04 pm

» ARPICO INSURANCE PLC - Reports LKR 625mn loss for the FY2023
by DeepFreakingValue Fri Apr 05, 2024 12:58 pm

» EXTERMINATORS PLC (EXT.N0000)
by ErangaDS Fri Apr 05, 2024 10:59 am

» ALLIANCE FINANCE COMPANY PLC (ALLI.N0000)
by SL-INVESTOR Fri Apr 05, 2024 8:29 am

» PEOPLE'S INSURANCE PLC (PINS.N0000)
by Anushka Perz Thu Apr 04, 2024 9:50 pm

» PINS (People's Insurance) will be another UAL
by sakuni Thu Apr 04, 2024 8:22 pm

» A New Record Price for One Tonne of Cocoa on the International Market
by ResearchMan Thu Apr 04, 2024 2:03 pm

» Access Engineering awarded two more contract packages at Colombo Port
by samansilva Thu Apr 04, 2024 12:05 pm

» Asha Securities and Asia Securities Target AEL (Access Enginnering PLC )
by rukshan1234 Thu Apr 04, 2024 11:53 am

» FMCG Sector LMF, MEL and DIST
by buwr Thu Apr 04, 2024 9:35 am

» CEYLON GUARDIAN INVESTMENT TRUST PLC (GUAR)
by soileconomy Thu Apr 04, 2024 3:00 am

» RWSL - WATCH
by sureshot Wed Apr 03, 2024 8:39 am

» LANKA CREDIT AND BUSINESS FINANCE PLC (LCBF.N0000)
by SL-INVESTOR Tue Apr 02, 2024 9:14 am

» Cargills Bank PLC: Financial Status and Future Outlook
by God Father Mon Apr 01, 2024 12:48 pm

» EX-PACK CORRUGATED CARTONS PLC (PACK.N0000)
by C.THARANGA Sun Mar 31, 2024 11:19 pm

» Positive on Healthcare and Pharma Stocks
by nilantha suranga Sun Mar 31, 2024 9:25 pm

» LankaTAX: Sri Lanka's First-ever AI powered Assistant for Tax Evaluation and Compliance
by ChatGPT Sun Mar 31, 2024 7:41 pm

» LankaLAW; Sri Lanka's First-ever AI powered Assistant for Legal Research and Advise
by ChatGPT Sun Mar 31, 2024 7:34 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

Rally for reforms

Go down  Message [Page 1 of 1]

1Rally for reforms Empty Rally for reforms Mon May 02, 2022 3:23 pm

ChooBoy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

- Finance Ministry, Central Bank join growing chorus for country to undertake long-due difficult reforms using crises as golden opportunity
- Must use crisis as opportunity to undertake difficult reforms: CBSL Chief
- Finance Ministry stresses need to urgently undertake difficult but much-needed and far-reaching reforms to address accumulated and persistent issues
- Warns failure to implement required policy reforms at this critical juncture will be very costly
- Time has come to put “house in order” and revamp Govt.’s fiscal operations to strengthen macroeconomic stability and facilitate economic growth
- Reforms will lay strong foundation to create modern and robust economy for future generations to come


The chorus is getting louder for critical reforms, and the latest rally and strong articulation comes from none other than the Finance Ministry and the Central Bank given the country’s precarious economic situation.

For years, the private sector as well as international donor agencies have called for structural reforms but successive governments have shied away, soft-peddled or even postponed this dire need due to cheap political benefits.

Last week, the Finance Ministry and the Central Bank further drummed up the need for urgently kick off reforms.

“We must use the crisis as an opportunity to undertake difficult reforms,” CBSL Governor Dr. Nandalal Weerasinghe told journalists on Friday.

Separately the CBSL in its 2021 Annual Report, also stressed the need to start bold structural reforms to revitalise medium to long term macroeconomic stability, which remains a necessary condition for long-term inclusive growth.

“In this regard, the implementation of several structural reforms is vital at this juncture by the Government to complement the Central Bank’s remedial policies. Implementing strong fiscal adjustments, which have been long delayed and often reversed in the past, will lead to a visible turnaround in the current complex economic turmoil,” the CBSL said.

“Sri Lanka should urgently undertake difficult, but much-needed and far-reaching reforms to address the accumulated and persistent issues,” said the Finance Ministry under the leadership of Minister Ali Sabry and Secretary Mahinda Siriwardena in its first information series note titled ‘Fiscal sector: Present situation and way forward’.

“The time has come to put the ‘house in order’ and revamp the Government’s fiscal operations to strengthen macroeconomic stability and facilitate economic growth in the medium to long term,” it said.

The Finance Ministry said the Government’s decision to seek the assistance of the International Monetary Fund (IMF) will be a starting point and a catalyst to implement these critical reforms with the support of the citizens and other stakeholders.

“Failure to implement required policy reforms at this critical juncture will be very costly. However, it will lay a strong foundation to create a modern and robust economy for the future generations to come,” it added.

The Finance Ministry also emphasised that the support of the private sector, the public and international agencies is crucial in implementing fiscal reforms, with a strong social protection network to support the poor and vulnerable.

“Clear communication with the public, business and investor communities will be important to ensure a sustained reform process,” it said.

It is also important to foster the understanding that Government expenditure on public services and welfare comes at the expense of higher levels of taxation or continued borrowings.

“Sri Lanka can no longer afford to run high budget deficits, and whilst there is a requirement for greater investment in sectors such as education, healthcare, public transport, and service delivery, there are several aspects of Government expenditure that require rationalisation,” the Finance Ministry stressed.

“It is observed that a culture of unproductive Government subsidisation and handouts is no longer viable. Instead, a stable macroeconomic environment which empowers citizens to thrive along with the necessary social protection mechanisms, would result in a more stable and sustainable economic outcome,” Finance Ministry added.

It also warned that failure to implement required policy reforms at this critical juncture will be extremely costly. “In recent months, Sri Lanka has already experienced the adverse outcomes of failing to implement these reforms in the past.

“Hence, it is vital that Sri Lanka uses this turbulent situation as an opportunity to undertake difficult but much needed reforms to address the long-standing macroeconomic issues and lay a strong foundation to create a modern and robust economy for future generations to come,” it added.

In their report in March, the IMF Directors called for renewed efforts on growth-enhancing structural reforms in Sri Lanka.

They include increasing female labour force participation, reducing youth unemployment, liberalising trade, developing a wide-reaching and coherent investment promotion strategy, and reforming price controls and State-owned enterprises (SOEs). Efforts to strengthen governance and reduce corruption vulnerabilities should continue.

Other measures recommended included substantial revenue-based fiscal consolidation.

“Reforms should focus on strengthening VAT and income taxes, through rate increases and base broadening measures. Fiscal adjustment should be accompanied by energy pricing reforms to reduce fiscal risks from loss making public enterprises. Institution building reforms, such as revamping the fiscal rule, would help ensure the credibility of the strategy,” the IMF said.

https://www.ft.lk/top-story/Rally-for-reforms/26-734193?utm_source=dlvr.it&utm_medium=twitter

Back to top  Message [Page 1 of 1]

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