Champika markets Govt. economic policy

• Calls for consistent policy and transparency 
• Launches new book to create awareness of debt and need for taxes 
• Says Central Bank Governor controversy has affected markets but stops short of calling for removal 
• Backs ETCA and pushes for stronger anti-corruption mechanisms  

By Uditha Jayasinghe 

Megapolis and Western Province Development Minister Champika Ranawaka became the latest top official to don gloves for the Government’s economic agenda while launching his latest book, but called for greater transparency and consistency in policy making. 

The book titled ‘Caution! Fiscal Cliff Ahead’ was described by Ranawaka as an essay written by him to enable the public to understand the significant economic challenges before the Government. The book, he insisted, was necessitated by growing public misunderstanding over the need to increase VAT and other taxes and the twisting of Government policies by Opposition politicians.

Delivering a wide ranging speech during the launch ceremony, Ranawaka applauded the Government’s efforts to make institutions more independent but insisted that they should also encapsulate efficiency. 

“For justice to be achieved, it is not just necessary for the judge to be independent but the court must also finish hearing cases within a reasonable time period. This does not happen in Sri Lanka. This issue is clearly hampering corruption investigations of this Government as well,” he said. 

Establishing special courts for corruption cases has been suggested by the Government, Ranawaka noted, adding that he personally heavily endorsed such a move. He also called for the investigation of Sri Lankans named in the Panama Papers as a priority.  

Ranawaka also insisted that transparency was integral to the effective implementation of policy and touched upon the ongoing pressure to remove Central Bank Governor Arjuna Mahendran and prevent him from being appointed to a second six-year term.  

“The investigations on the Governor are ongoing and we cannot draw unfair conclusions until they are concluded. But everyone has to admit that this situation has made people lose confidence in the market,” Ranawaka told a gathering that included Field Marshal Sarath Fonseka, Public Enterprise Deputy Minister Eran Wickramaratne and Media Minster Gayantha Karunathilake among others. 

The book details four areas the Government would have to concentrate on for better economic management ahead of formulating the next budget. Expenditure management, revenue increases, productivity growth and infrastructure development were listed as the critical points policy makers would have to concentrate on. 

Heavily criticising the economic policy of former President Mahinda Rajapaksa, Ranawaka reiterated the Government’s commitment to managing debt. He also backed economy liberalising policies such as the proposed Economic Technology Cooperation Agreement (ETCA) to be signed with India later this year.