Home / Business/ ICCSL says progressive budget but execution is key

ICCSL says progressive budget but execution is key


Comments / {{hitsCtrl.values.hits}} Views / Friday, 8 March 2019 00:00

Facebook

 


The International Chamber of Commerce Sri Lanka (ICCSL) congratulates the Government for maintaining policy consistency and continuing on its economic reforms agenda.

ICCSL Chairman Dinesh Weerakkody 



ICCSL Chairman Dinesh Weerakkody noted that the 2019 Budget reflects the Government’s policy of pursuing an outward-oriented economy by reducing barriers to trade both domestically and internationally, through gradual phase out of para-tariffs, whilst improving market access for exports. These would go a long way towards improving our export competitiveness and bring depth and breadth to Sri Lanka’s trade with the rest of the world. 

Weerakkoday also noted that the 2019 Budget proposes to improve the female labour force participation currently at 35% through several new approaches. Giving multiple options for child care facilities is good move. Not all female workers are able to take their children to work, to be put in child care facilities offered by the employers. It is also encouraging to see that the Government is subsidising the wages of mothers on maternity leave. The proposed amendments to legislation to allow part-time work, flexible work, and work from home are also welcome, but needs to be fast tracked. The proposed investments in improving school infrastructure as well as teacher training are very welcome initiatives.

ICC Sri Lanka is also happy to note the incentives given to the gem and jewellery industry. The reduction of customs duty on the importation of machinery used in lapidaries, and on imported un-cut gems will be an incentive to the local jewellers, the statement went on to add.

Weerakkody however noted with concern the GDP growth estimates for the period from 2019-2024. With growth expected to gradually rise from 3+% in 2018 to 4.8% by 2024 in this key indicator of economic wellbeing and stability is certainly a cause for concern. There is little doubt that the country must persist with a multi-pronged reform efforts including revenue-based fiscal consolidation, improving the business climate, strengthen the capital market and regional economic integration.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Politics and governance in need of radical change

Monday, 26 August 2019

 The very concept of an institutionalised political party and fans who blindly support it (under any circumstance) – raises serious questions about human intelligence. Human intelligence has powered great pursuits such as Artificial Intelligence a


Go digital now

Monday, 26 August 2019

It’s a no brainer. An agency head I know recently said to me: “The jury is still out on the impact of digital advertising on client business in Sri Lanka.” I said: “What makes you say that.” He was clear. He said: “No numbers to support i


No bourgeoisie, no democracy

Monday, 26 August 2019

In the dark, forbiddingly bleak topography of our dysfunctional democracy, the emergence of the National People Power (NPP) coalition is a refreshingly propitious development. The centre-left intelligentsia could not resist comparing it to the mass


STG who became SDG of the Central Bank

Monday, 26 August 2019

A hard taskmaster as Director of Economic Research When Dr. S.T.G. Fernando, fondly known as STG, was appointed as Director of Economic Research of the Central Bank in 1979, his fame – or perhaps, notoriety – as a hard taskmaster had travelled to


Columnists More

Special Report

SPECIAL REPORT MORE