Efficient public sector, accountable management accounting vital for sustainable development: PM

Prime Minister Dr. Harini Amarasuriya

CMA Sri Lanka Founder and President Prof. Lakshman R. Watawala addressing the inaugural session

CMA National Management Accounting Conference Journal being launched

Prime Minister Dr. Harini Amarasuriya said an efficient public sector supported by an accountable management accounting system is essential to secure Sri Lanka’s sustainable development as the country seeks to consolidate its recovery from the economic crisis.

Addressing the inaugural session of the CMA Sri Lanka National Management Accounting Conference 2026 in Colombo on Tuesday, the Prime Minister said sound management accounting had become a strategic necessity for both the public and private sectors amid growing global uncertainty.

“As Sri Lanka continues its recovery from the economic crisis, an efficient public sector together with an accountable management accounting system is essential to ensure the country’s sustainable development,” she said.

Dr. Amarasuriya said management accounting now extends well beyond financial reporting and plays a central role in supporting strategic decision-making.

“In the face of today’s global uncertainty, management accounting is far more than financial reporting. It is a vital tool that supports sound strategic decision-making in both the public and private sectors.”

She said Sri Lanka was steadily emerging from its financial crisis following the sacrifices made by the people and policy decisions taken by the Government, noting progress in the manufacturing, tourism and financial sectors.

“The challenge before us now is to further consolidate economic stability while building a competitive and resilient economy,” she said.

Highlighting the importance of accountability in the public sector, the Prime Minister said several Government institutions and ministries had failed to submit annual financial statements and audit reports over the past several years, but the present Government had taken steps to update the outstanding reports.

She warned that stricter enforcement would follow.

“Going forward, legal action will be taken against all institutions and officials who fail to submit financial reports on time or violate the required standards.”

Dr. Amarasuriya also called for greater reliance on evidence and data in public administration, saying policy decisions should not be influenced by personal agendas.

“Decisions within the public administration must not be driven by personal agendas but by evidence, data, and scientific analysis.”

She said accounting frameworks should also evolve to reflect changing global priorities by recognising environmental degradation and social costs that have traditionally received limited attention.

Referring to the Government’s education reforms, the Prime Minister said vocational training Programs and a one-year institutional internship would be incorporated into the Advanced Level curriculum, adding that the Government looked forward to the support of recognised professional institutions in implementing the initiative.

She also acknowledged the contribution of professional bodies, including CMA Sri Lanka, in developing professionals with the ethical values and strategic thinking required in an economy increasingly shaped by digital technology and artificial intelligence.

During the opening ceremony, Dr. Amarasuriya launched the CMA National Management Accounting Conference Journal and presented Golden Jubilee Awards to senior professionals in recognition of 50 years of service to the accounting profession.

CMA Sri Lanka also awarded 100 full scholarships to the Government for public sector officers to pursue the CMA Management Accounting Programme.

The two-day conference, held on 20 and 21 July at Cinnamon Life Colombo under the theme “Crisis, Stability and Growth: A Management Accounting Lens,” was attended by Canadian High Commissioner to Sri Lanka and the Maldives Isabelle Martin, CPA Australia President Prof. Dale Pinto, CMA Sri Lanka Founder and President Prof. Lakshman R. Watawala, members of CMA Sri Lanka, and local and international participants.

- Pix by Ruwan Walpola