COLOMBO: The Samagi Jana Balavegaya on Tuesday Feb.14 presented its Economic Policy in Colombo.
Blueprint 2.0: is a Ten-Point Program for Economic Stabilisation and Equitable Growth.
1. Transparency and Accountability
2. Debt Crisis Management
3. Monetary and Exchange Rate Policy
4. Revenue Consolidation
5. Expenditure Control
6. Trade, Industry, Agriculture, and Services Promotion
7. Public Sector Management and Digitalisation
8. Energy and Utilities Reform
9. Factor Market Reform
10. Stronger Social Safety Nets
According to the statment named The Blue Print, the Samagi Jana Balavegaya believes in a social market economy: a fusion of economic liberalism emphasising individual freedom and autonomy, and political freedom emphasising equity and social justice.
“Our core vision is to create a well-functioning, highly competitive, market-based system that works for the wellbeing of all Sri Lankans. To achieve this, we must transform our economy into an ecosystem driven by market competition and competitiveness while providing public support and social protection and ensuring dignity for all. We firmly believe that market competition is the key to the economic success of the individual and the economy; yet we know that regulation and assistance is needed to achieve equitable and inclusive growth,” said the statement.
It adds that to put the economy on a sustainable growth path, expenditure reduction policies must be combined with policies that incentivise tradable production. Therefore, economic stabilisation without a shift in the production structure towards tradable production, in particular export-oriented production, may result in stagnation, noted the statement.
It further noted that to attain long-term development sustainably, opportunities should be offered to all citizens, and they should be empowered to harness these opportunities for their wellbeing.
“The government should actively facilitate and ensure this, by building an appropriate knowledge and information base, and maintaining proper economic policy, governance, law and order, and property rights. We believe economic growth is central to poverty alleviation. Compelling evidence from around the world shows that outward-oriented growth is more ‘pro-poor’ and effective at reducing poverty than statist, inward-oriented strategies. Our own economic history illustrates this well,” it added.
The statement further noted that the SJB is committed to transforming the closed ‘twin deficit’ economy characterised by stopstart growth and periodic macroeconomic crises, into a dynamic, outward-oriented economy that delivers sustainable, shared growth for all its citizens to enjoy.
“This requires achieving a strong, sustainable fiscal position through government revenue and fiscal reforms; incentivising openness, exports and GPN linkages; undertaking complementary monetary, exchange rate, factor market, and competition reforms; and underpinning all of this with a coherent, well-targeted social welfare net and strong anti-corruption legislation,” it added.( News First)
