The recently released Central Bank annual report, commenting about Sri Lanka’s outlook, says “the end to the prolonged internal conflict and restoration of peace provide a greater optimism for economic prosperity and a strong basis for long term sustainable development supported by appropriate policies. The opportunities created by the restoration of peace will be complemented by the ongoing global economic recovery”.
With external reserves showing an all time high, low interest rates and inflation, buoyant capital market and highly successful IPOs, we Sri Lankans have a right to believe that becoming the “Miracle of Asia” is not impossible. Vast developments in the East and Jaffna bubbling with activity and most important how the people have quickly forgotten the past conflicts gives us lot of courage.
Stable government and a relatively peaceful election means the people are showing maturity sans narrow political boundaries. All these augurs well for the country and in the region that Sri Lanka is undoubtedly a safe location without conflicts. The Colombo port has outperformed most of the South Asian ports and has gained an eminent hub status. The much neglected infrastructure in the provinces is getting a facelift while Colombo remains congested. Sri Lanka will host the 2011 World Cup in three venues with two out of Colombo, Hambantota with sea and airports will add momentum to the economy. Tourism is showing unprecedented growth.
The legislators who were elected recently have an enormous responsibility to discharge their duties. The public consensus is that most of them are not clear about their duties and responsibilities and it will be good for the government to conduct an intensive residential training program on parliamentary procedures and discipline, accountability, good governance, public accountability etc. Recently an eminent banker addressing a public seminar stated that the amount of posters that came up in the city recently and the high frequency they were replaced was amazing and the sum of money spent would have been colossal.
He further added that if these funds were channeled through the banking system the economy would have gained. While some argument exists for a display of a reasonable level of propaganda material, what was however witnessed recently does not speak well of public accountability of the legislators. To add insult to injury, after the clearance of the city walls by the authorities politicians of both sides did a further round of posters under the guise of thanking the voters.
Apart from the enormous funds wasted on these posters (most of the raw materials being imported) the damage to the environment was immense. On the brighter side the Environment Minister whose propaganda material was hardly visible in the city walls, did extremely well to emerge as the third in the list. This is a good signal to the politicians who only thought of themselves with no concern whatsoever of the massive public funds that would be needed to clean up the city and the irreparable damage to the environment. These impediments must be cleared if we are serious of being the “Miracle of Asia”
It would be a good idea to consider levying a tax on all commercial posters (politicians and tuition masters dominating) printed that could be recovered effectively from the printer and remitted to the revenue authorities. Given the heavy taxation such as ESC, NBT, VAT etc that are borne by the industries there exists a justification to tax the politicians who enjoy the privilege of tax free emoluments and duty free car permits that make heavy dents in the government revenue. In fact one of the requests the IMF has made from the government is to put forward a plan for higher revenue.
Henry Ghesquiere (formerly of IMF) in “Singapore’s success”, says: “Singapore followed an integrated approach to development outcomes, policies, institutions social and cultural values, and the political dynamics of implementation all reinforced each other. Each country must fashion the specifics of its policies and institutions tailored to its own local geographical and historic conditions. Leadership is imperative for effective governance.
Singapore succeeded because the leadership was assiduous, highly intelligent in a practical way, determined to achieve shared prosperity, and committed to act with integrity. Leading with vision and fortitude is possible. Its benefits can be invaluable. That is Singapore’s ultimate lesson! “
Miracles are hard, achievable but rewarding. While the public continues to make continuous sacrifices legislators too should set an example. With strong committed leadership Let us be hopeful that Sri Lanka’s dream miracle is not far away.
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