A comprehensive and coherent approach to achieving and maintaining public debt sustainability is a must to take any step forward in addressing the current economic problem, the Central Bank of Sri Lanka says, among other things, in a summary of the performance of the Sri Lankan economy in 2021, in its 2021 Annual Report.
The summary adds: ‘These essential fiscal adjustments have to be supported by financially independent and autonomous State-Owned Business Enterprises by introducing, among others, cost-effective pricing structures, institutionalization of good governance and accountability mechanisms, notable productivity enhancement and service delivery in the overall public sector and strengthening of well targeted social safety net schemes.
‘While it is necessary to strengthen legal frameworks to ensure public accountability of state institutions, exercising existing legal powers in policy formulation and implementation by relevant authorities would ensure lasting economic welfare in the country. These changes would ensure increased participation of the private sector with ease, while the public sector continues to play a facilitatory role in the economy.’
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