Navigate the complexities of economic policy in our exclusive Zoom webinar. Join Murtaza Jafferjee (Chair Advocata Institute) as he deconstructs critical fiscal misconceptions and provides strategic insights into:
• Balance of payments dynamics
• Tax policy intricacies
• Economic impact of sectoral taxation
• VAT exemptions and strategic thresholds
Demystifying economic myths with expert analysis
The Universal Declaration of Human Rights in 1948 and the International Covenant on Economic, Social and Cultural Rights in 1966 recognized access to housing as a fundamental human right. This right implies that the government is responsible for ensuring access to a safe, secure, habitable, and affordable home for all citizens. The right to adequate housing was an important element of the United Nations Millennium Development Goals. It also forms a key pillar in the United Nations’ 2030 Agenda for Sustainable Development; Sustainable Development Goal (SDG) 11 targets access for all
to adequate, safe and affordable housing and basic services (OHCHR, n.d.). Despite these declarations and goals, the supply of affordable housing has not kept up with demand from population growth, urbanization, and migration. UN Habitat estimates that by 2030, 3billion people or about 40% of the world’s population will require access to adequate housing. Thisn umber is equivalent to providing 96,000 affordable housing units every day (UN, 2019)
Originally appeared in the Daily FT
Urges Govt. to consider similar targeted interventions over VAT exemptions on various goods and services
The Advocata Institute has applauded the recent policy action by the Government to provide a cash transfer of Rs. 6,000 to school children from vulnerable groups to assist them in purchasing school stationery for the upcoming 2025 academic year.
“This policy move reflects a thoughtful and impactful approach to addressing pressing social challenges without compromising Sri Lanka’s fiscal sustainability,” Advocata said in a statement.
The proposed cash transfer program through the Ministry of Education and the Welfare Benefits Board stands out as a more equitable alternative compared to measures such as reducing or exempting value-added tax (VAT) on school books and stationery. While VAT exemptions on education materials might seem appealing, they are not targeted and hence can disproportionately benefit high-income households. High-income households, with greater purchasing power are more likely to purchase larger quantities or more expensive educational materials, amplifying their benefit from such exemptions. In contrast, vulnerable groups, including low-income households, often prioritise essentials such as food, housing, and healthcare, leaving little capacity to purchase additional educational materials even with reduced tax rates.
Advocata said VAT exemptions or reductions, which lower the cost of selected items can also create distortionary effects on market prices by altering consumer behaviour. It can reduce demand for close substitutes that are not exempt, making it harder for businesses offering these alternatives to compete, creating inefficiencies in the market. Additionally, businesses may not always pass on the benefit of VAT removal to customers, choosing to keep the added margin to themselves. Targeted cash transfers, however, ensure that resources are allocated efficiently and directly to those who need them most, empowering vulnerable families to meet their specific educational needs without unintended market disruptions.
Advocata also opined that Sri Lanka’s economic crisis increased the cost of education material. A survey on the household impact of the economic crisis in 2023 conducted by the Department of Census and Statistics revealed that a large number of school children in rural and estate regions have faced significant setbacks in their education owing to the economic crisis, where 53.2% of affected children have reduced or stopped purchasing school stationary, while 26.1% have resorted to reusing old stationery. In light of this, the cash transfer to purchase education material will provide immediate relief to those struggling to meet their children’s immediate education needs, which can otherwise be a barrier to school attendance and performance.
Thus, it will help address socioeconomic disparities without disrupting the Government’s revenue flow to maintain essential public services, especially in light of the IMF’s stabilisation program’s requirements for the authorities to raise the tax to GDP ratio to 14% by 2026. Given that access to education is a fundamental right, the cash transfer will help ensure that no child is left behind due to financial difficulties.
With the exception of essential items like food, the Advocata Institute urges the Government to consider similar targeted interventions over VAT exemptions on various goods and services. Direct cash transfers effectively mitigate the regressive impact of VAT by directing assistance to those most in need, allowing them the flexibility to allocate funds according to their specific circumstances and priorities.
Land expropriation in Sri Lanka, governed by the Land Acquisition Act, plays a key role in public welfare and infrastructure development. However, three critical challenges persist: vague criteria for urgent acquisitions, a subjective definition of "public purpose," and delays or inadequacies in compensation for affected landowners. These issues raise concerns about fairness, transparency, and the potential misuse of power. To address these, our policy briefs provide in-depth insights and actionable recommendations for reform.
To access the Land Expropriation Policy Briefs, click below
By Dhananath Fernando
Originally appeared in the Daily FT
The resounding victory of the National People’s Power (NPP) marks the beginning of a new chapter in Sri Lanka’s history. For decades, citizens have watched as promises made by the political elite faded into disappointment. This election is a clear message: the people demand change. With 159 seats in Parliament and a two-thirds majority, the NPP has been given an unparalleled mandate to deliver a Government that is clean, transparent, and accountable.
The NPP’s historic Parliamentary victory was made possible by a significant swing in voting after the Presidential election. While the NPP candidate secured only 42.31% of the vote in the Presidential race, this surged to 61.56% in the Parliamentary election. A key factor behind this shift was growing public confidence in the NPP’s ability to stabilise the economy, continuation of debt restructuring and continue the reforms initiated under the IMF program. For a country emerging from a severe economic crisis, maintaining this momentum is crucial. Economic recovery requires sustained reforms, fiscal discipline, and a commitment to fostering growth while protecting the most vulnerable. The NPP now has both the mandate and the responsibility to prioritise these efforts, ensuring that Sri Lanka’s hard-won stability leads to long-term prosperity.
Government that serves its people rather than itself
This victory is more than just a win for the NPP. It is a victory for values that people have come to associate with the NPP; of honesty and of a Government that serves its people rather than itself. The old political culture, rife with corruption and cronyism, has been decisively rejected.
While the NPP now has the authority to make sweeping changes, it also carries a heavy obligation: to ensure that this power is not abused. History shows us that unchecked power, no matter how well-intentioned, can lead to dangerous consequences. This is why the principle of separation of powers is so important.
The separation of powers means that no single branch of Government—whether the President, the Parliament, or the Judiciary—should have unchecked authority. Each branch should act as a check on the other, ensuring that decisions are made with careful thought and accountability. Unfortunately, Sri Lanka’s Constitution places extraordinary power in the hands of the President, disrupting this balance. A two-thirds majority in Parliament further concentrates power, making it even more critical to establish safeguards.
As James Madison, one of the great thinkers behind modern democracy, once said: “If men were angels, no government would be necessary. If angels governed men, no checks would be needed. But because governments are made up of people, we must create systems that control the government itself.”
This wisdom reminds us that even the best leaders are human. Without proper restraints, even well-meaning governments can falter. Checks and balances between the executive and the legislature, an independent judiciary and the active participation of civil society are all essential to ensure that power is used wisely.
Opportunity to rewrite the rules of Sri Lanka’s political game
The foundation of the separation of powers is found within the constitution. The NPP has a golden opportunity to rewrite the rules of Sri Lanka’s political game to ensure accountability and justice for generations to come. This means not merely abolishing the Presidency but a new constitution based on Westminster principles that restores the balance between the executive, legislature and the judiciary. This is what the call for “system change”, embodies; not merely a change in the personalities in power but a fundamental change in the way politics is done.
Persson, Roland and Tabellini point out that “Political constitutions are incomplete contracts and therefore leave room for abuse of power. In democracies, elections are the primary mechanism for disciplining public officials, but they are not sufficient. Separation of powers between executive and legislative bodies also helps to prevent the abuse of power, but only with appropriate checks and balances. Checks and balances work by creating a conflict of interest between the executive and the legislature, yet requiring both bodies to agree on public policy. In this way, the two bodies discipline each other to the voters’ advantage. Under appropriate checks and balances, separation of powers also helps the voters elicit information.”
This moment is not just about the NPP; it is about us, the people. As citizens, we must remain vigilant, engaged, and vocal. A true democracy requires not only strong leaders but also an active and informed population. Together, we can build a Sri Lanka that lives up to the ideals of justice, equality, and freedom.
Let us celebrate this victory with hope but also with a clear understanding of the work ahead. The NPP has promised a new political culture. Now is the time to make it a reality—one rooted in accountability, justice and the enduring principle that no one is above the law.
Originally appeared in the Daily FT
The Advocata Institute has extended its heartfelt congratulations to President Anura Kumara Dissanayake on his election as the ninth Executive President of the Democratic Socialist Republic of Sri Lanka.
In a message addressed to the President, Advocata Institute Chairman Murtaza Jafferjee and CEO Dhananath Fernando acknowledged the trust and confidence placed in President Dissanayake by the people of Sri Lanka.
They expressed optimism that his leadership will guide the country towards a more prosperous and equitable future.
“As an independent policy think tank committed to advancing economic freedoms and improving the well-being of Sri Lankans through economic prosperity, we believe your tenure offers a unique opportunity to pursue meaningful reforms that will continue economic stability, promote sustainable growth, enhance governance, and uplift the living standards of all citizens,” Jafferjee said.
The Advocata Institute also emphasised its readiness to support the new administration with its expertise in economic research and public policy, highlighting the power of evidence-based policymaking in driving positive change.
“We look forward to collaborating with your Government on initiatives that foster an open and thriving economy,” said Fernando, expressing the organisation’s commitment to the principles of economic freedom and innovation as drivers of national prosperity.
Sri Lanka's state-owned enterprises (SOEs) are a major hindrance to the country’s economic prosperity. The state's footprints extend across all major industries - telecommunications, banking, ports, petroleum, and power generation. With over 400 SOEs spread across 33 sectors and employing roughly 250,000 workers, they form an inefficient, bloated bureaucracy. The IMF's Governance Diagnostic Assessment flags SOEs as being high-risk for corruption, plagued by weak management, shoddy oversight, rigged procurement processes, political interference, and a lack of transparency. Sri Lanka cannot afford the status quo. Decisive action to privatise SOEs is essential to break free from the cycle of inefficiency and corruption, and unlock sustainable economic growth.
Here is the link to the Advocata SOE Briefing Note in English on
Getting the State Out of Business: The Compelling Case for Privatisation of State-Owned Businesses
Here is the link to the Advocata SOE Briefing Note in Sinhala
Here is the link to the Advocata SOE Briefing Note in Tamil
As a group, these SOEs have suffered large losses that have contributed to the present macroeconomic problems facing the country. The state has to make good on these losses, increasing public deficits that have to be financed by borrowing from the Central Bank, has exacerbated this issue further, which has brought high inflationary pressures into the economy. Losses of these enterprises contribute to macroeconomic instability given the perilous state of our overall finances. The Ceylon Petroleum Corporation, Ceylon Electricity Board and SriLankan Airlines need immediate reform or sale to a private party to arrest the growing magnitude of this problem. Previous attempts to address this problem have attracted controversy. Our general population is not prepared to allow disposal of enterprises despite their record of making large losses year after year. Apart from the macroeconomic problem, the country has a large productivity and efficiency problem that requires more resources to keep growing even at the same rate given that productivity and efficiency issues have not been addressed adequately.
Advocata's 2022 Report "State of State Owned Enterprises 2022 " is a deep dive on the impact of State Owned Enterprises, on Sri Lanka's economy.
The gaming industry of Sri Lanka includes casinos, betting centers, and lotteries. The casino industry emerged in 1977 following the open economy policy. The government has reluctantly acknowledged casinos as part of economic development, but public perceptions of the industry's integrity remains low due to the lack of proper regulation. The betting and lottery industries have operated for longer with varying degrees of oversight, with the lottery industry being exclusively state-operated. The report provides a SWOT analysis of the industry, highlighting strengths such as the legal status for inland casinos and a reliable patron base. However, the growth of the industry is stunted by lack of regulatory oversight and the limited focus so far on the integrated resort model.
Here is the link to the full report:
Sri Lanka's state-owned enterprises (SOEs) are a major hindrance to the country’s economic prosperity. The state's footprints extend across all major industries - telecommunications, banking, ports, petroleum, and power generation. With over 400 SOEs spread across 33 sectors and employing roughly 250,000 workers, they form an inefficient, bloated bureaucracy. The IMF's Governance Diagnostic Assessment flags SOEs as being high-risk for corruption, plagued by weak management, shoddy oversight, rigged procurement processes, political interference, and a lack of transparency. Sri Lanka cannot afford the status quo. Decisive action to privatise SOEs is essential to break free from the cycle of inefficiency and corruption, and unlock sustainable economic growth.
Here is the link to the Advocata SOE Reform Roadmap in English on
Getting the State Out of Business: The Compelling Case for Privatisation of State-Owned Businesses
Here is the link to the Advocata SOE Reform Roadmap in Sinhala
Here is the link to the Advocata SOE Reform Roadmap in Tamil
The Budget Speech 2024 revealed that Sri Lanka plans to accelerate Public Private Partnerships (PPPs) to secure the required investments and expertise to facilitate continued provision of much needed public infrastructure projects across the country. Against the backdrop of Sri Lanka’s efforts to come out of its current economic crisis, which was largely caused by the mismanagement of public finances and unsustainable levels of national debt - partly taken to fund large scale public infrastructure projects, this indication to involve the private sector in public infrastructure service provision going forward is a positive and sustainable sign.
However, the PPP framework in Sri Lanka at present is characterised by multiple institutional and regulatory weaknesses, which should be resolved before PPPs can fully serve to facilitate sustainable infrastructure investments in the country.
Here is the link to the Advocata Policy Brief on The Role of Public Private Partnerships (PPPs) as a Sustainable Alternative to Public Infrastructure Investments in Sri Lanka
Domestic workers in Sri Lanka have been a significant part of the paid care eco-system, and have long suffered from poor working conditions caused by many economic and social barriers. Prior to the establishment of specialized child care, and elderly care agencies which are still limited to urban Sri Lanka, domestic workers made up almost all of the paid care sector in the country.
Here is the link to the WPAN Policy Brief on Informal Employment With a Focus on Domestic Workers in Sri Lanka
In an effort to address the ever-evolving landscape of global governance, an esteemed gathering of thought leaders from diverse backgrounds will convene for the "Charting the Course: Revitalizing Economic Governance for Prosperity" conference organized independent economic policy think-tank, the Advocata Institute hosted on, May 18th, 2024, at the Galle Face Hotel, Colombo. The conference will serve as a platform to socialize the findings of the IMF Governance Diagnostics Assessment. Experts from various disciplines, including public administration, business, academia, civic society groups and non-profits, will engage in critical discussions surrounding the challenges and opportunities inherent in contemporary governance frameworks.
Governor of the Central Bank Dr. Nandalal Weerasinghe, Treasury Secretary Mr. Mahinda Siriwardena, Sarath Jayamanne PC, Murtaza Jafferjee, Deshamanya Dr. Radika Coomaraswamy, Justice Aluwihare, Dr. Sharmini Cooray, Prof. Rohan Samarajiva are among the key speakers. From examining regulatory policies to exploring innovative approaches to economic management, attendees can expect insightful dialogues aimed at fostering sustainable and inclusive growth.
With the collective expertise and vision of attendees, the "Charting the Course" conference aims to pave the way for a more robust and responsive economic governance framework, setting the stage for prosperity and progress in the years to come.
Legal, Organization and Strategic Frameworks for Anti Corruption and Anti- Money Laundering and Combating the Financing of Terrorism (AMT/ CFT) Panel Discussion
Sarath Jayamanne, PC
Dr. Subhani Keerthiratne - Head of Financial Intelligence Unit Mrs.
Disna Gurusingha - Assistant Director General, ciaboc
Moderator - Prof. Rohan Samarajiva - chairman, lirneasia
Central Bank Governance and Financial Sector Oversight | Panel Discussion Tune into
Dr.Nandalal Weerasinghe (Governor of the Central Bank of Sri Lanka),
Lakshman Silva (Former CEO, DFFC Bank) and Moderator
Mr. Murtaza Jafferjee (Chairman, Advocata Institute)
in an insightful conversation on how Central Bank Governance and Financial Sector Oversight is imperative to Sri Lanka's growth, as based on the IMF's report.
Fiscal Governance, Tax Policy, and Revenue Administration | Panel discussion Tune into
Mahinda Siriwardena (Treasury Secretary),
Dr. Sharmini Cooray (Presidential Advisor on Multilateral Engagement and Debt Sustainability , Former Department Director of the IMF),
Harsha De Silva (Member of Parliament, and Chairman - Committee on Public Finance ) and Moderator Dr. Roshan Perera (Senior Research Fellow, Advocata Institute)
in an insightful conversation on Fiscal Governance, Tax Policy, and Revenue Administration, as based on the IMF's report.
Rule Of Law | Panel discussion Tune into this panel discussion with
Justice Aluwihare (Former Justice of the Supreme Court),
Harsha Fernando (Presidents’ Counsel),
Paul Mylvaganam (Barrister-at-Law ) and
Moderator Romali Tudawe (CEO - Tudawe Brothers (Pvt) Ltd)
for an insightful conversation on Rule of Law, as based on the IMF's report.
Originally appeared on Daily FT, Ada Derana
The Advocata Institute welcomes the government’s stated intention to move from an inward-oriented economy to a more open economy to boost international trade, foreign investment and productivity.
The Sri Lankan government has gazetted the Economic Transformation Bill to overhaul the country's economic landscape. This ambitious Bill aims to create a more competitive, export-oriented, and digitally-driven economy while achieving net-zero emissions by 2050- however, enshrining economic targets in law may prove to be problematic.
Some of the key reforms include the establishment of new institutions that are intended to address some important issues. The Bill proposes establishing an Economic Commission to streamline economic activity and trade, and splitting the role of the Board of Investments (BOI) between Zones SL, Invest Sri Lanka, and the Economic Commission. Additionally, the bill also sets up specialized bodies to focus on promoting foreign investment (Invest Sri Lanka), developing industrial zones (Zones SL) and international trade (Office for International Trade), boosting productivity (National Productivity Commission), and providing economic expertise (Sri Lanka Institute of Economics and International Trade).
The policy will address crucial areas like debt management, agricultural modernisation, import-export regulations, and economic governance.
The Economic Transformation Bill sets ambitious debt reduction targets, aiming to bring the public debt-to-GDP ratio below 95% by 2032 and significantly reduce annual government borrowing needs. This strategy is complemented by a Public Financial Management Bill, which will be introduced alongside the Economic Transformation Act, to ensure responsible management of public finances and prevent future economic crises.
The Bill requires the Cabinet of Ministers to submit a report to Parliament every five years, outlining the policy framework and strategies to achieve the National Economic Transformation goals (Section 5). This may be revised from time to time and presented to Parliament. The first report is to be presented in 2025.
All policies, programmes, regulations, circulars, and directives of the Government shall conform to such National Policy on Economic Transformation. The government will also present a report each year on March 31st detailing progress made towards each target, and any corrective actions taken as and when needed (Section 7).
Limits for levels of debt and public expenditure are within the control of the government and are widely used in other countries. Targets such as Exports/GDP, FDI/GDP while clearly signaling the government's intent, belong more to the realm of policy than law. The bill makes provisions that where these targets have not been met, the Government shall inform Parliament of the measures being taken to remedy the situation and indicate when they will be met. While the remedial measures reflect a commitment to meeting these targets, the practicality of it may be questionable as many factors influencing these targets often extend beyond direct government control.
Key Aspects of Concern
The composition of the Board of the Economic Commission, which proposes a ten member board with four ex officio members of the relevant line ministries while there will be six members appointed by the President. The chairperson of the Economic Commission Board will also be a Presidential appointment, while the Director General of the Economic Commission is a Ministerial appointment. The wide powers exercised by the President over these appointments leave room for questions of credibility and politicization of appointments which needs to be carefully considered. Independent appointments of these key officials is mandatory for effective national policy formulation.
Advocata is concerned that certain provisions of the Bill do not apply to the Colombo Port City Special Economic Zone, established under section 2 of the Colombo Port City Economic Commission Act, No. 11 of 2021. This exclusion could lead to unfair competition.
Another important point of concern is the incentives and exemptions offered to investors under this bill, which leaves room for ad-hoc short-term measures that can be changed from time to time under the prescription of the Minister.
Setting targets on debt and primary balance is commonly found in laws, while targets for GDP growth, exports, and unemployment are often addressed as policy targets. By codifying these targets into law, they gain a degree of enforceability that is not typical for policy goals. This raises questions about the mechanisms for enforcement and the consequences for failing to meet these targets. The decision to legislate specific economic targets in Sri Lanka’s Economic Transformation Act is unusual but comes with potential challenges in terms of enforcement and practicality.
The Advocata Institute hosted a discussion on the 2nd of May 2024 on the theme: 'Institution Matter:Driving Forces of Economic Growth'. The event began with a presentation followed by a Fireside chat and Q/A with Arturo Herrera Gutiérrez Global Director for Governance, World Bank, along with the Chair of Advocata Institute, Murtaza Jafferjee.
The event focused on paramount issues of governance and reforms, shedding light on the challenges and opportunities in institutional development.
We are back with our 11th episode of Advocata Conversations!
This is a series of discussions, where we converse with esteemed industry leaders on policy and economy! With Advocata Conversations we aim to capture insights from experienced policymakers on policy reforms and their impact.
Our 11th episode is between Dr Franziska Ohnsorge ,Chief Economist at South Asia World Bank. She has been responsible for leading research programs on key economic issues in South Asia along with informing policy debates and World Bank lending. Prior to joining the World Bank, Franziska Ohnsorge worked in the Office of the Chief Economist of the European Bank for Reconstruction and Development and at the International Monetary Fund.
This conversation converses between Dr .Franziska and the Chair of Advocata, Murtaza Jafferjee.
The conversation focuses on the Title -South Asia Development Update 2024
Dr Franziska Ohnsorge in this conversation discusses about launching the South Asia development semi annual report that the World Bank produces on the growth Outlook of the region, further focusing on occupying policy makers. She pertains to describe this year’s report mainly involves on two things ; climate adaptation and creating more jobs in the market.
Originally appeared on Daily FT, Lanka Business Online
The soft pedaling by the government to carry out crucial reforms of State Owned Enterprises is forcing taxpayer’s wallets to take the brunt of the hit, says Colombo based think tank, Advocata Institute.
Dhananath Fernando, the Chief Executive Officer of the Advocata Institute said, taking into account the upcoming election cycle, the Advocata Institute, urged the need to reform State Owned (SOE) Enterprises. Here it was said that irrespective of the government that comes into power, SOE reforms must continue.
The cumulative losses of key 52 SOE’s in 2022 amounted to LKR 744.6Bn, costing LKR 1.7Mn per registered taxpayer, LKR 33,949 per citizen and LKR 141,809 per household. Despite the sharp increase in tax collection, estimates of tax collection for 2024 cannot cover the losses incurred by these 52 SOE’s for the year 2022.
“The delay in restructuring is impacting ordinary Sri Lankans the most and the longer it takes and it’s going to make it worse for Sri Lankan citizens and taxpayers irrespective of who comes to power in the upcoming polls,” Fernando said. “There's a 1 in 3 who don’t make 30,000 rupees per month in Sri Lanka hence putting more burden on taxpayers makes no sense.”
It was brought to attention that despite the reforms that are underway, they have been running at a snail's pace. The current rate would be “just enough” for Sri Lanka to avoid another crisis but not enough to put Sri Lanka into a trajectory to be competitive in international markets.
Among the 16 recommendations highlighted by the International Monetary Fund, SOE reforms are reiterated to be of importance. Specifically the Holding Company as well as the need to include skilled and competent members for the advisory board.
The cyclical nature of the debt of SOE’s and the domino effect it has on the fiscal deficit on the Government was described through the example of Sri Lankan Airlines. The possibility of a second round of debt restructuring owing to an inability to deal with SOE’s and their losses was explained.
The need to divest Sri Lankan Airlines through transparent bidding process was implored as allowing this process to be politicized would lead to a zero sum game at the cost of the taxpayer.
Dhananath Fernando, CEO of the Advocata Institute, reiterated the nature of SOE’s being utilized as vehicles for corruption in light of the lack of transparency with regard to financial reports. Here he identified that only a mere 52 SOE’s have released their financial reports to the public. He noted that revenue from income tax barely covers the losses established by the SOE’s.
The losses sustained by Sri Lanka Airlines and the government expenditure on Samurdhi benefits was compared to conceptualize the enormous opportunity cost the people of Sri Lanka are subjected to.
Rehana Thowfeek, Research Consultant, Advocata Institute, expressed that the intervention of the State into markets has had a negative impact on consumer welfare. The cost of the inefficiencies are borne by the taxpayer to fill the pockets of politicians. Updates regarding the current reforms that are underway were highlighted; passing of SOE Reforms Act and a new Banking Act, the setting up of the SOERU (State Owned Enterprise Restructuring Unit) and the mandate of the Holding Company.
“So far SOE’s have served the employees and the politicians and not for the ordinary citizens of Sri Lanka,” Rehana Thowfeek said. “We are nearing two years to the default but the needle of reform hasn’t moved.”
The constant delays during the reforms process, in situations like Sri Lankan Airlines where the deadline for bids has been pushed back several times already only costs the taxpayer more money, said Shihar Aneez, an independent financial journalist.
Last week, the treasury absorbed USD 510Mn of accumulated debt owed to the state banks which is an additional burden of approximately LKR 347,000 per taxpayer and approximately LKR 98,000 per Sri Lankan household. Aneez further said SOE’s are used as a vehicle for corruption, especially during elections.
“SOE assets are primarily used for election purposes by politicians as SOE's are a popular destination to create jobs while running billions in losses, which taxpayers have to stomach,” Aneez said.
The World Bank in partnership with the Sri Lanka Press Institue and the Advocata Institute will be hosting a webinar on the 2nd of April, from 11:30 am-12:30pm, on the topic ‘Bridge to Recovery: Boosting Employment and Productivity for Economic Growth’.
The event will feature panelists, Dr Sanjeeva Weerawarana (Chief Executive Officer, WSO2), Ms. Shyamali Ranaraja (Visiting Lecturer, Dept. of Law University of Peradeniya), Dr,Franziska Ohnsorg (Chief Economist, South Asia World Bank), Mr.Murtaza Jafferjee (Chairman, Advocata Institute). The discussion will be moderated by Dr. Gregory Smith (Lead Economist Maldives, Nepal & Sri Lanka, World Bank).
The discussion will be livestreamed on Advocata Institute Facebook and Youtube Channel, as well as the World Bank’s Facebook page
In the wake of Sri Lanka's economic challenges, it is undeniable that State Owned Enterprises (SOEs) have had a substantial impact on the country's fiscal health. With the aim of creating further awareness and public debate on the urgency of implementing SOE reforms, the Advocata Institute hosted a press event on the on the 3rd of April,on the topic ‘Taxpayer Burden & The Urgency of State- Owned Enterprise Reforms’
This event addressed areas such as the burden that tax payer has to bare as a result of the loss making State owned enterprises (SOE), Transparency of SOEs and the status of the SOE law encapsulating the pivotal role of the holding company. Dhananth Fernando (CEO of Advocata Institute), Rehana Thowfeek (Research Consultant, Advocata Institute) and Shihar Aneez (Financial Journalist) provided their views at the press conference.
For more infomation on SOE , visit https://soe.lk.
The presentation can be accessed here
Watch the full discussion here
The Women’s Policy Action Network hosted a conference on the 20th of March 2024, at Courtyard by Marriott on the topic Closing the Divide on Women's Access through Women's Access to Finance. The conference featured a panel discussion on the above topic with panelists who are experts in the relative conversations. The panel discussion covered topics such as the regulation of the microfinance sector in Sri Lanka, and the importance of financial consumer protection.
This discussion was supported by the Kingdom of the Netherlands and facilitated by the Advocata Institute.
Video to the full discussion can be accessed here
The policy brief on Closing The Divide Through Women’s Access To Finance can be accessed here
The presentation can be accessed here
