South Asia Economic Outlook: World Bank | Infrastructure Challenges & Economic Growth | Murtaza Jafferjee | Maurizio Bussolo

In this episode of Advocata Studio, Advocata Chair, Murtaza Jafferjee is joined by Maurizio Bussolo, (Lead Economist, Chief Economist Office for South Asia, The World Bank). In this video he discusses with Murtaza Jafferjee on trade, gender inequality, and economic growth in South Asia, and its impact on productivity. He also addresses the South Asia's economic growth and infrastructure challenges.

Watch the full discussion here:

Maurizio Bussolo, (Lead Economist, Chief Economist Office for South Asia, The World Bank) also presents a report on South Asia's economic outlook, highlighting slowing growth and challenges such as weak private investment and fiscal position.

The presentation by Maurizio on South Asia Development Update: Toward faster, Cleaner Growth can be accessed here

IMF in Sri Lanka: Supporting Governance Reforms | Murtaza Jafferjee | Peter Breuer | Joel Turkewitz

In this episode of Advocata Studio, Advocata Chair, Murtaza Jafferjee is joined by representatives from the International Monetary Fund, Peter Breuer (Senior Mission Chief for Sri Lanka, International Monetary Fund) & Joel Turkewitz (Deputy Division Chief in the Legal Department, International Monetary Fund)

The Sri Lanka Technical Assistance Report - Governance Diagnostic Assessment can be accessed here.

IMF & The Urgency of State-Owned Enterprise Reforms

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. They squander resources, land, labour, and add to the debt burden. They monopolize markets limiting competitiveness and contribute to the inefficiency in the economy. At this economic juncture, the necessity for SOE reforms is not just a matter of economic prudence; it is a matter of national importance. Without swift and comprehensive SOE reforms, we risk prolonging our current economic downturn.

The Advocata Institute hosted a press briefing on IMF & The Urgency of State-Owned Enterprises Reforms, to create further awareness and public debate on the urgency of implementing reforms to State Owned Enterprises (SOE’s). This Press Brief was held at BMICH, Tulip Hall on October 10.

The Event commenced with a 15 minute presentation by Rehana Thowfeek, Research Associate at the Advocata Institute analysing the issues surrounding SOE’s and their link to broader macroeconomic issues. Following this, there will be introductory remarks by the main speakers for the evening:

• Professor Rohan Samarajiva - Advisor, Advocata Institute.

• Mr. Dhananath Fernando - Chief Executive Officer, Advocata Institute.

• Mr. Ravi Rathnasabapathy - Independent Consultant

The Presentation by Rehana Thowfeek can be found here

The Full video of the briefing can be found here

Sri Lanka Slips in Economic Freedom

Originally appeared in the The Island, Daily Mirror, Economy Next, Lanka Business online, NewsWire

Sri Lanka ranks 116 out of 165 jurisdictions included in the Economic Freedom of the World: 2023 Annual Report, released by Advocata Institute in conjunction with Canada’s Fraser Institute. The current ranking represents a decline in the economic freedom of the country which ranked 104th during 2020.

The report measures the economic freedom of individuals—their ability to make their own economic decisions—by analyzing the policies and institutions of 165 jurisdictions. The policies examined include regulation, freedom to trade internationally, size of government, legal system and property rights, and sound monetary policy. The 2023 report is based on data from 2021, the last year with available comparable statistics across jurisdictions.

Sri Lanka’s decline in score was driven by 4 out of the 5 sub indicators of economic freedom registering declines in their respective individual scores. These indicators are the size of government, access to sound money, freedom to trade internationally, and the regulation of credit, labour, and business. The only indicators that registered an improvement in its score is the indicator of legal system and property rights.

“The report captured a stark warning: Sri Lanka's economic freedom declined prior to the economic crisis of 2022, a testament to the vulnerability of nations with limited economic freedom in the face of economic turmoil. If the country is to recover, Sri Lanka must prioritize economic growth within the framework of maximising economic freedom for its citizens to trade, work, and transact freely in a stable monetary and fiscal environment” said Dhananath Fernando, Chief Executive Officer at the Advocata Institute.

The number one spot is now occupied by Singapore, followed by Hong Kong, Switzerland, New Zealand, the United States, Ireland, Denmark, Australia, the United Kingdom, and Canada. Other notable countries include Japan (20th), Germany (23th), France (47th) and Russia (104th).

Venezuela once again ranks last. Some countries such as North Korea and Cuba can’t be ranked due to lack of data.

The Fraser Institute produces the annual Economic Freedom of the World report in cooperation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 100 countries and territories. It’s the world’s premier measure of economic freedom.

The report was prepared by Professor James Gwartney of Florida State University and Professors Robert A. Lawson and Ryan Murphy of Southern Methodist University.

According to research in top peer-reviewed academic journals, people living in countries with high levels of economic freedom enjoy greater prosperity, more political and civil liberties, and longer lives.

For example, countries in the top quartile of economic freedom had an average per-capita GDP of US$48,569, compared to US$6,324 for bottom quartile countries. Poverty rates are lower. In the top quartile, less than one per cent of the population experienced extreme poverty (US$1.90 a day) compared to 32 per cent in the lowest quartile. Finally, life expectancy is 81.1 years in the top quartile of countries compared to 65 years in the bottom quartile.

“Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives,” Fred McMahon, Dr. Michael A. Walker Research Chair in Economic Freedom with the Fraser Institute said.

See the full report at www.fraserinstitute.org/economic-freedom.

About the Economic Freedom Index

The Fraser Institute produces the annual Economic Freedom of the World report in cooperation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 100 countries and territories.

Economic Freedom of the World measures how policies and institutions of countries support economic freedom. This year’s publication ranks 165 countries and territories. The report also updates data in earlier reports where data has been revised.

For more information on the Economic Freedom Network, datasets, and previous Economic Freedom of the World reports, go to www.fraserinstitute.org/economic-freedom.

K D Vimanga on Newsline in conversation with Sharlan Benedict 22/06/2021

K D Vimanga, Policy Analyst at Advocata Insitute on News1st NEWSLINE program 22/06/2021. She addresses the policy stability the need of the hour on Newsline with Sharlan Benedict.

"The most important thing we need to realize about public policy is that it deals with peoples issues and the issues that impact their livelihood. And then we analyze those issues. As a policy-maker or policy analyst what we do is try and propose solutions that are equitable, in line with the development and with other factors. The problem in Sri Lanka is that we haven't prioritized this process."

Click here to watch the full video:

Dr. Roshan Perera on Newsline in conversation with Sharlan Benedict 18/06/2021

Dr. Roshan Perera, Senior Visiting Fellow at Advocata Insitute on News1st NEWSLINE program 18/06/2021. She addresses the policy stability the need of the hour on Newsline with Sharlan Benedict.

"The fundamental problem that Sri Lanka is facing, which it has been for decades, is our twin deficit problem. We have both a fiscal and external deficit. Basically, we have been living beyond our means and consuming more than we produce. We must address this problem."

Click here to watch the full video:

Murtaza Jafferjee on Face the Nation: Overcoming Sri Lanka's economic woes

Murtaza Jafferjee Chair of Advocata Institute was featured on the News1st Face the Nation: Overcoming Sri Lanka's economic woes that was aired on the 14th of April 2021.

'It is a pity that we have been playing politics with fuel prices. The first time I recollect a fuel pricing formula was put into operation was back in the early 2000s. In 2005 this program was suspended by the new government. It's by far the single largest component of our import bill. So it's vital that we price it correctly. This price increase was long overdue. Even now we are running at a loss.' - Murtaza Jafferjee

Click here to watch the full video:

Aneetha Warusavitarana on Newsline in conversation with Sharlan Benedict 14/06/2021

Aneetha Warusavitarana (Research Manager at the Advocata Institute) speaks about the fuel pricing mechanisms & economy. SHe addresses this on Newsline with Sharlan Benedict. June 14, 2021.

'Ideally the solution that would work best here is a fuel pricing formula. A crucial factor is that this formula is transparent. The way in which it is calculated should be made available to the public, it should be vetted by the relevant authorities and we should be able to understand how this formula works and how it is linked to international changes in fuel prices.'

Click here to watch the full video:

Murtaza Jafferjee on Face the Nation: Port City Economic Commission Bill, the good, the bad and the ugly

Murtaza Jafferjee Chairman of Advocata Institute was featured on the News1st Face the Nation: Port City Economic Commission Bill, the good, the bad and the ugly programme that was aired on the 19th of April 2021. Murtaza comments on the Good and the Bad of port city and why do we need the Port City workaround

Click here to watch the full video:

Dhananath Fernando on Newsline with Faraz Shauketaly. April 19, 2021

Dhananath Fernando, Chief Operating Officer of the Advocata Institute speaks how Special Economic Zones are needed because doing business in SriLanka is difficult and how the Port City is not going to solve all our problems. He addresses this on Newsline with Faraz Shauketaly. April 19, 2021.

Click here to watch the full video:

New Policy Interventions by Central Bank Could Negatively Impact Exporters

Aneetha Warusivitarana, Research Manager at Advocata Institute was featured on News 1st : Prime Time English News on 20-02-2021. She comments on how the new policy interventions by the Central Bank of Sri Lanka Central Bank of Sri Lanka could negatively impact exporters.

Click here to watch the full video:

Is the Economy in Peril? Sri Lanka's National Debt

Murtaza Jafferjee Chairman and Dhananath Fernando, Chief Operating Officer of the Advocata Institute participated in an exclusive News 1st discussion on the topic “IS THE ECONOMY IN PERIL?” with Chandra Jayaratne Former Chairman of the Ceylon Chamber of Commerce and Dr. W. A. Wijewardhena Former Deputy Governor of the Central Bank of Sri Lanka.

To access the opening presentation by Dhananath Fernando

Click here to watch

Online Discussion: How Can We Improve Sri Lanka's Debt Sustainability?

ONLINE DISCUSSION by Advocata Institute featuring Prof. Ricardo Hausmann (Director Growth Lab, Harvard University's Center for International Development), Prof. Mick Moore (Political Economist, Founding CEO & Senior Fellow, International Centre for Tax and Development, Professorial Fellow, Institute of Development Studies), Dr. Nishan De Mel, (Economist, Executive Director, Verité Research). The Panel was moderated by Dr.Roshan Perera (Economist, Former Director Risk Management Department of the Central Bank of Sri Lanka and co-moderated by Aneetha Warusavitarana (Research Manager, Advocata Institute).

To watch Murtaza Jaffarjee’s Three-part Primers on Debt Sustainability, Fiscal Performance and Economic Growth.

To watch the video on Youtube

Dhananath Fernando on the Lane law and the economy

Dhananath Fernando, Chief Operating Officer of the Advocata Institute was featured on the News1st Newsline Live that was aired on the 17th of September. Dhananath comments on the transportation and infrastructure system in Sri Lanka and how it immensely affects the economy of the country. He addresses that the priority of Lane law is to encourage the general public to use public transport as a mode of transport. In addition, Dhananath also comments on Sri Lanka’s imports restrictions and exports.

Advocata on Public Savings and Investments

Dhananath Fernando, Chief Operating Officer of the Advocata Institute was featured in the News1st English Prime Time Bulletin that was aired on the 16th of September at 9.00 PM. Dhananath comments on how trust is important when it comes to investment. He also mentions that when it comes to the savings in banks, the public is skewed to State-owned banks due to the perception that the government will intervene and rescue if a problem arises.

Dr Sujata Gamage comments on the allocation of portfolios for ministers

Dr. Sujata Gamage Advisor to the Advocata Institute was featured on "Pathikada" that was aired on the 13th of August. Dr. Gamage commented on the allocation of portfolios for ministers, the role of state ministers, district coordinating committees, the number of ministers appointed, and the way forward.

Advocata ආයතනයට උපදේශිකවරියක් වන ආචාර්ය සුජාතා ගමගේගේ "පැතිකඩ" වැඩසටහනට අගෝස්තු 13 වන දින සම්බන්ද වන ලදී. අමාත්‍යවරුන් සඳහා අමාත්‍යංශ වෙන් කිරීම, රාජ්‍ය අමාත්‍යවරුන්ගේ කාර්යභාරය, දිස්ත්‍රික් සම්බන්ධීකරණ කමිටු, පත්කරන ලද අමාත්‍යවරුන් සංඛ්‍යාව සහ ලංකාව ඉදිරියට යා යුත්තේ කෙසේද යන්න පිලිබඳ එතුමිය අදහස් දැක්වීය.

69th Anniversary Oration of the Central Bank of Sri Lanka by Prof. Razeen Sally

Prof. Razeen Sally, Associate Professor of the Lee Kuan Yew School of Public Policy of the National University of Singapore delivered the 69th anniversary oration at the Central Bank of Sri Lanka.