Monday, 16 December 2019 06:12

Govt. releases national policy framework to spur growth

Aims 6.5% or higher GDP growth from 2020; over $ 6,500 per capita income by 2025
Unemployment rate below 4%, inflation rate below 5% and Budget deficit below 4% of GDP are other key goals
Lists 10 priorities under President Gotabaya Rajapaksa rule
Finance Ministry directs all ministries, departments and heads of Government institutions, PCs and local authorities to comply with and deliver on framework


The new Government has released its National Policy Framework (NPF) to spur high socioeconomic growth requiring to all to comply with it and deliver the required support.

Based on the vision of new President Gotabaya Rajapaksa the NPF titled ‘Vistas of Prosperity and Splendour’ has been made public via the Treasury website (www.treasury.gov.lk). This is aimed at achieving the fourfold outcome of being a productive citizen, a contented family, a virtuous, and disciplined and just society and a prosperous nation.

The Finance Ministry said it is mandatory for all Government ministries, departments, Provincial Councils and local authorities as well as all Government agencies to implement their policies and functions in accordance with this new Government policy.

Among the main objectives the NPF are maintaining a 6.5% or higher GDP growth rate under the macroeconomic program, achieving a per capita income exceeding $ 6,500 during 2020-2025.

 

Finance Ministry Treasury
The Government’s policy also further elaborates to keep the unemployment rate below 4% and the inflation rate below 5%, as well as to manage the fiscal revenue and expenditure to keep the Budget deficit below 4% of GDP. Further it also provides guidelines to maintain a single digit rate of interest and to maintain the exchange value of the rupee at a stable level.

Under this public policy statement, steps will be taken to implement a national and international partnership with 10 principles:

Priority to National Security

Friendly and non-aligned foreign policy

An administration free from corruption

New Constitution that fulfils the people’s wishes

Productive citizenry and a vibrant human resource

People-centric economic development

Technology-based society

Development of physical resources

Sustainable environmental management

Disciplined, law abiding and value-based society

Finance Ministry reiterated that it was the responsibility of all ministries, departments and heads of Government institutions to comply with the National Policy Statement of President Rajapaksa who came to power on 18 November.

“In order to achieve all its objectives all secretaries to ministries and all other Government institutions should do their best to make their development work a reality in line with this new policy statement,” the Ministry said.

The proposal to adopt the election manifesto of Gotabaya Rajapaksa as the Government’s National Policy Framework made by Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance, Economic and Policy Development, was approved by the Cabinet of Ministers in the first week of December.

The new Government’s Policy Statement has been released in all three languages to the General Treasury website and all other Government agencies are requested to download it and make it available in their respective websites.

(FT)

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