Fullest backing for people-centric economy - State Minister Cabraal | Sunday Observer

Fullest backing for people-centric economy - State Minister Cabraal

Minister Ajith Nivard Cabraal
Minister Ajith Nivard Cabraal

President Gotabaya Rajapaksa’s vision of making a ‘People Centric Economy’ will be given the fullest backing to expedite economic growth and bring prosperity to the country, said former Central Bank Governor Ajith Nivard Cabraal, who was sworn in as the State Minister for Finance, Capital Markets and State Enterprise Reforms, said.

He said that the President has been stressing the need to create a people centric economy that will fulfill the wishes and aspirations of the people. State Minister Cabraal who is also in charge of public sector reforms said the public sector will be made more responsive to ensure people are given the first place in all economic decisions.Losses of some of the key State–owned enterprises such as SriLankan Airlines have doubled leaving an enormous liability to the State which is saddled with repayment of foreign debt running into billions of rupees. Public sector reforms comprise changes to the structures and processes of public sector organisations to enable them to function effectively.

Structural changes include merging or splitting public sector organisations while process change may include redesigning systems, setting quality standards, and focusing on capacity-building.

“We will follow the President’s economic policy. Our job as ministers is to ensure that people have greater confidence in doing business and the economy is developed,” he said.

Cabraal who was the Senior Economic Advisor to the Prime Minister had said that probes on the Central Bank Treasury Bond scam including the forensic audit report had not been carried out in an independent manner.

The country will be watching and waiting for answers from the new dispensation to many of the large scale crimes committed in the past resulting in colossal losses to the economy and pain to kith and kin.

State Minister Cabraal has been reiterating the need to think out of the box if the country is to move forward in a rugged global terrain.

The composition of the Cabinet has been formulated in manner to implement the national program under President Rajapaksa’s Saubhagya Dekma (Vistas of Prosperity and Splendor) policy statement.

The new Cabinet comprises 25 ministers who will be assisted by 39 state ministers. The ministerial structure consists of two-state ministries under the Finance Ministry which include the State Minister for Finance, Capital Markets and State Enterprise Reforms and the State Minister for Samurdhi, Micro Finance, Self Employment and Business Development and Under-utilised State Resource Development.

Given the intensity of the impact of the global crisis on the economy particularly sectors with wide global exposure such as apparel and tourism will need the continual support of the government till the current crisis wanes.

The Colombo Stock Exchange applauds the inclusion of Capital Markets under the gazetted responsibilities for State Ministers within the Ministry of Finance and looks forward to meaningful engagement on developing the nation’s capital markets.