Tittawelle in his presentation about the role of the government at the financial reforms forum today, identified public service reforms and pension reforms as other key initiatives to bridge the fiscal deficit.
rnrnContinues trend of budget deficits recorded during the past two decades has resulted in the mammoth public debt, which has a significant crowding out effect on private sector investments.
rnrnTittawelle called for an immediate stop to state pension benefits, which drain government funds.
rnrnContributions to the state pension fund EPF should be made non-mandatory and employees should be provided with the choice to invest in private sector managed pension funds, Tittawelle said.
rnrnldblquote Government should confine itself to the role of a regulator of the pension industry, which will be managed by the private sector
dblquote , he said.
rnrnHowever, the reality in ldblquote selling
dblquote the reforms to general public was revealed bluntly by Economic Reforms Minister Milinda Moragoda