Second Act

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

The Strategic Enterprise Management Agency (SEMA) is drawing up legislation to permanently insulate state institutions from political interference. The Strategic Enterprise Management Agency (SEMA) is drawing up legislation to permanently insulate state institutions from political interference. The Act will give Singapore-style independence for state owned institutions to take commercial decisions.

“In our Charter, one of the objectives we have is that we will draft the required legislation for the SEM Act. That should not be confused with SEM Agency, which is set by a Presidential Decree,” says Mano Tittawella, Chairman, SEMA.

“The SEMA Act will give, on a permanent basis, commercial and operational autonomy to these enterprises. The time frame is six months.”
“While the business plan is going on SEMA Act will be introduced to the parliament where on a long term basis we will remove these institutes from the ambit of political interference, so that they can take long term strategic decisions,” he said.

“We are looking at the best models in the region like the Temasek Holdings of Singapore,” Tittawella said.

-LBR Newsdesk: