Sri Lanka policy consistency seen needed for investor confidence

Dec 11, 2010 (LBO) – Sri Lanka should have consistent government policies to increase private sector confidence to invest more in the economy which in turn would boost economic growth, a senior chartered accountant said. A total of 57 awards were given out at the ceremony for finance, banking, hotel, health, manufacturing and insurance sectors.

Since independence Sri Lanka’s economic growth has faltered due to wavering economic policies adopted by successive governments, analysts say.

“I am extremely happy to note that our political leaders after a long period of time have appreciated the importance of fiscal policies and other economic reforms.” Sujeewa Mudalige, President, Institute of Chartered Accountants said.

“Consistency and continuity in policies are very important to retain investor confidence.

“Therefore the government should refrain as much as possible from changing the direction of policies, introducing frequent policy changes or retracting on prior policy decisions.”

He was speaking at the 46th annual report and accounts awards organized by the Institute of Charted Accountants recently.

Mudalige says it’s important that the state and private sectors work together for