Economic Laws

Feb 05, 2010 (LBO) – Sri Lanka will fast-track legislation related to the economy when a new parliament convenes on April 22 after national polls, international trade minister Gamini Lakshman Peiris said. “We have an opportunity to develop the economy we have not had for more than 20 years,” minister Peiris told reporters.

“It is the intention of the government to formulate legislation to create an institutional framework for economic development from April 22 to November 18.

“When President Rajapaksa takes oaths for the second time we hope to complete the necessary legislation.”

President Rajapaksa won a second term with a convincing majority on January 26 after calling snap polls two years ahead of his first term after winning a decades-long war against Tamil Tigers in May 2009.

Minister Peiris did not specify the areas in which the laws would be introduced or whether they would liberalize the economy giving freedom to citizens or whether they would further restrict freedoms.

Over the last several years Sri Lanka has slipped in global economic freedom rankings.

Since gaining independence in 1948 Sri Lanka has undermined the rule of law by restricting the economic freedom