Sri Lanka chamber backs budget targets, calls for rule of law

Nov 09, 2012 (LBO) - Sri Lanka's Ceylon Chamber of Commerce said it was encouraged by government plans to cut the budget deficit which will help create a stable economy which will allow economic targets to be achieved.









"Prudent monetary policies and the maintenance of fiscal discipline are required if the medium term macro targets announced are to be met and will play a key role if the real benefits of the progressive budgets since 2010 are to be realized," the Chamber said in a statement.

The Chamber also welcomed moves to encourage small and medium enterprises, research and development, capital markets, and investments in agriculture.

But the state also had to improve transparency and rule of law

"Whilst appreciating the positive initiatives proposed in Budget 2013 to enhance equitable growth, the Ceylon Chamber of Commerce firmly believes that transparency, good governance and the rule of law are essential pre-requisites to achieve the development targets set out," the business group said.

The full statement is reproduced below:

A bold government sets itself challenging targets

The Ceylon Chamber of Commerce is encouraged by the commitment to fiscal discipline disp