28 March 2024 12:00 am
The Economic Transformation Bill, along with the revisions proposed by the Attorney General, received the Cabinet nod this week, where the instructions furnished by President Ranil Wickramasinghe to instruct the Legal Draftsman to formulate a draft of the bill were approved.
The bill establishes institutions such as the Economic Commission, Sri Lanka Zones of Investment, International Trade Office, Sri Lanka Economics and International Trade Institute and National
Productivity Commission.
It also outlines the main objectives of the national policy on economic transformation.
“The bill contains structural, quantitative and qualitative changes to drive economic growth and transformation,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting.
Wickremesinghe indicated the need for such a move while addressing the fifth session of the ninth Parliament earlier this year, when he stated, “To advance, we must transition to a modern, robust economy. I will present the Economic Transformation Act to Parliament shortly and the relevant institutions have been established.”
Additionally, he noted that the solution to the economic crisis does not lie in the outdated and populist political measures but rather in implementing the economic and scientific solutions.
(PC)