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Last Updated : 2024-05-09 18:56:00
5 December 2023 07:21 am - 14 - {{hitsCtrl.values.hits}}
As efforts are underway to fulfil the Sustainable Development Goals (SDGs), Sri Lanka will need an estimated additional investment of approximately US $ 1.4 trillion or 12.5 percent of GDP, by 2030, the Institute of Policy Studies (IPS) said.
A study on ‘Public Investment for Closing the SDG Financing Gap: Sri Lankan Perspective’ asserted that renewed efforts are needed to secure the additional funds.
On average, Sri Lanka’s public investment is around 5-7 percent of GDP over the last decade. Hence, the allocation of additional funds for the SDGs is challenging.
The study, carried out by IPS Research Fellow Dr. Lakmini Fernando, pointed out that Sri Lanka shows an imbalanced investment in this regard. Sri Lanka’s public investment allocation has been skewed toward infrastructure development, leading to disparities in sectors like education and technology/information communication technology.
“These imbalances pose challenges to meeting the development goals set by the 2030 Agenda. Bridging the investment gap cannot rely solely on the public sector; private sector participation is essential,” the study highlighted.
It noted that the policymakers play a crucial role in creating a conducive investment climate, emphasising the need for macroeconomic stability, transparency, accountability and enhanced institutional quality.
The study highlights the significance of both traditional and non-traditional financing methods for the SDG progress. Tax reforms, blended finance for the SDG infrastructure, international tax reforms and other strategies are discussed as potential means to mobilise financial resources for the SDGs.
To address the challenge, for which Sri Lanka is running out of time to address, the study listed five key recommendations to ensure the achievement of the 2030 Agenda.
The first is to utilise the SDG framework as a tool to review and adjust sectoral investments, fostering a balanced approach. It should then extend short and medium-term targets to long-term goals, aligning national objectives with the SDGs. Sri Lanka should strengthen domestic revenue collection to enhance financial readiness for the SDG implementation, explore various innovative financing options and promote international cooperation in funding the SDG initiatives. Lastly, it should foster an enabling business environment through macroeconomic management, governance improvements and selection of productive projects
Athk69 Tuesday, 05 December 2023 07:51 AM
Sri Lanka administration would have been better off, under colonial rule. At least the majority of citizens would have a better life, than living under the few egocentric local politicians.
Dakshina Dissanayake Tuesday, 05 December 2023 08:04 AM
Trillion is 1000 Billion , cant understand this math , well over almost all European Countries GDP and close to India GDP.
Wedige Tuesday, 05 December 2023 08:26 AM
I think the awareness of SDGs very marginal and school education should take this matter seriously and need to incorporate from the childhood.
Chris Tuesday, 05 December 2023 09:06 AM
We might as well lease the country out to India or China. All the brightest and best are leaving. Free education is given using tax payer's money and the qualify and leaving immediately.
Shakeel Tuesday, 05 December 2023 09:19 AM
Is this accurate, trillion dollars?
Raven Tuesday, 05 December 2023 09:25 AM
Everybody is talking but they're saying nothing. The country needs people who will walk the talk.
Vis Tuesday, 05 December 2023 11:29 AM
1.4 T for 7 years? Leaders go and listen to the clergies and run the economy according to their advice that is out dated two thousand years ago. Country full of conventions and traditions can’t thrive in fast changing environment. You need to forget foreign goods and live a traditional life or become faster and better runners than all others in the planet. You can’t be at the cross road dear. You are in denial about your inabilities, from the eighties you tortured the people to flee abroad and send dollars and they are all settled their not sending much money here. You need dollars without competitive exports?
Dinruta Tuesday, 05 December 2023 11:43 AM
That's $200 billion a year for next 7 years ? We are not used to these numbers.
Onlooker Tuesday, 05 December 2023 12:01 PM
Usual talk after moonshine as Politicos and senior Administrators live in the clouds. We are now in this plight because of these unattainable goals but China quite happy to pump $s with ulterior motives.
Rohan Rodrigo Tuesday, 05 December 2023 12:08 PM
IPS get your numbers right. You are talking through your hats !
True Lankan Tuesday, 05 December 2023 01:39 PM
and impose unlimited tax on public funds, let the people starve to death, This country's regime is a curse for those Live in it.
NV Jen Tuesday, 05 December 2023 02:01 PM
Unless an export oriented economy is created where the country exports more, than it's imports, SDG's can be achieved. Country cannot achieve this by getting foreign loans or by issuing bonds. Further the productivity levels should also increase exponentially.
Ram Tuesday, 05 December 2023 02:18 PM
Our politicians and the officers who are working in the Finance sector are day dreaming. This will never be a possibility when even today we see comis kakkas in the Parliament in general and the cabinet in particular
Wang Pin Pong Wednesday, 06 December 2023 04:17 PM
Myna and all other politicians in the past from 1948 can pay stolen money back to recover all debts of this country! Most off these Basturds have foreign investments through stolen money! Then people will be self-sufficient!
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