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| Sunday, 18 August 2002 |
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Dr Ul Haque bids good bye Sri Lanka's economy was even now, raring to take off, and should have been a Singapore or a Dubai, Senior Resident Representative of the International Monetary Fund (IMF), Dr Nadeem Ul Haque said in Colombo recently. However, Sri Lanka, like the country of Dr Ul Haque's birth, Pakistan, had not achieved much economically, during 55 years of independence, he said. The IMF Resident Representative made these observations as chief guest at the annual general meeting of the Exporters Association of Sri Lanka. A compelling factor which weighed down a nation's economy was its culture, Dr Ul Haque said. He took the case study of Ireland and Spain, where Spain had used technology to expand her economy. Ireland, during the same period of time, was engaged in rebellion, resulting in much slower economic growth. Even in the case of definite economic theory being formulated, it takes time to implement such plans. For instance, the theory of Marxism was introduced to the world in 1840, but it took 70 years for a Marxist revolution to be effected. Dr Ul Haque said there was too much government meddling in the matters of commerce, in his country as well as in Sri Lanka. Markets should be developed as engines of growth. There should also be an understanding of the markets, for instance, the stock market, if it was to be developed, he said. Dr Nadeem Ul Haque will relinquish his post in Sri Lanka shortly, having been here for three years. He will then be posted to Cairo. (EL) |
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