Lanka at the forefront in newly emerging countries

A group of visiting Japanese parliamentarians to the country paid a handsome tribute to Sri Lanka when they met Prime Minister D.M. Jayaratne last week. The MPs from Japan said that Sri Lanka is at the forefront of newly emerging countries and added that Sri Lanka could attract foreign investments in no small measure.

The Japanese delegation said that if the Sri Lankan Government could improve infrastructure facilities in the near future, it could surpass all other newly emerging nations and attract more foreign direct investments.

This no doubt reflects the tangible steps the Government has taken, under the guidance of President Mahinda Rajapaksa, to take Sri Lanka towards new economic horizons.

The steady and unprecedented progress manifested by Sri Lanka during the past five years, especially after terrorism was eradicated 16 months ago, is an indication of the right policy decisions envisioned under the Mahinda Chinthana. Be it in economic, tourism, education, health, agriculture or any other industry for that matter, Sri Lanka's progress during the past couple of years has been outstanding.

It is precisely in this context that Sri Lanka had doubled its per capita income within the past five years. The aim of the Government is to double the present per capita income and achieve the US$ 4,000 mark by 2015.

As the visiting Japanese MPs have emphasised, massive infrastructure development projects are going on apace all over the island and when completed, Sri Lanka will have an added advantage in attracting big-time investors, and moreover, march successfully towards its goal of becoming the wonder of Asia.

Simultaneously, there has been rapid growth in the business sector too. The All Share Index of the Colombo Stock Exchange hit the record 7,000 index point barrier last week, as investors reposed more faith to invest in local business. The Total Return Indices on All Shares (ASTRI) recorded 8,167.29 points while the Total Return Indices on Milanka Shares (MTRI) closed at 8,645.85 points. The total Market Capitalisation stood at Rs. 2.2 trillion.

In another significant development, the International Monetary Fund last week approved the fourth tranche of USD 2.6 billion loan to Sri Lanka. The fourth IMF review of Sri Lanka was approved by the IMF Board and Sri Lanka received around US$ 210 million, according to Central Bank Governor Ajith Nivard Cabraal.

This was praiseworthy as the earlier IMF board decision was to disburse the remaining amounts in seven equal instalments. However, the impressive progress demonstrated by Sri Lanka, especially after the Security Forces vanquished the LTTE leaders, strongly influenced the IMF to have a positive look on Sri Lanka's economy with greater expectations.

Sri Lanka's economy would sooner than later reap the dividend of peace. The country is experiencing steady and sustained growth including the last quarter of over eight percent, moderate inflation and low interest rates.

Do we need more prophets to tell us that economic stability is being achieved at a rapid pace?

Despite all these landmark achievements, disgruntled Opposition political parties attempt to sling mud and project a gloomy picture in the eyes of the international community. They did likewise during the Security Forces' relentless battle against terrorism and succeeded in their attempt to discredit the country to a great extent.

Nevertheless, the political maturity and the President's will power, along with the extensive support extended by friendly countries, enabled Sri Lanka to overcome all overwhelming odds and become the first country to eradicate terrorism.

When the Opposition is not in a position to match the President's strong personality and popularity and the majority support to the Government, they descend to the most unbecoming tactics to capture power at any cost. Even Sarath Fonseka's Court Martial conviction had been given a different interpretation by the Opposition to seek international sympathy.

It goes without saying that it was not the President but the judges of the Court Martial who convicted him on the charges preferred against him. The President, in his capacity as Commander-in-Chief of the Security Forces, ratified the judgement as a mere formality. Unlike during the previous UNP regimes, President Rajapaksa has never interfered nor tinkered with the decisions of the judiciary. The UNP and the JVP true to form are demanding that the President should stick to their own culture and interfere with the decision of the judiciary. Is that the independence of the judiciary that the Opposition advocates?

Sri Lanka could reasonably claim that the country, by its economic strategy, would realise the Millennium Development Goals, well ahead of the target set by the United Nations. Sri Lanka, at present, is strongly focusing on putting public infrastructure in place and strengthening the policy environment for the private sector to invest even more here.

At the dawn of a new millennium a decade ago, Sri Lanka re-affirmed its commitment to consolidate efforts in the spirit of collective responsibility, to free the world from hunger, to uphold human dignity, and sustain co-existence with Mother Nature. Sri Lanka had a goal of advancing progress in eight key sectors by 2015.

With only five years left to end that timeframe, Sri Lanka has enjoyed mixed results, far ahead of most other countries in the region. Amidst multiple, inter-related and the worsening global crises that were confronted globally in the past few years, some countries have suffered setbacks in achieving these goals. Achieving the Millennium Development Goals becomes ever more important in the collective interest.

Social development goals, such as free healthcare and free access to education were embedded from the time of independence, in the country's overall policy framework. In addition, the Mahinda Chinthana has paved the way for a 10-year pro-poor, and pro-development oriented framework, to further consolidate and accelerate socio-economic progress.

By incorporating the Millennium Development Goals, key performance indicators in Sri Lanka's national budget policies, the country is set to attain these goals, despite formidable odds, including the three-decade long battle against terror, the 2004 tsunami devastation and the recent global economic crisis.