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| Sunday, 7 November 2004 |
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An economist par-excellence Internationally renowned Sri Lankan economist Dr.Gamini Corea was felicitated at a ceremony organised by The Institute of Policy Studies (IPS) and the Sri Lanka Economic Association (SLEA) in Colombo last week. Minister of Foreign Affairs Lakshman Kadiragamer was the chief guest at the ceremony.
A book titled "Economic policy in Sri Lanka: Issues and Debates" edited by Dr. Saman Kelegama Director General of the IPS and a special issue of Sri Lanka Economic Journal were launched in honour of Dr.Gamini Corea on this occasion. Dr Corea was the chief architect of the national planning exercise of the Sri Lankan economy started in the early 1950s as well as the economic liberalisation exercise brought about in the mid 1960s which initiated to support the economic development activities of the country. Central Banking is another field that Gamani Corea was involved in from 1950s until early 1970s. The partial liberalization exercise of the Sri Lankan economy was started during 1965-1970, when Gamani Corea was the Permanent Secretary to the Ministry of Planning and Economic Affairs. Dr.Gamani Corea was the architect of export-led development strategy of Sri Lanka, which started at the time he was a key economic advisor to the government. For the first time in Sri Lanka the exchange rate was used as a policy instrument to promote exports in 1968 by introducing dual exchange rate policy. During that time there was pessimism among policy makers about export-led growth as a development strategy and that is the reason why a half hearted exchange rate policy rather than full-scale devaluation was implemented. However the IMF delegation at that time was not happy with the dual exchange rate and had made the remark that it was the "wrong step in the right direction". But the local policy makers led by Dr.Gamini Corea argued that it was the policy that was designed to accommodate the political realities of that time. Dr Corea identified development priorities of the country and had foreseen the needs of development of country's infrastructure. In the early 1990s, Corea drawing on the lines of Lenin's equation of 'Soviets plus electrification equals socialism' said 'infrastructure plus skills equals development in Sri Lanka'. He identified the poor infrastructure and lack of skills as the key impediments for the progress of the economy. Dr.Corea was the founder president of the IPS and has served the institute for the past 15 years. He was also the founder president of the SLEA and served in the post from 1985 -1991. In his international career he was appointed as the chairman of the United Nations Conference on Trade and Development (UNCTAD) in 1973 by former United Nations Secretary-General Kurt Waldheim. That appointment was confirmed by the General Assembly on 6tb December 1973. He was thereafter re-appointed three times, his fourth term covering the period December 1982 until the end of 1984. As Secretary-General of UNCTAD and until the end of February 1985, Dr. Corea also held the position of Under-Secretary-General of the United Nations. He is the Sri Lankan who was appointed to a highest post of the UN. The UNCTAD became a hive of intellectual activity during his period of Chairmanship. The Integrated Program for Commodities was among the finest of his achievements. The Highly Indebted Poor Country Initiative was an outcome of his efforts while serving in the Non-Aligned Expert Group on Third World Debt. He worked assiduously to assist developing countries to define a common platform. In recognition of Gamini Corea's lead role in developing country concerns, Gamani Corea was appointed Chairman of the South Centre in 2002 after the death of its then Chairman, Julias Nyrere -- the former President of Tanzania. Citation and presentation of Celso Furtado Award to Gamini Corea was done by the chief guest Minister Lakshman Kadiragamer at this occasion. The First Celso Furtado Award in Political Economy was awarded in October 2003 to Gamani Corea for his outstanding contributions to development theory and practice; for his analysis of global political economy from the perspective of the South; and for his enduring struggle for political and economic independence of developing countries. The award, which is established with funds generously made available by the government of the Federal Republic of Brazil, is named after Celso Furtado, one of the leading Latin American economists from Brazil. It is awarded every three years to individuals whose work has made a fundamental contribution to the understanding and promotion of the socio-economic development of countries in the South. The award consists of a cash amount of US$ 10,000 and a plaque. |
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