Tackling current economic crisis: What Sri Lanka should do

Human capital and skill development, retraining of all public servants, continuing professional education are an urgent need to make the public service efficient and productive to serve the needs of the society

Today we need urgently the Government Economic Plan prepared by knowledgeable and experienced professionals to restructure the economy and obtain assistance from the International Monetary Fund and other International Funding Agencies to overcome the Financial and Debt Crises. The costly delays and economic mismanagement has resulted in the present state of affairs with Sri Lanka deciding to default on its external debt.

The non - availability of foreign exchange, depleted reserves and the depreciation of the currency has resulted in exorbitant price increases, long queues, inflation rising with immediate signs of food shortages both local and foreign.

We need Sri Lankan experts technocrats, professionals, and managers with proven experience who aren ot politically appointed henchmen to restructure the Sri Lankan Economy, which is today at a crisis level or near bankruptcy. 

We have to immediately enforce a sustainable financial discipline by pruning expenditure, increasing revenue with each ministry coming up with their plans for which they will be responsible, the public budget management restructured to balance government revenue and expenditure and reduce the budget deficit, achieving a trade surplus by increasing exports and foreign remittances and controlling major imports without affecting industry and commerce, build foreign reserves, reduce public debt burden, increase productivity and efficiency by digitizing the public Service and increase tax compliance among individuals and businesses, 
Some of the other urgent needs are monitoring of all activities both financial and non-financial, strict enforcement of accountability at all levels, Transparency and ridding the country of corruption, waste and inefficiency.

Human capital and skill development, retraining of all public servants, continuing professional education are an urgent need to make the public service efficient and productive to serve the needs of the society. An independent public service commission and getting rid of political interference and make the ministries and public service responsible for the operational activities and creating value to the society. The government, Cabinet and parliament should be the policy making body and not interfere with the public service which shall deliver the services to the public.
The biggest loss making State institutions CPC, CEB and SriLankan Airways to be restructured with top professionals experienced in management and technology to making them viable profit making institutions without political interference but with accountability, good governance with all rules and rules and regulations applicable to public quoted companies such as the submission of quarterly reports with the management structure of audit committees, remuneration committees, related party transaction committees, risk management committees and stringent code of conduct for directors and employees.  
Finally we should work towards the 17 Sustainable Development Goals (SDGs adopted by the United Nations in 2015) to which Sri Lanka are committed for the universal call to action to end poverty, protect the planet, which should be included in the Corporate Economic Plan of the Government to overcome the current economic crises in order that all people will enjoy peace and prosperity. 
(Prof. Lakshman R Watawala is a Chartered and Management Accountant)