OPA conducts post-budget seminar and discussion

A highly successful seminar and discussion on the ramifications of the budget on Sri Lanka’s economic recovery was conducted by the Organisation of Professional Associations of Sri Lanka on the 20th of November at the OPA auditorium.

The theme of the event, which was graced by Mahinda Siriwardena, Secretary to the Ministry of Finance, as key note speaker, was “Navigating Economic Recovery: Sri Lanka’s Fiscal Policy, Investment Strategies and Future Prospects”. The other eminent guest speakers were Duminda Hulangamuwa, Chairman, Ceylon Chamber of Commerce and Country Managing Partner, Ernst and Young, and Suresh Perera, Head of Tax and Regulatory, KPMG. Senior Prof. Kennedy Gunawardana, Head of the Department of Accounting, University of Sri Jayewardenepura, and Chaaminda Kumarasiri, Chairman, HCP Consulting Ltd. and Non-Executive Director, Sanasa Development Bank, served as panelists.

In his keynote address, Mahinda Siriwardana noted the present economic crisis had deep roots as the country had been borrowing too much and taxing too little, while producing below its potential.

Also to blame were many years of populist and short-sighted policymaking, corruption, political instability and mismanagement. After undergoing external shocks such as the Covid-19 pandemic and the Ukraine war, the economy was devastated. He pointed out that the economic crisis underscored the importance of data-driven policymaking and the danger of engaging in ad-hoc policy experiments, myopic populist policies and disregarding evidence-based policy analysis, established economic fundamentals and expert opinion. As a result, the government was forced to turn to the IMF’s Extended Fund Facility for help.