By: Staff Writer
Colombo (LNW): In a bid to revive the country’s struggling economy, Sri Lanka has implemented a comprehensive economic reforms agenda, the President’s Media Division (PMD) reported.
Accordingly, the government has initiated several key recovery strategies, with the establishment of a National Productivity Commission being a flagship project.
Despite on-going economic constraints, the government allocated funds for the commission’s establishment in the Budget 2023. An inter-ministerial Working Group has been appointed to lead the task, comprising members from various ministries, departments, and organizations.
The Working Group aims to explore international insights on productivity materialization, and to this end, the Government reached out to the Australian Productivity Commission, which is recognized as an international standard. In response, the Australian High Commission in Sri Lanka expressed their willingness to support Sri Lanka in this regard.
To facilitate knowledge-sharing, the Australian Productivity Commission conducted a virtual session on April 27th, 2023, for the Sri Lankan Working Group assigned to establish the commission. The event was hosted by the Presidential Secretariat.
President Ranil Wickremesinghe has proposed to establish the National Productivity Commission as an independent institution to investigate and study productivity issues based on quantitative and qualitative data.
According to the Head of State, this commission will also be tasked with making recommendations on trade adjustment schemes, and advising the government on micro-economic policies related to industries and commerce and trade.
It will also provide recommendations on the elements and aspects requiring changes to the existing regulations on social and environmental issues.
The National Productivity Commission will train and guide the employees in industries that are closing down due to economic instability and the difficulty of adapting to new technologies, enabling them to find new job opportunities and if not, propose a compensation mechanism for employees who lost their jobs.
He said Rs 100 million would be allocated to establish the National Productivity Commission.Meanwhile, the operations of the National Productivity Secretariat will also be incorporated into the proposed commission.
This initiative marks another engagement between the Government of Australia and the Government of Sri Lanka, reflecting their support for Sri Lanka’s economic reforms and revival.
