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IMF highlights need to abolish Strategic Development Act

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IMF’s Deputy Legal Department Unit Chief Joel Turkewitz, (Pictured) highlighted the critical need for Sri Lanka to abolish the Strategic Development Projects Act.

This call came during the “Charting the Course: Revitalizing Economic Governance for Prosperity” Advocata event held at the Galle Face Hotel.

Turkewitz called on the government to act quickly. He said, “Abolish and suspend application of the strategic development projects act. This is a very specific recommendation that is a priority recommendation.”

Turkewitz emphasized the findings and recommendations of the IMF Governance Diagnostic Report. Turkewitz said, “There is a commitment that the government will report on progress every 6 months on its action plan and that there will be a revision of the action plan and an extension.”

The IMF’s governance diagnostic, a tool first deployed in Asia, was conducted at the request of the Sri Lankan government to address severe corruption and governance weaknesses that have plagued the nation. The report, a collaborative effort between the IMF and the Sri Lankan government, identified 16 priority recommendations alongside 60 complementary ones. The report revealed that Sri Lanka’s economic crisis is deeply intertwined with a governance crisis, necessitating substantial reforms.

The diagnostic was comprehensive, examining corruption vulnerabilities in core state functions such as fiscal and monetary policy, financial sector oversight, and judicial system performance. The IMF team, led by Turkewitz, engaged with government officials, civil society, and the business community to understand the extent of corruption and its impact on governance.

Key recommendations include publishing asset declarations for senior officials, making public procurement contracts above 1 billion rupees available online, and listing firms receiving tax exemptions.

The abolition of the Strategic Development Projects Act is seen as essential to reduce corruption and improve fiscal governance. Since the report’s publication, the Sri Lankan government has committed to a rolling action plan, with regular progress reports and revisions.

The IMF supports these efforts through structural benchmarks and capacity development assistance. Public discourse and monitoring are also crucial for ensuring the government’s adherence to these reforms.

Turkewitz’s address underscores the importance of collective action in combating corruption and achieving better governance in Sri Lanka.

The IMF and its partners remain committed to supporting the nation in its journey towards economic stability and prosperity. (TP)

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