Sri Lanka launches Productivity Commission with Australian help to revive economy
Sri Lanka has launched an ambitious economic reforms agenda aimed at reviving the country’s struggling economy, according to a statement released by the President’s Media Division (PMD). As part of the plan, the government has established a National Productivity Commission, with the objective of boosting productivity and efficiency across various sectors of the economy.
Despite the economic challenges faced by the country, the government has allocated funds for the commission’s establishment in the Budget 2023, and has appointed an inter-ministerial Working Group to oversee the task. The group, which comprises members from different ministries, departments, and organizations, is focused on exploring international best practices in productivity enhancement.
To this end, the government has sought the support of the Australian Productivity Commission, which is recognized as a global standard in this area. In response, the Australian High Commission in Sri Lanka has expressed its willingness to assist Sri Lanka in establishing the commission.
As part of the knowledge-sharing process, the Australian Productivity Commission conducted a virtual session on April 27th, 2023, for the Sri Lankan Working Group. The event, which was hosted by the Presidential Secretariat, aimed to provide insights into how best to realize productivity gains in various sectors of the economy.
This initiative is a further indication of the close relationship between the governments of Australia and Sri Lanka, and their shared commitment to supporting Sri Lanka’s economic reforms and recovery. The establishment of the National Productivity Commission is seen as a flagship project in the country’s economic reform agenda, and is expected to play a critical role in driving productivity gains and boosting economic growth.