Sri Lanka needs a digital transformation of its Public Service if it’s to avoid a difficult and prolonged recovery from COVID-19, the head of the country’s major association for finance professionals says.
Chair of the Association of Chartered Certified Accountants, Suren Rajakarier said the Government had to continue to concentrate on saving lives from the COVID-19 pandemic, while containing the Budget deficit and Government debt — and saving livelihoods of people.
“The Government imposed strict lockdowns which contained the spread of the pandemic, avoiding the disastrous experiences some developed countries have had,” Mr Rajakarier said.
“However, the lockdowns have brought the economy to a standstill,” he said.
Mr Rajakarier said a digital push in the public sector would complement fiscal and monetary stimulus measures ensuring that the economy was better placed to recover.
“Before the pandemic, the Government announced sweeping tax cuts to revive the economy impacted by the 2019 Easter terrorist attacks, these tax cuts would have resulted in revenue losses estimated at two per cent of Gross Domestic Product in 2020,” he said.
“This why we must think beyond the stimulus as the pandemic will change the global economy. Behaviour and consumption patterns have shifted the world over.”
He said Sri Lanka was making a slow shift toward a digital economy, but that could materialise only if the Government took the lead.
“In this regard, a digitally-enabled Public Service will improve efficiency, transparency and is critical to improving business confidence,” Mr Rajakarier said.
He said filing taxes, trade documentation and licensing should be automated and other Government services should be accessible online so investors and business would get the confidence they needed to navigate these uncertain times.
Colombo, 23 May 2020
