Government is calling on the private sector and all sectors of the community to mobilize domestic resources and diversify to reset the economy and achieve commercially oriented levels of productivity and competitiveness.
This was highlighted by the Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, at the Business Round Table Meeting this week.
Prof Prasad said Government is adamant about creating a safe and enabling business environment to ensure a smooth transition from public-sector led growth to a private sector led economic growth.
He said Government envisions for a sustainable and resilient private sector to deliver economic transformation.
“It is most important that the Coalition Government works in genuine partnership with the private-sector, civil society organizations and other stakeholders to create jobs and raise our people’s income levels and living standards.”
“To attain this objective, we will need a common ground of genuine policy dialogue, access to finance, streamlining regulations, and provide basic necessary infrastructure. We need to foster a culture that allows the private sector to flourish without any fear and bottlenecks.”
Prof Prasad said the Government will refocus or re-strategize its economic policies, focused on trusted leadership and good governance, improve the climate for private sector investment and business to thrive, building economic and climate resilience, and ensuring environmental sustainability.
He said Government will restore fiscal discipline in the management of public finances with revenue reforms and rationalizing expenditure to address critical operational and investment needs and ensuring value for money. Government aims to bring debt down to fiscally manageable and responsible levels (re-build fiscal space/buffers) and to engage actively with development partners to capitalize on funding and development opportunities.
“Government will prioritize human development including in the areas of health, education, housing, youth & women empowerment and poverty alleviation; to ensure better community representation in decisions relating to human development.”
“Strategically focus on rural and outer island areas, providing them the infrastructure and resources needed to begin their own economic transformation,” Prof Prasad added.