INTRODUCTION OF ECONOMIC POLICY FORMULATION FOR SRI LANKA

The economic development policy of a government determines whether a country's future will be wealthy or poor. In order to take advantage of amenities and to attain socioeconomic development, policymakers need to analyze and formulate sound economic policies. Due to unplanned, unstable policies, Sri Lanka is still struggling to develop economically. Thus, we present in this document proposals for long-term economic policies for Sri Lanka pertaining to non-economic development, tax structure, revenue generation, legal system, geopolitical aspect, and foreign exchange reserve.   

ECONOMIC POLICY FORMULATION FOR SRI LANKA
Introduction
A government's economic development policy decides that the country's future is wealthier or
poorer than others. Hence, policymakers need to analyze and prepare sound economic policies
so that the country can enjoy amenities and acquire the development of society. Sri Lanka is
still fighting for economic development with unstable unplanned policies in the last decades.
Therefore, herewith discuss and provide recommendations for proper long-term economic
policies for Sri Lanka relating to non-economic development, proper tax structure, revenue
generation, legal system, geopolitical aspect, foreign exchange reserve and banking system.
Well-developed policies for the long term will accelerate and transform a country into further
development.

Importance of Having A Proper Economic Policy
According to The World Bank open data (2019) in 1970 Sri Lanka was a much richer country
than Singapore. Sri Lanka GDP in 1970 was 2.2 bn US dollars and taken 67th place in the world
while Singapore GDP was at 1.9 bn US dollar and ranked 74th in the world. Then the economic
situation was dramatically inverted and at 2019 Singapore GDP reached 372 bn US dollars
while having enormous growth compare to history and Sri Lanka GDP was 84 bn US dollars
and it was less than a one- fourth compared to Singapore. Several studies have demonstrated
that Singapore has achieved its remarkable growth by being commensurate with globalization,
laissez-faire market, education system and adapting to strict practical government policies.
The importance of a sound economic policy is that the government achieves the desired
objectives with rapid and sustainable growth while maintaining economic stability. The main
government objectives for the economy are rapid economic growth, achieving full
employment, balance of payments stability, price stability and redistribution of income.
(Fonseka,2020, p.221). A government can function under different policies to achieve desired
objectives and it will be decided the particular government success or its otherwise.
1

Inclusion of Non-Economic Aspects/ Elements in The Policy
Economic growth is as an increase of the national income / national output and economic
development is not only the growth but also the improvement of living standards of people. As
describe in different studies non-economic elements including social, cultural political and
administrative dimensions are plays significant role not only to the economic growth but also
influencing government decisions on economic policies and its implementation. In social
science perspective the economic growth and government strategies are in debate in different
aspects. However, its mostly emphasize the importance of government expenditure on
planning non-economic aspect and its plays unique role in deciding economic growth. When
consider the economic growth of South Korea and Turkey during past half century they have
achieved remarkable economic growth due to their successful government policies
implemented based on non-economical drivers as cultural planning, dedicated leadership to
implement government planning, citizen having social trust and their positive attitude and
commitment towards the national well-being and the cultural believes. (Onder & Nyadera,
2019).
According to World Bank national accounts data in 1970 per capita of Turkey was 4220 US
dollars and after half century its reached 15125 US dollars of per capita income. And South
Korea had enormous growth of 1793 US dollars to 28675 Us dollars within 1970 to 2019.
Consider the Sri Lanka, in 1970 per capita was 711 US dollars and after half a century its only
rose to 4011 US dollars and several studies showed that the country still struggles to gain
economic prosperity without having proper policies.
According to human development reports of united nation development program the Human
Development Index of Sri Lanka in 2019 is 0.782 and 72 nd in the world. In 1990 HDI was
0.629 and increase percentage within the 10 years was 24.3 percent. According to the studies
whether the Sri Lanka gains some increase in HDI the country is not focusing the non-
economical drivers as cultural planning, dedicated leadership, citizens’ social trust and positive
attitude and commitment which were the key drivers of Turkey and South Korea economy. In
organizational terms Sri Lanka is not powerful, not disciplined and uncoordinated, and had not
2

strong political leadership for years. (Dunham & Kelegam,1996). According to the World
Bank Data (2019) Sri Lanka political stability is – 0.23 in 2019 and at 115th place.
Figure 1: Political Stability Index
Source: The World Bank. (2019).
As shown in Figure 1, Sri Lanka political condition is not stable for past 10 years and Singapore
is in stable political condition for years. One of a reason behind the Singapore political stability
is their sound policies for quality of governance including managing a plural society and rule
of law (Hettiarachichi,2010)
According to Transparency International Sri Lanka (2019), Sri Lanka's Corruption Perceptions
Index (CPI) is 38 in 2019 and ranks 93rd in 180 countries. In terms of global content, New
Zealand and Denmark index is 87th and score first among the less corrupt countries. Singapore
index is 85th and rank 4th out of 180 countries. According to the literature review, CPI
countries with comprehensive and systematic regulations have 70 averages and other countries
with similar regulations and poorly managed countries have 34 and 35 respectively.
-1.34
-0.94
-0.72 -0.72 -0.61
-0.33
0.09 0
-0.07 -0.14 -0.23
1.18 1.17 1.19
1.37 1.38
1.19 1.31
1.5 1.62 1.49 1.53
-1.5
-1
-0.5
0
0.5
1
1.5
2
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Sri Lanaka Singapore

Importance of Having A Consistent Tax Structure
According to the view of The Association of Chartered Certified Accountants the three
keystones of a good tax structure are Simplicity, certainty and stability. In developing
economic, policy makers should take these three aspects into account and based on these three
pillars, taxpayers can measure the effectiveness of the government in developing and
maintaining tax policies.
According to International Tax Competitiveness Index in 2020 Estonia tax system taken the
1st place with overall score 100. Estonia tax system drive with four positive aspects. Firstly,
Government executed 20 percent tax on corporate companies for their distributed profits to
influence to reinvest the profit with free of tax. Secondly, keep the income tax against
individual income in 20 percent flat rate. Thirdly, Estonia has favorable system for properties
to applies tax only on land not for the real property value. Fourthly, they have 100 percent tax
exemption on foreign profits earned by local companies. Estonia has unique simple tax system
that allows companies to spend less time for tax preparations. According to Organization for
Economic Cooperation and Development (OECD) the average time spend for tax preparation
only on corporate income tax in OECD country is 42 hours per year and it Estonia it is only 5
hours. And also, they are free the real property transfer from taxes. According to Tax
Foundation, tax structure is a one out of the key factors determine countries’ economic
performance. A simple, certain and stabile well-structured tax system which taxpayer can
easily comply with is promote economic development and increase the government revenue.
According to the findings Sri Lanka, tax system is comprising with more than 30 different
taxes which time to time alter with government changes. As per the Sri Lanka inland revenue
the list includes Income Tax, Payee tax , Value Added Tax ,Economic value added charge ,
Construction Industry Guarantee Fund Levy ,Tourism Development Levy, Betting and
Gaming Levy, Crop Insurance Levy etc,. In addition Director General of Custom collects
import levies mainly customer duties, Cess , Port and Airport Development Levy etc. And also,
local authorities charge assessment tax, property tax etc. The challenge of the Sri Lanka
4

government is to create simple tax structure by rationalizing those numerous taxes and levies
(Perera,2019).
Adequate Revenue Generation
Government generate revenue to provide social products and government revenue is the
financial resources of the government ensure the it’s to function. For the generations the
contents of government revenue changed time to times. Generally government revenue
generated mainly from taxation , profit of public corporations, Loans from public , Loan from
banking system (Fonseka,2020).
According to Central Bank of Sri Lanka records ,in 2016 government revenue amount is 14.1
percent of the gross domestic product (GDP) and it was decrease to 12.2 percent in 2019. As
shown in Figure 2 Sri Lanka experienced overall Fiscal deficit over years and from Mar 2014
to Sep 2020 quarterly averaging deficit was Rs,-199,667.000 Mn and when Sep 2020 it was
Rs.-418,100.932 Mn.
Figure 2: Sri Lanka's Overall Fiscal Surplus/Deficit from Mar 2014 to Sep 2020
Source: Central Bank of Sri Lanka
When consider Singapore economy, today its having most stable economy in the world with
no foreign debt with huge government revenue and positive surplus for years even with its’
minor domestic market and few natural resources. One of the secrets to the success Singapore
economy is that the government is borrowing for investments. With this government policy on
5

strategic debts along with strong asset protection strategy, rapid economic growth and prudent
macroeconomic policies, Singapore government experiences strong balance sheet with assets
balancing its liabilities Anonymous (n.d.).
Integration and Congruence of The Legal System with The Economy
It’s widely assumed that positive changes and improvements of legal system with creating
friendly regulatory environment focusing on investors will be resulted to economic
development. According to the world justice project (WJP)2020 more countries declined
overall performance on rule of law and weakening the judiciary system around the world with
demonstrating downward trend. However, some countries such as Denmark, Norway and
Finland topped the list with 0.99, 0.89 and 0.87 respectively. But Sri Lanka is in 66th place out
of 180 with the score of 0.52. As shown in Figure 3 and 4 Sri Lank is in far below compare to
Denmark (World Justice Project,2020). In early 1980 Denmark developed their legal and
regulatory policies in terms of quality and simplification to modernize the economy with
expecting to removing harmful regulations which will affective the competitiveness of
businesses. This strong policy of healthy regulations which developed over 40 years is a part
of the series of their forward-looking reforms that confirmed the country's economic and social
development (Better Regulation in Denmark,2020)
Sri Lankan justice system highlights that the cases related to land and money matters are in
the court for more than 5 years (World Bank,2013).
Figure 3: Sri Lanka's WJP scores in different legal aspects
6

Source: World Justice Project
Figure 4: Denmark’s WJP scores in different legal aspects
Source: World Justice Project
7

How to Overcome the Impact of Geo-Political Pressures
After Sri Lanka defeated LTTE, brought more international focus and additional geo political
presser and attraction to the country. In addition to that, China’s growing economic presence
in Indian ocean had a numerus impacts on countries economic system. And also, country
receives the attraction of world powers like India, USA and Japan.
Successful management of the geopolitical impact will be beneficial to the countries for the
economic growth. The European Union (EU), along with 27 countries, is one of the best
examples of geopolitical success. The EU was a political and economic integration of
European countries into the creation of a single currency (the euro).Now it’s become the
world's second reserve currency and the eighth strongest currency in the world. Another
example of success is the North American Free Trade Agreement (NAFTA), the free trade
agreement of the United States, Mexico and Canada, which boosted the economies of all three
countries.
For past decades Sri Lanka played a major role as a normative leader in globally. For an
example Prime Minister Sir John Kotelawala and Mrs. Sirimavo Bandaranaike played leading
role in the Non-Aligned Movement (NAM). And later, as a result of the civil war the Sri
Lankas’ role in global contest has diminished (Waidyatilake,2018).
8

Strategies to tackle possible epidemics and pandemics in future
COVID-19 has critically affected to the small emerging economies like Sri Lanka. Since the
Sri Lanka was already experienced week economic growth for past few years the effect of
pandemic caused to economic fallout. Sri Lanka had success in early stage of COVID-19 battle
with recorded only 3000 cases and 11 deaths. But the second wave spike sharply to the nation
and when Feb 2021 it has recorded as over 78,000 infected and 430 deaths (Health Promotion
Bureau, 2021). Economically the most critical challenge that Sri Lanka’s facing is to settle
foreign debts. With the negative effect COVID 19 it also addressed some long-standing
structural problem exist with Sri Lankas’ Economy. Pandemic resulted in to increase medium
term macroeconomic stability trough increased domestic production after pandemic and boost
agricultural production, reduce the dependence on imports with some totally banned imports
like turmeric, reduce the over reliance on of foreign deficit and also the 2021 government
budget has been given more focus on production driven economy through local and foreign
investments (Central Bank of Sri Lanka,2021). And as per the findings the pandemic also made
people, companies and the government think outside the box and develop plans and policies
for the future.
Taiwan is a one of a country successfully faced against COVID 19 pandemic. The country has
successfully controlled the pandemic with taking the geographical advantage and experiences
gained from SARS 2003. Taiwan strategies on pandemic also provides reference for Sri Lanka.
9

Generating Adequate Foreign Exchange Reserves
Foreign exchange reserves play a crucial role in the stability of the economy. Without the
necessary reserves, the country cannot import critical products such as crude oil. The
International Monetary Fund (IMF) (n.d.) defines the foreign exchange reserve is an external
asset of the country, which enables the national monetary authority to influence the exchange
rates and the balance of payments needs.
Figure 5: Total reserves (includes gold, current US$), Sri Lanka and Singapore
Source: The World Bank. (2019).
According to the Central Bank of Sri Lanka (2021), the Sri Lankas’ foreign exchange reserves
were further reduced from 5.2 USD bn in December 2020 to 4.3 USD bn in January 2021. As
shown in Figure 5, Sri Lanka's foreign exchange reserves have declined for past years while
other economically stable countries like Singapore have increased. Singapore's foreign
exchange reserves stood at 285.4 USD bn in 2019 and its 37 times greater than the Sri Lanka's
reserve. According to The World Bank (2020) Singapore have the eleventh highest stock of
Forex in the world. Addition to that Singapore owns 300 USD bn reserve managed by two
other organizations fully own to the Singapore government (Temasek Holdings, The
Government of Singapore Investment Corporation). Singapore hold this massive reserve to use
against crisis, investment income support for annual government budget and maintain
5.35 7.19 6.73 7.1 7.5 8.21 7.3 6 7.9 6.9 7.6
192.04
231.2 243.7 265.9 277 261.5 251.8 251
285 292.7 285.4
0
50
100
150
200
250
300
350
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
USD bn
Sri Lanka Singapore
10

confidence exchange rate. And this strategy makes it possible to maintain the economic
stability of the country alongside any crisis situation (Menon,2019).
Integration of The Banking System, Improving Standards, And the Role Of CBS
The integration of the banking system means the consolidation or amalgamation of banks or
financial institutions in order to increase capital mobility, better diversify risk and reduce the
risk of insolvency. In globally bank integrations was higher in past few decades due to fewer
barriers to world trade and the rapid growth of technology (Sun & Ni, 2020). In recent times,
the Sri Lankan government has also encouraged banks and financial institutions to integrate
into global or local context. This contribution helps for banking system efficiency, gain more
competition in local markets, open for global business and opportunities, globally diversified
the risks etc. As per the findings the most recent global financial crisis was the US banking
crisis, which caused a global economic shock. These severe global financial crises created a
trend towards the integration of the banking system.
An important role of the Central Bank of Sri Lanka (CBL) is to prepare guidelines for the
proper management of the banking system and to develop the necessary regulations for
financial companies. To this end, the central bank is defined suitable standards as guidelines
for the financial institutions and then assesses and identifies the potential risks of a financial
institution in connection with the stability of the system.
11

Recommendations
Recommendations for Inclusion of Non-Economic Aspects/ Elements in The
Policy
As discussed Sri Lanka should focus and develop sound policies for the non-economic
indicators. Sri Lanka has its unique and rich cultural diversity which rarely having by a single
country. Sri Lanka is having very unique identity which is already established within world
and attract tourists like for Ceylon tea , Ceylon cinnamon , Sri Lankan cuisine , Indigenous
ayuruvedic medicine and also for hospitality. But those are not only the cultural traits which
the nation is having and can be promoted and should include in to development strategy. As
examples Sigiriya , our ancient cities , Dalada Maligawa can be promoted as packages tourist
can visit only after pre booking online onto reduce overcrowded and to increase the value and
feeling of exclusivity. Instead of promoting Dalada Maligawa with just saying its having Lord
Buddha’s tooth relic, the promotion package can be included various traditional events like
Kandyan Dancing events at some certain nights. It also will help to traditional dancers increase
their income while developing performance. Sri Lanka should develop cultural planning and
proper policies with having proper understand on tourist behavior. Sri Lanka should change
the strategies towards tourism to be managed like a modern enterprise. And also has to develop
strong national cultural policy to control the compromising of values and quality of the cultural
products, services and events. And government organizations dealing with this issue should
have knowledgeable and experienced marketing and business relations employees to develop
proper policies. In order to improve the score in Sri Lanka, the nation needs to implement long-
term stable policies with strict regulations on financing activities and reshape the legal system
to make quick legal decisions and impose a heavy penalty for financing corruption.
Recommendations for Importance of Having A Consistent Tax Structure
To increase tax revenue the country can develop and introduce different measures such as If
the government develops a system to integrate other government institutions like Department
12

of Motor Vehicles, Department of Immigration and Emigration etc. with inland revenue
department to gather information to increase tax files up to 10 million by confirming that every
working person has files, it has been estimated that over Rs. 3 trillion additional revenues will
be generated. And if steps are taken to develop the citizens’ positive attitude towards their
contribution to national wealth with expecting to increase income transparency of citizen by
facilitating voluntary compliance, tax amounts can also be reduced based on the huge tax base.
(Mendis,2020). Government should develop and reengineer the tax system with simplifying
the tax system and reducing the numbers of taxes. In addition, changes need to be made to the
current tax law in order to reduce unnecessary time and money wasted in court. And should
develop effective and simple tax administration system using latest technologies. And mainly
the tax system should be free from political influences and corruptions. Government should
have enough revenue to fulfil the demand on public goods and success of the government on
it will decide the stability and success of them. (Kahan,2019). With globalization all the
businesses in the world have numerous options around the world to choose invest to get the
highest return means that government should have proper policy and plan lower the tax rates
and give exceptions to maximize foreign direct investments (FDI)
Recommendations for Adequate Revenue Generation
To achieve fiscal surplus Sri Lanka government should develop long term policy for at least
next 10 years. Sri Lanka is rich with natural resources than Singapore and located it in strategic
place in Indian ocean. While improving the tax system as discussed previously government
has to develop proper strategies for domestic debt management. Instead of working on short-
term lending policies financial authority should plan it for at least next 10 year and has to
monitor it and do timely alternation frequently by the independent committee with free from
political influence. Country need well-functioning debt securities market and needs strong
legal framework. And government should increase the assets and resources and proper
planning to mange to increase income. And planning strong camping to attract FDI and funding
flows. And government should look the existing trade agreements and should take strong
decisions to deregister or request alternations from less benefited foreign trade agreements and
need strategic approach for new trade agreements which will benefited to country. Sri Lanka
has to improve competitiveness and negotiation power to earn higher revenue by exports with
introducing value added products to the global market. As we rich with ocean-related assets,

Blue Economy is appropriate policy for Sri Lanka to implement which is widely implementing
in European countries. It promotes sustainable economic growth together with improving of
livelihoods with all the economic activities relates to ocean.
Recommendations for Integration and Congruence of The Legal System with The
Economy
Sri Lanka should develop long term regulatory policies as better regulations contribute not
only to the economy development but also to the social well-being. The country must take the
necessary measures to strengthen the dispute resolution system including Mediation board and
Arbitration system in order to reduce court time and rush for resolve civil matters. And the
country should ensure that knowledgeable persons are appointed to the legal system and ensure
the independence of the system to build peoples’ trust. By appointing a separate evidence
collection committee across the island, it will reduce government costs to an ineffective system
like unnecessary transportation of prisoners, calling the case with no evidence, and wasting the
time of legal staff and others. Policies should be considered to develop closely knit, customized
legal system based on small societies and different groups will help people adapt to the legal
system and based on that government should rearrange the relates institutes to implement the
system. Develop legal Information Database System with register of regulations will increase
the efficiency of the legal system.
Recommendations for How to Overcome the Impact of Geo-Political
Pressures
Sri Lanka should work as the “Super Connector” to the power competition between China and
US with India will create lot of economic and financial benefits to the country. Sri Lanka
should create long term strategies and policies to capture the opportunities. And also, the
country should steer clear towards this geopolitical competition and country should plays as
independent party without take a side to grab the all the benefits receive as the strategic
location. And also Sri Lanka should develop policies to promote the country as a trade and
maritime hub of Indian Ocean. For that, country should require improved infrastructure and
system to connected with regional markets. And Sri Lanka also should continue the
participation in international economic institutions and summits to strengthen Sri Lanka's voice
at the international level and take back the role of normative leader .

Recommendations for Strategies to tackle possible epidemics and pandemics in
future
To face future pandemics and epidemics Sri Lanka has to strengthen the local and regional
health administration system by set up official health management branch to promote medical
management and also healthcare knowledge with customize approached for different groups
like city and rural. Sri Lanka need to appoint central authority for epidemic or pandemic as
command center with representation of all the government institutes to take quick actions and
to create future plans (Wijesiri,2020). Sri Lanka also need to develop centralized information
system including all the data related to updated citizen details with travel history and travel
details of foreign visitors’ details. It will help government to take urgent measures and people
to avoid and risk areas and to quickly gather health information to protect from the situation.
Consider the economic and revenue generation perspective The government should focus on
encouraging investment in booming industries despite the pandemic such as IT sector, delivery
service sector, manufacturing of tea and other healing auruvedic products. Policies has to
develop to increase the capacity of SME sector and agricultural based investments. And the
government should focus on FDI instead of foreign debts.
Recommendations for Generating Adequate Foreign Exchange Reserves
Sri Lanka also should take steps to increase the Forex reserves to achieve economic stability.
And the adequate amount of reserve will protect the economy from crisis like COVID 19.And
the income generated from investing the reserves will be a solution for Sri Lanka’s budget
deficit. To improve the reserve government should sets the investment strategies for short term
and long-term. The investment decisions must be rational and must monitor risk and return and
government should government should hire expertise specialist people to get the decisions
(Menon,2019). Addition to that Sri Lanka government shout transparent on reserve
management and it should not be a part of the corruptions. Sri Lanka's legal system needs to
be strengthened to manage foreign exchange reserves.
15

Recommendations for Integration of The Banking System, Improving Standards,
And the Role Of CBS
Sri Lanka Central Bank should develop policies to reshaping the financial service in
Sri Lanka after strong analyzing on the current status of the system. And also, The Central
Bank of Sri Lanka should oversee the banking system and drive it through the developed
policies until the planned growth is achieved. The Central Bank of Sri Lanka should introduce
and adapt to new technologies while ensuring the protective banking system banking industry
to improve productivity. And should manage and propose the banking system integration not
only locally but also globally in order to take advantage of global opportunities. And should
put in place a solid legal system to minimize fraud and improve the protection of the system.
Banks and other financial institutions should improve the security system using the latest
design approach to prevent cyberattacks. And also, should introduce effective data protection
management systems for ensure data security.
16

Conclusion
In the world economy, most of the developed countries have achieved success through long-
term economic policies not only for ten years but also for fifty years. If consider the economic
index, Sri Lanka ranks well below compare to countries like Singapore, which was the same
or a lower level than Sri Lanka in 1970. Therefore, Sri Lanka should immediately take steps
to develop the country's goal and policies without influencing through political changes. But
just developing policies will not be enough for economic success. Every single government
appointed should undertake to move the country through the developed policies to achieve the
success of the economy and social life.
17

List of References
Picardo, E.(2021). 10 Countries with the Biggest Forex Reserves.
https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-
reserves.asp.
The World Bank (2021). Open Data
economynexT(2020). Sri Lanka foreign reserves fall to US$5,549mn in November 2020.
https://economynext.com/sri-lanka-foreign-reserves-fall-to-us5549mn-in-november-2020-
76815/
Menon, R.(2019). How Singapore manages its reserves.
https://www.bis.org/review/r190313b.htm
Wijesiri,L. (2020, March 27). Is Taiwan’s impressive response to COVID-19 possible in Sri
Lanka?. Dailymirror. http://www.dailymirror.lk/opinion/Is-Taiwans-impressive-response-to-
COVID-19-possible-in-Sri-Lanka/172-185720
Sun, Y., & Ni, Y. (2020). Does bank integration contribute to insolvencies and crises?.
Journal of Financial Economic Policy, 13(1), 62-93.
Waidyatilake, B. (2018). A New Role for Sri Lanka in Asia’s Changing Geopolitics?. In 3rd
Indian Ocean Conference. Berlin; Stiftung Wissenschaft und Politik.
https://www.news.lk/fetures/item/22082-ior-architecture-mustrecognize-intrinsic-role-of-
littoral-states-pm.
Hettiarachichi, C. (2010). The Singaporean Economy: Lessons for Post War Sri Lanka
[Blog].
https://blogs.worldbank.org/endpovertyinsouthasia/singaporean-economy-lessons-post-war-
sri-lanka.
Fonseka, T. (2018). Economic Theory and Management Practice (7th ed.). National Library
of Sri Lanka
Kahan, A. (2019). Fundamentals of Public Budgeting and Finance . Springer International
Publishing.
Mendis,T. (2020, March 18). Mother Lanka on Saline. DailyFT.
http://www.ft.lk/columns/Mother-Lanka-on-saline/4-700326
18

United Nations Development Programme (2020). Human Development Report
Onder, M., & Nyadera, I. (2019). The Role of Non -Economic Drivers in Development
Planning: The Case of South Korea and Turkey. International Journal of Public
Administration, 43(4), 283-293.
International Tax Competitiveness Index. Tax Foundation. (2021).
https://taxfoundation.org/publications/international-tax-competitiveness-index/.
Government Finance. (2004).
http://www.stats.gov.cn/tjsj/ndsj/yb2004-c/html/8ie.htm
Dunham, D., & Kelegama, S. (1994). Stabilisation and Liberalisation: A Closer Look at the
Sri Lankan Experience 1977-93
https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1746-1049.1997.tb00843.x
Transparency International. (2019).
https://www.transparency.org/en/countries/sri-lanka
United Nation Development Program. (2019).
https://www.undp.org/content/undp/en/home.html
19
19