• Dr. Devarajan asserts that economic reforms and improved governance are imperative for the nation's progress, with both objectives hinging on the principle of accountability.

Dr. Shanta Devarajan, a prominent economist, has underscored the critical importance of accountability in Sri Lanka's quest for sustainable development. As the nation grapples with the aftermath of poorly devised policies, Dr. Devarajan emphasized that accountability is not only essential for growth but also for effective governance. With elections looming and political parties vying for power by promising improvements across various sectors, ensuring accountability becomes paramount. Dr. Devarajan stressed that economic reforms and enhanced governance are imperative at this juncture, with both objectives converging on the central theme of accountability. Drawing from his extensive research spanning two decades, he highlighted the consensus among parties regarding the significance of enabling citizens to hold governments accountable, a principle integral to IMF-supported programs.

Furthermore, Dr. Devarajan outlined the correlation between accountability, economic performance, and governance, citing Sri Lanka's stagnant GDP since 2013 as indicative of a "lost decade." He pointed out that effective governance entails empowering citizens to demand accountability from their leaders. Dr. Devarajan referenced historical data from the late 1970s, showcasing the positive impact of liberalized trade policies on Sri Lanka's GDP growth. He argued for a shift away from a system where the government holds individuals accountable towards one where entrepreneurs are answerable to market forces. In essence, Dr. Devarajan advocated for a paradigm shift in Sri Lanka's economic policies, emphasizing the necessity of embracing accountability to foster sustainable development and economic prosperity.

Accountability crucial for growth and governance in SL, says Dr. Devarajan | Daily Mirror