Ex-President Sirisena blames open economic policies introduced in late 1970s for present ills

By Saman Indrajith

Polonnaruwa District MP and former President Maithripala Sirisena told Parliament yesterday the national economy had been adversely affected by open-economic policies introduced in the late 1970s.

 Participating in the second reading debate on budget 2021, the former President said: “Local industries that had received a boost under the then Prime Minister Sirimavo Bandaranaike and Finance Minister Dr N. M. Perera collapsed after the introduction of open economic policies that depended on goods from overseas. The opening-up of the economy led to the country being flooded with imports, overwhelming local industries, local agriculture and some infrastructural mechanisms such as Regional Development Boards. As a result of those policies we have a sluggish economy today. The situation has been worsened by the COVID-19 pandemic.

 “We have chosen to promote local production as far as possible. I have faith in the incumbent President, who has understood the need of promoting the local industries, agriculture and national economy. I appreciate his policy of promoting local over international. I am sure that we can produce 99 percent of our food here. Therefore, I approve the limitations the president has imposed on some food imports to promote the local products. This government upholds the concept that we must solve our problem ourselves.

“I view these budget proposals as an attempt to reduce poverty by implementing as many programmes as possible to achieve self-sufficiency. The budget contains many progressive proposals. We should welcome the proposal to allocate funds for drinking water projects of rural areas.  We must appreciate the decision to allocate Rs. 7,000 million to for improving rural road network because rural economy cannot be uplifted without access roads enabling connectivity between the farm and the market. We should be thankful to the Prime Minister, who has, in his capacity as the Minister of Finance, included a proposal to allocate Rs 5000 million for developing rural dispensaries and maternity homes. In addition to the allocations made to the health sector, Rs 7,000 million is to be allotted to for the fight against COVID-19 pandemic.”