By Ifham Nizam
Former Finance Minister Ravi Karunanayake emphasized the urgent need for Sri Lanka to adopt a more efficient and digitalized government mechanism to steer the country out of its current economic challenges.
In an exclusive interview with The Island Financial Review, highlighting the lethargy that has crept into public administration, Karunanayake stressed that without significant reforms and digital transformation, Sri Lanka risks being stuck in a never-ending cycle of inefficiency.
Karunanayake stressed the importance of digitalizing the government, drawing parallels with the success stories of Eastern European countries. “A digital bureaucracy is the future of Sri Lanka,” he stated, arguing that while manual intervention remains necessary, the backbone of government operations must be digital to achieve efficiency.
Despite the recognition of necessary reforms, Karunanayake expressed disappointment with the pace at which they are being implemented. “There are no reforms at all,” he lamented, noting that while the country looks to successful models from abroad, it fails to implement those ideas effectively. He attributed this failure to the overwhelming bureaucracy that has stifled progress.
Addressing the energy sector, Karunanayake called for a “forceful change” in policy, emphasizing that continuity and a dynamic approach are crucial.
He predicted that significant changes would occur after the upcoming election, provided President Ranil Wickremesinghe is re-elected. According to Karunanayake, Wickremesinghe’s experience and knowledge have proved essential in navigating the country through its current difficulties.
Karunanayake added: ‘There is a need for Sri Lanka to focus on exporting its way out of the debt crisis. Foreign investment and technology are important in driving economic growth. While foreign partnerships are vital, priority should be given to Sri Lankans, allowing them to capitalize on these opportunities before seeking external help.
‘There is a role for the younger generation in shaping Sri Lanka’s future. It is praiseworthy that our youth are moving away from the reliance on empty promises and instead focusing on taking opportunities into their own hands. The younger generation is going to be our success story. The government should provide the necessary support to enable youth to thrive independently.