Elimination of poverty impossible without eradicating corruption

(January 11, Colombo, Sri Lanka Guardian) The Sri Lanka Economic Association (SLEC) points out that no poverty reduction strategy will be successful without a corruption reduction strategy. A study done by four economists has disclosed that corruption has impaired the annual economic growth by at least two percentage points.

According to Transparency International, Sri Lanka's status in the world corruption ranking has deteriorated since 2003.

Sri Lanka, which was ranked at 67th place in 2003 has gone down to the 97th place by last year.

Meanwhile, the study by a team headed by Professor Indraratna of the Sri Lanka Economic Association shows that 9 per cent gross domestic product is lost due to corruption.
Professor Indraratne and his team point out that reforms and restructuring is necessary to reduce corruption.

Their main recommendation is based on the need to improve governance.

The study of the Sri Lanka Economic Association states that the country needs to separate powers of the legislature, the executive and the judiciary.

Professor Indraratne and his team also point out that political will has been lacking in the country in eliminating corruption.