Poor regulation creates poorly performing markets with less wealth, income, employment and growth and businesses, said , Senior Consultant of Regulatory Reform, United Nations Industrial Development Organization (UNIDO).
Due to poor regulations, businesses also have low confidence in regulatory system and seek to avoid regulatory obligations including by choosing to operate in the informal sector, Dr. Rodrigo said.
Dr.Rodrigo said the governments lose control of regulatory system and faces issues such as dysfunctional systems, corruption, reduced taxation revenues and so on due to poor regulations.
She expressed these views delivering a speech on ‘Regulatory Impact Analysis as a Tool to Improve The Quality Of Regulation’ at a workshop , held under the theme , ‘ Improving Regulatory Quality for Economic and Social Development’ held in Colombo.
“Poor regulations also create risks and hazards in many fields, such as environment, health, workplace and etc,”she said.
In order to use the various regulatory tools and factors in an effective manner, a strategic view and high political support is needed; Dr. Rodrigo said adding that political alignment of regulators and sequence and gradualism are also important to use existing resources and to integrate new tools over time.
Meanwhile, UN Resident Coordinator and United Nations Development Programme (UNDP) Resident Representative Una Mc Cauley emphasised the need to formulate systematic, participatory, evidence based, transparent regulations by the policy makers to make important decisions for the benefit of the country as well as the general public.
According to Cauley , adopting proper consumer protection regulations too will improve food safety, food standards, exports as well as address health issues like malnutrition and over nutrition in an effective manner in Sri Lanka.
0 comments: