Finance sector needs radical changes says Minister

Finance Minister Ravi Karunanayake said that the sectors of the economy will be opened enabling the private sector as well to play an equal role with the government.

He said for the first time in the history, a separate department will be created at the Ministry of Finance for the private sector development from January 01, 2016, the Finance Ministry said yesterday.

The Finance Minister said this while speaking at an interactive forum with the key private sector establishments where a representative gathering was present in Colombo today

?Many sectors in the economy will be opened. The financial sector will need a radical change where we expect the banks to take the risk and go forward for the betterment of the economy under a new era where? both the President and the Prime Minister have a clear mandate and vision for it? Minister Ravi Karunanayake said.

The Minister reminded the private sector that when they put up a challenge to the government they should be ready to meet that challenge and walk on it. He asked them not to live on the dead past as the government has rooted out the corruption and lethargic attitudes that existed in the past.

The Minister allaying the fears of red tapes and lethargic attitudes said to be on the part of the public sector invited the private sector chambers entrepreneurs to bring any such issues to the immediate attention of the finance ministry without making generalized allegations. If the government is corrupt, don?t make mere allegations, tell us where it is then we will change it. Help us to help you was the call by the minister to the private sector chambers

He also said on November 20^th, the country will see a revolutionary budget where the monopolistic approach of the government will be reduced with competitive element emerging with a level playing opportunity given to all stake holders.

The Minister concluded that this new approach by the government with the introduction of the 2016 budget on November 20^th it will be a continuous process until the country sees a transparent process with a developed economy.