Wednesday Oct 30, 2024
FT
Wednesday Oct 30, 2024
Wednesday, 30 October 2024 00:00 - - {{hitsCtrl.values.hits}}
President Anura Kumara Dissanayake yesterday appeared to ride on the delicate balance of aspirations of both the banking sector and the entrepreneurial community, especially the Micro, Small and Medium (MSMEs) segment.
During the first ever meeting with members of the Sri Lanka Banks Association since assumption of office, President Dissanayake emphasised that, since neither he nor his administration has special ties or obligations to any party within the country’s development or business sectors, they are positioned to make decisions impartially and decisively for the sake of national economic recovery.
The discussions focused on the banking sector’s role and challenges in supporting Sri Lanka’s economic growth, said the President’s Media Division (PMD).
The Daily FT learns a meeting is scheduled today with representatives of the MSME community at the Presidential Secretary. The MSMEs are keen to lobby for a further extension of suspension of parate action by banks which is slated for 15 December.
The PMD said during the meeting with bankers yesterday, the President acknowledged the challenges posed by the economic crisis. He discussed the need to protect and support entrepreneurs through the banking system, cautioning that any misuse of this support could undermine progress. He stressed that the approach should ensure security and mutual benefit for both banks and entrepreneurs.
Discussing the informal sector, President Dissanayake noted its substantial role within Sri Lanka’s economy. He emphasised that any steps to formalise this sector must prioritise the safety and welfare of those currently relying on it for their livelihoods.
The discussions also addressed Sri Lanka’s current challenges, including prolonged project timelines and obstacles to maintaining investments, often attributed to issues like corruption. The President emphasised that his administration is committed to streamlining all activities into a simpler, transparent, and efficient system.
President Dissanayake also highlighted the critical importance of digitising Sri Lanka’s economy, including the implementation of a National Digital ID initiative, which he pledged would be completed within a focused timeframe of one and a half years.
Key participants at the meeting included Sri Lanka Banks Association Chairman Bingumal Thewarathanthri, Commercial Bank Managing Director/CEO Sanath Manatunge, Sampath Bank Managing Director Ayodhya Iddawela, HNB Acting CEO Damith Pallewatte, Seylan Bank CEO Ramesh Jayasekara, NDB CEO Kelum Edirisinghe, NTB CEO Hemantha Gunetilleke, Deutsche Bank CEO Neranjan Sisil, and SLBA Secretary General-designate Indrajith Boyagoda.
