Decisive Economic Measures to Protect Banking Sector and Entrepreneurs

President Anura Kumara Dissanayake emphasized 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, President  media  reported.

These remarks were made during a meeting with members of the Sri Lanka Banks’ Association at the Presidential Secretariat, where discussions focused on the banking sector’s role and challenges in supporting Sri Lanka’s economic growth.

The President highlighted the critical importance of digitizing 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.

Acknowledging the challenges posed by the economic crisis, President Dissanayake 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 emphasized that any steps to formalize this sector must prioritize 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 emphasized that his administration is committed to streamlining all activities into a simpler, transparent, and efficient system.

Key participants at the meeting included Mr. Bingumal Thewarathanthri, CEO of Sri Lanka Banks’ Association (Guarantee) Limited, Mr. Sanath Manatunge, MD/CEO of Commercial Bank; Mr. Hemantha Gunetilleke, CEO of NTB; Mrs. Ayodhya Iddawela, CEO of Sampath Bank; Mr. Damith Pallewatte, Acting CEO of HNB; Mr. Ramesh Jayasekara, CEO of Seylan Bank; Mr. Kelum Edirisinghe, CEO of NDB; Mr. Neranjan Sisil, CEO of Deutsche Bank; and Mr. Indrajith Boyagoda, SLBA Secretary General (Designated).