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The economy of Sri Lanka now stands at a historic juncture.
The clarity of development oriented national policies and winds of change sweeping across a nation at peace have boosted investor confidence and culminated in a rebounding economy that has begun to display its true potential for rapid growth.
Sri Lanka is a nation that is now compelling each of its citizens to play their part. To speak with one voice, one sense of belonging and a commitment to ensure that the nation becomes a force to reckon within the region. It is our duty to map out a winning economy and recognition for stability that has long eluded our nation for many war ravaged years; and to dissuade negativity and apathy that may halt its upward growth trajectory.
A solid foundation for sustainable growth has already been laid.
Within the war ravaged regions of the North and East which were marginalized and excluded from mainstream development for nearly 3 decades by the shackles of a protracted conflict, a new economy is emerging; and economic activities across all sectors are beginning to provide hope for its citizens and a stability for future generations. Similarly the growth momentum elsewhere across the nation is being maintained. Rural economies are being revived with large scale infrastructure, road networks, telecommunication facilities etc., providing gateways to knowledge resources and markets.
Development should be a countrywide phenomenon, with the fruits of development shared by people across regions and income strata -be they, the movers and shakers of the commercial wheels of our cities or the proud descendants of our agri-based forefathers in the rural heartlands of our nation. Development, to be truly national, must be mainstreamed!
Successful initiatives to harness the growth potential for long term sustainable development needs, and depends on transparent and effective public-private partnerships. The outreach of the public sector and its inherent resources, together with the governance structures, result oriented strategies and transparent mechanisms of private enterprise need to blend in harmony. Coordination and cooperation is the need of the hour - a most imperative need for the success and sustainability of national development.
Banks are a vital cog in the wheel of any economy, and more so in an emerging economy such as ours.
The Banking sector plays a vital role in systemizing the participation of the general public, corporate bodies and professionals in their common endeavor to attain the desired economic growth. A gamut of financial products and services are needed to kick start nation building. Revival of priority sectors needs greater lending, a more concerted effort to enter into under-banked regions, to innovate financial solutions that can be understood by all, and provide value added services that can open regional and global markets to local entrepreneurs and give them a competitive edge.
In recent years, major reforms have been introduced in the banking system to maintain its stability and resilience. Further reforms are on the cards to strengthen the soundness of the financial system in line with the international best practices and standards.
It is amidst these reforms that the Banking Sector is expected to perform its pivotal role as a key driving force in expediting economic development.
While fulfilling the expectations of all stakeholders, Banks must commit themselves to reform and comply with regulatory requirements – not only for the sake of its own transparency but also as part of industry-wide efforts to become competitive regionally and globally. . Compliance not only requires changes to processes and systems. Sufficient investment are also needed to train and equip banking personnel through talent Management and gear them to face new challenges, emerging trends and exploit opportunities.
Banks and Bankers must be committed to become true agents of change. |
