Finance Ministry to set up separate department for private sector from 2016


Oct 22, 2015 (LBO) – Sri Lanka’s Finance Ministry is to set up a separate department for the private sector development at the ministry from January 01, 2016, Minister Ravi Karunanayake said.

Karunanayake said the upcoming budget will be a revolutionary one where the monopolistic approach of the government will be reduced with competitive element emerging with a level playing opportunity given to all stake holders.

“Many sectors in the economy will be opened especially the financial sector will need a radical change where we expect the banks to take the risk and get forward for the betterment of the economy,” he told a forum in Colombo.

The appropriation bill for 2016 will be presented to Parliament tomorrow and the budget speech will be held on 20th November 2015.

Meanwhile the Prime Minister is to make a special statement in the Parliament early next month setting the direction of the country’s economic future.