UNP warns of a financial crisis
United National Party (UNP) parliamentarian Eran Wickramaratne yesterday warned of a weakening of Sri Lanka’s financial institutions.
He urged the Central Bank to take proactive measures to strengthen the country’s financial system without limiting itself to issuing warnings through media advertisements.
Mr. Wickramaratne expressed his views on Tuesday while speaking at the Organisation of Professional Associations (OPA) inaugural programme –‘Meet the Opposition’ on Tuesday.
He spoke on the topic ‘Sri Lanka Economy Beyond 2014’. However, he did not elaborate on the impending finance company crises but said the government had the responsibility to protect depositors who were the major stakeholders in financial institutions.
Mr. Wickramaratne called for a radical departure from what he called ‘the present inward-looking, state-dominated, patronage driven economic model’ pursued by this regime. He said the government had returned to the failed policies of the past and called for a more open, competitive and stateregulated economic system.
“In the aftermath of the military conflict of May 2009, the country was expecting an economic take off sustainable for more than a decade. That was possible only by building on the reforms of the liberalisation of the late
In the aftermath of the military conflict of May 2009, the country was expecting an economic take off sustainable for more than a decade. That was possible only by building on the reforms of the liberalisation of the late 1970s
1970s. A small island, with a limited market, limited capital and resources could only progress by embracing globalisation and building a competitive system of agriculture, industries and services.
The country benefited from the cessation of hostilities and the 3 to 5% GDP growth increased to 8% in 2010 and 2011,” he said.