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By Ravi Ladduwahetty

Sri Lanka's private sector will deliberate for three days beginning next Monday at the Trans Asia Hotel on proposed financial reforms which it describes as mandatory to attain growth rates as envisaged and projected by the Government and to take the nation forward into the current century.

Minister of Economic Reforms, Science and Technology Milinda Moragoda will open the conference while Minister of Enterprise Development, Investment Promotion Industrial Policy and Constitutional Affairs, Prof. G.L. Peiris will preside over the winding up sessions.

The private sector will compile the recommendations at the conclusion of the three-day parley and submit them to Government at the end of the 2002 budget.

The areas expected to be deliberated are: economic reforms in relation to the deregulation of the economy, the role of the Central Bank, exchange control reforms and financial sector reforms aimed at making Colombo the financial hub of South Asia.

Sri Lanka's corporate sector has shown tremendous maturity and is quite capable of making recommendations of what it feels is best for the Government and the country. This was something that was overdue, International Monetary Fund's Resident Representative in Colombo, Dr. Nadeem Ul Haque told a news conference at the Colombo Hilton yesterday.

Securities Exchange Commission (SEC) Chairman, Michael Mack attributed the modifications needed in the state sector as mandatory every few years and that the Government was turning to the private sector to recommend various modes of reforms as the way forward."

Colombo Stock Exchange Chairman Ajit Gunewardene said:" The Stock Exchange is looking forward to debating the results of the conference and we feel that the exchange has to be a part of the reforms process which is certainly not a stand-alone entity."

Industrial Association of Sri Lanka Chairman Cubby Wijetunga said:" This is an ideal opportunity for assessing the reasons why we have lost out on making Colombo as the financial centre for South Asia. We have the human capital and also competent policy makers to attain these ends.

Fitch Ratings Lanka Ltd Managing Director/CEO Ravi Abeysuriya said:" Reforms are an essential prerequisite for the growth of this country and they are important that these are made use of at this time to give this country the right direction for growth and prosperity. 

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