For the first time in the history, a separate department will be created at the Ministry of Finance for the private sector development from January 01, 2016, he said.

The minister was speaking as the chief guest at an interactive forum with the key private sector establishments where a representative gathering was present in Colombo today (22).

“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 under a new era where both the President and the Prime Minister have a clear mandate and vision for it,” he said.

The minister reminded the private sector that when they put up a challenge to the government they should be ready to meet that challenge and walk on it. He asked them not to live on the dead past as the government has rooted out the corruption and lethargic attitudes that existed in the past.

The Minister allaying the fears of red tapes and lethargic attitudes said to be on the part of the public sector invited the private sector chambers entrepreneurs to bring any such issues to the immediate attention of the finance ministry without making generalized allegations.

"If the government is corrupt, don’t make mere allegations, tell us where it is then we will change it. Help us to help you was the call by the minister to the private sector chambers."

He also said on November 20th, the country will see a revolutionary budget where the monopolistic approach of the government will be reduced with competitive element emerging with a level playing opportunity given to all stake holders.

The Minister concluded that this new approach by the government with the introduction of the 2016 budget on November 20th it will be a continuous process until the country sees a transparent process with a developed economy.