Colombo, October 29 (Daily Mirror)- While highlighting the critical importance of digitising Sri Lanka’s economy, President Anura Kumara Dissanayake said the implementation of a National Digital ID initiative will be completed within one-and-a-half years.

These remarks were made during a meeting today with members of the Sri Lanka Banks’ Association at the Presidential Secretariat, where discussions focused on the banking sector's role and challenges in supporting Sri Lanka’s economic growth.

The President emphasised that since neither he nor his administration has special ties or obligations to any party within the country’s development or business sectors, they are positioned to make decisions impartially and decisively for the sake of national economic recovery.

Acknowledging the challenges posed by the economic crisis, President Dissanayake discussed the need to protect and support entrepreneurs through the banking system, cautioning that any misuse of this support could undermine progress. He stressed that the approach should ensure security and mutual benefit for both banks and entrepreneurs.

Discussing the informal sector, President Dissanayake noted its substantial role within Sri Lanka’s economy. He emphasised that any steps to formalise this sector must prioritise the safety and welfare of those currently relying on it for their livelihoods.

The discussions also addressed Sri Lanka’s current challenges, including prolonged project timelines and obstacles to maintaining investments, often attributed to issues like corruption. The President emphasised that his administration is committed to streamlining all activities into a simpler, transparent and efficient system.