Economic reformist from Georgia among headliners of SLES 2022

As Sri Lanka prepares to formulate and implement reforms that will enable economic revival, Sri Lanka Economic Summit 2022, organised by the Ceylon Chamber of Commerce, will explore the necessary reforms and their implications during Session 1 of the summit dedicated to ‘Economic Reforms and Implications’, on December 6. 

The session will begin with a fireside chat with former Georgia Finance Minister Aleksi Alexsishvili, who will discuss Georgia’s economic reform story. He is widely credited with successfully implementing reforms in the areas of public finance, tax and customs policy and administration and deregulation and liberalisation. During his tenure from 2005-2007, Georgia was recognised as the world’s number one reformer country by the World Bank Doing Business survey, improved from 132nd to 18th place in the Ease of Doing Business index. 

During this same period, the country’s tax burden reduced drastically, accompanied by a significant increase in the rate of tax compliance, while both foreign direct investment and GDP growth rate saw noteworthy improvement. 
Central Bank Governor Dr. Nandalal Weerasinghe will join the fireside chat, presenting Sri Lanka’s plans for 
economic reform. 

The presentations and discussions that follow will focus on the roadmap to desired fiscal reforms as well as prioritising reforms within the framework of an economic reform agenda, in addition to the outlook on the debt restructuring process and what a four-year International Monetary Fund programme will mean for the private sector. The session will also explore the role that monetary policy and an independent Central Bank will play in the process, gaps in the current framework, recapitalisation of the banks and strengthening the social safety net to protect the increasing segment of the 
vulnerable population. 

Session panellists will include John Keells Holdings PLC Chairman and Ceylon Chamber of Commerce Deputy Vice Chairman Krishan Balendra and former IMF Director Capacity Development 
Dr. Sharmini Cooray.
Dr. Cooray is an eminent economist who was appointed to the Presidential Advisory Group on Multilateral Engagement and Debt Sustainability, which was tasked with guiding Sri Lankan institutions and officials on engaging with the IMF to solve Sri Lanka’s debt crisis. 

Standard Chartered Bank Sri Lanka Chief Executive Office Bingumal Thewarathanthri will also join the panel discussion, with Finance Ministry Treasury Secretary Mahinda Siriwardena also slated to join. The session will be moderated by Lynear Wealth Co-Founder and Managing Director 
Dr. Naveen Gunawardena.
Sri Lanka Economic Summit 2022 (SLES 2022) is scheduled to be held on December 5 and 6 as a hybrid summit, at Shangri-La Hotel.