A senior public official says Sri Lanka does not have economic strategies for each sector while the economy would have collapsed if not for the resilience and growth demonstrated by the country’s private sector, urging them not to lose hope but continue to find ways and means to engage the government.

"Do not give up hope. Inflation has been brought down from high ranges of 20 percent (to single digit levels) and interest rates have been rationalised to a certain extent. There are compelling reasons as to why the private sector and public sector should work together," Securities and Exchange Commission Director-General Channa De Silva said.

"The country needs a proper economic plan. Every sector, every industry needs a business plan. As far as I know, this is something that has not received enough attention," De Silva said addressing a forum last week organised by the Association of Chartered Certified Accountants (ACCA) and RAM Ratings.

Businessmen at the forum said high taxes and difficulty accessing credit because of the government’s fiscal indiscipline was crowding out credit to the private sector.

The government acknowledges the private sector’s role in developing the country’s economy with several top ministers claiming that it was the government’s intention to create an environment conducive to private sector growth.

"The private sector in this country is not believed in. We are asked to run but our hands and legs are tied," Ranjit Fernando, Chairman, United Motors, told the forum.

In response, De Silva said the SME sector was facing tough times because accessing credit facilities were difficult.

He said the public should hold the banks responsible.