implementation will be smooth, effective and generate synergies to the financial system. the unit is expected to liaise with all other stakeholders, such as ministry of finance, inland revenue department, securities and exchange commission, colombo stock exchange, registrar of companies and panel of auditors, to facilitate the expeditious implementation of the consolidation process. further, the unit is also required to submit papers to the monetary board to obtain necessary approvals for the consolidation model of each bank and nbfi on a case by case basis and to apprise the monetary board on the progress of the consolidation programme on a periodic basis. in addition, the general public too is kept informed of matters relating to consolidation through regular press communiques to ensure maintaining the transparency of such policy measures as well as the public confidence. bis central bankers ’ speeches meanwhile, the technical assistance team is entrusted with several duties including evaluating the consolidation proposals, studying and recommending solutions on technical aspects, particularly on legal, accounting, banking and tax, formulating guidelines to facilitate the consolidation process and arranging funding through the “ sri lanka deposit insurance and liquidity support scheme ” ( sldilss ). the service of this internal technical assistance team is highly rewarding, since, if such assignments were to have been outsourced, it would have taken a longer time period in addition to having to incur exorbitant consultancy fees. step 3 : preparing the master plan for financial sector consolidation the master plan on the financial sector consolidation was prepared by the consolidation unit with the objective of developing a strong banking and nbfi sector with enhanced resilience to internal and external shocks in order to cater to the growing demands of the economy. let me now explain the key components of the master plan. first : institution - wise strategies we have designed a comprehensive strategy for the banks and nbfis to transform their institutions to cater to the future needs while maintaining the stability of the system. under this broader strategy, we have sector - specific strategies, designed separately for state banks, other domestic private sector banks, foreign banks and nbfis. banking sector under the consolidation programme, the bigger banks in the sector are permitted to benefit largely from organic growth while the mid - tier banks are expected to strengthen their financial viability and grow through consolidation. as larger banks grow, it will be difficult for smaller banks to remain competitive, and therefore, small banks are encouraged to merge with strong partners. the outcome of the consolidation in the banking sector is

highly impressed about our development plan and explained the actions needed to make our vision a reality. she said, i quote, “ it ’ s bold and ambitious. it ’ s good to be ambitious. it is the right time for sri lanka to think big ”. she further said, “ the vision is very clear and reminds us of a japanese proverb ‘ a vision without action is a day dream ; action without a vision is a nightmare ’ ”. the idea behind this statement was that we should have an appropriate action plan to reach our vision, the target. in fact we did have a plan! over the last 5 years, we have proved that our post - conflict policies and the strategies implemented under the “ mahinda chintana ” have produced desired results, enabling us to reach our expected targets. this was even endorsed by the asian development bank chief, takehiko nakao during his visit to sri lanka in june 2014. he said, i quote, “ sri lanka is on the path to becoming another asian economic success story ”. last year, we invited the well - known emerging market portfolio manager and eminent writer, ruchir sharma for the central bank ’ s 63rd anniversary oration. he also highlighted the possibility of our economy becoming another “ breakout nation ” as he has already written in his book, “ breakout nations : in search of the next economic miracles ” in 2012. the encouragement provided to the global investors by the renowned investment banking and equity markets specialist and investment guru fraser dinnis to “ sell singapore, buy sri lanka ” further reiterates the steady and impressive performance of our economy which has turned sri lanka around to a more attractive investment destination. honourable minister and distinguished guests, all above statements made by world renowned personalities prove that we are actively involved towards making our dream a reality. ladies and gentlemen, having raised our economy to greater heights in the post - conflict period, today, we are on the threshold of a new era for our country. our economy is undergoing fundamental structural changes, which are expected to provide us with a robust new platform on which the nation can build up a sustainable economy to continue its drive forward. in line with the medium - term policy framework of the government, per capita gdp is targeted to surpass usd 4, 000 by 2016, entering the economy into an upper middle income category country. further, our medium - term economic strategy projects surpassing usd 7, 000 per capita level by 2020. the governor of the central bank and the secretary to