ECONOMYNEXT – Sri Lanka’s cabinet of ministers, in the midst of a severe economic crisis, has approved a proposal by President Gotabaya Rajapaksa to convene a weekly 11-member Economic Council meeting to accelerate economic growth, the cabinet office said on Tuesday (08).
The Economic Council, chaired by President Rajapaksa, will comprise the following:
- Prime Minister Mahinda Rajapaksa
- Minister of Finance Basil Rajapaksa
- Central Bank Governor Ajith Nivard Cabraal
- Minister of Trade Bandula Gunawardhana
- Minister of Highways Johnston Fernando
- Minister of Agriculture Mahindananda Aluthgamage
- Minister of Plantation Ramesh Pathirana
- Secretary to the President Gamini Senerath
- Secretary to the Treasury S R Aatigala
- Deputy Governor of the Central Bank of Sri Lanka Dhammika Nanayakkare
A statement from the cabinet office said the council is appointed to speed up economic growth by discussing local economic policies including macroeconomic policies, the behaviour of the national economy since the pandemic, economic restructuring and major development projects that directly affect the economic and financial policies of the government.
According to the statement, relevant ministries, departments and statutory institutions are expected to implement decisions subject to the approval of the cabinet with the guidance the council.
Intellectuals with standing in their respective fields will also be invited to meetings of the council as required, it said.
Sri Lanka is currently in the midst of one of the worst economic crises in the country’s history, with shortages of essential items on top of an energy crisis brought about by excess money printing to raise interest rates. (Colombo/Mar09/2022)