Basil Rajapaksa assumes duties as Finance Minister

Following the appointment of Bail Rajapaksa as a national list MP, he assumed duties of Minister of Finance yesterday morning, taking over key responsibilities related to macro-economic policies, annual budget, fiscal management, local and foreign savings and investments, public debt management, capital market, financial sector and international financial cooperation from his brother and Prime Minister, Mahinda Rajapaksa.

According to the extraordinary gazette issued by the President’s office, the newly appointed Finance Minister has been entrusted with ten special priorities including achieving sustained, high economic growth rate that create equal benefits for all citizens while minimising income disparities.

Rajapaksa is also tasked with maintaining annual average inflation rate at a low level while maintaining the loan interest rate regime.

Further, he is made responsible in reducing current slippages in fiscal account and in managing public debt, while ensuring that the exchange value of the rupee is maintained at a stable level.

Accordingly, all key entities related to treasury affairs, revenue management as well as regulatory bodies and entities in capital and financial markets have been gazetted under him.

General Treasury, Department of Fiscal Policy, Department of External Resources, Department of Trade and Investment Policies, Department of Inland Revenue, Sri Lanka Customs, Department of Excise and Import and Export Control Department are some of the key State bodies that come under him.

Central Bank, Sri Lanka Insurance Board, Credit Information Bureau, Securities and Exchange Commission, Sri Lanka Export Credit Insurance and Department of Registrar of Companies are among key regulatory bodies placed under the purview of the Ministry of Finance.

In addition, all State banks, financial, insurance institutions and their subsidiaries and related institutions and Sri Lanka Insurance Corporation and its subsidiaries and affiliated companies also come under the purview of the Ministry. 

Furthermore, key State-managed funds including National Insurance Trust Fund, Employees’ Trust Fund, Public Service Pensioners’ Trust Fund and Central Cultural Fund are also placed under the Finance Ministry. 

Meanwhile, Prime Minister Mahinda Rajapaksa who was sworn in as the Minister of Economic Policies & Plan Implementation has been tasked with the formulation of national policies, including formulation and implementation of national development programmes and projects to achieve sustainable development goals in accordance with President’s manifesto.

In addition, he has been assigned with the task of consolidating international banks, funds and local banks to uplift the rural and regional economy while strengthening grass root level network of service delivery network.

A similar set of institutions that were held under former Prime Minister Ranil Wickramasinghe under the previous regime has been placed under the purview of the Economic Policies & Plan Implementation Ministry.

The key institutions include National Planning Department, Department of Census and Statistics, Institute of Policy Studies Sustainable Development Council, Department of Valuation, and Public Utilities Commission of Sri Lanka.
In addition, the State Ministry of Urban Development, Waste Disposal and Community Cleanliness have been retained under Prime Minister Rajapaksa.

Urban Development Authority, Urban Settlement Development Authority, Condominium Management Authority as well as newly established Selendiva Investments Limited have been gazetted under the State Minister of Urban Development, Waste Disposal and Community Cleanliness, Dr. Nalaka Godahewa.