CA Sri Lanka submits wide-ranging proposals to FinMin for economic revival

CA Sri Lanka President Sanjaya Bandara presents proposals to Treasury Secretary K.M.M. Siriwardana in the presence of CA Sri Lanka Vice President Heshana Kuruppu, Chief Executive Officer Dulani Fernando and Task Force to Submit Proposals to Government 2022 Chairman Lakshman Athukorala

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Thursday submitted a comprehensive set of proposals to the Finance Ministry focusing on reviving the country’s economy from the ongoing crisis. 

A high-level delegation from CA Sri Lanka led by the institute’s President Sanjaya Bandara met Treasury Secretary K.M.M. Siriwardana, where the wide-ranging recommendations developed by CA Sri Lanka were handed over.
CA Sri Lanka Vice President Heshana Kuruppu, Chief Executive Officer Dulani Fernando and Task Force to Submit Proposals to Government  2022 Chairman Lakshman Athukorala were also present at the meeting. 
The recommendations span short-term, medium-term and long-term solutions compiled following extensive engagements with chartered accountants as well as overseas chapters of CA Sri Lanka. 

The recommendations comprised four sets of proposals on how to improve the balance of payment and increase foreign reserves, how to improve the government’s fiscal situation (increase government revenue and decrease government expenditure) as well as proposals in relation to reforms and several other recommendations. 

“We believe these wide-ranging recommendations presented by CA Sri Lanka will help lay a firm foundation to revive the economy, apart from further mitigating the negative effects of the ongoing crisis,” said Bandara in a statement.

He pointed out that as a responsible professional body, CA Sri Lanka took it upon its duty to develop the comprehensive proposals as part of an important national endeavour to advise on what steps the Finance Ministry must take to come out of this ongoing economic crisis.

During an existence spanning over 63 years, CA Sri Lanka, in its capacity as a Parliament-approved body and as the sole authority in the country to promulgate accounting and auditing standards, has played a catalyst role in helping enhance the country’s financial landscape in line with international accounting and auditing framework.