Government to establish centralised economic decision-making body under President

• The ‘Economic Council’ to have 11 members including PM, Finance Minister, CB Governor and Treasury Secy.
• Will convene weekly; first meeting this week
• Mandated with instructing and guiding the implementation of decisions taken by ministries, depts. subject to Cabinet approval
• Council can invite intellectuals/experts to meetings to seek advice, recommendations 

Cabinet approval was granted this week to establish a 11-member ‘Economic Council’ chaired by the President Gotabaya Rajapaksa with the objective to guide the country out of the on-going economic crisis, which has hit multiple sectors.

The Economic Council, which is to be convened on a weekly basis, is scheduled to hold its first meeting this week. 

The other members of the Council are: Prime Minister Mahinda Rajapaksa, Minister of Trade Bandula Gunawardena, Minister of Highways Johnston Fernando, Minister of Finance Basil Rajapaksa,  Minister of Agriculture Mahindananda Aluthgamage, Minister of Plantation Dr. Ramesh Pathirana, Central Bank Governor  Ajith Nirvard Cabraal, Secretary to the President  Gamini Senerath, Secretary to the Treasury  S. R. Attygalle and Central Bank Deputy Governor Dhammika Nanayakkara.

Although, the move may have come too late, Cabinet Co-Spokesperson and Minister of Mass Media Dullas Alahapperuma welcomed the establishment of a centralised economic decision-making body. “It’s better late than never. The Economic Council will guide us through the current crisis by creating an economic corridor for the country to move forward,” he said during the weekly Cabinet press briefing held yesterday.

He recalled when the country plunged into similar crisis in 2000-2001 faced with rising oil prices and key infrastructure such as Bandaranaike International Airport came under terrorist attacks, establishment of a similar centralised economic body played akey role in navigating the country out the crisis at that time.

The Economic Council is mandated with instructing and guiding the implementation of decisions taken by the relevant ministries, departments and statutory institutions when necessary subject to approval of the Cabinet of Ministers.  In addition, the Council has been also allowed to invite intellectuals/experts in respective fields as required for the weekly meetings to obtain recommendations and advice. 

Former President Maithripala Sirisena also appointed a similar body, though it was dissolved prematurely.