National Economic Council in top gear to fulfil country’s economic agenda

The National Economic Council (NEC), Sri Lanka’s apex economic policy advisory body chaired by President Maithripala Sirisena, is gearing to expand its scope of work within its mandate by this April, NEC Secretary General Prof. Lalith P. Samarakoon said.

Talking to a selected group of newspaper editors, Prof. Samarakoon said NEC will soon start recruiting experts who can render their expertise to formulate the right economic policies for the country. 

Initially, Prof. Samarakoon said, NEC is looking at recruiting 20 to 40 highly competent professionals in the areas of economics, finance and public policy. He also said NEC has secured office space at the World Trade Center and soon will be moving its office there.

“We will have staff responsible for three main areas; economic affairs, fiscal affairs and financial affairs. In addition to that, we are going to create a national think tank which covers economics, social, environment and civil society issues,” Prof. Samarakoon said.

He also said NEC will have a number of advisory groups, representing various industries, which are vital for the national economy. 

The current NEC board, which meets bi-weekly comprises of: President Mithripala Sirisena (Chairman), Prof. Samarakoon (Secretary General), Prime Minister Ranil Wickremesinghe, Finance Minister Mangala Samaraweera, Secretary to the President, Secretary to the Prime Minister, Secretary to the Cabinet, Central Bank Governor, Finance Ministry Secretary and National Policy and Economic Affairs Ministry Secretary. 

Prof. Samarakoon said NEC, which was set up in September 2016 with the approval of the Cabinet, is mandated to advice and guide the government on matters relating to the country’s economic policy, and coordinating such policy among state institutions.

“NEC is also mandated to create necessary mechanisms for the implementation of such policy,” he said. 

He stressed that NEC will play a key role in the government taking informed economic policy decisions, backed by analysis and research instead of hasty decisions with little or no analysis, which could be detrimental to the country’s economic health.