SL to set up finance sector crisis mgt committee

The Cabinet nod has been granted to set up an expert committee to avert a crisis in the financial sector, stemming from the ongoing economic crisis.

President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, on Tuesday sought the approval of the Cabinet of Ministers to establish a finance sector crisis management committee, to coordinate between the Central Bank and Finance Ministry.

Along with that, a finance sector crisis management technical committee will also be appointed. “It is important to prevent any impact of the financial crisis that takes place in the finance sector, due to public finance, credit and payment balance difficulties and minimise the cost of a financial crisis, if occurred as such. 

Accordingly, it is vital to execute decisive crisis management and take timely decisions,” the Government Information Department said.  The proposed committee is also tasked with coming up with the required provisions to the Banks (Special Provisions) Act, in order to strengthen and prepare the banking sector for a potential crisis.
According to Cabinet Spokesperson and Transport, Highways and Mass Media Minister Bandula Gunawardana, the committee would be made up of experts in the Central Bank and Finance Ministry.