5 proposals from Advisory Committee to National Economic Council

President Gotabaya Rajapaksa

In its first meeting with President Gotabaya Rajapaksa, the Advisory Committee appointed to assist the National Economic Council (NEC) made five recommendations that need to be implemented immediately.

The members of the Advisory Committee presented these five-point proposals when they met for the first time yesterday.

The proposals include; 1. Immediate appointment of a Technical Team consisting of officials representing the Central Bank and the Treasury to formulate programs proposing international financial assistance; 2. Appointment of a financial advisor immediately and a legal advisor; 3. The Technical Team should immediately come up with a reform program to propose international financial assistance; 4. Identify an expert team to assist the Finance Minister and 5. Focus on confidence-building measures after solving supply related issues.

The Advisory Committee further recommended that immediate and long-term measures be taken to stabilise and strengthen the economy. 

The President appointed a 16-member Advisory Committee on 15 March to assist the NEC to find solutions to the prevailing economic issues.

Sri Lanka has to face the repercussions of the adverse impact on the economies of many countries around the world. The foreign exchange crisis is the main reason for this situation. 

The Advisory Committee is confident that the economic crisis can be solved in the short term by properly managing the challenges.

Prime Minister Mahinda Rajapaksa, Finance Minister Basil Rajapaksa, Ministers Bandula Gunawardana, Mahindananda Aluthgamage, Central Bank Governor Nivard Cabraal, Secretary to the President Gamini Senarath and members of the Advisory Committee were also present.