Mahinda Siriwardana reflects on defining tenure as Treasury Secretary amid crisis

Outgoing Treasury Secretary Mahinda Siriwardana 

• Outgoing Treasury Secretary calls three-year tenure the most significant of his career
• Describes role as chance to give back to country that supported his journey from a remote village through free education
• Thanks President Anura Kumara Disanayake for continued confidence and personal involvement in organising farewell
• Says recovery would not have been possible without the President’s resilience and strategic leadership
• Reveals he foresaw economic crisis two years in advance, but was ignored by previous Monetary Boards and CBSL Governors
• Emphasises need for policy continuity and digital reforms to ensure sustainable recovery
• Credits Treasury and Central Bank teams for professionalism and collective effort during crisis
• Says seeing life return to normal, schools reopening, tourism reviving—brought him quiet personal joy
• Underscores vital role of public service; urges officials to act in country’s best interest

Outgoing Treasury Secretary Mahinda Siriwardana yesterday described his three-year tenure at the Finance Ministry as the most significant period of his professional life.

He made these remarks during the farewell ceremony held at the Presidential Secretariat.

Reflecting on his term, Siriwardana acknowledged the immense challenges and critical decisions that shaped his time as Treasury Secretary. 

He noted that the period not only tested his expertise and resilience but also gave him the opportunity to make a meaningful contribution to the country’s economic recovery and reform agenda. 

Hailing from a remote village and a beneficiary of the free education system, Siriwardana said it was a profound honour to serve the country in such a capacity. “To be able to give back to the country that made my journey possible has been one of the most rewarding aspects of this role,” he said.

He expressed his deep gratitude to President Anura Kumara Disanayake for continuing to place confidence in him, despite the change in Government. 

Siriwardana described the President’s unwavering support as a vital source of strength during an extremely difficult time. He further added that the country may not have navigated its way out of the crisis without the President’s resilience, strategic planning, commitment, and trust.

He expressed surprise and appreciation for the farewell event and thanked the President for his personal involvement in organising the occasion and for the recognition bestowed upon him.

Addressing the roots of the economic crisis, Siriwardana candidly recalled that the mismanagement of public finances had long been evident. “I foresaw the crisis nearly two years before it unfolded. I warned about it, but those concerns were largely dismissed—both within the Monetary Board and by successive Central Bank Governors. For two years, I carried that burden in silence and for three more years as Treasury Secretary,” he said. 

He shared that only current Governor Dr. Nandalal Weerasinghe and his wife were privy to his early concerns.

Siriwardana stressed the importance of maintaining policy continuity and advancing reform, particularly through the Government’s digitalisation agenda. “Sustainable recovery depends on perseverance and continued reform,” he remarked, adding that his dream is to see a developed Sri Lanka for the future generation.

Siriwardana credited the Treasury and Central Bank teams for their tireless efforts during the crisis. “This was a collective achievement. Their commitment and professionalism were commendable,” he stressed.

On a personal note, Siriwardana recalled the quiet satisfaction he felt when the economy began to stabilise—tourism and remittances revived, day-to-day economic activity resumed, and children started to go back to school. “I had my own moment of innocent happiness, just witnessing that return to normalcy.”

He also underscored the vital role of public service, urging officials to act in the country’s best interest. “As public servants, we must be driven by a duty to serve the people and uphold accountability. Our role is to do justice to this country and ensure professionalism in every action we take.”

Siriwardana assumed duties as Treasury Secretary at the then Finance, Economic Stabilisation and National Policies Ministry on 8 April 2022, on the request of then President Ranil Wickremesinghe, when the country was going through its unprecedented, deep, and most complex economic crisis since independence in 1948. Since then, he was reappointed twice to the same position by both subsequent Presidents.

Before assuming duties at the Finance Ministry, he was a Deputy Governor of the Central Bank of Sri Lanka (CBSL) since February 2020 and was on release to the above post till April 2024, where he retired from the CBSL. 

He joined the CBSL in 1991 and has over 33 years of service in the Bank. As a Deputy Governor of the CBSL, he supervised numerous departments, including the Economic Research, International Operations, Domestic Operations, Public Debt, Statistics, Regional Development, Human Resources, Risk Management, Currency and Communications Departments of the CBSL.

Prior to his appointment as a Deputy Governor, he held the key positions of Assistant Governor and Director of the Economic Research Department of the CBSL.